Sponsored: Real Estate Confidential: Negotiating an overpriced luxury home

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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.

When discussing properties that have been on the market for much longer than expected, I have mostly discussed middle of the market as opposed to the opportunities for strong negotiation on Martha’s Vineyard luxury real estate. Those properties are certainly out there and many are low hanging fruit ready for picking. For the most part, they need some explaining and are not the first property that might draw your attention.

Most of the reasons homes do not sell have to do with unrealistic homeowners and listing brokers who may oversell the value in listing presentations. Sometimes when the market is hot, homeowners set their listing price higher. Today’s homebuyers are well educated and with their buyer agent’s assistance will know when a price is too high for the location. Buyers may need to ignore a listing price and determine what is a realistic price based on market averages, days on market and even how anxious a seller is to make that sale.

Your offer still needs to be realistic. Many second home sellers do not have a particular urgency, so an offer needs to be thoughtful and based on many factors that can be explained to the seller and their agent. After many months have passed with no offers, or offers came in and are lost after a home inspection with many repairable issues or bank appraisals lower than the agreed price, a seller will be much more negotiable and hopefully ready to listen to reason and just common sense.

Forbes has some suggestions to help in the process: Do some preliminary shopping; find a good buyer’s agent; get pre-approved (I would include considering cash options); offer to put down a larger deposit; find out what the seller wants; and, be nice!

No list would be complete without a home in the finest waterfront community on the East Coast.

81 Squibnocket Farm Road is one of 16 homes surrounded by 535 acres of conservation and protected land in Squibnocket Ridge. There are unspoiled and dramatic views of sand, dunes, grassland and ocean as far as the eye can see. Squibby is bordered by the Atlantic Ocean and Squibnocket Pond and surrounded by several miles of sandy beaches. The home has a lot going for it in its own right and must be experienced to understand why it could be considered the most interesting home on the Vineyard.  

721 Main Street is a true beach home featuring 110 feet of private beach with dock and mooring, and positively the best swimming on the island! Located in West Chop, the home has a newly renovated state of the art eat-in kitchen just off the great room makes this the perfect home for entertaining. This is a very special offering, furniture may be purchased separately, all you need is your bathing suit! I am convinced Vineyard Haven currently has the best values in luxury, waterfront homes on the market.

The in-town charmer at 22 Pierce Lane in Edgartown can certainly be used as is and it is one of the better investments for luxury real estate on Martha’s Vineyard available. This 5-bedroom Victorian is located on a quiet street of multimillion-dollar homes and walking distance to Fuller Street Beach. Many buyers will expand the property to include a permitted guest house and swimming pool. The surrounding homes up to double this price allows your imagination to run wild without risk of spending too much for the location.

No Edgartown buyer can pass by 74 North Water Street without commenting on the charm that is downtown Edgartown and how this home is a perfect example. This antique gem is a blank slate just waiting for your design and interior renovation input. The home has kept current being updated several times over the years. Period details include wide planked floors, six original fireplaces, period millwork all in exceptional condition. A classic village home blending formal and casual living with plenty of room for a swimming pool and has views of Edgartown Harbor plus all the best the village has to offer outside your front door. The average price of recent North Water Street Sales is $4.50M make this a good value and still prime for negotiation.

Click here for a complete list of these and similar luxury homes prime for negotiation.

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