Skip to main content

Diigo Home

In Summer Hideaway for the Rich, Slump Is Visiting, Too - NYTimes.com - The Diigo Meta page

www.nytimes.com/...08nantucket.html

Sorry, this URL cannot be previewed here. Visit the URL directly.

This link has been bookmarked by 1 people . It was first bookmarked on 15 Jul 2009, by Matt Kramer.

  • 15 Jul 09
    mattkramer
    Matt Kramer

    In Summer Hideaway for the Rich, Slump Is Visiting, Too
    Jodi Hilton for The New York Times

    The sparsely filled boat basin on Nantucket on June 30. Reservations were around 80 percent for July and August for the marina, giving some hope to the island’s struggling businesses. More Photos >

    * Sign in to Recommend
    *
    E-Mail
    * Send To Phone
    * Print
    * Reprints
    * ShareClose
    o Linkedin
    o Digg
    o Facebook
    o Mixx
    o MySpace
    o Yahoo! Buzz
    o Permalink
    o

    Article Tools Sponsored By
    By GERALDINE FABRIKANT
    Published: July 7, 2009

    NANTUCKET, Mass. — On a winding road, down a white shell driveway, sits a rambling gray-shingled home with a view of the harbor, where beige lounge chairs ring an amoeba-shaped swimming pool and the living room is filled with pristinely white sofas, plumped, pillowed — ready for the next owners.
    Skip to next paragraph
    Multimedia
    The Pinch in NantucketSlide Show
    The Pinch in Nantucket
    Enlarge This Image
    Jodi Hilton for The New York Times

    This 7,500-square-foot Nantucket home will be sold at auction by its owner, Paul C. Steinfurth, who put it up for sale a year ago. More Photos »
    Enlarge This Image
    by Jodi Hilton for The New York Times

    The RopeWalk, a restaurant owned by Joe Pantorno, is serving breakfast for the first time to try to lure more customers. More Photos >

    The 7,500-square-foot house has been on the market for a year with no takers. “We had some good offers,” said the owner, Paul C. Steinfurth, who runs a Miami real estate business and bought the house for $5.4 million in 2004. “Then Lehman happened and they put their hands in their pockets.”

    So Mr. Steinfurth is resorting to a risky tactic new to the real estate market here: next Tuesday he’ll offer the house at an “absolute auction.” The highest bidder wins, no matter how low the bid.

    The sale is testimony to just how drastically the market has turned and how severely the economy has hurt even the country’s most exclusive enclaves.

    Abo

    travel economics

Top Tags