Real Estate Confidential is a bi-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.
I receive many calls and emails from current contacts asking what is next in real estate. I have often quoted Frank Nothaft, Chief Economist at CoreLogic. He recently wrote that the fiscal package “will lessen the blow to the economy and make it well poised for a bounce-back. With mortgage rates at a historic low, housing may be the sector that helps pull the rest of the economy into recovery.”
A while back I heard from a number of real estate agents regarding their opinions on where our real estate market is heading during this worldwide crisis. With a hospital designed for a population of 20,000, some agents pointed out their conflicting opinion of protecting the population versus having an influx of property owners who helped pay for the hospital. Another local broker commented they have a financial consultant client who feels “… real estate is a more stable investment for many savvy investors feeling jittery about a volatile stock market.” Doug Reese at ReMax on-Island wrote “… the demand will hold value from plummeting. The third quarter will be good but the last quarter of 2020 will be strong.” And Peyton Wallace of Compass sees that the lure of Martha’s Vineyard will remain unchanged, and finished his comments with “(real estate) … will continue to be viewed as safe, long-term investments and ones that are a pleasure to own and use …”
Our MLS on Martha’s Vineyard hosted a virtual house tour this week, since it is not appropriate right now to host live broker open houses. In lieu of visiting the homes, this was an excellent way to familiarize Island agents with newly listed homes for sale. Following are a few possibilities; be sure to check out full descriptions and plenty of photos from the links or a single click for a photo. And, let us know if you would like a Zoom tour of any Martha’s Vineyard home for sale.
The most surprising newly listed home was 61 Edgartown Meadows Road because of what it has to offer for summer or year-round use. It is a large custom contemporary perched on a hill overlooking the Vineyard Golf Club. With windows everywhere, this 10 room, 4.5 bath home offers bonus rooms on every level including a family/media room and even unused space over the three-car garage. Radiant heat throughout (including the garage), makes getting out of bed on a cold, dreary, wet spring morning almost a joy. The home has easy access to South Beach, Morning Glory Farm, bike path to downtown Edgartown and multiple trails for walking the dog close by.
The house and guest House at 666 Old County Road in the heart of West Tisbury Village would be my personal favorite as one of the best locations on Martha’s Vineyard to live anytime of year. You can walk to the Mill Pond, Alley’s, 7A for coffee or the best MV sandwich, and even the Ag Hall. The property features three bonus areas: a finished basement family room with a built-in bar, a charming one-bedroom guest house, and a loft space for an additional sleeping area. Sited on 4.5 acres, this gracious home and charming guest house are set privately apart. Both homes are heated with Gas FHA and have central A/C and excellent rental histories.
The best value in this range is the 1870 Greek Revival overlooking Vineyard Haven Harbor and Owen Park at 125 Main Street. This home has been impeccably maintained by each generation of the same family since it was constructed and is a glimpse back in history. I believe Vineyard Haven, and particularly its waterview and waterfront properties, holds the best investment value right now compared to the other down-Island communities. You will be able to walk to the public dock to meet visiting guests and sit on your porch to enjoy the endless harbor activity and the occasional concert performed in the gazebo. All that remains is the addition of your own creativity.
Another property that stood out in the virtual house tour is 7 Blueberry Path which provides water views of Sengekontacket Pond and Nantucket Sound from a unique hilltop contemporary. You will find 4,000 square feet of living space plus six private decks, including a rooftop deck that provides 360-degree views of the Island, and is accessed via a stainless steel staircase. Enjoy the great amenities of the Sengekontacket Association which offers walking trails, tennis/pickleball courts, a member clubhouse with large mahogany deck, private beach and kayak/canoe launch.
Click here for more good values in the current market.
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