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.
It’s hard to remember if I have mentioned multiple price reductions recently, and here we are again with twenty-four newly reduced property prices. This is nowhere near a flood and I do not believe it is a sign of a lower median sale price; just an indication that some recent list prices are just too high. I have mentioned before that we will see a slight reduction in median prices, but the biggest change will be noticed by lower median list prices. As always for the Vineyard, the upper end of pricing just keeps going in one direction, pushing average prices to higher and higher levels.
The good news is, sellers and seller brokers are making changes quickly so as not to miss the summer influx of ready, willing, and able buyers. These buyers are quite sophisticated and are not going to be paying over market value, but are ready to purchase a turnkey property for the right price. Some of the recent price reductions are being noticed quickly by buyers who have been following the market carefully, and they do jump to action and are getting a property to love on Martha’s Vineyard at a price point they see as “right” for the market.
There are reductions in every price range, from a $449,000 M.V. Campground cottage to a spectacular ten-million dollar oceanfront mansion in West Chop. There are a few oceanfront properties, several properties with large swimming pools, and one with a pool and sunset views is coming up first below. This particular property is my current favorite and I want to sell it! So thanks to the listing broker for a not insignificant 5% price reduction.
Properties are often described as “must be seen to be appreciated.” 394 Lighthouse Road in Aquinnah with views of Vineyard Sound, Naushon, and the Elizabeth Islands is certainly one of those properties. With several individual living areas surrounding the pool, you will not want to leave this spacious villa on seven rolling acres except possibly to visit some of the Island’s finest beaches, including parking on Dogfish Bar and parking to fish on Lobsterville Beach. You can enjoy endless sunsets from the comfort of your home, and how do you decide from there — the pool, the guest house, the studio — you get the idea.
The 2,000 square feet of living space at 8 Dreamers Way is an opportunity for an Island family to settle into a home that will feel brand new. There is plenty of versatility in the home with its hardwood floors and 10-foot ceilings to make this home feel like your own. There are multiple “bonus rooms,” including a 24-foot x 22-foot media room, an additional bonus room/den/office area, the third full bathroom, and a two-car heated garage with a separate workshop and a utility room. A large, wrap-around deck that overlooks the nicely manicured yard and provides access to an Island-must: an oversized, custom, outdoor shower.
28 Hillbrook Lane is located off of beautiful Indian Hill Road, and its three separate properties provide an opportunity for the family estate already created and ready for many generations to come. You arrive at the home past weathered stone walls to a house with an open floor plan and all rooms enjoying water views, across the open pastures and surrounding treescapes to the Elizabeth Islands. There is a 60-foot swimming pool, a jacuzzi, pool house, one-bedroom guest cottage, and tennis court, all complimenting the property. A walking path connects to the second property, which offers a small pond and a beautifully restored 3-bedroom Cape built in the 1700’s. This property also enjoys water views, all creating a quintessential up-Island property.
At the northernmost tip of Martha’s Vineyard in West Chop is 1005 Main Street, with spectacular 270-degree ocean views and its over five-thousand square feet of luxury living. Start each morning in the bright and airy kitchen or wander the length of the pristine beach below. From this true coastal paradise, you will have the opportunity to apply to join the West Chop Club and make use of all its amenities. About a mile south is the village with all that it has to offer: movie theaters, playhouse, year-round shopping, and some of the best casual, sit down dining on the Vineyard.
Click here for a list of other Vineyard homes with price reductions this week.
For more Real Estate Confidentials, click here.