Real Estate Confidential is a biweekly chit-chat about new listings, sales, or other insider information 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.
So, the less than good news first. The high end of the market keeps its move forward with a new “highest” of $39,500,000 for the spectacular MOHU on Lamberts Cove. Even leaving that property out of the equation, the new median list price for a home on Martha’s Vineyard is $3,000,000.
On to the better news. The median list price for a three-bedroom home is just under two million dollars. A more important number to look at here is the median selling price for a 3-bedroom home in the past 3 months was $1,250,000. A spread has always existed between median list price and median selling prices. Part of this is because the homes at the higher end of the market have fewer sales to push that median up in any given quarter.
Possibly, though, we might be moving slowly toward the buyer’s market many of my clients have been waiting for. There has been a slight drop in mortgage rates and a significant increase in homes for sale. The most encouraging sign for me is the increasing numbers of price reductions in every price range. This might not translate into a quarterly drop in median sale prices, but could certainly mean there is a slowing of the trend toward higher prices. Some recent list prices may not have considered this slight slowing of sales plus the increases in inventory in every price range.
So, this week I took a careful look at price reductions. The last month has seen price reductions for an up-Island cottage on Abel’s Hill up to waterfront properties in West Chop and Katama.
In a quiet neighborhood in the village, with proximity to the best Edgartown has to offer, is this fabulous four-bedroom home at 12 Norton Street. The first floor contains a guest suite with a private bath, washer/dryer, and sitting room, with a separate entrance and access to the deck. A perfect retreat for extended family and guests looking for privacy. Surrounded by substantial homes, you are a short stroll to some of the best chefs and shops (and ice cream) the Island has to offer. For those dog lovers, the entire yard is fenced in with an ample dog run!
I recently had an opportunity to share a meal with friends sitting on their front porch overlooking Sunset Lake. As the sky went from sunset to moonrise, we sat overlooking the 3 water views, the inner harbor activity, and the beginnings of a night of fun in Oak Bluffs. 26 Greenleaf presents all that plus a brand new six-bedroom home. When you think of a seaside getaway with all the amenities, this is what you picture. In addition to being in walking distance to the beach, the library, and any nighttime activity you can imagine, there is a front row seat on your wrap-around porch for the annual August fireworks.
I must admit, I am a sucker for post-and-beam construction on the inside and natural shingles with green trim on the outside. 6 North Vine Lane contains a charming main house, guest house, barn, and 3-car garage all in perfect, move-in condition. Surrounded by woods and green spaces, which add to the sense of rural beauty and privacy, the 3-acre property is minutes from Alley’s General Store, Sepiessa/Tisbury Great Pond, Long Point Beach, and the bike paths. The one-bedroom guest cottage has a farmhouse charm similar to the main house. The classic New England post-and-beam barn has a concrete foundation, three stalls, two heated rooms, and loft, as well as water and electricity. The stalls could be easily removed for a home office, artist’s studio, writer’s retreat, or pool house.
This magnificent waterfront home sits atop the dramatic Wequobsque cliffs with South Shore ocean views that go forever. From 53 Wequobsque Road, you can walk down to your 350 feet of private beach after enjoying a meal on the large outdoor deck facing the ocean. The 6.4 acres include a barn with a half bath and a loft that can be used as an office or extra sleeping area. There is a wet bar, ping-pong table, large screen TV, and sofa. Your dream home provides you with all Chilmark has to offer in addition to the best Island beaches. You are less than a one-mile walk to the famous porch at the Chilmark Store and a short bike ride to fresh seafood in Menemsha.
Click here for a list of other Vineyard homes with price reductions this week.
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