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 am cautiously encouraged by the number of new listings this week in every price range, although the average days on market remains extremely low at 39 days for new contracts. Looking at just the down-Island towns of Edgartown, Oak Bluffs and Vineyard Haven, that drops to 23 days on the market. The median price of down-Island homes is $1,095,000, compared to $750,000 just a few short years ago, when average days on market hovered around 150.
With interest rates remaining at the lowest point in memory and many off-Island families still looking to soften their lives by leaving the cities to work from home, I do not see much change in the direction of home prices. Hopefully the trend of more new listings every week will slow activity a bit but what happens when tens of thousands of visitors arrive in the weeks to come? If we do in fact increase inventory quickly, prices might stabilize, but with a larger on-Island population, there is good reason to have to act quickly.
I often wonder how to explain to buyers the importance of acting quickly. Just in the last month I had three families miss out on an Island home because they could not get here quickly enough. Even for homes that have been on the market for years, it seems the stars align and everyone wants that house. If I tell buyers they must act today I am met with suspicion by some and joy of home ownership from others.
The new listings this week include some possibilities for Island families and an array of spectacular homes both down-Island and up-Island, some with luxurious swimming pools. I am encouraged that the list of new-to-market properties remains the same since yesterday.
90 Campbell Road has just about everything you could want in your new Vineyard home at a reasonable price for this market. I am very partial to post and beam construction because of the large, open space possible, the soaring ceilings and towering stone fireplaces. This custom built post and beam home is set on 4.6 acres of landscaped rolling terrain, stone walls, and mature trees extending to the Tiasquam River. There are many custom finishes throughout including a large open chef’s kitchen. This very convenient location is steps to the Grey Barn, 1 km to Alleys, and easy access to your Chilmark Beaches.
The custom designed home at 154 Franklin Terrace is a reproduction of an Arts and Crafts style bungalow within walking distance to town. The house is constructed as an energy efficient “Tight House” with propane radiant heat, a/c splits, and feels brand new.
There is a very generous front porch, a three-season screened porch, and a spacious basement with pine shiplap that is heated and ready to be finished as a home office or gym. Great proximity to Owen Park with beach, band stand, and deep water dock, the village shops, market and restaurants, school, library, tennis courts, Vineyard Haven Yacht Club, the ferry dock, and access to Tashmoo Beach.
This expansive year round Colonial at 171 Otis Bassett Road has abundant natural light, vaulted ceilings and a wood burning soaring custom fireplace. The home has 5,555 square feet of living area covered with many exotic hardwoods. The property is on a dead-end road and steps to 5300 acres of state forest for hiking, biking and horseback riding. The home is on a large enough lot for multiple gardens or create your own small farm, and is centrally located close to town, schools, shopping, Lamberts Cove Beach, Long Point Beach, local farms and farmers markets.
Every Edgartown village buyer’s wish is included in the 68 North Water Street expansive compound at the prestigious address of 68 North Water Street. The home had a stunning renovation by Stern McCafferty Architecture + Interiors, creating a home that seamlessly blends the old and new, the historic with the contemporary. The 4,100 square foot main house and 660-square foot guest house with sweeping lawn, lovely manicured gardens and oversized swimming pool is an oasis in bustling North Water Street with its brick sidewalks, traditional streetlights, and signature Greek Revival homes. You can spend your summer watching sailboats pass through the harbor and strolling to town for that all important scoop of ice cream.
Click here for a list of other new to market homes
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