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.
The average sale price of sold homes on Martha’s Vineyard sold in 2019 rose 7.5 percent from 2018 to $915,000. If you are a buyer looking for a mid-winter purchase opportunity, you need to face the reality that there are going to be few three-bedroom homes on over a quarter acre for less than $700,000. I may be able to find you some possibilities and you will need to expect a little to a significant amount of updating and repairs.
But take heart. I will find you many homes within twenty percent of the median price that have recent updating and even “turn-key” opportunities. If you were to look at homes priced lower and consider the cost of upgrading or renovating, you will find in most cases that adding those costs to your search criteria will provide many more and perhaps better opportunities.
Your search for a three-bedroom, two-bath home in this price range will reveal choices from every town and neighborhood on Martha’s Vineyard except for Aquinnah. You will find investment opportunities, year-round homes, vacation homes and second homes with rental income potential. You will find every style home from Cape to contemporary.
Many buyers opt to purchase in winter because they feel they can negotiate a better (lower) price. This may or may not be true based on many factors, and sure to include the number of days on market, how the property has been used and why the owners are selling. I also want to remind you many properties that are de-listed for the winter for various reasons, but are still very much available for purchase. Be sure to ask if I know about any of them.
The classic cape at 169 Clover Hill in Vineyard Haven provides an opportunity to be close to Main Street, restaurants and the Ferry, yet far enough to have a large lot for a garage and future expansion. There have been many updates in recent years including but not limited to new flooring in high traffic areas, newly painted kitchen cabinets, and new countertops. Spend most of your summer in the wonderful screened in porch right of the kitchen. There’s a full 1,000-square-foot-plus basement with Rinnai Monitor propane heat and exterior access. Very well maintained yard, an outdoor shower and easy access to conservation trails.
The newly renovated home at 38 Meadowview Road in Meadow View Farms is move-in ready. You are greeted with new hardwood floors, kitchen, bathrooms, and carpeting. The floor plan is an open post and beam style featuring a lovely brick hearth. The master suite is on the first floor, a very sought-after feature. The property overlooks a peaceful meadow in the front and the rear yard is protected by association common land. A ¾-acre lot provides plenty of room for a pool or expansion. The home is convenient to Farm Neck, Pecoy Point, and the bike path allowing for easy access to Edgartown and Oak Bluffs.
Buyers are often surprised at the up-Island, country feel West Chop provides; yet it’s a short distance to town and boats. The rambling gambrel-style farmhouse at 726 Franklin Street set on over an acre of land provides a home for a lifetime and more family home. The property is located near Mink Meadows Golf course and West Chop Club, and just across the street from 80+ acres of walkable Sheriff’s Meadow land.
The property boasts a detached two-car garage with a large studio space above and the deck and a backyard perfect for hosting friends and family for a summer barbecue. There is an additional living room area in the basement and the home features central A/C for those steamy summer days. With the possibility of purchasing “turn-key” the home could be a rental investment property or make it your family’s island retreat for years to come!
I am most surprised that the home at 8 Herring Creek in Katama has not sold. Priced at $1,195,000, it appears to be priced well. This charming Cape Style home, located on the bicycle path and within a short stroll to the Katama General Store, offers a smart investment opportunity. The home features hardwood floors, new mini-splits throughout, a large screened porch with beadboard detailing plus three outdoor decks for ideal indoor-outdoor living. An abutting lot with a guest house currently under construction can also be acquired to create a two-house compound. Use as an investment property or live in one and rent the other. South Beach awaits!
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