Two homes in the same Tom Nevers neighborhood tell very different stories about Nantucket’s changing real estate landscape. At left, “The Dips” at 30 Devon Street — a newly built luxury compound valued in the tens of millions — reflects the scale of redevelopment reshaping parts of the island. Just an eight-minute walk away, 34 Exeter Street (right), a modest 1935 home once owned by Dr. David Voorhees, recently sold at foreclosure auction for $1.15 million. Together, the properties illustrate the widening gap between older neighborhood homes and the high-end estates increasingly redefining surrounding land values.
When a Single Property Changes the Neighborhood
In Tom Nevers, an area long known for modest homes on large lots, one property offers a striking example of how redevelopment can transform the value profile of an entire neighborhood. The compound known as “The Dips,” at 30 Devon Street, includes a luxury estate with approximately 11,600 square feet of living space across two structures—a 7,500-square-foot main house and a 3,600-square-foot guesthouse.
Luxury rental listings describe it as “the first of its kind … ultimate luxury compound on Nantucket.”
Built or extensively rebuilt around 2023, the property now contains:
• 13 bedrooms
• more than 14 bathrooms
• multiple luxury amenities
• nearly four acres of land
The scale of the compound stands in sharp contrast to many of the older houses that historically defined the surrounding area.
The Value Jump
Public listing history shows how dramatically redevelopment can change a property’s market profile. Before redevelopment, the parcel traded for roughly $1.35 million in 2021. Following construction of the luxury compound, the property’s estimated market value rose into the tens of millions of dollars, with listings reported around $20 million.
That represents a value increase of more than tenfold in just a few years. For the real estate market—and for assessors—such changes matter.
How a Property Like This Influences Assessments
Massachusetts requires assessors to estimate property values based on market data and comparable sales.
When a high-value redevelopment appears in a neighborhood, it can influence assessments in several ways:
1. New Comparable Sales
Luxury properties provide new benchmarks that assessors may use when evaluating surrounding parcels.
2. Rising Land Values
If a modest house is replaced with a multimillion-dollar compound, it signals that the land itself can support a much higher-value use.
3. Redevelopment Potential
Nearby parcels may be evaluated partly based on what they could become—not just what currently sits on them.
In markets like Nantucket, where redevelopment is common, the land beneath an older house may ultimately be worth more than the structure itself.
The Land vs. Structure Dynamic
In many high-end real estate markets, a property’s value increasingly comes from its land rather than its building.
Structure (older home)
$600,000
Land value
$2.5M–$3M
Total assessment
$3M+
Even if the house itself is aging or outdated, the land may be appreciating rapidly because of redevelopment pressure.
When a property like The Dips appears nearby, it can reinforce the idea that surrounding land could also support large luxury homes.
Read our related story: When the House Next Door Raises Your Taxes
- Nino Abdaladze
Below Deck Contributor
3/15/26