Real Estate Confidential is a biweekly 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.
The New Year brought with it a then-high median sale price of $1,350,000, now at $1,500,000 for the 12 months through the first quarter of 2022. I know I keep saying we are not in a bubble and I still believe prices will level off with increased mortgage rates and an increase in inventory (Please!). The median price of current inventory is dramatically higher than the current median sale price because of inventory heavy in higher prices spread over a wider range. (Think a see-saw with most of the weight on one longer end.)
If you are planning to buy or sell a home today, it is important to be aware of some common misconceptions. Several buyer myths are: You should wait to buy until home prices and mortgage rates fall, and waiving the home inspection is a good idea to have your offer stand out. The reality is, experts say prices and rates will continue to rise this year and it will cost more the longer you wait. And, an inspection tells you the condition of the home and can prevent unpleasant surprises.
Some seller myths are you can set the asking price at whatever you want, and you have to renovate your house before putting it on the market. The reality is, you cannot just pick any price, and some renovations may not be worth it in today’s market. Your broker’s expertise will give you the best advice in these areas.
So, what does the middle-of-the-market look like? The lowest priced, three-bedroom, two-bath home on the Vineyard is close to town in Oak Bluffs and priced at $995,000. There are quite a few good opportunities above the median, and a few have guest houses and in-law suites, which has helped satisfy that multi-family need.
If you want to be on the waterfront and have a private dock with water and power, mooring in a safe harbor, and access to open ocean, 242 Herring Creek Road is the place to be. The house sits on over four acres of Lake Tashmoo waterfront. You can take the beautiful stroll to your dock or take the mile walk on the newly created path to the Tashmoo Town Beach, Wilfred’s Pond for beach walks, or nearby Mink Meadows Golf Course. This property is about a 5-minute drive or 10-minute bike to downtown Vineyard Haven – the SSA, restaurants, and shopping. A boater’s paradise with superb potential.
42 Bold Meadow is nestled on a private, 3/4-acre lot with 5000 acres of State Forest nature trails accessible right from your backyard, which has plenty of room for a swimming pool. There is a first-floor bedroom and bath, plus an in-law suite with cathedral ceilings, a full bath, a kitchenette, and a balcony overlooking the backyard. The full walk-out basement offers plenty of light and storage, plus more expansion possibilities. The location provides easy access to the bike trail, Morning Glory Farm, South Beach, and Long Point.
23 Major’s Cove is in a great neighborhood with water views and tennis and pond access! An expanded Cape with a first-floor primary bedroom with en-suite bath. With over 3,000 sq. ft. of living space, there are lots of additional rooms, both formal and informal on two floors. A large, sunny deck spans the water side of the home. This private and peaceful property not only has views of a small, fresh water pond, Majors Cove, and Sengekontacket Pond, but the privacy and natural beauty of the site are further enhanced by over 300 acres of adjacent conservation land.
In order to further encourage a visit to Chappy on your house tour, 20 Muskeget Avenue is offered furnished and turn-key. The four-bedroom home has an additional finished space and a bathroom over the garage, currently being used as a home gym with a Balance Body Pilates Reformer, Life Fitness Treadmill, Concept 2 Rower, and Precor Elliptical. The home offers top-of-the-line materials, appliances, and furnishings. There are wide, honey pine floors throughout. Off the living room is everyone’s favorite: a large, cathedral ceiling, screened-in room that is perfect for al fresco dining.
Click here for a list of current homes in the middle-of-the-market.
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