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.
As we approach fall each year, I like to take a look at properties that have not sold yet in this active market in its most active season. I do not understand why they sit with lengthy days on market (DOM). Obviously, every home sells for the right price at any given moment of time, and there is a buyer for every home at that price. Those sitting this fall seem to be priced OK and, in some cases, are exceptional properties either because of price, amenities, proximity to water, or simply how they feel when you drive up and walk through the front door. My theory is that you know if that house is your home at that moment.
Not very many sellers want to maintain a property over the winter, when sales tend to slow a bit with less buyer traffic. The next month or so might be the single best time to negotiate a price on available homes for sale. Do not be discouraged if you do not see a price drop on your favorite. Think about it. Why lower the price when it might very well sell at a current price in three or four months? And the answers can be as simple as to save on maintenance costs on a vacation home.
A warning: You are not going to get a “steal,” but you may get a significant percentage reduction. Your offer needs to be reasonable, or at least realistic. You might want to list the reasons for your offer with help from your broker. There is some number that is going to work for one reason or another for both buyer and seller. A win-win situation.
There can be many reasons for properties not to sell in a reasonable amount of time. My personal favorite is the color of the front door and one of the days I will write about my color gripes. Following is a list of homes on Martha’s Vineyard that possibly are not for every buyer but are prime for offers from the right buyer. They have been on the market for longer than normal by a long shot. And, for most, have had some reduction in price and possibly just not enough to sell.
I know I have mentioned before that 122 Kuffies Point Way is among my favorite properties, and possibly the most solid and thoughtful waterfront properties I have seen. To try to pick one aspect over another is difficult. Of course there are dramatic water views plus a deeded and private North Shore Beach. The home bears all the hallmarks of a luxury residence, blending rustic elements with contemporary styling, all to dramatic effect. The design is such that guest rooms are private and separate from the main living area. Custom details include plaster walls, CWM copper-clad windows, doors and windows made from the highest grade Tahitian mahogany, radiant floors, and a 23-ft. ceiling height in the Great Room. The 150-ft. North Shore beach to which owners have deeded access is reachable via a quiet country road or by kayak, canoe, or paddleboard. This beach offers excellent swimming and beautiful sunsets.
The property I am most surprised that an investor or Vineyard family has not snapped up is the home at 229 State Road with two uniquely designed living areas. It is perfect for multi-generational use, a vacation rental property, or the perfect location to have your home business on one of the most highly traveled roads on the Vineyard. The home has modern, state-of-the-art construction features including energy efficient insulation, multi-zoned heating and air conditioning, Lutron® lighting as well as superior quality details such as custom-milled wood paneling, builtins, crown molding, and wainscoting. There is a detached, heated 800-square-foot garage/office/workshop with separate driveway entrance.
I never tire of the majestic feel as you approach 8 Atwood Circle after a short stroll from town. Built at the turn of the 19th century, this charming historic home sits majestically at the head of Atwood Circle, and was once the farmhouse of the late Allen Mayhew. Today, this offering represents a wonderful opportunity to transform this historic home back to her full grandeur and into a beautiful and elegant residence that offers all the best of intown living. Should you choose to renovate this historic home, architectural plans and all permits are in place short of a building permit when your personal touches are added.
Somewhere exists the words and photos that will draw your attention to the dramatic Greek Revival period home at 108 William Street. The home in its bracketed-Italianate style really needs to be seen to be appreciated. So what makes this special? Watching the sunrise and moonrise over the ocean; steps to town from a neighborhood of well-maintained, and preserved historic 19th-century homes; or the impeccable restoration? This majestic harborview property offers in-town living at its best, sitting just one block from Owen Park’s deep-water dock, beach, bandstand, and boat moorings. 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. This home will captivate the attention of the most discerning buyer. I am not going to stop mentioning this property as my favorite until one of you buys it!
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