A 600-square-foot cottage built in 1900 by a local fisherman in Nantucket, Massachusetts, is under contract for close to its $1.95 million asking price, just days after hitting the market.
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The property, located at 21 Bank Street, sits in Codfish Park, a storied neighborhood in the Siasconset area. Once home to penniless fishermen, the seaside enclave now attracts millionaires and celebrities.
"It's a very special, unique place," listing agent J. Brent Tartamella of Fisher Real Estate told Realtor.com. "Buyers fall in love with the simplicity and the history."
Humble Roots, High Prices
Codfish Park began as a collection of handmade shacks on public trust land, Realtor.com noted. Fishermen built homes while working the sea, but most had no legal claim to the land beneath them. Despite their unofficial status, many of these structures still stand.
And they're worth a fortune.
Since 2023, three one-bedroom homes in Codfish Park have sold for an average of $1.47 million. A 617-square-foot cottage fetched $2 million last year. Even smaller homes carry hefty price tags, with one 387-square-foot house selling for $683,000 in 2020 now estimated at $1.3 million.
"There's nothing else like Codfish Park," Shelly Lockwood of J Pepper Frazier Real Estate said. "It's historic, charming, and incredibly rare."
Simple Living, High Demand
The latest buyer isn't a full-time island resident but wanted a piece of Nantucket life. The deal is set to close by June 30.
Despite its tiny footprint, the cottage commands about $3,242 per square foot. Still, agents say it's fair in today's market.
"If you're shopping under $2 million, your options are very limited," said Bernadette Meyer of Maury People Sotheby's International Realty. "There are only about five freestanding homes at that price point. This one stands out."
The home isn't fancy. It has no insulation. The washer, dryer, and water heater sit in an outdoor shed. Previous owners updated the septic, electrical, and added an A/C mini-split, but kept the rustic look. Tartamella believes the wood-beamed ceilings and Dutch front door have been in place for decades.
The Historic District Commission has already approved plans for a second level. However, zoning restrictions keep major changes in check.
From Fisherman to the 1%
Today's Codfish Park looks nothing like its early days, Realtor.com wrote. Former NFL and current University of North Carolina coach Bill Belichick reportedly bought six cottages in the area to create space for family, friends, and his younger partner, Jordan Hudson.
"People often buy a neighboring cottage to expand their living space, since the homes themselves can't be enlarged," Lockwood said.
Tartamella declined to reveal the buyer's identity. But anyone spending nearly $2 million on a shack likely belongs to the island's modern elite.
As for the fisherman who first built it?
"He'd be blown away," Tartamella said.
