Real Estate Confidential: Middle of the Market 2022

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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.

With the new year comes all sorts of statistics. Some we look forward to and others we would just as soon not know about. For the second year in a row, the Vineyard had over one billion dollars in total sales volume. The median and the average sale price for a single family home both hover around $1.3m. And so, another year of (dramatically) rising prices and, hopefully this year a leveling off of price increases. I see nothing on the horizon that would signal a drop in prices, and rising mortgage rates will help slow things down a bit.

The group did have some interesting characteristics of particular properties. One foreclosure property is landlocked and has no access even if walking. A long story regarding ancient rights to the lot and glad to explain and I am definitely not recommending it as a good buy. There is an antique farmhouse in West Tisbury in need of renovation that has commercial potential and a 16-acre parcel of land and house described thusly: Property is overgrown and deemed condemned and being sold “as is.”

So, we end with a question, what is a buyer to do? With multiple buyers out there, your offer needs to stand out and meet the sellers’ needs. One idea might be to give sellers many months to move out. Buy now at a lower price and move later. Work out ideas with your broker to come up with the easiest offer terms for sellers that can work for you as well. If you are not working with a broker, feel free to write or call for help with that process.

The tastefully renovated one-level home at 51 Twentieth Street South is a spacious 3-bedroom, 3-bath home that lives much larger than its 1,248 sq. ft. would envision. The finished lower level doubles the floor space and allows for multiple gathering spaces or the potential for separate living quarters with Town approvals. The property is located on a remarkably private, fenced lot on the outskirts of Edgartown close to the bike path. The rear deck overlooks an enclosed rear yard with pea-stone gathering space and fire pit. Truly move-in ready!

21 Panola Avenue is another single-level home that lives large with its 1,120 sq. ft. of finished basement ready to be used as an entertainment center, a game room, exercise room, a family gathering spot, or all of the above. The entire home feels brand new, is being sold furnished, and is surrounded by beautiful, lush gardens. The home has a great rental history, and the rentals in place for the 2022 summer season provide you immediate income.

The naturally sited home at 41 Paula Avenue sits high on a hill overlooking stone walls, evergreens, a gazebo (with electricity), a slate patio that runs the length of the house, and open lawn areas. The setting and grounds create a private oasis for the owner. This house also allows for one-floor living, and it was expanded to include a Great Room with cathedral ceilings and skylights, a Vermont Castings gas stove, and an expanded kitchen and dining area that opens to the Great Room. The lower level has been finished for additional living and it includes another bedroom. A large two-car garage is attached to the house, and the five-bedroom septic system in the ground would accommodate a future 800 sq. ft. guest house.

The wooded views from the custom built home at 39 Dodgers Hole Road are through walls of windows, wide French doors, and skylights thoughtfully designed to bring the outdoors in and highlight the peaceful setting. In addition to a first-floor bedroom, there is a ramp entry, wide hallways, accessible light fixtures, and grab bars in the bath. The property is close to the bike path, and while equidistant to the down-Island towns, it provides easy access to Edgartown South Beach, Long Point, and up-Island locations. A special treat is a cottage-style garden shed with shutters and a stone wall and, of course, the house has everyone’s favorite, an outdoor shower.

Click here for a list of other 3-bedroom middle of the market properties.

For more Real Estate Confidentials, click here.

 

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