THE PINCH IN NANTUCKET


	THE PINCH IN NANTUCKET
ellington
7-23-2009 2:16 AM
95 views
tags:
house, auctions, pinch
ellington says:
NANTUCKET MASS
1 Comment |
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7-26-2009 5:16 AM
chestnut501
On one hand, it's kind of good to know that they are feeling the pinch too. But on the other hand, it's probably not really good for the country.
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ff430b82-e984-45de-9892-3af3e524ce40/FDBC81CA-686A-46B9-A30B-0FE47C3B32E7/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_index.html#" href="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_index.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_index.html#"><H2>The Pinch in Nantucket</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_index.html#"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.nytimes.com/img/37DEC8F5-D9A9-451E-AFB3-E177FC0EEEEC" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_index.html#"><DIV class="caption">In recent decades Nantucket, Mass. has attracted wealthy families, who have built a rash of multimillion-dollar homes. Its residents include Eric Schmidt, chief executive of Google, and General Electric's former chief, Jack Welch.</DIV></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content8.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_2.html#" href="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_2.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_2.html#"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.nytimes.com/img/D86E42EB-0A47-4783-BAD9-29A9EF99DEAF" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_2.html#"><DIV class="caption">But over the past year, the economic downturn has hurt even this exclusive enclave, and homeowners like  Paul Steinfurth, left, are feeling the effects.</DIV></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content6.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_3.html#" href="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_3.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_3.html#"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.nytimes.com/img/39C200C8-8878-4EC6-BA3C-5C1F01428F2F" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_3.html#"><DIV class="caption">Mr. Steinfurth, who runs a Miami real estate business, purchased his 7,500-square-foot house for $5.4 million in 2004. It has been on the market for a year with no takers.</DIV></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content8.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_4.html#" href="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_4.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_4.html#"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.nytimes.com/img/00A4AD15-D5C3-4DFA-ADE2-83762A581DEF" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_4.html#"><DIV class="caption">"We had some good offers," Mr. Steinfurth said. "Then Lehman happened and they put their hands in their pockets."</DIV></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content6.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_5.html#" href="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_5.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_5.html#"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.nytimes.com/img/B3DCE7CA-FBFC-4409-9598-314D6785CCA6" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_5.html#"><DIV class="caption">Recently, Mr. Steinfurth  decided to resort to a risky tactic new to the real estate market here: on July 14 he'll offer the house at an "absolute auction." The highest bidder wins, no matter how low the bid. </DIV></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content8.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_6.html#" href="http://www.nytimes.com/slideshow/2009/07/03/business/0704-NANTUCKET_6.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; 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