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. There is some good news in the local market this week.
The 15 properties that are new to the market are hopefully a sign of more to come. I was pleased to see a few that are ideal for that growing year-round family. One surprise were a few commercial properties in high-foot traffic locations ideal for that Island business you have always wanted. One family estate is in Squibnocket Farm, an enclave of 11 homes on 300 acres of one of the most pristine dune-protected beaches on the East Coast, plus an additional 200 acres of conservation land.
I was encouraged to see the 74 average days on market this winter was comparable to last winter’s 68. With fewer listings this year, it is not surprising that the number of sales dropped from 81 to 66, but the median price for single-family homes continued its growth from $1,300,000 to $1,800,000. The upper end of the market continues its climb also with $14,000,000 on Sheriffs Pond in Edgartown.
Although my crystal ball is out of service this week, experts nationwide are predicting a three percent average increase in prices, and my expectation is a somewhat higher number for the Vineyard. My hope is for at least a small drop in mortgage rates, pushing homeowners to consider a move and bringing more homes to market.
The newly renovated ranch-style home at 496 Lamberts Cove Road is privately sited on 2 secluded acres overlooking a private pond and an expanse of woodlands. This open-floor-plan home is surrounded by a wraparound deck and porch overlooking a small pond and a wooded setting. The partially finished, walkout, full basement has one bedroom with a half bath. The property provides easy access to Lambert’s Cove beach, Focus tennis courts, Land Bank walking trails, and West Tisbury village. Enjoy that peaceful, up-Island feeling just ten minutes to Vineyard Haven and the Steamship Authority dock.
The Contemporary saltbox at 26 Grovedale Road is light and bright with its cathedral ceilings and south-facing skylights. The home is ideally suited for year-round living or as a summer home. It has a first floor, en suite bedroom (currently used as a den) and many 2018 updates, including a new kitchen, new roof, and a heating system ready for a compressor to add air conditioning. A real bonus is the loft area perfect for a home office, yoga space, or spillover living space. The location has nearby public access to Lagoon Pond for kayaking, shell picking, and watching the sun set. Furnishings are included, and all this within a five-minute drive of downtown Oak Bluffs,
The new home Greek Revival at 40 Edgewood Drive in Sandy Valley, tucked away in a lovely, quiet neighborhood, is only a short drive to downtown Edgartown. All the bedrooms include their own bathroom, including an en suite first-floor bedroom. The kitchen will have a large Island, stone counters, stainless steel appliances, and a breakfast area for casual dining leading to a pergola-clad mahogany deck. There is an open loft space, including a separate office space and a full guest bathroom on the second story. The home has central air and heat throughout, and there is plenty of time to add a pool, finished basement, and another bedroom.
The home in Squibnocket Farm at 18 Spruce Gate Road is on a serene and dramatic peninsula far from the public eye, where you can enjoy 500 acres of forever-deeded conservation land and private access to 2+ miles of vast, dune-protected, sandy beaches. A rare opportunity to purchase a 6.2-acre ridge-top home directly abutting 18 acres of conservation land with views of Squibnocket Pond and the Atlantic Ocean. A mahogany deck and screened-in porch with fireplace lead to thoughtfully designed gardens, ancient stone walls, flower beds, lawn, and meadows. It has every modern convenience you would expect in a home of this caliber.
Click here for a list of all new-to-market homes.
For more Real Estate Confidentials, click here.