A beautiful, unique and exquisite property, sitting on 20 large acres of land with around 600 feet of waterfront view on the southern shore of Nantucket Island, Cape Cod, Massachusetts, has made its way to the listing market priced at just $3 million.
According to Curbed, the giant mansion is located just down the beach from the bunker that was once built for John F. Kennedy during the cold war. Apparently, it was initially perched closer to the shore. However, its owners moved the home farther from the bay sometime in 2006. The home offers massive opportunities for expansion and restructuring.
According to the listing records, the residence itself is a modest 2354 square feet home comprising of four bedrooms, three bathrooms. A renovated kitchen, multiple docks and an outdoor shower makes the home a perfect holiday retreat.
Meanwhile, Nantucket Island has become quite popular with luxury realty investors. Recently, the 69-acre Swain's Neck Estate made its return to the listing market with a lower selling price of $47.5 million. The Swain's Neck property was purchased by an electronics manufacturing tycoon, Russell Dale Phelon, for $7.15 million in 1997. It was listed for $59 million in May 2012 after Phelon passed away in March that year. However, failing to sell then, the property was taken off the market, only to return with the new asking price.
But inventory is shrinking by the minute. A study conducted by the Altos Research, a real-estate research firm, found that supply of homes in the country's 90 wealthiest ZIP codes dropped 15 percent throughout 2012.
On an emerging property market with supply being low, these homes and estates are expected to sell like hot cakes.
