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.
Attention all Islanders with families who are currently renting, and those of you moving to Martha’s Vineyard and need to be in a home of your own before school begins this fall: Do not lose hope. There are a decent number of homes available which you can consider as possibilities. Mortgage rates seem to have stabilized and there is discussion of rates coming down. The range of likely mortgage payments for homes in this story is $2800 a month to $3800 a month assuming a 10% deposit. You may find mortgages for a smaller deposit but remember to consider the increase in monthly payments.
So, why own your own home?
- Privacy: Having a space that is solely your own.
- Family: Putting the needs of you immediate family and children first.
- Financial Investment: Chance to grow your assets and wealth.
- Comfort: Surround yourself with items than enhance your life.
- Community: Being part of a broader community of people and society.
- Accomplishment: Reflection of your efforts and success.
- Provides stability: Having control of your future direction & security.
- Personal Expression: Display your unique personality, desire & interests.
We can certainly find you less-expensive homes but the ones I’ve included are most suitable to families with school-aged children who want to be in a house they can call home. I looked at homes on lots large enough for kids and dogs with three bedrooms and two baths. For the most part, they are all in good condition so you can move in and start living. A few have apartments or detached rooms which might provide some income from rentals. You can choose between close to town, large lots, rural settings, basement workshops, proximity to bike path or any amenity you and your family might require.
By far the most house for the money is 16 Mariner Road in a walk-to-town (Vineyard Haven) location. Six bedrooms, four bathrooms with a legal apartment, and a walk-up attic all in move-in condition. The two-bedroom apartment is at ground level with its own patio area. The garage has ample room in its second floor loft for a home office. In case you need to use all the bedrooms yourselves, the modern kitchen is large enough to hold a table for 10. The home is a short walk to the Tisbury School and a pleasant evening stroll for ice cream on those warm summer nights. At day’s end you get to retire to the ensuite bedroom with jacuzzi.
Surprising (for its value) in this grouping is 439 Neal Way, Oak Bluffs, located in Meadow View Farms, sited on close to 1.5 acres and abutting a greenbelt. Lots of light with soaring ceilings and an open floor plan. A glass solarium opens to the living area and provides light year-round and added warmth on those cold winter days. There is a full walkout basement with workshop and office already in place. The property borders on the bike path with easy access to all of down-Island.
The classic Cape at 201 Greenwood Avenue in Vineyard Haven is ideal if you want a top quality, close-to-town property. You can walk or bike to Owen Park, downtown, library, tennis courts, and the ferry dock. Lake Tashmoo beach and town dock are a short drive away and offer boat ramp, swimming, fishing, kayaking, and clamming. Great location for outdoor enthusiast with good proximity to ancient ways and conservation areas. The home has a new house feel and offers a full basement with a home office. The installed four-bedroom septic will allow for expansion down the road.
If you are starting with a small family with hopes to grow, 2 Sparrow Lane in Edgartown is the perfect opportunity. This newer Dodger’s Hole home has a sleeping loft and full bath over the garage, a full basement and a 4 bedroom septic allowing for significant expansion if 2,000 SF on one-half acre gets to feeling too small. The 2 car garage is heated and an opportunity for a home workshop and still have the full basement for family activities. You might think the light, open feel of this home can only be found in million dollar properties. Not so. Tenants will be out August 30, and you can move right in.
Click here for a list of these and other possibilities for Island families.
For more Real Estate Confidentials, click here.