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 every other Friday in The Minute.
As we enter the final months of 2020 and continue to work through the challenges this year has brought, I shake my head in wonder at the amount of activity in the real estate marketplace. Due to the decrease in listings of homes on Martha’s Vineyard, there’s upward pressure on prices. The folks at Keeping Current Matters say “There’s no evidence that buyer demand will wane … Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially.”
Home sales on the Vineyard continue at a brisk pace in all price categories. There definitely seems to be an increased demand for homes in good, move-in condition and possibly even furnished. My opinion on buying furniture with a home has not changed from telling buyers, “I am not in the furniture business.” But if you must ….
In addition to presenting luxury waterfront properties with beautiful photos and opportunities for first time home-buyers, I like to create statistics for what is happening in the now-middle of the market. And that middle is changing rapidly. Average sale price for the past six months is $1,527,000 with the median at $955,000. The question was, how can I give any opinion on where to find a good value. There is always a fair bit of subjective removal from my lists, and this week I looked at homes that are under the average square foot cost of $750 (after removing large waterfront homes and those in need of rebuilding) and under the average price over current assessed values (121%).
Then, disregarding all my guidelines, I selected a waterfront cottage first in today’s list because I love it and have never been able to figure out in what category it fits. The answer is none.
One of the first homes on Martha’s Vineyard that fascinated me was the waterview/waterfront cottage on Vineyard Haven Harbor at 23 Beach Street Extension. Priced at $899,000 and with a 44-foot wide beach, you will soon realize nothing on the Island compares as you sit and watch the boating activity of an active harbor from the private master bedroom deck. The cottage was constructed in its current configuration in 2003 and includes a galley kitchen with wine/beer cooler, wood and tile flooring, free standing gas fireplace, and harbor views from most of the windows. The property is located in the Commercial Waterfront Management district, so some commercial applications are permitted.
The charming, beloved historical family home at 675 Edgartown-West Tisbury Road lives much larger than the square footage would indicate with four bedrooms, a formal dining room and parlor, and ample closet space. The house is in the historic district and overlooks Mill Pond plus beautiful conservation meadowland. It is a five-minute walk from the center of West Tisbury with Alley’s General Store, the library, and the Grange Hall artisan’s fairs and farmer’s markets. Being in West Tisbury allows access to idyllic Lambert’s Cove beach, and the house is a short bike ride from Sepiessa walking trails and access to the Tisbury Great Pond for kayaking and paddle boarding. The house is in the historic district.
The charming home at 2 Rock Rose Path in Chilmark is sited in a private setting off Meeting House to take advantage of broad water views. The open living room, dining area, and kitchen have direct views to the Atlantic. Architectural plans are available for renovation or rebuild. The owner is motivated to sell and furnishings are available separately.
Access to a deeded, private Atlantic Ocean beach at Thumb Cove is also available separately at 99 Cygnet Way, priced at $350,000 where you can escape the crowds at Lucy Vincent and Squibnocket and take advantage of this very rare opportunity to own a private, 17-member, Atlantic Ocean beach lot on Thumb Cove and includes a deeded parking spot at Chilmark Pond and the right to launch boats from a dock in the pond.
At 26 William Street is a classic Vineyard Greek Revival white, picket-fenced home in the middle of the William Street Historic District. Walk to restaurants, stores, the Playhouse, VH library, the ferry, in fact anywhere in the Village. This charming vintage home is a perfect combination of old and new. It was renovated in 2000 with forced hot air heat and central air conditioning throughout. Additional updates include but are not limited to: interior painting and landscaping; new roof over entire building in autumn 2018; new gutters; and a cobblestone border added to the new gravel driveway. The main living level has oak floors throughout and a neutral color scheme.
For the rest of this Real Estate Confidential and house photos, click here.
Click here for a list of this week’s new home listings.
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