Real Estate Confidential: July price reductions


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 hadn’t checked in a few weeks, but we finally broke through the one hundred count for single family homes. There are 140 homes on the market, and 13 are still being shown, but they already have accepted offers. Homes that come on the market in the most desirable locations, and are priced right, still get offers quickly.

We are seeing more and more price reductions on homes that have not had enough activity at the offered price and have considerable room to negotiate. One can almost feel the prices tugging higher and lower by the limited inventory and increased financing costs. Many of these properties have not sold in reasonable days on the market, which is the primary reason for lowering prices. If a property is priced correctly for the current market, it will still sell in a reasonable time.

We haven’t seen the decline in overall averages that much like the country is experiencing, and there are still good values to be found, so why not start looking at those reduced in price. This week, those homes went from a cute ranch in Vineyard Haven priced at $829,000 to a waterview contemporary in Chilmark at $4,200,000.

Driving past Beetlebung Corner and heading down-Island, you soon pass one of my favorite views on the entire Island. 1 Pondmark enjoys that view everyday across farmland: a cute pond and massive Atlantic Ocean views. This three-bedroom contemporary has 120-degree views of the Atlantic Ocean over Keith Farm. The property is just one mile to the entrance of Lucy Vincent Beach, half a mile to Beetlebung Corner, and a mile and a half to Menemsha. The property is criss-crossed with ancient lichen-covered stone walls and has a feeling of having stepped back in time.

The waterfront property at 55 The Boulevard in Edgartown boasts breathtaking views of Sengekontacket Pond and State Beach. The property is situated on a large lot with a boardwalk overlooking the pond with geese and swans, providing your own access for kayaking, sailing to the beach, and clamming. The living space could be expanded into the home’s attic and basement. Updates for 2023 include a new asphalt shingle roof, new double-walled oil tank, new hot water heater, new thermostats, and newly refinished floors. This truly exceptional property offers a unique and luxurious waterfront living experience, including perfect viewing of the gorgeous morning sunrises.

Every visitor to Katama has passed and admired the wonderful vintage farmhouse at 134 Katama Road. This home has been in the same family for generations and is definitely a part of Edgartown history. The property is a large corner lot just a short distance to downtown Edgartown village, Katama General Store, South Beach, Right Fork Diner at the Katama Airfield, and Morning Glory Farm. The home was renovated in the mid-90s, the first floor has a bright eat-in kitchen, a living room with built-in shelves, and a spacious bedroom/office/family room, plus four upstairs bedrooms, and a large, partially finished attic.

One of the best opportunities this week is the charming home at 58 Hagerty Drive in the always desirable neighborhood of West Chop. The property is on a very private parcel nestled at the end of a dead end lane, and very close to the West Chop Club, the Mink Meadows golf course, and the spectacular views from the West Chop Lighthouse. The beautiful yard has been lovingly cared for with a large variety of flowers and vegetable gardens, plus the deck has the always requested outdoor shower.

Click here for a list of this week’s price reductions.

For more Real Estate Confidentials, click here.