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.
I think back to the old days of 2015 when the median sales price for homes on Martha’s Vineyard stood at $695,000, grew to $950,000 in 2019 and then to an astonishing $1,150,000 for 2020. As I searched for possibilities for this week’s selections, I thought newer homes would be some of the better opportunities right now as many buyers want to have a move-in condition home, even including furniture, and hopefully a separate office.
I wanted to stay within 20% of the current median and see if any particularly good opportunities existed. My first search was for all three-bedroom two-bath homes built in this century. The result: three. I went back in age and finally came up with a list of eight homes built since 1985. There certainly are less expensive options that might require some work so please do not despair.
They include waterview homes, close-to-town homes and multi-family homes perfect as rental investment properties. It seems the current growth pattern will continue unabated. Will there be a correction sometime in the future? Possibly. Will the slope to the future ever show a decade of decreasing values never seen on the Vineyard in 100 years of growth? No.
309 County Road is a conveniently located four-bedroom home on an oversized lot and best suited for investment or an Island family. The primary dwelling is four bedrooms and four full bathrooms. To the left of the foyer, there is a bedroom with a completely renovated luxurious bathroom. Upstairs has an expansive family / living room, oversized bedroom, full bathroom, and kitchen. The lower level offers additional living space, a large bedroom, a full bathroom, and a wet bar. The detached garage offers an oversized three-bay garage plus office space above. This property generated $142,800 of rental income in 2020.
15 Vickers Street is a Katama home with outstanding potential! Set on a quiet lane within moments to town and South Beach, this casual beach house is ready for enjoyment. Currently the home features three bedrooms, two bathrooms, and an open loft with many expansion possibilities up to six bedrooms and a pool. The living, dining and kitchen areas are all open and double-height, and feature tons of light. A spacious deck at the front of the house is ideal for greeting guests, soaking up sun, or enjoying fresh air and summer breezes.
104 Clover Hill is a large, pristine home recently renovated to take advantage of all the spaces it has to offer; it includes seven mini splits (1 for each room) for comfort all year. Beginning with new custom hardwood floors and staircase from the foyer to the second floor, to all new appliances, no detail has been overlooked. There’s a cute shed that could be converted to a kids’ playhouse, a patio cooking station off the kitchen, hot tub and a koi pond with a waterfall that nicely completes the exterior. Located in an upscale residential neighborhood and close to town, this house is move-in ready and if buyers would like the furnishings, the seller is amenable.
1 Nomans Watch Road sits on a hilltop sited on a south-facing hill with a contemporary farmhouse feel that was custom-designed as a remote work and living space by a telecommuting lawyer/photographer. There are views of nature in all directions, including woods, gardens and lawns on the first floor, and on the second, views of the Atlantic Ocean, Squibnocket Pond and Noman’s Land. This home has a strong and intimate relationship with the nature around it. Work from home and listen to the waves crashing whenever there is surf.
Click here for a list of middle of the market homes
For more Real Estate Confidentials, click here.