Real Estate Confidential: end-of year opportunities

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.

This column marks my one year anniversary of reporting on a wide variety of buying options on Martha’s Vineyard, particularly hidden opportunities. If you have been keeping up, I have convinced you that we are in the sweet spot for buying a home on the Vineyard. There are fewer options with inventory at a low point; competition for buying is at a minimum; sellers are ready to make a deal; lower prices are available and you can be in a home by springtime and ready for rentals and summer enjoyment.

Homes on Martha’s Vineyard that have been on the market for an extended period of time may be particularly ripe for offers at this time of year. The criteria I started with last winter for opportunities was properties on the market for the then-average of 275 days on the market. 2018 brought a very different perspective. Last winter the average days on market for sold properties dropped to 185 days so that is the cutoff  I used for this year’s best year-end opportunities. I also considered properties I particularly like (of course) and those that have lower prices in relationship to their assessed values. I eliminated those that may still be priced just too high for the market (those sellers will figure it out).

The selection is limited to homes under $2M that have a minimum 3 bedrooms and sit on over ¼ acre of land. These homes are most suitable for island families, first time homebuyers, investors, and the majority of second home purchases. Many are properties I personally like and cannot understand why they have not sold. The reasons are many and all it takes is a reasonable offer at the right time to purchase your dream.

The storybook cottage at 655 Old County Road in West Tisbury priced at $799,000 tops the list of my 20 favorites. The most distinctive feature are the barrel vault ceilings in the main living area with a stone fireplace and a bedroom with vault ceiling and fireplace. The upper level is surrounded by a wrap-around deck overlooking the vast expanse of landscaped lawn and ornamental trees. The property borders on Mill Brook and is an easy walk or bike to Alley’s, library and multiple art galleries.

I really do not understand why the property at 26 Kenasaoome Way in Chilmark currently priced at $819,000 has not sold. With the many restrictions in Chimark for new construction, this property at over 3 acres can be expanded some day to include house, guest house pool and barn. The current 2 bedroom home and 1 bedroom sleeping cottage can provide years of enjoyment while planning the expansion. The property borders on The Grey Barn and Farm with 90 acres of conservation land and down the road is Quansoo Beach (summer membership required) and enjoyed at will in the off season. Of course Lucy Vincent and the newly enhanced Squibnocket Beach are available to all Chilmark residents and guests.

With swimming pool, club house,tennis courts, dock and boat access plus a private beach, the single family homes in the Tashmoo Woods association of West Chop do not receive the interest they should. Currently listed is a new home at 48 Sandpiper Lane priced at $1,299,000. In addition to the association amenities, the home overlooks and has easy access to Mink Meadows Golf Course. The finish work is top of the line in every way especially the chef’s kitchen with large custom cabinets, mink colored quartz counters, stainless steel appliances, and a Cook’s gas stove. The home is fully air conditioned with wide oak flooring throughout for easy care.

Most surprising is the continued availability of the expanded cape in Edgartown at 2 Bold Meadow Road priced at $1,395,000. The home sits on 1.7 landscaped acres with mature plantings and perennial gardens. An ideal location a short bike ride to town or Morning Glory Farm surrounded by open space and conservation land. If you need more than the existing 4 bedrooms and 3 baths, a guest house is possible with 2 additional bedrooms; even room for a pool. The home is ideal for a large vineyard family with added income possible or the perfect vacation getaway for extended family and friends.

Click to view my 20 end of year favorites.

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