Real Estate Confidential is a weekly chit-chat about new listings, sales, or other insider info on the Martha’s Vineyard Real Estate market, presented by Fred Roven owner/broker of Martha’s Vineyard Buyer Agents. It appears each Friday in The Minute.
It’s that time of year again, when hopeful buyers begin to descend on the Island to take a second look at properties they have admired from afar and may have previewed during their summer vacation. It is time to decide how much you want to spend and focus on your future dream home. My advice is not to be frightened off by prices that are ten or 20 percent higher priced than you may want to spend. Most sellers do not want to hold onto a house they will not be using next year and are open to negotiation.
Many homes are already priced low and you have to be aware of that reality. No one wants to give their property away and if the list price has already dropped over 20%, do not expect a wide spread between asking price and contract price. But certainly check all the statistics with your broker to aid in making a decision.
In selecting a favorites grouping this week, I first looked at the number of days on market. The properties in this group have all been for sale for longer than this year’s average of 150 days. Most of these properties are still listed above assessed value which seems to be a hurdle for some sellers to cross. Many homes that end up being priced below assessed value need extensive renovation or there are other reasons they are more difficult to sell than others. I looked at homes currently on the market on-Island and chose the following list of best buys — those that for one reason or another provide a negotiating opportunity. Many have a large spread between assessed value and sale price and others had a high number of days on market (with some subjective decisions thrown in for good measure). Here are some good opportunities. These homes are in reasonable condition for their age, most with a minimum three bedrooms and two baths and priced up to $2,000,000. They are good values with room for increased value in years to come and, most important, a home you can love.
Just a short walk from the Chappy Ferry sitting atop Manaca Hill at number 24, is this Chappy compound with sweeping water views over Edgartown Harbor on out to Cape Pogue. The sale includes deeded rights to a private association beach located just a short walk away. The living area has a vaulted ceiling, and a wall of glass sliding doors and windows that open to a large, ocean-facing, wraparound deck. The compound has a strong rental history and includes a separate guest cottage with a one-bedroom suite.
After multiple price reductions totaling $500,000 and a motivated seller, the masterfully crafted home at 114 Middle Road in Chilmark is ready for picking. I would be anxious to hear from buyers — as I walk you through this 5-year-old home with the highest quality materials — why this is not the perfect opportunity to just make an offer. The advantages of Chilmark are obvious: the lowest property taxes on the Island, Lucy Vincent Beach, and the newly revitalized Squibnocket Beach. The home provides an open concept floor plan, custom mill work, cathedral ceiling living room with an impressive stone fireplace, and a fully equipped chef’s kitchen with top of the line appliances. My favorite aspect is the first-floor master bedroom suite with its own library with fireplace, dressing room with fireplace, and stunning bathroom with a claw-foot soaking tub.
Tucked away off lower Lambert’s Cove Road, 77 Massabasic is a post and beam style home nestled on over three acres in Lower Makonikey, and boasts substantial views of Vineyard Sound from the first and second level. After the views which are maintained by regular pruning, access to the association’s private North shore beach is an important and very desirable attribute. The interior features three fireplaces, a loft space, and a fully finished walk out basement which provides additional living space.
It has been many years since I first approached 40 Norton Farm Road in Makonikey, West Tisbury, and took in the experience of walking into this “County Manor High on a Hill.” I can talk about the advantages of Makonikey with two private beaches; one is at the bottom of a dramatic overlook with spectacular water views and the other, you can walk right onto from a level approach. The only way to appreciate this property is to walk in the front door, first taking in the classic Vineyard stone fireplace and especially the wood paneled sunken library which provides a quiet space for reading, games and creative chatter. In addition to a fabulous cook’s kitchen, there is a breakfast room and a grand formal dining room with French doors overlooking the expansive backyard, gunite pool and distant water views.
And finally, and this is the last time I will mention it, 26 Kenasaoome in Chilmark. The three acres adjoining Gray Barn is what I have thought has been the best opportunity on Martha’s Vineyard has been reduced another $25,000 to $749,900.
Click here for a list of additional properties ready for the right buyer.
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