Real Estate Confidential: Don’t Panic Just Yet – Martha’s Vineyard Times

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Real Estate Confidential is a bi-weekly chit-chat about new listings, sales, or other insider info 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.

The past year has been a bit of a wild ride, with homes selling for asking prices or multiple offers leading to sale prices over asking price. On the Vineyard, the median price of a 3-bedroom home sold in the last three months was $1,500,000, up 20% from the previous six months.

I found a group of homes for this week that are for Island families and investors. Unless a home has been on the market for many months, you need to expect the sales price to be pretty close to asking. If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make. Offering below or even at a home’s asking price may not cut it. In today’s market, the highest bidder often wins the home, much like at an auction.

There still are some “best-buys” worth considering and a buyer needs to be realistic. Connect with a trusted real estate professional who can advise you on the current Vineyard market and help determine what the market value is on your dream home. Following are some homes that are priced well for this market and provide some good opportunities.

This tastefully renovated home at 51 Twentieth Street South in Edgartown provides an opportunity to have a move-in ready home that lives larger, much larger than the description would imply. The property is located on a remarkably private, fenced lot on the outskirts of Edgartown. The location provides easy access to hiking trails, the bike path and the boat landing on The Boulevard. The full finished basement gives a lot of flexibility in how to use the home; maybe even have the home theater you have always wanted. Crown mouldings, a new kitchen, and a pea stone fire-pit area all provide a home to love.

With homes selling in under 30 days, I wish you would take a look and tell me why this home at 16 Old Purchase Road has been on the market for over 60 days. It is in a perfect Edgartown location with easy access to the bike path, Morning Glory Farm, the village, and newly paved Meetinghouse Way that leads directly to South Beach! There are many amenities including a large wrap-around deck, which offers plenty of room for all to convene, a wood-burning fireplace and built-ins, adds to the comfort and space of this well-maintained home. A partially finished basement and inviting screened porch complete this offering. The property is tied to town sewer with the ability for seven bedrooms and expansion with town approvals.

This is not the first time I have written that homes close to town and close to the harbor in Vineyard Haven are the best investments for growth on the Island. The West Chop home at 26 Daggett Avenue is no exception. This charming home has a front porch facing Little Owen Way with a subtle view of the ocean, where the Vineyard Haven Town Beach access is and the Vineyard Haven Yacht Club is located. Close by is a Sheriff’s Meadow property for hiking, a short stroll to town or the West Chop Lighthouse as well as the 120-year old Mink Meadows Golf Course. Don’t miss the attic with its peek at the harbor.

For an Island family looking for a home providing extra income or an investor looking for growth and income, 28R School Street in Oak Bluffs could be perfect. This is a multi-family property with great rental history, walking distance to town, and two full-size legal apartments. Both units have new wood floors throughout. The location is a few blocks to town in what has become a prime rental area. Walk to everything Oak Bluffs has to offer; Illumination Night, fireworks, street fairs, harbor, ferries and of course the carousel.

For the rest of this Real Estate Confidential and house photos, click here.

Click here for a list of other best buys on the Vineyard.

For more Real Estate Confidentials, click here.

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