Luxury Real Estate
Luxury real estate on Martha’s Vineyard has evolved over the years and has come to present quite a different profile than just 30 years ago—or even two years ago. A multi-million-dollar cost is one way to define whether a residence can be called luxury real estate, but those dollar amounts keep getting pushed higher.
During the pandemic, assessments of Martha’s Vineyard properties jumped 35 percent and more, depending on what town you consider. Asking prices shot up as well, some more than doubling in just two years.
In general, most real estate on the island starts at just under a million dollars. High net worth individuals look for luxury real estate from $2.5M and up and ultra luxury real estate from $5M and up.
What Defines Luxury Real Estate?
On Martha’s Vineyard, as in most places, it begins with location. As an island, the Vineyard is blessed with miles of coastline and stunning water views that create the foundation for a luxury property. Value will vary with the quality of the water location. In Vineyard Haven, for example, a Lagoon setting is one level. A home overlooking Vineyard Haven harbor may be a step up. Then a home on Vineyard Sound yet another step up.
Then, is there a beach? Is it a sandy beach, rocky, or just vegetation? Having your own private beach with a path leading from the house down to a sandy stretch is a true luxury.
Unique Amenities Add a Lift
Highly desired and unique amenities can also elevate a home to luxury real estate status. Special touches such as:
- butler’s pantry
- washer and dryer on each level
- elaborate stone fireplace
- ornate woodwork and trim
- personal elevator
- his and her bathrooms
- wine cellar
- fully outfitted gym and yoga space
- media room with theater seating
- and floor-to-ceiling bookcases are just a start
Outdoor amenities such as Har-Tru tennis court, pickleball court and swimming pool also add shine to the lux lifestyle.
Spectacular amenities such as these on recently listed properties add even more allure:
- rooftop swimming pool
- all-glass house
- an addition shaped like a lighthouse
- 100-foot deepwater dock with running water and electricity
- rooftop entertainment area complete with wet bar
One or two private homes on Martha’s Vineyard even have their own squash court. And, of course, if you have your own airplane, you can land and store it at the Martha’s Vineyard Airport. Or, be like island homeowner, former President Obama, and approach the island accompanied by a few helicopters.
Investment Potential
Few buyers of luxury real estate on Martha’s Vineyard lose money on the deal. Historically, island property continues to appreciate in value unless a homeowner sells during a downturn, such as the one in the Great Recession of 2008-09. Prices dropped about 30% during that troubled time, but they eventually completely recovered by 2019, and then values accelerated during the pandemic. So, while there is never a guarantee that a property will increase in value, luxury real estate on Martha’s Vineyard generally holds its value and over time proves to be a solid investment.
Swimming Pools = Luxury Real Estate
Swimming pools have become long been synonymous with luxury real estate in posh neighborhoods across the country. But it is only recently that they have become an important amenity in the Vineyard luxury real estate market. A Martha’s Vineyard luxury home with a swimming pool enables families to enjoy stay-cations—vacations in which you don’t have to leave your house to enjoy a relaxed visit while also providing an enviable entertainment area.
Most importantly, swimming pools also enable homeowners to increase the amounts they charge renters, whether it is for a vacation rental, wedding party, reunions, etc. Pools can add thousands of incremental rental dollars to a homeowner’s overall rental income.
Guest House or Carriage House
Sufficient acreage for a guest house is also highly desirable and an indicator of a luxury lifestyle on Martha’s Vineyard. It’s important to note, though, that the size of an allowable guest house will depend on the varied zoning laws in each of the six island towns.
In Vineyard Haven (Tisbury), for example, guest house size can range from 600 sq ft to 800 sq ft, depending on the overall size of the lot and its location. Guest houses can allow a homeowner a place to stay during a rental period while the main house is rented out. Or, both the guest house and the main house can be rented.
It is common on the Vineyard for even the most expensive homes to be rented with rental fees going up to $100,000 or more per week. These homes usually feature square footage over 4,000 sq ft and enjoy waterfront or water view locations. It makes economic sense to rent such luxury real estate since these stunning homes are usually just one of several the owners have in their possession. And why not make the investment work for you? It is just one of the perks of ownership here.
