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.
Watch new-to-market carefully…and with an open mind. With continuing low inventory and short days on market, watching for new listings becomes an all-important factor in buying. I have many conversations with frustrated buyers about the status of the real estate market. I remind them that in past markets several hundred days on market used to be common, and, on average, buyers would take eighteen months to purchase a property from the first time they consider buying a vacation home. Average days on market have been hovering around 50. There were 8 new-to-market properties and 6 signed contracts this week.
If you can wait for the market to settle, you can take your time looking and keep searching for the perfect opportunity. Although, my crystal ball tells me price increases will level off and higher mortgage rates are coming, which may add a slight drag, but without some catastrophic event, those prices keep going in one direction. Buying now may be the best option for many house hunters and, to be a successful buyer in this market, watching for daily changes in the market becomes crucial.
Buying now and finding a good opportunity might mean expanding your search criteria. Be open to stretching your priorities in terms of price, options, and, possibly most important, location. We are on an Island. Wherever you buy, you are not going to be very far from a beautiful beach or one of 6 Island towns. With that in mind, check out some of the possibilities with large homes on large lots outside of prime vacation locations but perfect for many years of enjoyment for generations to come and at below Island-average prices. Again, if you want to buy that vacation property now or you need to buy because of an Island employment opportunity, watch for new listings carefully.
Enjoy easy access to Lambert’s Cove Beach, Seth’s Pond and the Land Bank’s Ice House Pond from this desirable and peaceful area at 510 Lamberts Cove Road. The North Shore affords larger lots and tall trees, and it’s still just minutes from Vineyard Haven and also up-Island shopping. This spacious home features a first-floor bedroom plus a second en-suite primary bedroom. The high-ceilinged, walkout basement allows for expanding your options. A charming outbuilding is a great space for a writer’s studio, a kid’s club house, or a meditation space.
The charming sun-drenched contemporary cape at 40 Bridle Path was designed and built with artistic flair and meticulous quality by the previous owner. Spacious and light would describe the home best, and I am awed by the stone fireplace extending through the vaulted, beamed ceiling. The property also includes a detached heated studio and a garage providing many options. The extensive grounds enjoy a park-like setting with a lovely slate stone patio and a large pergola a few steps away from a small stone-encircled pond, beautiful perennial gardens, mature trees, and complete privacy enhanced by 26 abutting Land Bank acres with lovely walking paths.
For many home buyers who have been Vineyard regulars, the spacious six-bedroom home at 78 West Tisbury Road is the perfect Island address. The property is located an easy stroll to Morning Glory Farm and historic Edgartown with its shops, restaurants, and harbor. Built in 2018 by a prominent Island builder, the home features a custom-designed brick patio overlooking the meticulously landscaped lawn gardens, a private backyard with its charming garden shed, and plenty of room left for a pool and cabana. The newly renovated lower-level includes an exercise room, wine cellar, and a storage area that might be perfect for your home office.
A perfect example of expanding your horizons is the 3-story home plus a full walkout basement at 1 California Avenue. Zoning restrictions limit the location to 2 legal bedrooms, and the home lives large with a second floor that includes a family room, an office or maybe two, and a huge third floor perfect for the kids. You can enjoy morning coffee on the master bedroom’s walkout balcony or on the wrap-around porch that is also great for entertaining, and it looks out to beautiful landscaping with a fieldstone wall and brick walkways. All this plus easy access to Lagoon Pond beaches and a boat landing, plus a casual walk to town, Niantic Park, and Inkwell Beach.
Click here for a list of other new-to-market homes, condos, and building lots.
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