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.
We have entered the sixth year of home price increases, both on Martha’s Vineyard and nationwide. For five years before that we were in a decline, and many homes are just now reaching their pre-fall price levels. Anyone who bought in that high period (including those with supposed real estate expertise like myself) and wants to sell now, faces a dilemma. The situation is even more extreme for the unfortunate owner who paid over the market value because demand was so strong and waiting could have meant losing the home of your dreams.
I have a friend in just such a situation and he wants to sell his home now. What is a seller supposed to do? I have looked at the price paid 11 years ago and with yearly price increases averaging between 4 and 5 percent, the value is approaching the current asking price of $2,295,000. The owners could continue dropping the price but that has not yet brought a ready, willing and able buyer. The home itself says luxury waterview in every category so if the home and the location are not the issue, there has to be a problem with the price. Every home sells when it reaches the right price point for its moment in time.
My friend has let it be known that he is ready to negotiate a price, any reasonable price, with the potential buyer who falls in love with the home as he and has family did — and still do. What will that mean? If you understand the quality and value in this home, the seller is certain you can come to terms with him. I do not know if that means a $100,000 (or possibly much more) price reduction or some form of financing that will make the home more attractive than just the property itself. I do know the buyer is out there, and the home of your dreams awaits.
This expansive three-story, open floor plan modern Victorian sits high on a landscaped hilltop and is surrounded by gardens. You can enjoy panoramic water views and sunsets over Vineyard Haven outer harbor and onto the Cape from almost every room in this magnificent home. The family room provides water views out wrap around windows while enjoying the air conditioning in summer and the warmth provided by a two-sided fireplace on those cool nights. This relatively new 5-bedroom home is in excellent condition and the gourmet kitchen and baths were renovated in 2016.
Even in a neighborhood of such substantial properties, 15 Dover Street has the ability to turn heads. This grand dame of East Chop surveys the harbor and all else from her elevated position. The residence is perfectly at ease in this area of classic antique homes, but was actually constructed in 1998 by a respected Island builder who took his inspiration from the distinguished shingled homes that are found in the more desirable enclaves of Martha’s Vineyard. As soon as you step inside, it becomes apparent that this is a very modern home with wide-open living spaces, multiple entertaining areas, two master bedroom suites, a renovated gourmet kitchen and bathrooms, hardwood floors, and a double-sided fireplace.
The home features three waterview balconies, three porches, and a full basement ready for your imagination. The high point in every sense is the third floor master suite with balcony and water views. Elegant and comfortable, this 3,384 sq. ft. home with its high bedroom count has the wood-shingled style of the Vineyard, with all the modern enhancements of a home of elegance. See the ferries pass this privately located home with vistas of Vineyard Sound, which you can enjoy from this award-winning professionally landscaped property with a koi pond. Additionally, the location provides easy accessibility to both Oak Bluffs and Vineyard Haven ferries, beaches, restaurants, and downtown shops.
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