Real Estate Confidential is a weekly chit chat about new listings, sales, or other insider info on the Martha’s Vineyard real estate market, by Fred Roven, Martha’s Vineyard Buyer Agents. It appears each Friday in The Minute.
Since I last visited the subject of what is out there in the world of real estate for Vineyard buyers during this buying season, a lot has changed including a number of new minimum 3 BR 2 bath affordable homes. The goal here is to look at properties that are perfect for Island residents and possibly provide opportunities for real estate investors. The fall presents the best opportunity to find a home, as the inventory increases after the rental season and sellers who have used their home for vacation would prefer not paying the expenses over another winter.
Typically, I would suggest sitting down and writing a list of features you want. Instead, find a home that interests you in the price range you are looking, and see how you can make it work and come close to those needed features. Most can be added as time passes. Can you add bedrooms? Can a basement be finished? Can the home be expanded? What might be the ease of resale when you are ready for your dream home?
One of the better opportunities for an Island family, as an investment home or income producing vacation home, is the house and guest house at 32 Boxberry Avenue in Vineyard Haven. The property is located on a quiet road close to Town Tennis Courts, West Chop Woods for hiking and walking the dog, as well as easy access to the Tisbury Town Beach. The house had a recent renovation with new roofs, windows and septic system. There are four total bedrooms and three baths including the guest house, which can provide income for expenses and mortgage payments or private space for family and friends.
The Cape at 13 Hvoslef Way in the Tashmoo area of Vineyard Haven is not everyone’s idea of the perfect location and I think a mistake is made not considering the area. You have easy access to town, the Tashmoo public boat landing plus tennis courts and new playground and tennis courts. The home has a first floor bedroom or den, a finished basement and new roof. Perfect for an island family, investor or as a summer oasis for kayaking from boat landing to Tashmoo beach.
The renovated bungalow at 41 School Street in Oak Bluffs is a rare opportunity to own a 3 BR home so close to town in good condition and ready for year round living. The home is already connected to town sewer, has a front porch, wrap around deck, a second floor balcony, a grassy yard, and a shed. No more worries of where to park for fireworks, Illumination Night or any other town celebration.
There are many more properties that need some TLC but manageable by most any buyer. You can view them all at What Can I Buy on Martha’s Vineyard?
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