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.
Today’s housing market on Martha’s Vineyard is full of extremes. Mortgage rates hovering near record-lows are driving high buyer demand. On the other hand, an absence of sellers is creating record-low housing inventory. This imbalance in supply and demand is leading to a skyrocketing rate of bidding wars and more houses selling over their asking price. These market conditions aren’t just extreme — they can be overwhelming. A real estate agent can be your essential guide through this unprecedented market.
There are certainly opportunities to be had, yet it’s hard to ignore prices on waterfront and in-town properties coming on the market. This week’s range goes from a walk-to-town cottage in Edgartown priced at $999,000 to an oceanfront estate in Chilmark at $26,500,000. Most experts see the trend continuing but hopefully slowing as more homes come on the market. Unfortunately, at the same time the FED, has threatened to raise interest rates.
The most frightening statistic I have seen yet was homes on Martha’s Vineyard that went under contract last week with all but one selling in seven days or less. The current median price for a 3-bedroom home is $1,645,000. I feel like saying all this is a word to the wise. All I can do is report the facts.
Many buyers have been waiting for a downtown Edgartown property that has it all. The historic 1880’s village home at 14 Peases Point Way South was fully renovated in 2010; a classic Edgartown compound designed by Patrick Ahearn. Turnkey and ready to move in this summer! Professionally landscaped with brick terraces, built in BBQ, pool and spa, decks, outside porches with wood burning fireplace. The home features a finished basement with a family room, theater and a bunk bedroom. No detail has been overlooked, with charming carriage house with a 400-square-foot bedroom with bath and professionally landscaped with brick terraces, built-in BBQ, pool and spa, decks, and outside porches with wood burning fireplace.
Imagine going back in time, yet having every modern convenience. 5 Stillpoint Meadow provides that and so much more. The original Luce Athearn House was built in 1714 and is approached by a granite stone walled pathway. The home features a great room that was created from the original barn and is punctuated by an amazingly crafted stone fireplace, vaulted ceilings, and a chandelier that was rescued from the basement and renovated by the current owner. The only way to appreciate this property is to stand in the outdoor areas looking over the lawns, perennial borders and over toward Priester pond.
For the savvy buyer, opportunities exist like the 3-bedroom, 2-bath custom built post and beam home at 32 June Avenue in Oak Bluffs. The home is a short walk to the Lagoon for endless waterfront enjoyment; just grab your kayak for paddling opportunities. There is a large basement with high ceilings and bulkhead access, ready to be finished for additional living space. Radiant heat on the first floor, and ducted forced hot air and AC on the second floor, new copper pipes and on demand hot water, and solar panels means that the home is efficient and comfortable all seasons and no electric bills.
No discussion of Martha’s Vineyard real estate this week could be complete without mention of 146 Quenames Road in Chilmark. Priced at $26,500,000, this offering is certainly not for everyone. One of the largest single residential lots in Chilmark, this exceptional 60-acre offering includes 800 +/- feet of direct, breath-taking Atlantic Oceanfront. This estate offers multiple homes including a new farmhouse, main house and bunk house. A private drive leads you past beautiful farmland, open fields, down past Quenames Pond and over the dune down to the sandy beach. The residences and grounds offer endless options in this simply stunning private oceanfront estate.
Click here for a list of other new to market homes
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