The national media has discovered that foreclosures can happen even on Nantucket. But the article, to its credit, digs deeper and discovers it’s not the Wall Street boys who are suffering.
The article also mentions local Nantucket real-estate blogger Brian Sullivan, who today summarized what’s happening on the island:
Basically there are 2 real estate markets on Nantucket, year round community and the summer seasonal community. The year round community and real estate prices have suffered the most and I am guessing will continue to a little longer (8 to 15 months). In this year round market property on island is valued around or below $800,000. It is these homes that we have seen the most activity in the foreclosure market, these are the properties that the auctions have actually happened and workouts with banks have not been completed, having said that there have been a handful of foreclosures in higher priced “vacation” market as well.