(Source: Wall Street Journal)

If you’ve ever wanted to buy a home on this island enclave, now may be the time to start looking.

Chris Matthews has a summer home there. So do John and Theresa Kerry, Jack Welch, and Google boss Eric Schmidt. When the boom times rolled, the richest hedge fund managers simply wouldn’t buy anywhere else. Nantucket is so upper crust that it makes nearby Martha’s Vineyard look positively working class.

But if you have ever wanted to buy a home in this cosseted enclave, now might be the time to start looking. The real-estate crash has even come ashore here. Prices have fallen by about a quarter or more from the peak.

The island has a glut of unsold homes, and even some foreclosures. Hardest hit of all? Vacant land. “The theory that land on Nantucket would always increase in value has been blown out of the water,” says local Realtor Kate Ranney Sayle of Denby Real Estate. “Nobody wants to buy it. Right now, you can’t give a vacant lot away.”

Read Brett Arends full article “Hard Times on Nantucket” in the Wall Street Journal (March 27, 2009)

Further… according to Brian Sullivan (an Nantucket agent working in the market for more than a decade), “this is an incredible time to buy R.E. on Nantucket.” (follow Brian Sullivan on Twitter, @Nantucket_Sully).

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