MV Luxury Real Estate

There are a number of properties that I would have expected to sell by now. Maybe because I just like them! I looked through all properties currently listed up to $1 million. The group I selected for this month's montage are all above average in quality, location and price. With interest rates at their lowest levels in years, they become exceptional values.

We are seeing a welcome change in the real estate market on Martha’s Vineyard with a solid increase in sales for the first 9 months up from 200 to 280 total closings. A recent move in the sale of higher priced homes, which had been particularly sluggish during the downturn, pushed the average price of a home sale on Martha’s Vineyard to just over $1 million for the first time in several years. Another indication of the shift, and a key market factor, is days on market (DOM). The third quarter with 52 closings saw DOM drop from a high of 303 days down to 274. The average for the year is still close to 300 and each month has shown improvement. There still is a lot of business activity and I expect 2010 will have a strong finish. I am keeping a close eye on what happens over this winter. Market conditions certainly remain in a state of flux and where they stand after the winter months will be a good indication of the strength (or weakness) of the marketplace. Regardless, the activity just downright feels good. August finished with one of the biggest “flurries” I have experienced. Thanks to all of you for your continued support. Figures for individual towns is contained in my market report at Market Conditions Report. (note: turn off sound if appropriate)

PLUM TV has put together some interesting videos about the Vineyard. From island tours; to popular beaches; to what to do with kids on rainy days. I have posted them at Vineyard Insider: A Complete Guide to Martha's Vineyard. Be sure to share them with your friends.

Martha's Vineyard at Her best

 

Instead of a selection of properties, this month's montage is photos of this dramatic Makonikey property. Affording a very private location and access to two north shore association beaches certainly warrants calling this home one of the most outstanding Martha’s Vineyard values. Every room in this house presents a panoramic view of Vineyard Sound. The floor plan of this luxurious home is spacious and easy flowing with 5 bedrooms including 2 masters, 5 and 1/2 baths, 3 fireplaces, 2 gourmet kitchens ( one inside one outside ), a 3 season porch, 3 decks, a patio and garage space for 3 with office space above. An outdoor gourmet kitchen has extensive stonework including a stone paver patio that leads to a kidney shaped pool with deck and hot tub. Everything you could love in a Martha’s Vineyard home. This prestigious property is priced at $2.7 million for house and lot or $3.495 million with the addition of 2 abutting buildable lots.

My sense of the market is that the effects of low mortgage rates is finally striking a nerve as we have seen an up swing in sales, and in some cases prices, as the summer draws to a close. With many client appointments already scheduled through September and October, that trend appears to continue at least through the short-term. Most surprising might be the activity in bank owned properties (REO). In a distinct change, they are being priced close to or below market value and selling within days if not hours. If you want to be notified of these opportunities, please let us know.

Karl E. Case is a professor emeritus of economics at Wellesley and co-creator of Standard & Poor's Case-Shiller housing index. In The New York Times of September 2 he reported on recent trends in the housing market and on a recent survey of buyer mood and investment expectations. A Dream House After All is a must read for any real estate buyer. The case-Shiller second quarter report shows mild price increases in a number of US markets.

During my fist summer on Martha’s Vineyard friends suggested that as fabulous as summer is on Martha’s Vineyard, September is dessert. As in every year since, I can feel the joy approaching.

Historic Home in the Popular Copeland District, Oak Bluffs

This historic home in the popular Copeland District is chock full of charm and solid year-round comfort, too. Sited near tranquil Naushon Park, the updated and well-maintained dwelling and yard are within an easy walk of town and beach. Updates have not impaired the home's period feel, including stone fireplaces and sumptuous woodwork. The main house offers four bedrooms, including two on the first floor, and a mix of family and entertainment areas. The romantic first-floor bath features a custom Barney Zeitz stained glass window. The sunny entry/mudroom was featured in Martha's Vineyard Magazine (Fall 2009 Home Garden). Other amenities include an upstairs deck and whimsical third story cupola. The detached garage has a finished second story room with full bath, upper deck and outdoor shower. No wonder this home has an excellent history of summer rental income! A separate, treed buffer lot sweetens the deal. Priced to sell fast at $850,000

