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.
I had a conversation this week with a client who was purchasing a home that they felt needed some renovations and repairs. One of the issues facing buyers, possibly more for Island buyers, is once you have a mortgage that provides the opportunity to buy, you might be faced with renovation costs that need to be “out of pocket.” If you have already stretched your monthly carrying costs, the prospects might be daunting. A home with a recent renovation and possibly “turnkey” allows you to move right in without any need for immediate extra expenses.
The number of homes listed in the past few weeks has started its slow climb back to a point that, at least, gives you a reasonable selection to choose from. In all categories, you can see an improving real estate market. This winter, we’ve had 83 sales at a median price of $1,525,000 with 82 days on market. Last winter, there were 128 sales with a median price of $1,225,000 and an average 66 days on market. No question a “soft” winter, yet those prices just keep moving in one direction.
Many homes tout recent renovations and, of course, there can also be surprises in the so important home inspection. I found quite a few homes that fit this criteria and have three bedrooms and 2 baths which are on many buyers’ must-have lists. The selections this week fit these requirements, and many have been on the market for much more than the average number of days, and may provide an opportunity for added negotiation room.
In West Chop, at 11 Pine Tree Lane, is a classic, four-bedroom, ranch-style home with a finished lower level and large private yard with mature trees and plantings. You are just steps to Grove Street town beach. The home has had many renovations, including hardwood floors throughout and central A/C. Conveniently located just one mile from town, it is an easy walk to the yacht club, library, and all that Vineyard Haven has to offer.
The charming cape at 30 Fairmount Avenue features many tasteful upgrades and offers a picturesque and serene setting. The beautifully landscaped yard and outdoor entertainment area are surrounded by hydrangeas, lilies, and fragrant lavender, with ample room for lounging and entertaining. The garden leads to a cozy outdoor fire pit and vine-covered alfresco dining area. The property is ideally located with easy access to down-Island towns, ferries, and beaches, and is perfect for a rental property, seasonal living, or year-round living.
For me, the main selling point of the stylish beach house at 72 Vineyard Meadow Farms is the easy access to Long Point Beach and Wildlife Refuge. The home is also ideally located near the bicycle path and numerous nature trails, and offers convenient access to up-Island towns as well as all three down-Island villages for shopping, restaurants, and more. The home, aptly named “Beachy Keen,” has a finished basement, is offered “turnkey,” and has a strong rental history.
The renovated home at 39 Flamingo Drive in Dodgers Hole has been impeccably maintained by the only owners. It is a bright and airy contemporary with lots of light and grand cathedral ceilings. The home has an open floor plan with a wood-burning fireplace and an expansive wrap-around deck. Centrally and conveniently located to Edgartown village, Oak Bluffs, and Vineyard Haven, with easy access to the bike path. The home is being offered “turnkey,” and with its four bedrooms, provides the opportunity for good rental income.
Click here for a list of other newer or renovated homes.
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