Real Estate Confidential is a bi-weekly chat about new listings, sales or other inside information on the Martha’s Vineyard Real Estate market, presented by Fred Roven, owner / broker of Martha’s Vineyard Buying Agents. It appears every other Friday in The minute.
I am cautiously encouraged by the number of new listings this week across all price ranges although the average number of days in the market remains extremely low at 39 days for new business. Looking only at the island towns of Edgartown, Oak Bluffs, and Vineyard Haven, that drops to 23 days on the market. The median price for homes on the lower island is $ 1,095,000, up from $ 750,000 just a few years ago and an average number of days on the market hovering around 150.
As interest rates remain at their lowest and many families off the island are still looking to sweeten their lives by moving from cities to work from home, I don’t see much change in the direction of house prices. . Hopefully the trend of more new announcements every week will slow the business down a bit, but what happens when tens of thousands of visitors arrive in the coming weeks? If we do increase stocks quickly, prices might stabilize, but with a larger island population, there might be more reason to act quickly.
I often wonder how to explain to buyers the importance of acting quickly. Just last month, three families missed a home on an island because they couldn’t get here quickly enough. Even for homes that have been on the market for years, it seems the stars are aligned and everyone wants that home. If I tell buyers they need to act today, some are suspicious of me and others are happy to own.
This week’s new announcements include opportunities for island families and a range of spectacular homes both on the island and on the island, some with luxurious swimming pools. I am encouraged that the list of new properties on the market remains the same since yesterday.
90 Campbell Road has just about everything you could possibly want in your new Vineyard home at a reasonable price for this market. I really like the post and beam construction because of the large open space possible, the high ceilings and the imposing stone fireplaces. This custom built post and beam home sits on 4.6 acres of landscaped rolling land, stone walls and mature trees extending to the Tiasquam River. There are many custom finishes including a large open chef’s kitchen. This very convenient location is a short walk from the Gray Barn, 1 km from the lanes and easy access to your Chilmark beaches.
The custom-designed house 154 Franklin Terrace is a reproduction of an Arts and Crafts style bungalow within walking distance of town. The house is built as an energy efficient sealed home with propane radiant heat, separate air conditioning and feels brand new.
There is a very generous front porch, a three season screened porch and a spacious basement with a pine rebate that is heated and ready to be set up as a home office or gym. Great proximity to Owen Park with beach, bandstand and deep water dock, village shops, market and restaurants, school, library, tennis courts, Vineyard Haven Yacht Club, ferry and access to Tashmoo beach
This vast colonial year in 171 Otis Bassett The road has abundant natural light, vaulted ceilings and a bespoke soaring log fireplace. The house has a living area of 5,555 square feet covered with many exotic woods. The property sits on a dead end road and steps away from 5,300 acres of state forest for hiking, biking and horseback riding. The house is on a plot large enough for several gardens or to create your own small farm. The house is located close to town, schools, shopping, Lamberts Cove beach, Long Point beach, local farms and farmers markets.
The wish of every Edgartown Village buyer is included in the 68 Water Street North large complex at the prestigious address of 68 North Water Street. The house has undergone a breathtaking renovation by Stern McCafferty Architecture + Interiors, creating a home that perfectly blends the old and the new, the historic and the contemporary. The 4,100 square foot main house and 660 square foot guest house with an expansive lawn, beautiful manicured gardens and an oversized swimming pool is an oasis on bustling North Water Street with its brick sidewalks, traditional lampposts and its neo-Greek style houses. You can spend your summer watching sailboats pass through the harbor and stroll around town for that all-important scoop of ice cream.
Click here for a list of other new homes on the market
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