MV Luxury Real Estate

Obama Aides Close In On First Family Home For Likely August Visit

Sam Bungey of the Vineyard Gazette reports... "Senior White House aides and Secret Service are now considering three Vineyard properties for a planned holiday by President Obama and his family next month".  Read more.

Edgartown, Luxury Cottages

These condos were recently on broker tour. I thought it was an interesting opportunity in-town Edgartown. This is for a buyer who wants a worry free, maintenance free getaway in-town. A Luxury Cottage with two bedroom suites and 2.5 baths. Large open kitchen with top of the line Thermador appliances for entertaining. A lovely private patio in rear, overlooking the Village Green Park. Amenities include, central air, hardwood floors, sound system wired-in and large full basement with laundry room and extra space to customize and expand living area. There are three models available.

Katama waterview under $1 million

I was at this property in Katama a few days ago and thought it should be spotlighted. Situated on a private lot in Katama close to South Beach, this is a reverse contemporary home has a lot to offer. The main living area and deck enjoy views of the water. You can hear the waves rolling in as you sit on the deck. The home has had many updates in the last two years and appears to be in good condition. I think this is a great value under $1 million. Priced at $999,000 this home also has great rental potential.

Martha's Vineyard Beaches

This week's photo montage includes properties currently for sale that have ocean or at least open salt water locations. I am often surprised, for an island, how very few oceanfront properties exist. This is the first time in my memory that a property directly on Herring Creek Beach has come on the market. Price: $3,950,000.
I recently attended a conference for Resort and Second Home Property Specialists. As expected, the second home market around the world has remained solid particularly in comparison to certain areas of the US. Many Europeans are buying as well as a lot of interest from Chinese and S.E. Asia buyers. See International Real Estate Investors Choose U.S. Properties
One presentation at the conference had more value than any program I have encountered in the current market. The program is called Home From Work and will enable employers to offer an employer-assisted housing (EAH) benefits program. I will not go into detail here but if you are a first time buyer, a business owner, a town official or a real estate agent and you want to match buyers and sellers, I encourage you to at least watch the video Housing Opportunity Program-Home from Work.

Get ready for real estate rebound

Next year may surprise naysayers
By Bernice Ross, Monday, December 1, 2008.
Inman News

Will 2009 boom or will it be more doom and gloom?
Now you’re probably thinking: “A real estate boom in 2009? You’ve got to be kidding!” While the market may not exactly boom in 2009, there are a number of factors that may signal a dramatic improvement over the next 12 months. Here’s what’s happening that could make 2009 better than anyone anticipates.
1. The 10-year real estate cycleAll markets are cyclical. While markets differ dramatically, a 10-year cycle is common in many places. The Southern California market provides an excellent illustration. In 1960, 1970, 1980 and 1990, the real estate market was at its lowest point plagued by excessive inventory, foreclosures and short sales. By 1994, the market had stabilized from the downturn in the early 1990s. As market values were beginning to climb, the Northridge Earthquake hit. Extensive damage throughout the area sent the market into a tailspin. It took another three years for the market to stabilize again. The beginning of the next upswing began in earnest in 1998. The market peaked in 2005 — seven years into the cycle — and then began the current downward trend.
Given a 10-year cycle, California should be pulling out of the bottom and be on its way to a more normal market. This appears to be happening, despite the financial meltdown. The California Association of Realtors reported a 63 percent increase in sales in September. Radar Logic reports increases of year-to-year sales (2007 to 2008 ranging from a low of 16.3 percent in San Jose to a high of 74.3 percent in Sacramento. DataQuick reports that September sales were up from a low of 29.4 percent in Ventura County to a high of 106.1 percent in Riverside County as compared to September 2007. Mike Kelly of Keller Williams Sonoma reports that his market has only two months of foreclosure inventory and about four months of short-sale inventory. Foreclosures and short-sale inventory are rapidly being depleted in other areas of the country as well. As this inventory disappears, prices will stabilize and will eventually begin to rise.
2. Pent-up demandAcross the country, sellers and buyers have been telling their agents that they are waiting for the presidential election to be over before they buy or sell any real estate. Now that the presidential election is in back of us, the bailout is in motion and the most recent stock market plummet seems to have passed, look for a substantial uptick in buyer and seller activity. People still marry, have children, retire and have to relocate for their jobs. Many of them postponed selling or buying waiting for market conditions to improve. Look for this pent-up demand to make its way into the market in 2009.
3. The credit crunch easesCredit is still tight. As one loan officer put it, “We’re back to qualifying buyers the way we did in the 1980s. If you don’t have a credit score of 740, forget it!” The bailout in conjunction with the new guidelines for FHA, Freddie Mac and Fannie Mae will result in more money in the system. Many credit unions are flush with cash and some are even making zero-percent-down loans to highly qualified buyers. As credit eases, buying and selling becomes easier. This will be particularly true in the jumbo market where highly qualified buyers are still having problems obtaining financing.
4. Inventory and days on market declineThe amount of inventory and the “days on market” statistics are the best harbingers of market changes. Prices always lag behind these statistics. When there is a strong seller’s market with upward pressure on prices, there may be only two or three months of inventory. Price stability normally occurs when there are six to eight months of inventory. Thus, when there has been a shortage of inventory, it can take 12 to 24 months before the market recognizes that there is an oversupply. The converse is true for a buyer’s market with downward pressure on prices. Unless you’re tracking inventory and days on market, you may not be aware of the shift until months after it started. Currently, inventory and days on market are dropping in many areas.
5. DemographicsIn 2008, the size of Gen Y (born 1977 to 1994) surpassed the size of the Baby Boom generation. Gen Y wants to own real estate. Some researchers claim that there will be a boom in the Gen Y “Mommy Market.” While members of Gen X (1965-1976) are delaying both marriage and children, the typical Gen Y mom currently has 2.7 kids. This population explosion is being lead by Latina and Asian women. Gen Y is just now beginning to hit their early 30s, the time when they are most likely to buy their first home. On the other side of the coin, baby boomers (born from 1946-1964) are most likely to buy a second or a retirement home between the ages of 50 and 60. While builders have cut back substantially on the numbers of new homes being built, an increase in future demand and a limited inventory will result in higher prices.
The question is not whether there will be another real estate boom — there will be. The real issue is how long it will be before it starts. Watch your local market’s inventory levels and days on market to see what your future will hold.
Bernice Ross, national speaker and CEO of Realestatecoach.com, is the author of “Waging War on Real Estate’s Discounters” and “Who’s the Best Person to Sell My House?”

