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.
I am finding an increasing selection of upscale waterfront homes on the market. All of last year there were 10 sales over $5 million dollars with an average value of $8,492,893. Just in the first six months of 2019 there were seven sales over $5 million with an average value of $13,032,643. Regardless of when and where this trend goes, there is a large selection right now to fill your dreams. Usually current mortgage rates do not affect sales in this category but something is pushing buyers into action. I have seen two pressures that might seem to me pushing in opposite directions and might indicate sellers are glad to see significant reasonable offers early in the process. There is a widening gap between list price and sale price; plus, my favorite indicator — an increase in average days on the market for luxury homes.
You will find luxury waterfront homes covering the Island. From new construction over the windswept dunes of Aquinnah to large, renovated homes overlooking the activity of Edgartown Harbor. From great pond waterfront overlooking your barrier beach to older enclaves looking out over Vineyard Sound and the Elizabeth Islands with their spectacular sunsets. One driving force of these new sales may be the opportunity to rent your property for rates that seem to never have declined during several market swings. Even when paying upwards of ten million dollars for a summer home, the investor in you cannot ignore the exceptional return you get by sharing your home when not in use.
The Martha’s Vineyard estate of Jacqueline Kennedy Onassis, Red Gate Farm, offered for $65 million might be the epitome of the trend for more and more waterfront listings. The price might seem extreme at first glance and when you review the building potential on the five buildable lots and one conservation lot, the offering might not be that extreme at all and, obviously, I would love to review the potential with you. Think about the opportunities on those lots as you review the following properties more available to the average luxury home buyer.
Nothing quite compares to in-town Edgartown living, and 7 Starbuck Neck Road in one of Edgartown’s most desirable locations and one of only five homes in this exclusive enclave. The 180-degree water views allow for a front row seat to watch the activity of the outer harbor, lighthouse, sailboats and the colorful cabanas of the Chappy Beach Club. Enjoy living on a quiet winding street where you can walk to town and beach plus easy access out of town without traffic hassles. This classic Shingle Style home has been meticulously restored to preserve its exquisite design details. There remain many expansion possibilities using the privately sited guest cottage, partially finished basement and a garage with ample space for boat storage and cars.
Set within one of the most incomparable private areas of the Island, Seven Gates Farm, 44 Forest Road provides views of Vineyard Sound and the Elizabeth Islands from most every room. Seven Gates Farm has a rich history and comprises 1600 acres with generous lot sizes and nearly 1000 acres of common land held in permanent conservation. Properties in the farm enjoy access to miles of private beach, two piers and two tennis courts. The property features a main residence and barn designed by South Mountain Company. The interior is offered turn-key with rich details displaying the highest level of craftsmanship and elegant design perfect for seaside relaxation. The property includes a guest suite above the barn, an inviting pool area and extensive stone walls.
I love the South Shore, and 10 Jacobs Neck Road set on 14 waterfront acres in Boldwater provides the rare opportunity of a new home in a distinguished, established neighborhood. As you enter the front door of this 4,250-square-foot home you immediately see through the house with its large windows to water views and the great room with its vaulted ceilings. To take advantage of the stunning natural surroundings you can enjoy your morning coffee on the patio and gather with friends and family in the screened porch as the day comes to an end. There is a short boardwalk to your Edgartown Great Pond shoreline for sailing, paddle boarding, kayaking, swimming and fishing. You are a 10-minute boat ride to the barrier beach and have miles and miles of trails for walking or biking out your back door.
There is a truly magical setting at 18 Austin Pasture Road in Chilmark on Squibnocket Pond, with endless water views across the pond to the Atlantic Ocean, Nomans Land and forever. The master suite has a porch overlooking the pond and beyond and is separated from the guest wing all with oversized windows that allow for water views in every direction. The home is perched high on a hill in the middle of its sixteen acres and designed to take in the beautiful surroundings and private landscape. You can venture down a footpath to the water’s edge to boat, kayak or paddle board either for relaxation or across the pond to a private barrier beach.
Click here for a list of these and other luxury waterfront estates.
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