I don't think that there is any question that some of the houses on

Nantucket are commercial ventures with sofas and recliners. There are

houses about this island that are wedding locations. They shuttle the

people in and out. There are whole streets that are rented by the week

all summer. I am sure (and the realtors on the list could discuss

this) that houses have been sold with the understanding that they are

income producing properties. If you want, they are moored whaleboats

that harpoon and flense the whales of Connecticut.

If we can make money for the town from that, all well and good. I

would rather see some sort of tax levied on those houses than on more

pressure for the property tax.

But I think that the whales of Connecticut are endangered. I think

that our tourist business is changing again. I think it might be

swinging up to the upper ends of the money list.

The whales of CT are families that are in the upper middle class of

America. These are people who did well in the Clinton years and who

came out here plonking down $3000 for a week, went out to eat four out

of six nights, brought some friends down, played golf at Miacomet a

couple times and went home tanned, rested, and ready for more bitter

memo fights.

Now, no fault for Nantucket or our traffic, but those whales are

endangered. The economy is foundering and those Whales don't have the

money they once had. Either the 401k diggered or the bills are

climbing, or the bonus just isn't there or the job is gone. Maybe they

just think we will be a terrorist target due to Kerry and Frist.

Whatever. I don't think they will be coming as readily as the did

before.

Many, who love the place, are still coming. But they rent for one

week, not two. They rent one house, not two. They go out to eat once

a week, not four times. I think I could support those guesses if I

were to look at rental records, Langueduc or Boarding House sales

taxes, and the Stop and Shop business. I bet even the Club Car and 21

Federal felt it.

The people who are really feeling it, however, are those whales who

went and bought a house as "an investment." (Again, any time the

realtors want to pop in, go ahead). Now, I think the "investment"

houses were counting on having the mortgage paid by renters, while the

overall value of the house goes up. So, Mr. and Mrs. Whale buy the

house in Tom Nevers for $750,000 and a serious mortgage payment per

month ($4000? Just a guess). But they will pay that, and then some

crazy money for landscaping, house-cleaning, and house-sitting because

the stock market has made them rich as kings, the Christmas bonus is

the size of a lottery prize, and the house is rented out at $4000 a

week for July, August, and September.

So now that the renters may not be coming, the stocks are bad jokes in

unopened envelopes, and the Christmas Bonus came when the office-mates

got fired.

What goes first? The housecleaning and the landscaping. $25-30 an

hour to clean houses sounds great when you just tack it onto the rent.

When it comes out of your wallet, then you think twice. Last summer

wasn't a boom time, but maybe Mr. and Mrs. Whale decided that they

could wait it out. Low interest rates and all that.

But if this summer doesn't pay the mortgage and the economy continues

to drag, then I think some (more) of these investment houses hit the

market. But the sellers do not really want to offer less than what

they paid. Mr. & Mrs. Whale will reluctantly list the house on

Dartmouth (Tom Nevers) for 950,000. And there it will sit.

Who will buy it?

Who willl buy my Lucent stocks?