Thanksgiving Greetings

Thanksgiving thoughts are traditionally very personal spiritually or family oriented.  I certainly love and cherish my family and friends (and dog of course) although this year my thoughts seem to be much broader and maybe in some ways selfish.  The airwaves (ok, and wires) contain quite enough bad news about the world and its new global economy, thank you very much.  And yet, there seems to be more hope in the air than I have experienced in a long time.  As the incoming administration forms, their popularity is on an increase, a trend we have not seen for quite some time.  I am as proud of my country as I can remember.  An end to an unpopular war and a return to focus on our and the world's security seems close at hand. At least for now, there is a significant rebound in the stock market.  Mortgage interest rates have already dropped a full point in response to FED action.  FHA loans are scheduled to increase in 2009 to a 12% market share. Home prices, locally, are at the lowest point in almost 4 years.  Buyer agency becomes more and more important as the market goes through an uncertain stretch and our office is seeing as good a year as ever.  For the first time in a year we have as many sold and under contract properties as new listings.  Please join me in plans to greet a new paradigm.   And what would Thanksgiving be without a good old fashioned Turkey Shoot?  Enjoy the day in a place of peace and expectation!

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

Wonderful Estate for a Horse Lover

Main house, beautiful gardens and extensive stone walls considered one of the finest combinations of quality, historic design, space and charm on Martha's Vineyard. Property also includes a 3,100 sq ft four stall architecturally designed post and beam barn with 840 sq ft of living area with living/dining room, large bedroom, basement and laundry, 1 1/2 baths and partial kitchen. Priceless Thumb Cove lot with parking and access to Chilmark Pond and barrier beach included. Thumb Cove is at the end of Cygnet Way on Chilmark Pond and only 250 yards from main house. Property also has access to several miles of walking and horseback riding trails.

Beach House with Atlantic Ocean Views

It doesn't get any better....an elegant home designed by Twanette Garvey,an  elegant location and setting with wonderful views of South Beach...the roar of the ocean and fresh breezes...privacy and a walk to the beach....This fabulous home looks like a chapter from Architectural Digest...neat, clean lines, open spaces, high ceilings, dramatic windows....high end finishes, high end appliances and appointments...wonderful space for entertaining....great guest wing and detached guest suite above garage....the lawn looks like a putting green and the gardens have been designed by a landscaping architect who instilled incredible serenity and beautiful color to the plan...it doesn't get any better.

Views of Edgartown Harbor

Set in the heart of Edgartown Village, yet far from the maddening crowd, this exquisitely renovated contemporary cape is the foundation for summer memories. The main house offers 4 bedrooms and baths on four levels with water views from almost every room,plus a detached guest suite. A heated gunite pool and built-in barbeque are tucked away in a private garden of rich landscaping. The top floor "Boat Room" is the crowning glory with a full view of both inner and outer Edgartown Harbor.