MV Dirt

This Weeks Listings Update

Every week we post a round-up of the new listings, price reduction and sold properties on the Island. Click here to view this weeks update. If you would like to sign up to receive our weekly update click here.

A Dream House After All

By Karl E. Case Boston IF you read the coverage of the latest figures on the sales of existing homes from the National Association of Realtors, you may well have come to the conclusion that the American dream is dead. It is indeed worrisome that sales in July were down 25 percent from a year ago. But a little perspective is in order. Read More

Six Reasons to Buy A Vacation Home Now

This is a great article from RIS Media offering the top six reasons why now is the best time to buy a vacation home. To read more click here.

South Beach Living

A great neighborhood clsoe to South Beach. Like-new condition, just over 1/2 acre lot, 3 bedrooms, 2.5 bathrooms, fireplace in large bright open living room. New central air conditioning system. Open floor plan is great for entertaining. A 3-sided wrap-around deck. Decks on all three levels offer lots of sunshine, fresh air,ocean breezes and room for entertaining. Some waterviews of the Atlantic Ocean from two upper decks. Walk to the beach or take the bike path to town.

The Gazette is reports October sales of existing homes were up on the same month last year.  "A surge in home sales nationwide was reflected in Dukes County — the six Island towns posted 25 sales in October this year, compared to 17 last year, according to figures provided by the Warren Group. Those 25 are a big chunk of the 111 single-family home sales so far this year; by this time last year, the Island had recorded 145 sales". Click here to read more.

We have seen some significant price reductions in the luxury market recently. Here are some my top picks for luxury home opportunities on the Island. We are seeing some great prices in every segment of the luxury market.  In-Town compounds to waterfront estates.

What would be the summer rental for this property?" The question most asked by our buyer clients. This week’s portfolio includes properties we feel are outstanding rental opportunities. Investment might be a bit of an exaggeration since you would find a positive return mostly from inland properties suitable for year-round rentals. But, $25,000 rental income and up certainly goes a long way to paying the bills. These properties are in good to excellent condition, they are in areas that have always had high rental tenancy, and they are at reasonable prices considering their proximity to "summer fun". The better rental areas command higher rental fees and fill up well before other areas of Martha's Vineyard. After location and condition of property come furnishings, high on the list of what goes into creating a successful rental experience. A few ideas I picked up following BLOGs and articles at HomeAway.com include: decorate your home in bright, cheery colors; create a comprehensive list of available activities; and, highlight your outdoor living space. What an opportunity. You own a home in a desirable vacation destination, you have the fun of decorating, the joy of happy tenants and the bonus of actually vacationing!.
And of importance primarily for first time homebuyers is this welcome news: Housing Affordability Surges to Highest Level in 18 Years .
Remember, this is only a buyer's market if you actually buy!

Here are the top ten sales on the Island for the past 12 months.  Prices range from a little over $4.5 million to $15 million. 

TOP TEN SALES Oct '07-'08

1. $15,000,000 West Tisbury - 0 Princess Meadows Road
2. $15,000,000 Chilmark - 15 ROUND POND ROAD
3. $14,000,000 Chilmark - 47-53 King's Highway
4. $12,350,000 Edgartown - 0 South Village
5. $8,750,000 Chilmark - 8 Greenhouse Lane
6. $8,575,000 Chilmark - 45 Beach Rd TAYLOR
7. $6,810,000 Vineyard Haven - 1047 Main St.
8. $6,000,000 Vineyard Haven - 741 Main Street
9. $6,000,000 West Tisbury - 55 OYSTER WATCHA ROAD
10. $4,566,375 Edgartown - 115 PEASES POINT WAY NORTH

This may be a great time to look for a home on Island.  The last couple of weeks have been very busy Islandwide.  We have seen several mutlitple offer situations in the past 14 days.  Homeowners have repeatly dropped prices.  Buyers are taking note and making offers.  A couple of new listings that were priced to sell have gone under agreement within days of hitting the market.  The hottest locations right now are walk-to-town locations. Sellers are anxious to work with prospective buyers.  Buyer see this as their opportunity to get into the Vineyard market, rentals are up on the island this year by all account of local brokers. Here is an interesting article by Jean Chatzky, of Money Magazine about buying a vacation home in this market. Click here to read more.

