This Tiny, 360 Square-Foot Nantucket Home Is Listed For A Whopping $2.095 Million, Highlighting The Insane Market Value Of The Area
If you aspire to live large and vacation like royalty in coastal New England, there is no more luxurious a place than Nantucket, Massachusetts.
The island, located about thirty miles south of Cape Cod, is best known for its historical significance as the whaling capital of the world between 1690 to the 1800s.
Plus, if you could not have guessed, the town boasts famous bay scallops, ample fishing opportunities, and beautiful lighthouses– three to be exact.
Dwellers and visitors alike can also frequent adorable shops and boutiques, breweries, hiking trails, and bike paths to explore the tiny island.
The region is most populated during the warmer months, though, and its economy is primarily fueled by major tourism revenue.
So, most who own homes in Nantucket do not stay there year round– and the price of real estate on the fourteen miles long and three-and-a-half-mile-wide island is exorbitant.
In fact, according to Realtor.com, the median listing home price in October was $3.6 million, representing just shy of a twenty percent uptick year over year.
The median listing sold price was also $5 million, with the price per square foot averaging at about one thousand and five hundred dollars.
Zillow; pictured above is a listing on Cabot Lane
So, as you can imagine, the area is home to its fair share of beach mansions that are to die for. Last month, though, a new and downright small listing on Zillow raised questions about the ridiculous market value in the area.
The home is located at 2 Cabot Lane, and its sellers are asking for $2.095 million. But the real kicker is that the house is a one bedroom and one bedroom that is only three hundred and sixty square feet.
Sure, the outside of the home is well-maintained and features a quaint yard area. The inside of this single-story cottage is also updated with shiplap walls, new light hardwood floors, new appliances, and a tiled bath.
Zillow; pictured above is an interior view of the listing on Cabot Lane
Yet, doling out over $2 million dollars for a home that is smaller than most New York City apartments would likely sound utterly insane to most people.
After all, the estimated monthly mortgage payment on this property is over eleven thousand and two hundred dollars.
Interestingly, though, this home is not alone in its questionable size-to-price ratio. Yes, it is the smallest listing currently on the market in Nantucket– and with a higher price point than other larger homes.
But, another property located just over half a mile away at 7 W Chester Street is currently listed on Zillow for $1.995 million.
The house does have more square footage– seven hundred and eighty-eight square feet– but not much.
It also only has two bedrooms and one bathroom and does not boast any out-of-the-ordinary home features.
Why exactly these homes are valued either at or higher than the price of this third listing, located at 13 Daffodil Lane, remains to be seen.
This property’s sellers are also asking for $1.995 million, but the home is significantly larger– with four bedrooms and three bathrooms and over two thousand and one hundred square feet.
Perhaps this last listing is in a lower price-per-square-foot bracket because it is located more inland and near the Nantucket Memorial Airport.
But it is still just a twelve-minute drive from the former two listings, and why exactly anyone would choose to compromise thousands of square feet rather than a short drive to the beach just seems a bit crazy.
But, if you can afford to purchase a home in the tourist-heavy Nantucket area, then maybe you can also afford to forgo the square footage in search of a simple weekending home or short getaway spot.
Or if you are like most people, and you cannot imagine footing a million-plus dollar bill on a shoebox-sized home, then Nantucket is probably the last place you should start to look for your forever home.
If true crime defines your free time, this is for you: join Chip Chick’s True Crime Tribe
Sign up for Chip Chick’s newsletter and get stories like this delivered to your inbox.
More About:News
Read This Next
