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.
Among my favorite end-of-year tasks is to take a look at 3-bedroom homes that have been on the market for longer than average and priced at below the average cost per square foot. I chose 3 and 4-bedroom homes as they comprise the bulk of homes suitable for year-round family living, and also a reasonable size for second home and investment potential. My thought is, although they have not necessarily had any price reductions, there may be incentive to negotiate a better-than-expected price.
Although I certainly expect to see a reduction in average and median sales price over the next few months, the only significant drop for 3-4-bedroom homes in 2022 has been the number of sales, which dropped from 339 sales to 228. The median price has held stable after many years of increases at $1,375,000 and that ever-daunting “days on market” continues sliding. This tells me when a home is priced well, it will sell quickly even in a market trending downward.
If there were more homes for sale, the trend in total number of sales could reverse direction and that just is not the case. Sellers are reluctant to consider a move right now as a new home could come with higher mortgage rates than their current home, and there is the same dilemma of finding the perfect home in a limited inventory. I have mentioned before that the limited number of buyers this time of year can provide the perfect opportunity for more relaxed consideration and, hopefully, increased room for negotiation.
One of the least expensive homes in this group is 67 Saddle Club Road. The home is well sited, set back from the road in a quiet neighborhood and on a spacious lot. It sits a short distance to Morning Glory Farm, Vineyard Golf Club, South Beach, and all three down-Island towns. A bit further out of town gets you to everyone’s favorite, Long Point Beach.The home is well maintained and features a bright, open layout, with skylit cathedral ceiling and a convenient first-floor bedroom. The home is surrounded by more than a hundred acres of town-owned conservation land and has some expansion possibilities.
Located in the Katama Island Grove neighborhood, 7 Whistling Swan Circle, is a well-maintained 4,218 square-foot retreat located near Morning Glory Farm, downtown Edgartown, and South Beach. The home was designed with entertaining in mind, flowing seamlessly to the outdoor living areas. The first floor features a den as well as an en suite bedroom with a large walk-in closet The lower level provides a hangout room with a gas fireplace, wet bar, and full bathroom. The home includes access to association tennis courts and air conditioning for those warm days.
The turnkey home at 120 Whaler’s Walk provides among the best investment returns in this group, with potential for $75,000 for 2023. In addition to the 3 bedrooms, the second floor includes a spacious loft perfect for a home office, a place for private enjoyment to relax and read or to watch the sunrise over conservation land. This property is minutes away from Edgartown village and the shores of Katama Beaches, or Edgartown Great Pond for kayaking and picnics. The bike and walking path make it easy for that morning visit to Morning Glory Farm.
Among the main reasons buyers consider Aquinnah are the beautiful beaches on open ocean, Vineyard Sound and Menemsha Pond. Many of these shores provide among the best fishing opportunities on Martha’s Vineyard. The home at 8 Harpoon Hollow is privately sited on 3 acres overlooking a beautiful pond surrounded by beetlebung trees and bordered by stone walls. This post-and-beam style home has a family room in a separate wing from the main house that is sun-filled with French doors and cathedral ceiling that look out over a peaceful setting. This home is being sold fully furnished, turnkey.
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