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.
There are several reasons for the steady march of increasing property values. An increasing demand with low mortgage rates and the lack of inventory clearly is affecting prices. Not as clear is why there is increased interest in what would be considered luxury homes. For much of the country that means homes priced in the top 25 percent. For Martha’s Vineyard, with its broad expanse of prices, I looked at homes in the top 20 percent. The first home in that category is priced at $3,950,000, and is located on Upper Main just outside Edgartown proper.
The Institute for Luxury Home Marketing reports that with more inventory available at the upper-end, historically low interest rates, and increasing average wages, the stage is set for buyers with an interest in this tier to embrace the perfect move-up opportunity. The report goes on to highlight the increase in buyer activity in this segment, resulting in growing sales toward the end of 2019.
With a strong economy and a backdrop set for moving up this year, it’s a great time to explore the luxury market. Keep in mind, luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, particularly on the Vineyard, a vacation home means harborfront in a busy town center. The first item on your checklist should be what are the important characteristics of luxury living to you.
The waterfront compound at 44 Forest Road is set within one of the most incomparable private areas of the Island, Seven Gates Farm. Since the head of geology for Harvard University developed Seven Gates Farm in the late 1800s, this timeless community has been deeply focused on preservation and stewardship. This property has stunning views and an immediate sandy beachfront. It features a main residence and barn designed and built by South Mountain Company. Views of the Sound and Elizabeth Islands are readily available from nearly every room. This historic property is being offered “turn-key” and includes an inviting pool area, complete with bluestone patio, extensive stone walls and hardscape, and separate hot-tub area.
Across the Island, and a world away, is 12 Guernsey Lane; a spectacular 7,000-square-foot Edgartown harborfront compound newly built in 2009. All rooms offer tremendous views over Edgartown Harbor to Chappaquiddick and across Katama Bay to South Beach. There is a lower level with media room, and a second living area; a 3-car carriage house with an additional 2 bedrooms, living room and kitchenette; a large pool, Jacuzzi, grill area and spacious pool deck; and, a pool house with bunk beds and separate laundry and a garden storage shed. And, what luxury estate on Martha’s Vineyard would be complete without 120 ft. of harbor frontage, deep-water pier and mooring.
1005 Main Street was built in 1891 and owned by the same family since 1948. The setting is front and center in West Chop, and includes a large private beach and 210-degree views so expansive that you can enjoy sunrises and sunsets from the same chaise lounge on the deck. The views are extremely active with ferries and fishing boats passing in the distance, sailboat races, and at closer range smaller craft including perhaps your own children in a laser or kayak. The home still exudes old-world charm despite all 5,050 sq. ft. having been completely renovated. With its 500 feet of private beach and spectacular views, the home has always been a prime location for entertaining friends and family.
Back across the Island to 117 North Water Street is what many buyers consider the ultimate in luxury living: A classic Greek Revival captain’s home with a deepwater dock on Edgartown Harbor in the heart of historic Edgartown Village. Built in 1998, the home was designed using historic house plans from the 1800s, and its traditional style blends perfectly within the neighborhood of historic sea captain’s homes. The property features wonderful attributes of historic village homes, such as the four wood-burning fireplaces and the widow’s walk, which is the perfect place for enjoying the Fourth of July fireworks or a perfect starlit summer light.
Click here for more homes in the top 20 percent of the Vineyard market.
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