Real Estate Confidential is a two-week chat about new announcements, sales or other inside information on Martha’s Vineyard Real Estate market represented by Fred Rowen, owner / broker Purchasing Agents Martha’s Vineyard… It appears every second Friday at Minute…
The housing market today at Martha’s Vineyard is full of extremes. Mortgage rates close to record lows are driving strong consumer demand. On the other hand, the absence of sellers leads to a record low level of housing stock. This imbalance in supply and demand is leading to skyrocketing wars between tenders and higher sales of homes above their asking price. These market conditions are not just extreme – they can be overwhelming. A real estate agent can be your essential guide in this unprecedented market.
Opportunities are certainly there, but it is difficult to ignore the prices of waterfront and urban properties entering the market. This week the range ranges from a $ 999,000 country cottage in Edgartown to an oceanfront estate in Chilmark for $ 26.5 million. Most experts believe the trend is continuing, but hopefully slowing down as more homes enter the market. Unfortunately, at the same time, the Fed threatened to raise interest rates.
The most chilling statistic I’ve ever seen is the homes in Martha’s Vineyard that were contracted last week and all but one sold in seven days or less. The current average price for a 3-bedroom home is $ 1,645,000. I want to say that all this is a word for the wise. All I can do is communicate the facts.
Many buyers have been waiting for a property in downtown Edgartown that has it all. Historic village house from the 1880s 14 Peace Point Way South was completely renovated in 2010; the classic Edgartown complex designed by Patrick Ahern. Turnkey and ready to move in this summer! Professional landscaping, brick terraces, barbecues, pool and spa, terraces, verandas with wood burning fireplaces. The house has a finished basement with a family room, theater and bunk bedroom. Not a single detail was overlooked: a charming 400-square-foot coachhouse with en-suite bedroom and professionally designed landscaping with brick terraces, built-in BBQs, pool and spa, terraces and sundecks with wood burning fireplaces.
Imagine going back in time with all the modern conveniences. 5 Quiet meadow provides this and more. The original Luce Atern house was built in 1714 and isA path lined with granite stone leads to it. The house has a large room that was created from an original barn and is accented with an amazingly crafted stone fireplace, vaulted ceilings and a chandelier that was rescued from the basement and refurbished by the current owner. The only way to appreciate this property is to stand outdoors looking out over the lawns, perennial curbs, and Priester’s pond.
For the savvy buyer, there are options such as a custom made 3-bedroom, 2-bathroom home with beams. 32 June Avenue in Oak Bluffs. The house is within walking distance of the lagoon for endless waterfront entertainment; Just grab a kayak to go rowing. There is a large basement with high ceilings and bulkhead access, ready to be finished for additional living space. Radiant heat on the ground floor and forced hot air ducts and air conditioning on the second floor, new copper pipes and hot water on request, and solar panels mean the home is efficient and comfortable all year round and without electricity bills.
No Martha’s Vineyard real estate discussion this week could be complete without mentioning 146 Quenames Road in Chilmark. This $ 26.5 million offer is definitely not for everyone. One of the largest residential lots in Chilmark, this exceptional 60-acre offering includes 800 +/- feet of a straight, breathtaking Atlantic Oceanfront promenade. This estate offers several homes, including a new farmhouse, a main house and a bunk house. A private ride takes you past beautiful farmland, open fields, down past Kenames Pond and across the dune to a sandy beach. Residences and grounds offer endless possibilities on this simply stunning oceanfront private estate.
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