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.
More and more, particularly during the winter I am told by a client they are waiting for this or that property to be reduced in price before making an offer. Winter may not be the best time for a seller to reduce the price of a property because there are limited buyers out braving the frigid temperatures to look for a home. And, it can be the best time for serious buyers to negotiate the best price for just those reasons. The average price negotiation for Martha’s Vineyard (possibly the world) always hovers around 5% but in the winter that number jumps to 10%-15% and even more.
Many homes are just waiting for the right buyer and sellers know this or hopefully understand their dream might have few others with the same dream.For many homes that have not sold in a year, the reason can be easily seen but will still sell for its right price when the market reaches its value or the price is reduced. Every property sells for the right price at its moment in time. Other homes have been on the market for just too long and need a breather. Unless there are personal reasons for a quick sale, those might not be the homes with the most room for negotiation.
I am not looking at those homes this week. The homes featured here can have a vast audience of buyers who understand that winter may be the best time to negotiate a price that gives the buyer a sense of job well done and a seller glad to stop the cash flow from a property that no longer suits their needs. These are homes that could have a much larger pool of buyers if they understood not to be frightened away by an intimidating price and certainly not to be afraid to make an offer; any offer.
One downside is you may need to be a bit more flexible on amenities to expect as there are fewer homes from which to choose. You will need to think in terms of long term use and what features you can add for that larger reduction off the asking price. There are many homes on the market now that are prime for negotiation and can be used as a year-round home of your dreams, a vacation paradise or a combination of the 2 with the addition of investment potential. The larger reduction in price can give you a larger return on your investment.
Nothing compares in value for a waterfront property more than 10 Fowler Lane in Edgartown. I can explain why it has not sold yet and you should experience the property before I explain and it should not be a deterrent. Long term, the best value for a luxury waterfront home in Edgartown probably in years. Named Wind’s Will, you will awaken to the sun rising over Nantucket Sound and fall asleep to the water lapping at the shore of Sengy. Fishing, clamming, kayaking, paddleboarding and swimming are all at your doorstep with a 95’ private sandy beach and your own mooring.
The outstanding features of the unique property at 54 Mayhew Norton Road are apparent before you even enter the main home. Driving in you xperience this 1.6 acre lot at the top of Indian Hill Road with mature trees, rolling hills and stone walls a short distance to the trails and waterfront of Cedar Tree Neck and hundreds of acres of conservation land. My favorite aspects are the timber frame garage for storing all those summer toys or as a workshop and the post and beam studio perfect for your office or guest bedroom.This antique features a living room and dining room with exposed timber ceilings, wide pine floors and each with a fireplace.The kitchen has been updated with custom cabinets, soapstone countertops and stainless steel appliances.The best of both worlds.
For a buyer looking for a Vineyard retreat that doubles as an investment opportunity, 111 Oak Lane would be a likely choice.Being sold “turn-key”, this energy efficient home includes triple pane windows, doubled framed construction and central air conditioning. Your rental ads for bringing cash flow to your vacation home will certainly mention stunning views of manicured landscape, gourmet designed kitchen, 330SF covered porch, hot tub, and the brand new carriage house over the garage. To add even more value, the property can have a swimming pool and an additional bedroom.
One home I am most surprised has sat on the market way too long is the dramatic home in a Vineyard Haven historic district at 108 William Street. This home in its bracketed-Italianate style really needs to be seen to be appreciated. So what makes this special: watching sunrise and moonrise over the harbor; steps to town from a neighborhood of well maintained, historic 19th century homes; or the impeccable restoration? I find the most interesting feature to be its history. The home, called The Benjamin Cromwell House, was built by the captain of one of the first steam-powered side-wheelers to travel the islands as a sign of his financial success. Viewing the grandeur of this home and property leaves me breathless every time.
Click here for a complete list of these and similar homes prime for negotiation.
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