Real Estate Confidential is a biweekly 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.
For this week anyway, new construction is centered around Edgartown with six of seven homes finishing up construction in that town. There are several reasons for that and probably most importantly, builders see a safer investment and better upside in the short term. Looking forward, and as I have mentioned before, the best long-term investment area for upscale homes and at a lower land cost is in Vineyard Haven. Aquinnah provides an opportunity for the same beach opportunities and beautiful views as Chilmark and at a dramatically lower cost. There is an Aquinnah property coming to market soon with one of the most spectacular 270-degree ocean views on the Island for about half of what a similar Chilmark property could be tagged.
The median price range for all single-family homes sold in the past 12 months is $1,310,500. Right now that is also the lowest possible price to build new on Martha’s Vineyard. The median price for an inland building lot right now is $722,000. With construction costs pushing past $500 per square foot, building a new home that can sell for under $1,500,000 becomes more and more difficult. The obvious solution there is to find your dream home as a resale that is in good condition and you can make it “like new”.
I probably could have stopped at “new” since these luxury homes have descriptions with all those keywords of pool, pool house, private beach, home office, SONOS, Viking, cooling, SubZero, Wolf, Bosch, stainless steel, views, smart home, sunsets, first-floor bedrooms, and the list goes on, so no point in repeating them over and over. And more than one has this description: “Walk through the house giving voice commands for most every feature in these luxury homes.”
Starting up-Island, 76 Menemsha Inn Road is a Hutker Architects designed, Serpa Construction built waterfront home with your own private beach. Nestled above the north shore, the home has views of the Gay Head Lighthouse, Vineyard Sound, the Elizabeth Islands, and, of course, those spectacular north shore sunsets. This contemporary coastal home is move-in ready and is designed inside and out to enjoy everything about life on the Island. After a late afternoon swim, head up to the top deck to watch the sunset from your oversized hot tub.
6 Swan Neck in Edgartown has all the privacy and expansive advantages of up-Island yet minutes to Morning Glory Farm and town. A short stroll down your boardwalk takes you to the white sands of the Atlantic Ocean, where over 550 ft. of private shoreline allows you to keep kayaks, paddleboards, sailboats, and motorboats. The plans provide the vision for an elegant home in keeping with its setting in one of Edgartown’s most desirable neighborhoods. A covered patio overlooks the swimming pool area, and just the touch of a button transforms this outdoor space to a screened-in porch and elegant indoor/outdoor dining space. This is the ideal time to secure 6 Swan Neck as there are many opportunities to customize this property.
A new Katama offering is under construction at 24 Crocker Drive. The home is close to South Beach and an easy bike ride into town. This architect-designed home will feature classic New England architecture with a fresh, modern vibe — including a coastal-inspired interior with shiplap paneling, driftwood, and bleached wood accents, plus chic modern hardware and lighting fixtures throughout. Some of the many features included are an in-home office, den/TV area, wet bar area off the pool entrance, two laundry areas, and an unfinished basement level with 9-foot ceilings. The home will be ready to enjoy this summer.
The village retreat plus pool at 31 West Tisbury Road is being offered turnkey and ready for the whole family (and guests!) to move right in. This gracious colonial-style home features a spacious living room with wood-burning fireplace and three sets of French doors that open out to the pool area and screened porch. No in-town luxury property is complete without a detached carriage house, and this one has a 387 sq. ft. second-floor bonus room with half a bath. The house is on the bike path, a short stroll to town, and a beautiful walk to Morning Glory Farm surrounded by conservation land.
Click here for a list of other newly constructed homes.
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