Martha's Vineyard Beach House

This magnificent 5.5 acre property is located in the exclusive and picturesque Harthaven area of Martha's Vineyard. The site offers over 500 feet of sandy beach with pristine grassy sand dunes transitioning inland to tranquil Ice House Pond. The newly constructed home consists of over 7500 square feet of living space built to the highest standard and oriented to capture the incredible range of beauty surrounding the house. In addition to the water features, there are extensive stone walls, gardens, lush landscape and a winding drive leading to the parking courtyard. The main house features an entrance foyer leading to a paneled living room with stone fireplace, a large gourmet kitchen with walk-in pantry and eat-in area, a casual family room, and a handsomely appointed den/media room. Additionally, there is a first floor master suite, four additional bedrooms all with private baths, and a second floor office area. A two-car carriage house with additional bedroom and living areas, an in ground swimming pool and expansive wraparound porch compliment this very special offering.

Captivating and Exquisite Property

Waterfront on Tisbury Great Pond, Atlantic Ocean beach access and inspirational views. A beautifully maintained five bedroom two bath home with open plan kitchen, living and dining is complete with all the amenities. Outdoor living areas include an open porch with fireplace, a separate patio with pergola, and an expansive lawn. The two bedroom one bath guest house is set discretely overlooking Town Cove and features an open plan living, dining, and kitchen area. It is light open and airy with lovely views of the pond and gardens. The barn / garage has a partially completed second floor with potential to be a detached bedroom with pond views. A singularly beautiful property complete with private dock access.

Green Hollow is unquestionably among the finest home sites gracing Edgartown Harbor. Combining these photos with any others would tarnish the elegance and grandeur of this historic Martha's Vineyard property. Just sit back and enjoy.

 

Of equal importance to a new real estate listing is the re-opening of area restaurants and galleries. Back Door at the Homeport opened last Thursday and we have been twice; once for lobster and once for fish dinner. One night was a bit chilly so lobster dinner and spectacular sunset were through a car window. Second night was perfect weather and fresh caught meal for one of those long remembered Menemsha experiences.
The Eisenhauer Gallery opening on Saturday in Edgartown included perfect Dark and Stormy's plus music by Johnny Hoy. It was fun to see guests dancing in the rain on The Colonial Inn porch and patio. Oh yeah, some great art too featuring landscapes by Joshua Smith, Peter Roux, and Petria Mitchell.
We all know the Art Cliff as home of the best breakfast on Martha's Vineyard. Saturday night at the Art Cliff saw the return of late night snacks. The staff rolls a food wagon into the parking lot and prepares an unusual array of light meals. I limited myself to a "Bikini Weenie" (grilled roll, juicy kosher dog, cukes and avocado) and finished with beneigh soaked in hot Nutella. A local band on the front porch just added to another "only on the Vineyard" experience. Check before going as I believe this happens “on occasion”. Much more to come!
Received in an e-mail today: ..the owner of the waterfront home with deepwater dock in VH will consider taking a home, boat, or etc. in trade, Price is $2.99M.
From Country Life, UK New England Beach Houses . Martha's Vineyard from English perspective. Enjoy!

This month's photo montage is a response to water, beaches and warm summer breezes. They tend to be my first thoughts when the calendar shows a new year, there is snow on the ground and a feeling of optimism in the air.
Real estate writers are supposed to have some picture of where the market is headed. If the common thought I hear from brokers and the public alike the past few days is any indication, there seems to be more uncertainty yet more optimism and excitement in the air.
I honestly do not have a strong sense one way or the other. Based on the last 6 months, I am expecting a good personal year in real estate. I just am not certain where that leaves our buyers. Mortgage rates have come up a bit and seem to be settling around that 5% level. Several mortgage brokers and banks I trust are looking at no upward movement until mid spring.
Just as in the Northeast as a whole, the number of sales on Martha's Vineyard the last 6 months is up 25% over last year and although median price has seen some erratic growth, currently stands about 10% below last years levels. Where prices will be in six months is not as clear to me as mortgage rates. Any further dip is difficult to imagine and we have had double dip recession before.
Of special interest to our buyers, when you remove land and condominiums (particularly slow in the recession), the median sale price of single family homes has shown a constant increase since August.
President Obama's extension of the Home Buyer's tax Credit to include existing home owners among the best real estate news items of the year. You can review the basics at NEW 2009-2010 Federal Homebuyer Tax Credit Information Contact your accountant for the particulars.
The Wall Street Journal had an eye opening article about the current state of real estate:
Five Key Housing Issues to Watch in 2010
For a wrapup of everything not real estate related, the Vineyard Gazette reports: White House to Bleak House, Year of Challenges on Island
The brokers of Martha's Vineyard Buyer Agents (and Shelby, of course) wish you and yours a healthy, happy and prosperous new year!

