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Over $1 Billion in Property Sold on Nantucket in 2014

Here now, the understatement of the year: Nantucket is wicked expensive. Not only is the 47.8 square mile island already one of the most expensive places to buy a home in the country, never mind the Commonwealth, but it just had a record-setting year.

After the December sale of two incredibly expensive properties, Bunny Mellon's 100-acre south shore spread and Richard Mellon Scaife's north shore compound, Nantucket was well on its way to a high-volume and high-priced 2014. Now, it's official - the Grey Lady had a blockbuster 12 months. Per the Inquirer and Mirror, "From Jan. 1-Dec. 31, $1.01 billion in real estate was sold in 566 transactions, up 25 percent from 2013's 506 sales totaling $754.4 million, and 18 percent higher than 2012's $834 million in 546 sales, according to statistics compiled by Rob Ranney of Denby Real Estate." In fact, this is only the third time that sales have reached ten figures. "You'd have to go back to 2004 and 2005's $1.07 billion and $1.19 billion, respectively, to find any higher dollar volume in the history of Nantucket's real estate market." Alas, the inevitable bust, aka the Great Recession, would be on the heels of that boom. "Following the worldwide economic downturn in the fall of 2008, dollar volume dropped to $568.01 million that year and $445.08 million in 2009, according to Ranney's statistics." So there's that.
· Real estate hits $1 billion milestone [Inquirer and Mirror]
· Bunny Mellon's 100-Acre Nantucket Estate Sells For $21.5M [CCC]
· $27M Sale is the Second Most Expensive on Nantucket Ever [CCC]