humble cottage built by a fisherman at the turn of the 19th century has gone under contract “close” to its staggering $1.95 million listing price, less than two weeks after hitting the market.
But this wasn’t just any cottage. It’s located in Codfish Park, the historic district on the edge of Siasconset, Nantucket, which was built by hardworking, penniless fishermen but is now populated by the rich and famous.
“Codfish Park is an absolute gem of a neighborhood,” Shelly Lockwood of Advisors Living Nantucket tells Realtor.com®. “Historic, charming, unique. There’s really nothing quite like it that I’ve ever seen.”
At a mere 600-square feet (the smallest listing on the island), the humble shack at 21 Bank Street was erected in 1900 by an unknown fisherman, who would not have legally owned his dwelling.
According to Nantucket Preservation Trust archives, by the early century, the laborers were allowed to build little abodes for themselves while they fished the sea, but they were still considered “squatters” on what was then public trust land.
Today, their hard work and excellent craftsmanship is not only appreciated—but is worth millions.
Since 2023, there have been three one-bedroom homes sold in Codfish Park with an average sale price of $1,473,000. Like in much of the country, prices skyrocketed after the COVID-19 pandemic.
In 2020, 8 Bank Street, which is a mere 387-square-feet, sold for $683,000. Now, Realtor.com estimates it would now be worth $1.3 million. In 2023, a 617-square-foot cottage on the same street sold for $2M.
The latest listing, 21 Bank Street, was snapped up in less than two weeks by someone who doesn’t live on the island but wanted their own slice of Nantucket paradise. The home is currently under contract and due to close on June 30.
While the price tag may seem sky-high to outsiders, $2 million is considered a “friendly entry point” for an island known as “Billionaire’s Isle.”
“It’s a very simple cottage, very traditional,” listing agent J. Brent Tartamella of Fisher Real Estate exclusively tells Realtor.com. “Both of the previous owners updated it but they recognized that it is a very special, unique place and didn’t try to make it into something that it’s not.”
While the one-bedroom cottage’s electrical and septic were upgraded, and an A/C mini split system was added, the house retains its simple, rustic charm. There is no insulation and “the washer/dryer and hot water heater are still out in the shed,” says the agent.
It’s unclear if the wood-beamed ceilings and Dutch front door with what appears to be hand-blown glass are original to the house, but Tartamella says, “I can tell you it’s all been there for a very long time.”
The shack also has permission from the Historic District Commission (HDC) to build a second level, says the agent. Homes in the historic area have strict restrictions on what they can do.
Local agent Bernadette Meyer of Maury People Sotheby’s International Realty says that the price tag—though it may sound eye-watering to the average homebuyer—was on point.
“Inventory is tight across the island, and even more so under $2 million,” she tells Realtor.com.
“Right now, there are only about five free-standing homes available at that price point. If you’re looking under $2M, the choices are few and far between—so something like this really stands out.”