We have a new format this week, we launched a new MLS (multiple listing service)service on the Island this week. We hope you like the additional photos and details that are now available with each listing.  Click on the link in the top left of each property box to view additional information about the property. We have several interesting new listings this week.  A lot of action on Chappy, two great listings under $1 million and two waterfont listings on North Neck. A camp style home for $3.29 million and  newer contemporary home for $6.85 million. Our waterfont pick of the week is in Aquinnah, a beautifully renovated beach house, steps from the ocean this home enjoys sweeping ocean views over to the Gay Head Lighthouse.  For those looking for a income producing property there is a unique opportunity in West Tisbury, a traditional cape style home set on over two acres, the property has been converted into three separate condo units, all three are available for a total of $850K (not available separately at this time).  Walk to Alleys General Store and the library from this location.  Please do not hesitate to call us if you have any questions about any of these properties.  This Weeks Sold Properties

Oak Bluffs - 17 Vineyard Avenue Status: Sold Selling Price: $540,000 Type: Single Family Zoning: RES Year Built: 1920 Lot Size (Acres): 0.1600 Frontage: None Bedrooms: 2 Bathrooms: 2 Sq. Footage: 1220 $/Sq. Foot: $443 Description: Impeccably maintained farmhouse, bright and light with tasteful details and intelligent design. Two bedrooms, two full baths, front porch, sunroom, wood floors, high ceilings, and many original fixtures and features. The back deck and outdoor shower face the deep back lawn, perennial gardens, and detached studio/bunk house. Located on Vineyard Avenue next to the Arts District, this home offers a sweet neighborhood setting with ease in walking into Town and the harbor.

Vineyard Haven - 43 Deer Hill Rd Status: Sold Selling Price: $365,000 Type: Single Family Zoning: R50 Year Built: 1999 Lot Size (Acres): 1.2800 Frontage: None Bedrooms: 1 Bathrooms: 1 Sq. Footage: 312 $/Sq. Foot: $1,170 Description: Beautiful 1.28 acre lot with Up Island feel and down Island convenience. Well and 5 bedroom Title 5 septic system in place. There is currently a cute 300 plus sqft 1 bedroom 1 bath bunglow on the property that was built in 1999. House may have views of beautiful landbank field depending on it's placement.

Home Buyers Give Island an October Jolt

The Gazette is reports October sales of existing homes were up on the same month last year.  "A surge in home sales nationwide was reflected in Dukes County — the six Island towns posted 25 sales in October this year, compared to 17 last year, according to figures provided by the Warren Group. Those 25 are a big chunk of the 111 single-family home sales so far this year; by this time last year, the Island had recorded 145 sales". Click here to read more.

The Luxury Market

We have seen some significant price reductions in the luxury market recently. Here are some my top picks for luxury home opportunities on the Island. We are seeing some great prices in every segment of the luxury market.  In-Town compounds to waterfront estates.

Investment Opportunities

What would be the summer rental for this property?" The question most asked by our buyer clients. This week’s portfolio includes properties we feel are outstanding rental opportunities. Investment might be a bit of an exaggeration since you would find a positive return mostly from inland properties suitable for year-round rentals. But, $25,000 rental income and up certainly goes a long way to paying the bills. These properties are in good to excellent condition, they are in areas that have always had high rental tenancy, and they are at reasonable prices considering their proximity to "summer fun". The better rental areas command higher rental fees and fill up well before other areas of Martha's Vineyard. After location and condition of property come furnishings, high on the list of what goes into creating a successful rental experience. A few ideas I picked up following BLOGs and articles at HomeAway.com include: decorate your home in bright, cheery colors; create a comprehensive list of available activities; and, highlight your outdoor living space. What an opportunity. You own a home in a desirable vacation destination, you have the fun of decorating, the joy of happy tenants and the bonus of actually vacationing!.
And of importance primarily for first time homebuyers is this welcome news: Housing Affordability Surges to Highest Level in 18 Years .
Remember, this is only a buyer's market if you actually buy!

