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 Island families have watched, the median price of single family homes has risen from $750,000 in 2016 to $850,000 this year. Even with the current low mortgage rates, finding an affordable home for a growing family can be a challenge, but it’s not insurmountable. Even before beginning your search, you should check out mortgage opportunities; you might be surprised at the favorable terms available to first-time homebuyers. Also important to remember, there is a Land Bank credit if you have never owned a home. On a $600,000 home, the Land Bank fee for second home buyers would be $12,000, but for first-time Island buyers, only $2400.
As that median price of single family homes has increased, so too have prices at the lower end of the Martha’s Vineyard Real Estate market. Whenever I speak with first-time home buyers or investors, I only consider homes with a minimum of three bedrooms. The lowest-priced home in that group is just over $600,000. You can still find a single family homes for under $600,000, such as a small two-bedroom cottage in Edgartown on a large lot with plenty of room for expansion for $515,000, among other possibilities that include room to expand and/or possibly in need of renovation or updating.
Though the price of homes may still be rising, the cost of purchasing a home is actually falling. If you are thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the relationship of price and cost. I am not sure I can pinpoint the reason, but over the past few months, we have had an unusually high percentage of contacts from young Island couples looking for their first home for their growing family. Three bedrooms are typically a necessity for families, and an important consideration for investors.
47 Madeline Lane is a three-bedroom colonial home located just outside of town, steps to the Tisbury School and a short distance to Main Street. There is a spacious and sunny en suite master bedroom with walk-in closet. The second floor has two more bedrooms and a full shower/tub bathroom. With a new four-bedroom septic system installed, there will be room to expand for your growing family. Plus, for added space, there is also a partially finished full basement. This is a great value at $699,000.
Tucked away off State Road at 62 Foster Avenue is another close-to-town home. Situated on a generous lot and on a private street, sits this bright, airy and open, three-story contemporary colonial. This solid home features three bedrooms and a full bath on the second floor as well as a wide open third floor with full bath, plus a small, Juliet balcony and a staircase leading to a private, rooftop deck amongst the treetops. There is a full basement for storage and possible expansion.
34 Chase Lane is a year-round four-bedroom home located close to Lake Tashmoo and its amenities; tennis, boat landing and picnic tables. The first floor of this charming home features a large living room with wood flooring, a cathedral ceiling and an abundance of windows which fill the home with sunlight. The kitchen has a separate cozy dining area with a wood burning fireplace. This home has a full basement, and a large detached shed with a loft.
For many buyers, only a walk-to-town home like 171 Circuit Avenue in Oak Bluffs will work. The home has had many recent upgrades including mini-splits for ductless heating and cooling. This farm style year-round cottage in Oak Bluffs is conveniently located on Circuit Avenue close to Viera Park and you can walk to town, beaches, town and ferry ports. At $639,000, it is an excellent value for a turnkey property.
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