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.

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.

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.

Watch the World, Harborfront

Green Hollow is unquestionably among the finest home sites gracing Edgartown Harbor. Combining these photos with any others would tarnish the elegance and grandeur of this historic Martha's Vineyard property. Just sit back and enjoy.

 

Of equal importance to a new real estate listing is the re-opening of area restaurants and galleries. Back Door at the Homeport opened last Thursday and we have been twice; once for lobster and once for fish dinner. One night was a bit chilly so lobster dinner and spectacular sunset were through a car window. Second night was perfect weather and fresh caught meal for one of those long remembered Menemsha experiences.
The Eisenhauer Gallery opening on Saturday in Edgartown included perfect Dark and Stormy's plus music by Johnny Hoy. It was fun to see guests dancing in the rain on The Colonial Inn porch and patio. Oh yeah, some great art too featuring landscapes by Joshua Smith, Peter Roux, and Petria Mitchell.
We all know the Art Cliff as home of the best breakfast on Martha's Vineyard. Saturday night at the Art Cliff saw the return of late night snacks. The staff rolls a food wagon into the parking lot and prepares an unusual array of light meals. I limited myself to a "Bikini Weenie" (grilled roll, juicy kosher dog, cukes and avocado) and finished with beneigh soaked in hot Nutella. A local band on the front porch just added to another "only on the Vineyard" experience. Check before going as I believe this happens “on occasion”. Much more to come!
Received in an e-mail today: ..the owner of the waterfront home with deepwater dock in VH will consider taking a home, boat, or etc. in trade, Price is $2.99M.
From Country Life, UK New England Beach Houses . Martha's Vineyard from English perspective. Enjoy!

Warm Summer Breezes

This month's photo montage is a response to water, beaches and warm summer breezes. They tend to be my first thoughts when the calendar shows a new year, there is snow on the ground and a feeling of optimism in the air.
Real estate writers are supposed to have some picture of where the market is headed. If the common thought I hear from brokers and the public alike the past few days is any indication, there seems to be more uncertainty yet more optimism and excitement in the air.
I honestly do not have a strong sense one way or the other. Based on the last 6 months, I am expecting a good personal year in real estate. I just am not certain where that leaves our buyers. Mortgage rates have come up a bit and seem to be settling around that 5% level. Several mortgage brokers and banks I trust are looking at no upward movement until mid spring.
Just as in the Northeast as a whole, the number of sales on Martha's Vineyard the last 6 months is up 25% over last year and although median price has seen some erratic growth, currently stands about 10% below last years levels. Where prices will be in six months is not as clear to me as mortgage rates. Any further dip is difficult to imagine and we have had double dip recession before.
Of special interest to our buyers, when you remove land and condominiums (particularly slow in the recession), the median sale price of single family homes has shown a constant increase since August.
President Obama's extension of the Home Buyer's tax Credit to include existing home owners among the best real estate news items of the year. You can review the basics at NEW 2009-2010 Federal Homebuyer Tax Credit Information Contact your accountant for the particulars.
The Wall Street Journal had an eye opening article about the current state of real estate:
Five Key Housing Issues to Watch in 2010
For a wrapup of everything not real estate related, the Vineyard Gazette reports: White House to Bleak House, Year of Challenges on Island
The brokers of Martha's Vineyard Buyer Agents (and Shelby, of course) wish you and yours a healthy, happy and prosperous new year!

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.