What is your preference: a classic waterfront home or a modern house with a pool in a less favorable location?
With Millennials now entering the real estate market on
Nantucket as new homeowners, the real estate trends in buyers' taste have been shifting towards homes with more contemporary amenities. Although the Town of Nantucket has gone to great effort to conserve the traditional and authentic look of the island over the years, these trends cannot be controlled or ignored. The new buyers are willing to trade location to get a more modern home.
These preferences were reversed in the past when location was top priority when buying real estate. The classic Nantucket summer homes are known to have more authentic artwork and furnishings that are unique for this island. Most of the new spec homes coming to market recently look a lot alike from an architectural perspective. The features, as well as the interior design components, are more standardized to what appeals to current consumers. Some people would agree that even when it comes to furnishings, often a sleek, modern-look is preferred over high-quality products.
The older generations of summer residents, including the true Nantucketers, are nostalgic regarding the way the island has been changing over the last decade. This can be stated also for the restaurant scene and not just the real estate arena. Very few traditional Nantucket restaurants and shops remain.
On the rental side of the market, the same trend has been growing in terms of higher demand for modern homes, particularly with pools, which rent from around $25K/week. Pools are in such high demand, that people may even pass on a beautiful home in a great location, for one with a pool in a less traditionally desired area. New homeowners investing in
rental properties know that one way to achieve a higher rental rate is to be sure you can have a pool!
Investing in Nantucket's real estate historically has been proven to be a safe and profitable endeavor. During economic slow downs, Nantucket's real estate market is known to bounce back relatively quickly. It is not certain how consumer preferences will shift in the next decade, but Nantucket has always been a place where people love to have family reunions, summer vacations, weddings and other special events. Thusly, we expect to see individuals of all generations continuing to invest in
Nantucket real estate.