The new assessments for all real estate on Nantucket have been published and can be seen at the Appraisal Vision Database.  These assessments are supposed to reflect market value as of January 1, 2009 and are based upon the three years of market activity leading up to that date.  Don’t confuse assessed value with appraised value which is typically much closer to the market value of property.  Assessments are required for the purpose of setting the local tax rate in an equitable manner across all property owners.  The last assessment period concluded in January 2006 and total island property was valued at $20.8 Billion at that time;  today it is $20.1 Billion.  I would have thought it had declined more but the revaluation period did not include 2009 which was a rather challenging year for real estate on Nantucket.

Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®.

1. You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.

Least expensive three bedroom home on Nantucket:  bank owned condominium unit located near school, bike paths and shuttle.  Three bedrooms and two full baths plus an unfinished basement offer plenty of space.  Great starter home!   17A Essex Road

The 2010 Nantucket Farmers Market Handbooks and Applications are now available! Space is open to vendors in the following categories: Grower, Prepared Foods, and Artisan.

“Group tables” are now permitted for growers only . If you have a small garden and would like to try your hand at selling what you grow, organize a group of your friends and neighbors and share a table at the market this year.

New this year for Prepared Food vendors: our Board of Health Checklist. This document should make the licensing process easier for those who have not done it before.

All market vendors must be Nantucket residents (year round or seasonal) and all goods sold must be grown or produced on the island. Application deadline is May 1, 2010. For more information or to receive an application and handbook, contact Sustainable Nantucket at 508-228-3399 or info@sustainablenantucket.org.

Here are some of our favorite signs of spring. 

Marine Home Center is sponsoring a contest for a chance to win $10,000 to spend on anything they sell to transform your ugliest room!  In addition to the $10,000 Grand prize, there are 2nd and 3rd place prizes as well.  Enter by sending a photo of your ugliest room, along with your name, address and phone number to Ugliest Room Contest.  Think spring!

Here is the list of properties that have sold on Nantucket in the past week: Nantucket Properties Sold Since March 22, 2010

Here is the list of properties that have gone under contract on Nantucket during the past week:  Nantucket Properties Under Contract Since March 22, 2010

Frank and Georgine Anton of Washington, DC purchased a dwelling at 9 Morey Lane from Vera Graham, trustee of Huntington Block Trust of Alexandria, VA for $3,200,000. 

Cambryn Lowell Whitney, LLC of Sarasota, FL purchased a dwelling at 8 Woodbury Lane from Richard Glidden, Trustee, of Nantucket for $2,400,000.

Peter MeGee and Kelly Good McGee of Naples, FL purchased a dwelling at 8 Coon Street from Lee Agnew of Stamford, CT for $1,800,000.

George and Cynthia Young of Falmouth, ME purchased a dwelling at 13 North Liberty Street from George and June Smith of Nantucket for $1,300,000.

The HSBC Bank, USA, as a trustee for BCAP 2008-IN2, of Pasadena, CA purchased a dwelling at 1 Brock’s Court from One West Bank, FSB (through foreclosure auction by mortgage) of Pasadena, CA for $1,170,000.

George Morgan Browne, III and Alison Stark of Nantucket purchased a dwelling at 179 Polpis Road from Stephen Meadow of Nantucket for 1,025,000.

The Daisy Trust of Croton on Hudson, NY purchased a dwelling at 8 Kittiwake Lane from Ronald and Carolyn Vioni of Long Boat Key, FL for $946,750.

Richard and Margaret Griswold of Woodstock, CT purchased a vacant lot at 20 Madaket Road from Michael Emerson of Duxbury, MA for $650,000.

Jere and Lisabeth Johnston of West Harford, CT purchased a dwelling at 1 Topping Lift from Aurora Loan Services, LLC of Scottsbluff, NE for $600,000.

Neil Planzer and Andrea Nash Planzer of Washington, DC purchased a dwelling at 22 Bluebird Lane from Eileen Martin of Nantucket for $587,500.

James Hutton, III of Rye, NY purchased a dwelling at 4 Newton Road from Elizabeth DaSilva of Mashpee, MA for $450,000.

If you have not yet recieved your copy of the Nantucket Yearbook and would like to see it on-line, it is available here.