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.
My plan today was to introduce you to a house that is the best example of a perfect house in its style and then it sold in a few days (an MVCMA cottage). With those plans dashed, I decided to take a look at some special values that may give some insight into what will sell next. In beginning that process, I found the 2021 median price of $1,200,000, and 2020 was $950,000. I remain convinced prices may level and I see nothing on the horizon to create downward pressure to drop prices. When looking for standout values, I usually search for homes with a minimum of 3 bedrooms and 2 full bathrooms. This week, that house was priced at $925,000.
To create a group of possibilities, I first eliminated properties out of reach for most of us. I then looked at properties in the lower range of cost per square foot, $1,000, and with a list price less than 150 percent of assessed value. Just a few short years ago, that average percentage sat at around 100. These homes sit at the low to middle spots of a still extremely low inventory of 75. There was even a property in the results that had no legal access. (I am not recommending that one).
One common attribute of these properties as you look at the map, is they create a path through the center of the Island. Several have solar panels, several have elevators, and most are in convenient locations yet are private and rural. Since I have never gone back to check the results of my predictions, I accept the predictions as accurate.
If you want a luxury home where you can enjoy the Katama breeze and fabulous sunsets, 15 Beach Plum Meadows is right for you. This private property on 1.64 beautifully landscaped acres created with entertainment in mind can be your generational estate. The list of features includes a wrap-around deck to enjoy those sunsets, a chef’s kitchen, a gym and sports court, plus elevator access on each floor. A detached structure contains an office with a deck and more sunset views. The recently installed solar panels cover your electric bill plus an energy credit.
71 Stoney Hill Road is in a league of its own in terms of the value you will be getting. It provides an incredible opportunity to own a magnificent home on over 7 professionally landscaped acres and a beautifully designed post-and-beam house, with custom built-in cabinetry throughout the house, and cypress ceilings and white ash floors. There are two offices, one with a separate outdoor entrance, perfect for a home business. The screened porch provides the perfect spot to enjoy the surrounding 200 acres of conservation land. This home also features an elevator, and electric costs are covered by your solar panels.
The property at 147 Cranberry Acres is unique and serene. You will never tire of enjoying the surrounding conservation land with trails to Lambert’s Cove Road, the restored cranberry bog, and multiple ponds. Formerly a campground decades ago, this property is totally private and yet just a short ride to town. A “tower room” off the back offers a 3rd bedroom suite, which has been used as a separate rental. A studio building sits to the side with great possibilities and a wonderful feel.
90 West Tisbury Road has many reasons to make this property your new Island home. Just a few minutes to Main Street, Edgartown, and its restaurants, shops, tennis, playgrounds, ball fields, and the library, this property scores high marks for convenience, rentability, and increased cash flow with adjacent homes in the $3-4 million range. You are in the right neighborhood to preserve your value and renovate and improve as your imagination allows. As an added incentive, the seller will take $75,000 off the listed price for a cash buyer able to close in 2021.
Click here for a list of other soon-to-sell homes.
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