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.
Reservedly optimistic would be the best description of how I am feeling about the new groups of homes being offered for sale. We have 20 single-family homes to choose from and half of them are under the current median range of $1,300,000. The group under the median includes a brand new two-bedroom, two-bath cottage, an updated, classic Vineyard Farmhouse, a West Chop antique ready for your personal touches, and a classic Cape in Edgartown with an asking price of $995,000.
At a Vineyard dinner party the other night, the conversation eventually turned to the Martha’s Vineyard Real Estate market and there seemed to be some agreement with my observations. As I have mentioned before, prices began a significant rise in 2016 when the median sales price of a single-family home was $750,000. For sure, the current buying frenzy will come to an end with more homes for sale as Covid dangers continue their all-too-slow decline and mortgage rates start their (hopefully) slow increase. What I do not see is a slide in prices. The past dynamics of a mortgage crisis and recovering economy that saw that trend in previous markets just does not exist here at the moment.
Median listing price will continue to grow but at a slower pace. This is not a sign of any kind of “bubble” and there are signs of a healthier market with lower priced homes coming to market. Looking to real estate for long term investment, the past market may not have provided many opportunities, yet just this week I see a few strong contenders among new listings for lower-priced quality homes for living or investing. As builders become more comfortable with the current price levels and a slow reduction in lumber prices occurs, I expect to see many more new construction homes further improving buying conditions.
53 Twelfth Street North provides a reasonably priced Edgartown home that lacks for nothing. This well-built Classic Cape provides quiet enjoyment with many custom features. Some of the unique features include an 1800’s Philadelphia entry way door with beveled glass and framed in mahogany with exterior lights from the 1930’s. The construction features reclaimed hard pine, oak flooring throughout and two cedar closets. Launch a kayak into Segenkontacket Pond from the boat landing 500 steps away then come home to relax in the hot tub. Relax, enjoy and create an oasis of your own in Edgartown.
44 Edgartown Road is a classic Vineyard farmhouse design that is close to the Vineyard Haven village for dining and shopping plus the Ferry terminal. One of the home’s four bedrooms is on the main floor and adjoins a farmhouse typical front room providing an oasis suite. The lush landscaped yard has a stone patio and plenty of room to play. The fenced-in parking area and yard is a great feature in this pet-friendly and secure home. All of this, and the home comes furnished but please do not argue about the seller’s family photos.
16 Red Hill Road is exactly what I would be looking for in a high end home with expansive property and unlimited opportunity. This too-goo- to-be-true opportunity sits on 4.85 beautiful acres in West Tisbury. No detail was overlooked and the eye of the current owner was always on the future development. Right now there is a two-bedroom luxury guest house on the property with an eight-bedroom septic system and many expansion possibilities. Solar panels allow this property to be self-sufficient for energy.
FYI, I opted for a similar scenario several years ago and have been very happy with a 1,000-square-foot-guest house for easy and reasonable Island living.
6 Hopes Way is an example of one possibility in a new community being developed close to the Lagoon and all the summer activities it has to offer as well as being a short drive to Oak Bluffs. The open concept living, designed and completed by CapeBuilt, includes a professionally outfitted chef’s kitchen and an expansive front porch that can be built as a three-season room for indoor-outdoor living. The initial phase of development will range in price from $1,275,000 to $1,575,000 — quite reasonable in the current market particularly with high materials prices. I see this as an excellent opportunity to be in a brand new home on Martha’s Vineyard without spending multiple millions of dollars.
Click here for a list of other new to market homes
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