The recent sale of 57 Hulbert Avenue for $42.5 million has set a new record for residential real estate on Nantucket. Known as Blue Waters, the harborfront property had been owned by the Fife family since 1972. After more than half a century, this exceptional home has passed into new hands.
I wasn't involved in this transaction, but The Wall Street Journal contacted me for my perspective on the sale and the strength of Nantucket's luxury real estate market.
I told them what I've been seeing firsthand. I don't think we've even seen the tip of the iceberg when it comes to demand for exceptional Nantucket properties.
That may sound surprising when we're already seeing sales at these levels. But the buyers looking for truly extraordinary properties aren't necessarily responding to the broader market. They're often looking for something very specific, and opportunities to acquire those properties can be exceptionally rare.
Consider several significant sales from the past few months:
- 57 Hulbert Avenue - $42.5 million
- 5 Grant Avenue - $35 million
- 69 Monomoy Road - $19.5 million
- 94 Main Street - $15.25 million
- 6 Berkeley Avenue - $15 million
What interests me as much as the prices is how some of these transactions came together.
Some of the Best Opportunities Begin with a Conversation
Many of Nantucket's most distinctive homes have been owned by the same families for decades, sometimes for generations. These aren't properties that necessarily come to market because an owner has decided it's time to move.
The decision to sell may involve an entire family. There can be a deep attachment to the property, its history, and the years spent there. Sometimes an owner is open to considering a sale but has no interest in publicly advertising the home.
On the other side, there are buyers who have spent years waiting for a particular opportunity. They may want a specific stretch of waterfront, a historic house in Town, or a property that offers a degree of privacy that's difficult to find.
These are people who often know exactly what they're looking for. Finding the right property isn't simply a matter of showing them what's currently listed.
It's about understanding their priorities, staying in touch, and recognizing when a property might be the right fit.
A Sale That Began Before the Listing
I experienced this with the sale of 94 Main Street, the historic Hadwen-Wright House, which I had the privilege of representing.
We had identified the buyer before the property was officially brought to market. Although the home subsequently appeared in the listing system, the relationship that led to the sale was already in place.
For me, that transaction illustrates the value of knowing not only the properties on Nantucket, but also the people who may be interested in them.
A buyer may have been looking for years. A seller may only recently have begun considering a change. Recognizing when those circumstances come together can create an opportunity that neither party would necessarily find through a conventional property search.
That kind of knowledge develops through experience, conversations, and relationships built over time.
Private Sales Aren't Always the Right Answer
It's important, though, not to confuse the value of relationships with the idea that every exceptional property should be sold privately.
I believe strongly in the power of bringing a property to the open market.
A carefully planned marketing campaign, supported by professional presentation and exposure to qualified buyers locally, nationally, and internationally, can generate competition that might never develop through a private conversation alone.
For some sellers, privacy is the priority. For others, the objective is to reach the broadest possible audience and give the property every opportunity to achieve its highest value.
And sometimes a seller wants to understand whether there might be a suitable buyer before making the decision to launch publicly.
There's no single approach that works for every property or every owner.
After more than 20 years working in Nantucket real estate, I've learned that the decision about how to introduce a property to the market deserves as much consideration as the asking price.
What Being Well-Connected Really Means
Sotheby's International Realty recently introduced its global Well-Connected campaign, and I think the idea is particularly relevant to Nantucket.
But being well-connected means more than having a large network of contacts.
It means knowing which buyers have a genuine interest in a particular type of property. It means understanding the circumstances and priorities of homeowners who may be considering selling. And it means having the experience to recognize when a conversation is worth beginning.
For buyers, that knowledge can mean being aware of opportunities they might otherwise miss.
For sellers, it provides choices. They can consider a private approach, a comprehensive public marketing campaign, or a strategy that takes advantage of both, depending on their circumstances.
The recent record-breaking sales have brought considerable attention to Nantucket, and understandably so. The prices are extraordinary.
But for me, the more interesting story is the continued demand for properties that are genuinely difficult to replace, and the relationships that bring buyers and sellers together.
Those relationships have always been an important part of Nantucket real estate. At the highest levels of the market, I believe they're more valuable than ever.
Expert Perspective
The Right Introduction Can Matter as Much as the Listing
Whether you're weighing a private approach, a full public launch or something in between, or you've been waiting for a particular kind of Nantucket property to become available, Bernadette can help you think through the timing and the options.
Market Data Note: Market statistics and property information are based on LINK Nantucket data and, where applicable, public records including the Nantucket County Registry of Deeds. References to specific transactions are included for market-analysis purposes and do not imply that Bernadette Meyer represented the buyer or seller unless expressly stated.
