Real Estate Confidential: It is time to make an offer

0

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.

For as long as I have been helping buyers with their real estate needs, I have been working to create an objective average value for sold homes in order to compare average values to any house on the market. Of course there are scenarios where a prime location is involved so my values also end up with a subjective opinion. When studying the market for the occasional great value, I have looked at an average price per square foot of sold properties as well as the ratio of selling price to assessed value. I have not as yet found a way to quantify how days on market, especially for homes that have had price reductions, affects an eventual selling price. 

With the ratio of sold prices to assessed values at 150% and more, that ratio has become less and less a good indicator as assessed values stay the same for years. I decided to take a look at all current single family homes for sale and factor in the number of days on market and whether or not a home has had a reduction in asking price. Homes which sold (transferred ownership) in the past 30 days had an average days on market (DOM) of 37 days; 132 DOM for all current listings; and 206 DOM for homes that have had price reductions. 

With some subjective decisions and eliminating everything over current median price, I arrived at a list of 14 properties that I think are prime for selling at a reduced price.  There are many reasons homes do not sell in less than the current 132 days average and one might be the color of the front door. If you sit down with your broker and come up with a realistic price for any home on the market using recent sales as a guideline, you can start packing for the move to your new island home.

This Katama contemporary at 11 Mattekesett Way has south facing decks overlooking Katama Airfield, hundreds of acres of conservation land and distant ocean views. The home sits on 1.9 acres and has had a makeover including new decking and roof. The lower level features added living space with a guest bedroom for added living space. The property is less than a mile to South Beach and The Dunes Restaurant plus a stone’s throw to Katama Kitchen for a breakfast that will not disappoint. You can start planning your vacation living now with a fully furnished home and the potential for added income when you cannot be here.  

The home at 249 West Tisbury Road is calling out for a growing Island family plus perfect design for a home office. This well-maintained home overlooks 18 acres of Morning Glory Farm fields and over 10 acres of conservation land plus provides 3,500 square feet of living space and sits about a mile to town. The second floor holds the third en-suite bedroom and a second living room and cabana-like space with separate laundry all with access to the deck and backyard to give children, guests or extended family their own space. A separate staircase leads to your new Island office and in addition the home has a full basement.

Any Edgartown Village buyer should consider the historic house and detached guest cottage at 7 Peases Point Way South. The property provides a wonderful opportunity for a buyer looking for a family home for personal use or an investment property for rental income. Here we have another home that has a front parlor room ideal for that home office. Some additional features to consider are a large walk-in closet in the master bedroom plus my personal favorite, a second living room with a fireplace. This in-town oasis offers a lush lawn and a private, sun-drenched courtyard walled by hedges that is yours to enjoy. Plus perfectly situated just blocks away from Edgartown’s storied harbor front, restaurants, and shops.

The classic Vineyard saltbox at 2 Boylston Drive is being sold turnkey and can provide a substantial investment return.  Boylston Drive is also an ideal location for an Island family with easy access to the bike path, Morning Glory Farm, the Village, and Meetinghouse Way with direct access to South Beach without any in town traffic. You will be surprised with how light and bright the home is with its skylights and cathedral ceiling living area. The well maintained home also provides a second floor office so a user can be separate from any family activity.

Click here for a list of other homes on the Vineyard primed for offers.

For more Real Estate Confidentials, click here.