REAL ESTATE UPDATE

As the end of another year swiftly approaches, the year-to-date real estate statistics give a clear indication that the 2007 Nantucket market is doing okay despite the myriad problems affecting the national housing market. However, not all of the news is positive and caution still prevails on the part of many buyers who remain reluctant to jump into the market due to reports of instability in the national credit, housing and mortgage markets. While the Federal Reserve Chairman recently predicted that economic growth will be measured in 2008, he does not believe that this will signal a recession. However, the housing correction and stricter credit conditions were cited as having the most profound impact on the nation's economy. But taking into consideration that the media focuses on nationwide information, it is important to keep in mind that Nantucket is affected primarily by local rather than national factors. Activity and price fluctuations tend to be driven more by variances in demand than by what's happening in the national market. Despite what we read and hear about other markets, it is evident that demand for Nantucket real estate remains consistent and time has proven that investing here continues to outweigh the financial benefits realized in some of the more traditional equity sectors available to investors today.

Our third quarter statistics were impressive this year balancing out the rather dismal number of sales reported in the first half of the year. Although one good quarter does not create a trend, the report brought about a burst of optimism witnessed by the recent increase in sales activity. By October's end, the total number of residential, commercial and vacant lot sales - exclusive of timeshares - was 347, representing a total dollar amount of $738.3 million dollars. Both the number of transactions and the overall dollar volume of these sales show negligible change compared to the same time period last year. The average price for both residential homes and lots continued to rise, albeit at a slower pace than in past years, which is another factor that has added fuel to our fall market. With an available inventory of approximately 580 properties, including a large number of recent price reductions, we feel this is a great time for the buyers who hope to get the most "bang for their buck". Although short term gains may not be a viable reality right now, the cooling down of our red hot market has definitely created significant opportunities for the savvy buyer who is searching for a great deal with long term appreciation potential

When analyzing market trends, it is important to consider what price range dominates the bulk of property sales. Out of the 295 residential dwelling transactions, homes selling for less than $1.5 million constituted 53% of all sales, with a total of 156 transfers. The mid-third of the market, comprised of properties selling between $1.5 and $3 million, represented 28% of the market with 84 sales. The top third of the market, with 55 sales, represented 19% of these housing transfers. As the psychology of buyers and sellers continues to shift, it is apparent that many sellers have responded by making necessary price modifications to keep in line with current trends. And, the fact remains that the Nantucket lifestyle, which offers beauty, tranquility and quality of life among other things, continues to appeal to a wide variety of people with diverse yet tangible objectives in mind. It is no secret that those who have invested on the island will agree that owning a stake in Nantucket yields both personal and financial benefits.

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FEATURED NANTUCKET PROPERTIES

THE BEST OF TOWN AND COUNTRY

This beautiful custom built home combines a stylish and sophisticated interior with the warmth and appeal of a country home. Very private yet minutes to Main Street and the Westmoor Club, this wonderful home features 5 BRS, 4.5 baths and includes many desirable amenities including central AC, alarm & irrigation systems, an outdoor spa and storage shed. The first floor offers a wonderful open plan with a living room with fireplace, dining room, a great entertaining kitchen and a beautiful sunroom. The gorgeous master suite features its own full bath, walk-in closet & deck. The second floor consists of two more suites each with private bath, and two additional bedrooms that share a bath. This property has it all and is being sold fully furnished. An incredible investment and/or rental property opportunity. $3,245,000

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PERFECTION IN TOWN

This adorable renovated 3 bedroom, 3 bath home is tucked away off Gardner Street and is truly a hidden oasis in a great location. The first floor opens into the living room with French doors leading out to a sunny brick patio, a modern kitchen and dining area with cathedral ceilings and French doors to a very private outdoor patio area, another large room that would make a great office or den, and a full bath. The second floor has an open landing with built-in bookcases and a skylight, the master bedroom with private bath and two additional bedrooms with a shared bath. The lower level offers wonderful space and plenty of storage. The creative architectural details throughout make this home an exquisite in town gem. $2,200,000

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HIDDEN FOREST FARM

Privacy abounds on this dramatic 4.6 acre estate with a beautiful main house, cottage, garage/studio, pool and cabana. The main house features a spacious living room with coffered ceilings, fireplace & French doors leading out to the bluestone patio and pool area, paneled library with custom built-ins, fireplace & wet bar, gourmet kitchen with high end appliances, dining room with fireplace, master suite with private porch, fireplace, steam shower and soaking tub, a powder room and laundry room. The second floor features three en-suite bedrooms. The roof walk offers views of Polpis Harbor & Sankaty Lighthouse. Finished lower level has a den, a game room and powder room. The bright & open guest cottage offers a sunroom, kitchen, living room, bedroom, and 1.5 baths. The cabana house with kitchenette & 1/2 bath, the in- ground pool, spa, private pond, irrigation, AC and alarm systems complete this incredible property. $4,500,000

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CONGDON & COLEMAN is a full service real estate company offering expertise in residential and commercial sales, rentals and the marketing of unique and special properties. Whether you are a first time home buyer or a veteran in the marketplace, we are committed to providing the highest level of service. Our professional team of agents will work closely with you to define your needs and goals so you will be prepared to make informed and financially prudent decisions. Our knowledge and experience allows us to function creatively and effectively in both routine and challenging situations. Moving you effortlessly through the process is our goal. Building long term relationships is our reward.

SELLER SERVICES: As an agent for the seller, we focus on innovation while orchestrating and maintaining the marketing of our clients' properties. We pride ourselves on our sophisticated high-end marketing materials, including our professional listing brochures, print and internet advertising and direct marketing campaigns. Our primary goal is to create demand for our client's portfolio by highlighting the special features of every property resulting in a timely sale at full market value.

BUYER SERVICES: As an agent for the buyer, our focus is to provide cutting edge personal service to our buyer clients. The most desirable, best marketed homes do not remain on the market for long. We consult with our buyers to identify their needs and goals and then position them to navigate the extremely competitive sales market for quality Nantucket properties. Through the innovation of todays' technology, we are able to present new-to-market properties to our clients faster than ever resulting in a greater opportunity to help them attain their dream home on the island.

2008 RENTAL UPDATE

As autumn brings in cooler weather, an empty harbor and ample parking spaces at the Stop & Shop, memories of summer begin to quickly fade away. Making plans for your 2008 summer vacation may seem premature but, as many vacationers can attest, it is never too early to reserve your vacation property. This past summer was a banner rental season for Congdon & Coleman and we anticipate 2008 to parallel, if not exceed this past year's performance. We strongly recommend that you contact us as soon as possible to reserve your 2008 vacation rental. The premier properties get snapped up first and we have already booked many properties for next year. Please take the time to visit our website at www.congdonandcoleman.com where you will find a comprehensive and extensive selection of rental properties. All of our rental homes are available on the site including floor plan descriptions, exterior and interior photos of every property. Our printed rental brochure, which highlights rental properties in all size and price ranges, is available upon request. For more personal and immediate assistance, please call and speak with one of our experienced agents who will be happy to assist you at 800-325-5232.