We don’t want to downplay the severity of the current COVID-19 situation. It will likely be very difficult in the near term — we’re beginning to see that already with several cases on-island and the community bracing for more. The difficulty, especially economically, will continue with perhaps the third major economic crisis in the past 20 years. But in the long-term, past evidence points to a strong recovery.
Prior to the current health crisis, market forces on Nantucket were screaming upward. Just a few short weeks ago we were riding high on one of the longest and most profitable periods of home sales the island has ever seen. Market-value sales were up and affordable rentals and purchases were down. Over the past few years, we’ve heard more than a few people on Nantucket say, “All we need is a good recession to bring the market back into line.”
But is this really true?
Maybe a look at the past economic downturn will give us some insights into how the Nantucket market behaves during a correction. 2009 to 2011 was a very tough time for Nantucket. We experienced a wave of foreclosures, and more than a few homeowners were left underwater. It was, to put it bluntly, very bad.
But perspective is everything. If you look at the trajectory of the Nantucket economy from the last 20 years, the fallout of the Financial Crisis was a blip on the way to a massive climb in property assessments, from $5 billion to $25 billion. Over this time, more than 16,000 building permits were issued.
A look at restaurant and lodging receipts (rather than real estate values) shows the town went from collecting about $1 million a year in the early 2000s to nearly $5 million by 2018. Easy to forget there were recessions in between.
Bottom line: The attraction of the island will continue and the market will recover.
There’s a saying in politics: “Never let a good crisis go to waste.” The question is, are we going to use this critical inflection point to reset our goals and actions to make ourselves stronger as a community? Or are we going to recover and just go back to unbridled development, a growing housing crisis, more congestion, and the systematic erosion of our community?
While we recover from this crisis, our short-term goal as an organization is to build a dialog around the former — making the community stronger. Stay tuned.
Have a great Sunday.
Great post. I was checking continuously this blog and I am impressed!
Very useful information particularly the last part 🙂 I care for such information a lot.
I was looking for this particular info for a long time.
Thank you and best of luck.
Pretty section of content. I just stumbled upon your
web site and in accession capital to assert that I acquire in fact enjoyed account your blog posts.
Any way I’ll be subscribing on your feeds and even I achievement you get admission to constantly rapidly.
Hi mates, its wonderful paragraph on the topic of educationand entirely explained, keep it up all the time.
Yes! Finally someone writes about website.
I’m not sure exactly why but this site is loading incredibly slow for me.
Is anyone else having this problem or is it a problem on my end?
I’ll check back later and see if the problem still exists.
I like the helpful information you supply on your articles.
I will bookmark your weblog and test again right here regularly.
I’m slightly sure I will be informed a lot of new stuff proper here!
Best of luck for the following!
I am in fact pleased to read this website posts which includes lots of valuable data, thanks for providing these
data.
WOW just what I was searching for. Came here by searching
for website
Hello, i think that i saw you visited my web site so i came to “return the favor”.I am attempting
to find things to enhance my web site!I suppose its ok to use a few of your ideas!!
I have read several just right stuff here. Certainly value bookmarking for revisiting.
I wonder how a lot attempt you place to make any such fantastic
informative web site.
Hi to all, how is everything, I think every one is getting
more from this web page, and your views are good in support of new visitors.
Hi, I would like to subscribe for this blog to obtain hottest
updates, so where can i do it please help.
I visited many sites however the audio quality for audio songs current at
this website is genuinely excellent.
Helpful information. Fortunate me I discovered your website by accident, and I am stunned why this twist of fate
didn’t came about in advance! I bookmarked it.
Wow, that’s what I was searching for, what a material!
present here at this blog, thanks admin of this web page.
Hello mates, its enormous paragraph on the topic of educationand
entirely explained, keep it up all the time.
Fantastic site you have here but I was wondering if you knew of any
message boards that cover the same topics talked about here?
I’d really love to be a part of group where I can get opinions from other experienced individuals
that share the same interest. If you have any suggestions, please let me
know. Bless you!
Hey are using WordPress for your site platform? I’m
new to the blog world but I’m trying to get started
and create my own. Do you require any coding expertise to
make your own blog? Any help would be really appreciated!
What’s up mates, good paragraph and fastidious
urging commented at this place, I am genuinely enjoying by these.
Thanks for sharing your thoughts on website.
Regards
Hi there! I simply wish to offer you a huge thumbs up for
the excellent information you have got right here on this post.
I am returning to your site for more soon.
I quite like reading through a post that will make people think.
Also, thanks for permitting me to comment!
Greetings, I do think your website could possibly be having
browser compatibility issues. Whenever I look at your website in Safari, it looks fine but when opening in I.E., it’s got some overlapping issues.
I just wanted to provide you with a quick heads up! Besides that, wonderful website!
Good post. I learn something new and challenging on sites
I stumbleupon on a daily basis. It’s always exciting to read through articles from other
authors and practice something from other web sites.
