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.
With all the bad news you read about the Vineyard real estate market, I thought it was a good time to take a look at some properties that might be better than average values. My determination includes looking at properties that are below average in price per square foot and whose asking price is less than average compared to the town assessed value. These are all properties that have 3 or 4 bedrooms as they are best for families and also as a rental investment.
I guess the question is: If prices continue their upward curve, is there even such a thing as a best value? We are seeing more houses coming to market, but still not enough to move us into what I would consider a buyer’s market. So, for Islanders and vacationers alike, this is our current reality. There are always going to be the occasional property that for one reason or another needs to sell quickly and might provide some negotiation room. Others might need some upgrades that at first glance might seem overwhelming and at a closer look are just not as problematic.
I continue to believe there can be better negotiation in the current market with fewer buyers competing for the same house. I am already seeing an increase in showings and interest in buying, so if your plan is to buy this year, we might be in the best position for you to make an offer. As I look through the group, many lots have better potential for the future than the price might indicate, including potential for a guest house and/or a pool.
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 the 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, lighthouse, and all that Vineyard Haven has to offer.
This lovingly maintained, four-bedroom saltbox at 39 Price’s Way in Edgartown is set on almost 1 acre, has been recently renovated, and is move-in ready. The property is located on a quiet street right off the bike path with easy access to all down-Island shopping, dining, and beaches. Large windows, two skylights, and three sets of sliders that lead to a new deck create a welcoming abundance of natural sunlight throughout the house. The home had a significant renovation, including the kitchen, bathrooms, floors, A/C, and interior and exterior painting.
The home at 29 Brook Hollow Road on 1.7 acres sits high on a bluff in the Long View community and it’s in walking distance to Lambert’s Cove beach. This bright and airy post-and-beam home is accented beautifully by plantings and hardscape, with stone walls and a bow-roof outbuilding used as a planting shed. The basement is fully finished and is perfect as a recreation space or for overflow guests. With access to the highly coveted Lambert’s Cove beach, as well as Seth’s Pond and Ice House Pond, you have a private Martha’s Vineyard retreat close to some of the most loved and photographed Island treasures.
The single-story home on 2.37 acres with 2 multipurpose outbuildings at 88 Hopps Farm Road is perfect for a growing Island family. The property is located on a well-maintained private road abutting the bike path circle around the 2,500-acre State Forest. In addition to the 3 bedrooms, you will find a lower-level bonus space and workshop, offering plenty of opportunity to utilize it and make it your own. This home offers both privacy and convenience with close proximity to all that North and West Tisbury have to offer: Summer markets, the library, Alley’s General Store, galleries, and farm stands, as well as easy access to both up- and down-Island towns.
Click here for a list of other Vineyard homes providing good values.
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