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.
Every once in a while I like to go through the entire list of homes currently for sale that have been on the market for longer than the current average of days on the market to get an understanding of why they haven’t sold. Some are just priced too high even for this market, they may have some quirks that are difficult to appreciate, and many need some vision. Assuming every house sells for the right price at that moment in time, maybe the market is sending a message to sellers that they are reaching way too high.
I encourage everyone looking for a home in this market to take another look at those properties that you keep seeing, think about what you would be willing to spend for that house, and make an offer accordingly. After several months on the market, the seller’s broker is making an effort to explain the price issue to their clients and could be a help in encouraging a sale at a more accurate price.
And you need to expand your thinking to see the potential where others have not. There are several opportunities in today’s group that will take some vision to appreciate, and what the true value is based on the renovation dollars needed. Don’t be afraid of a significant renovation and think about the end result. And make your offer accordingly.
After looking at median prices and average days on market, these and a few others popped out as just needing a bit lower price from the seller and a bit more vision from the buyer, and then both sides will end up pleased with the agreement.
The year-round East Chop home and guest cottage at 90 Meadow Avenue with its Vineyard charm has been updated and renovated with all the must-have creature comforts. The beadboard wainscoting and beach stone fireplace with stove insert still gives the home the “cottage” feel, and the sparkling kitchen and air conditioning dispels any thoughts of old. A plus for any Island home is the bright, spacious, and air conditioned detached one-bedroom, one-bath guest cottage. Your tour will end at a renovated garden shed that provides extra “flex” space. All this and a “turn-key” opportunity.
And what about Chappy? 20 Muskeget Avenue is a turn-key four-bedroom home with a detached garage with studio and bathroom above. Enjoy the Chappy lifestyle and all it has to offer. Plus the kitchen and bathrooms were upgraded in 2019 by incorporating custom cabinetry, carrara marble, Bosch appliances, and Kohler fixtures. A screened porch and an expansive deck area runs the length of the home, adding to year-round enjoyment. The attached studio space has been set up as a home gym with high-quality equipment that stays with the house. And as always with Chappy, many miles of ocean beach and even more miles of hiking trails through beautiful Island landscapes of every variety.
Nestled on an expansive corner lot is 67 Madison Avenue on East Chop. A vintage two-story summer home with all the charm of a bygone era. A superb location, only one block from the East Chop Tennis Club, two blocks from the East Chop Lighthouse, and gorgeous bluff views. Ownership of this address provides East Chop Membership access. The home provides a blank slate with all that brings. Keep the cottage feel or turn it into a contemporary masterpiece. All a stroll to town around the Chop.
10 Crow Hollow is located in a popular area of West Tisbury on 1.3 acres and among my favorites. Access to conservation land with walking trails is located across the road from the subject property. Just a short drive to Sepiessa Point Reservation, where you can launch your kayak into Tiah Cove and paddle to Tisbury Great Pond and an oceanfront Land Bank beach. You have easy access to up-Island favorites, including Alley’s General Store, multiple indoor and outdoor art galleries, and of course, Lambert’s Cove Beach on the North Shore.
Click here for a list of other Vineyard homes that are ready to sell.
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