The Cost of Waiting to Buy on Nantucket

This home is especially close to my heart because it was once my own.

I purchased 8 East Dover Street in 2014 for $750,000 and completed an extensive renovation while living abroad, at a time when construction costs were dramatically lower than they are today. It was truly a labor of love, with every detail carefully considered to preserve the character of this historic home.

I sold the property in 2021 for $2.4 million. Today, it is back on the market, listed at $3.695 million.* Only time will tell where it ultimately sells again.

While the renovation certainly added value, this home’s journey also illustrates a broader lesson I have observed throughout my career-and experienced personally. Waiting for the “perfect time” or the “perfect house” can sometimes be more costly than taking the first step toward becoming a Nantucket homeowner.

Too often, buyers focus on what a property is not instead of considering what it could become. The buyers who have fared best over the years were not necessarily the ones who found the perfect home. They were the ones who found the right opportunity and entered the market.

Once you own a home on Nantucket, you may have more options as your needs change. You can renovate, expand, improve the property over time, or use the equity you have built toward a future purchase. Buyers who remain on the sidelines may find that prices, inventory, and construction costs continue to change while they wait.

The lesson is not that every property is perfect or that every purchase will produce the same results. It is that recognizing potential—and being prepared to act when the right opportunity appears—can be an important part of successfully navigating the Nantucket real estate market.

*Listed with Maury People Sotheby’s International Realty.