Its like you read my mind! You appear to grasp a lot about this, such as
you wrote the e book in it or something. I think that you just can do
with some percent to force the message house a bit, however instead
of that, this is excellent blog. An excellent read.
I’ll definitely be back.
What’s up, the whole thing is going fine here and ofcourse
every one is sharing facts, that’s genuinely excellent, keep up
writing.
Hi there would you mind letting me know which web host you’re utilizing?
I’ve loaded your blog in 3 completely different
internet browsers and I must say this blog loads a lot quicker then most.
Can you suggest a good hosting provider at a fair price?
Thanks, I appreciate it!
I really like reading through an article that can make
men and women think. Also, thank you for permitting me to comment!
The other day, while I was at work, my cousin stole my iPad and tested to see if it can survive a twenty five foot drop, just so she can be a
youtube sensation. My iPad is now destroyed and she has 83
views. I know this is totally off topic but I had to share it with someone!
An interesting discussion is definitely worth comment.
There’s no doubt that that you ought to write more about
this subject matter, it may not be a taboo matter but typically people don’t
discuss these issues. To the next! Kind regards!!
Awesome post.
I’ve been exploring for a bit for any high quality articles or weblog posts on this
kind of area . Exploring in Yahoo I eventually stumbled upon this web site.
Reading this info So i am satisfied to exhibit that I have an incredibly good uncanny feeling I discovered just what I
needed. I so much indisputably will make sure to do not disregard this website and
give it a glance on a relentless basis.
This article presents clear idea in favor of the new visitors of blogging, that really how to
do blogging.
My brother recommended I would possibly like this blog.
He used to be totally right. This put up actually made my day.
You can not consider simply how much time I had spent for this information! Thank you!
Heya i am for the first time here. I came across this board and I find It truly useful & it
helped me out much. I hope to give something back and aid others
like you aided me.
I all the time used to read paragraph in news papers but now as I am a user of web thus from now I am using net for articles,
thanks to web.
Ahaa, its pleasant dialogue about this piece of writing at
this place at this web site, I have read all that, so now me also commenting here.
Your method of describing all in this paragraph is truly
fastidious, all be capable of easily understand it, Thanks a
lot.
Greetings! Very useful advice in this particular post!
It is the little changes that will make the most important changes.
Many thanks for sharing!
Just desire to say your article is as surprising. The clarity for your post is simply great
and i could suppose you are a professional on this subject.
Fine together with your permission allow me to snatch your RSS
feed to stay updated with coming near near post.
Thank you a million and please carry on the gratifying work.
Very soon this site will be famous amid all blogging viewers, due to it’s pleasant posts
I’m amazed, I have to admit. Seldom do I encounter a blog that’s both
equally educative and engaging, and without a
doubt, you have hit the nail on the head. The issue is something
which too few people are speaking intelligently about. I am very happy
that I came across this during my hunt for something relating to this.
Hey are using WordPress for your site platform? I’m new to the blog
world but I’m trying to get started and set up my own. Do you require any html coding expertise to make your own blog?
Any help would be greatly appreciated!
Quality posts is the important to be a focus for the people to pay a
quick visit the site, that’s what this website is providing.
Hi there! I know this is kind of off topic but I was wondering if you knew where I
could locate a captcha plugin for my comment form? I’m using the
same blog platform as yours and I’m having
problems finding one? Thanks a lot!
Woah! I’m really enjoying the template/theme of this website.
It’s simple, yet effective. A lot of times it’s very difficult to get that “perfect balance” between user friendliness and visual appearance.
I must say you have done a great job with this. Additionally, the blog loads super fast for me on Internet explorer.
Excellent Blog!
Hello! I know this is kinda off topic but I was wondering which blog platform are you
using for this website? I’m getting tired of WordPress because I’ve had issues with
hackers and I’m looking at options for another
platform. I would be great if you could point me in the direction of
a good platform.
I have fun with, result in I found exactly what I was taking a look for.
You have ended my four day long hunt! God Bless you man. Have a great day.
Bye
Hello! Do you know if they make any plugins to help with Search
Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but
I’m not seeing very good results. If you know of any please share.
Thank you!
I go to see daily a few blogs and information sites to read posts, but this blog provides
quality based content.
Hi there, this weekend is pleasant in support of me, for the reason that this occasion i am reading
this wonderful informative post here at my home.
Your style is very unique in comparison to other folks I’ve read stuff from.
Thanks for posting when you have the opportunity, Guess
I’ll just book mark this site.
If you would like to get a good deal from this paragraph
then you have to apply such techniques to your won website.
Hmm it appears like your website ate my first comment (it was super
long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog.
I too am an aspiring blog writer but I’m still new to the whole
thing. Do you have any tips and hints for inexperienced blog writers?
I’d certainly appreciate it.
Generally I don’t read post on blogs, but I would like to say
that this write-up very forced me to check out and do it!
Your writing style has been surprised me. Thank you, very great post.
I visited multiple web sites except the audio feature for audio
songs existing at this web site is really excellent.