Top Ten Sales Oct '07-'08

Here are the top ten sales on the Island for the past 12 months.  Prices range from a little over $4.5 million to $15 million. 

TOP TEN SALES Oct '07-'08

1. $15,000,000 West Tisbury - 0 Princess Meadows Road
2. $15,000,000 Chilmark - 15 ROUND POND ROAD
3. $14,000,000 Chilmark - 47-53 King's Highway
4. $12,350,000 Edgartown - 0 South Village
5. $8,750,000 Chilmark - 8 Greenhouse Lane
6. $8,575,000 Chilmark - 45 Beach Rd TAYLOR
7. $6,810,000 Vineyard Haven - 1047 Main St.
8. $6,000,000 Vineyard Haven - 741 Main Street
9. $6,000,000 West Tisbury - 55 OYSTER WATCHA ROAD
10. $4,566,375 Edgartown - 115 PEASES POINT WAY NORTH

Is now the time to buy....

This may be a great time to look for a home on Island.  The last couple of weeks have been very busy Islandwide.  We have seen several mutlitple offer situations in the past 14 days.  Homeowners have repeatly dropped prices.  Buyers are taking note and making offers.  A couple of new listings that were priced to sell have gone under agreement within days of hitting the market.  The hottest locations right now are walk-to-town locations. Sellers are anxious to work with prospective buyers.  Buyer see this as their opportunity to get into the Vineyard market, rentals are up on the island this year by all account of local brokers. Here is an interesting article by Jean Chatzky, of Money Magazine about buying a vacation home in this market. Click here to read more.

MV Weekly Real Estate Round Up

We have a new format this week, we launched a new MLS (multiple listing service)service on the Island this week. We hope you like the additional photos and details that are now available with each listing.  Click on the link in the top left of each property box to view additional information about the property. We have several interesting new listings this week.  A lot of action on Chappy, two great listings under $1 million and two waterfont listings on North Neck. A camp style home for $3.29 million and  newer contemporary home for $6.85 million. Our waterfont pick of the week is in Aquinnah, a beautifully renovated beach house, steps from the ocean this home enjoys sweeping ocean views over to the Gay Head Lighthouse.  For those looking for a income producing property there is a unique opportunity in West Tisbury, a traditional cape style home set on over two acres, the property has been converted into three separate condo units, all three are available for a total of $850K (not available separately at this time).  Walk to Alleys General Store and the library from this location.  Please do not hesitate to call us if you have any questions about any of these properties.  This Weeks Sold Properties

Oak Bluffs - 17 Vineyard Avenue Status: Sold Selling Price: $540,000 Type: Single Family Zoning: RES Year Built: 1920 Lot Size (Acres): 0.1600 Frontage: None Bedrooms: 2 Bathrooms: 2 Sq. Footage: 1220 $/Sq. Foot: $443 Description: Impeccably maintained farmhouse, bright and light with tasteful details and intelligent design. Two bedrooms, two full baths, front porch, sunroom, wood floors, high ceilings, and many original fixtures and features. The back deck and outdoor shower face the deep back lawn, perennial gardens, and detached studio/bunk house. Located on Vineyard Avenue next to the Arts District, this home offers a sweet neighborhood setting with ease in walking into Town and the harbor.

Vineyard Haven - 43 Deer Hill Rd Status: Sold Selling Price: $365,000 Type: Single Family Zoning: R50 Year Built: 1999 Lot Size (Acres): 1.2800 Frontage: None Bedrooms: 1 Bathrooms: 1 Sq. Footage: 312 $/Sq. Foot: $1,170 Description: Beautiful 1.28 acre lot with Up Island feel and down Island convenience. Well and 5 bedroom Title 5 septic system in place. There is currently a cute 300 plus sqft 1 bedroom 1 bath bunglow on the property that was built in 1999. House may have views of beautiful landbank field depending on it's placement.