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Real Estate News and Stories from Martha’s Vineyard

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        On Martha's Vineyard 
 Vineyard Open House Real Estate
    Vol. I, No. 4        Autumn 2015  

Headlines

Vineyard Summer Celebrations – New VOH Website Debuts
Mortgage Trends
Market Update 
2016 Rental Season Has Begun 
On the Market Now 
Home under $500,000 
Home under $1M 
Home under $2.75M 
Home for $3M & Up
Next Issue 
Exciting New Listing Coming This Fall!
Upcoming Events

Vineyard Summer Celebrations

Dear Friends,

It's October, but let's not let summer memories slip away too quickly, not just yet. (See photos below.) The World Series is coming in a few days and that reminds us that the MV Sharks made it to the post-season once again. Sunsets continue to be gorgeous, especially in the spectacular fall light. The ferry still brings people and the promise of Vineyard fun. Backdoor Donuts still has a few sugar highs to induce. And beaches are always made for thoughtful walking no matter the season.

We at Vineyard Open House are grateful to have been able to provide another year of service to our friends and clients and celebrate the successful launch of our Rental Division last spring. The new VOH website was launched just last week (try it to see more then 370 listings online). Our first fall listing came on the market two weeks ago (see below) with the expectation of another in Vineyard Haven soon.

And, we had a wonderful turnout of more than 40 people attending our 3rd open house held at the VOH office on Sept. 25 (photos below). We greatly appreciate the continued support of our friends, family and clients. And we look forward to continuing to provide world-class service to the island year-round and to your real estate needs.–David Lott, Owner/REALTOR

 

Sept25USE1

More than 40 friends, family and clients attended the 3rd Annual VOH Open House.

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Inside and out, everyone had a good time.

11822774_727096097436125_2246288864623452955_n   The Sharks, who continued to shine with another great season, pictured under the lights.

 

11227921_726682844144117_1967590168373450524_nA watercolor ending to a Vineyard day at the West Chop flagpole.       

  Ferry newsletter

The faithful ferry taking vacationers home.

 

11824119_1023896074288456_224973534_nThe fritter that ate Chicago! Back Door Donuts continued to deliver delicious treats this summer.

 

11824154_1023896154288448_677940528_nThe picturesque Gay Head Cliffs never fail to impress… 

 

11830166_1023896167621780_263663754_nAnd neither does the pristine Moshup Beach beneath them!

 

11851233_1023896040955126_200210133_nThe Tisbury Street fair packed Vineyard Haven with music, food & fun once again this year!

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Whither Mortgage Rates?

Rates are down as world economies react to the slowdown in China. A Fed rate hike looks more and more like it won't happen until 2016. Rates below are for 30- and 15-year, no-point mortgages up to $417,000. Ask your banker for jumbo and other mortgage product rates.

                            30 Year Fixed Rate            15 Year Fixed Rate
Martha's Vineyard Bank    3.99%                          3.375%    
Santander Bank                   3.875%                        2.99%  
Cape Cod 5                            3.75%                          3.00%     

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Market Update

In a word, the real estate market is 'up.' One hundred and three (103) homes were sold on Martha's Vineyard in June – August, up from 76 sales in the same time period last year, a 35% increase. In fact, every month this year, except for May, showed more homes selling than in 2014.

Prices are going up, too, For the year, homes island-wide have sold in 2015 at 125% of assessed value, up from 110% of assessed value last year. This is good news for sellers.

There is good news for buyers as well. There were 52 new listings in August alone and 371 homes on the market. That's a lot of homes from which to choose. The absorption rate (time it would take to sell all available listings) still ranged from 12 months in Oak Bluffs to 25 months in Chilmark. The months of lingering on the market exerts rising pressure on sellers to lower their asking prices. And in a secondary market like the Vineyard, buyers often choose to let that pressure work in their favor.

These stats tell you we are a good ways from having a seller's market. However, with homes spending shorter time on the market than in past years, buyers are, in fact, acting more quickly to grab the more attractively priced (and sometimes furnished) homes. The cream of the crop in their respective price ranges are the first to go. Sellers stubbornly waiting to get their price are going to continue to wait.

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2016 Rental Season Has Already Begun

What our clients are saying about our rental properties:

58 Look st

58 Look St. 2016 Summer rate, $3,250/week
Vineyard Haven, MA 02568
Details:
In-town location, 5 BRs, 2 BAs, Sleeps 9, pets considered
Fees: 
$500 refundable security deposit, $250 cleaning fee
Contact: Kristin Zern,
Director, Rental Division at 914-439-2047.

"Our two families had a wonderful stay and enjoyed the house immensely. It is like no other place we've ever been, and has a truly unique feel, yet also built with practicality in mind.'–The Bakers, Mass.

"….uniquely and lovingly designed, magically personable house. There were so many delightful and brilliant features to this house – it is truly one of a kind."–Masayo B.

 

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Location: West Tisbury, Martha's Vineyard

Details: 4 bedrooms/2 baths, sleeps 8 
Special Features: AC in bedrooms, Look's Pond nearby, walk to Alley's General Store, the library and 7A Deli
Fees: $500 refundable security deposit, $300 cleaning fee

This West Tisbury home off of Music Street was purchased by clients of ours and they continue to work with us as rental agents. Looks Pond and kayaking is just down the hill from this comfortable retreat and its 2 acres and tree screen provide privacy. Contact Kristin Zern, Director, Rental Division at 914-439-2047.

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On the Market Now

Here's a sampling of homes for sale in four different price brackets. Please contact me if you want to know more, or want to investigate other properties.

Under $500K

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Location: 50 Lantern Lane, Vineyard Haven, Martha's Vineyard

Asking Price: $459,000  Reduced! $425,000

Details: 3BRs/1.5BAs,  1,040 sf,  .23 acres

Special Features: Great rental history, in-town location 

View on the VOH Website: Reduced in Vineyard Haven

For More Information: Contact David Lott or call (508)-338-2495

Located just a short distance from town, this charming cape packs a huge punch in a compact space. A living room with high cathedral ceilings and an efficient kitchen give you open areas to relax and gather, and three bedrooms ensure everyone has their own space.

This home, situated in a quiet and peaceful neighborhood, also features a picturesque lawn where glorious gardens bloom all summer long.

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Under $1 Million

Leonard Circle2

 

Location: 63 Leonard Circle, Vineyard Haven, Martha's Vineyard

Asking Price: $549,000

Details: 4BRs/2 BAs,  2,128 sf,  .27 acres

Special Features: Totally updated interior, close to Vineyard Haven

View on the VOH Website: VOH Featured Listing

For More Information: Contact David Lott or call, (508)-338-2495

 Situated just outside of Vineyard Haven Village, this home was completely remodeled from its original 1950s design with high-end updates, creative use of space and a gorgeous addition that all add to its pristine charm. Every room has been meticulously redone down to the smallest details, ensuring that this home is in turnkey condition.

Meticulous landscaping has surrounded this home with a lush green yard where there's plenty of room for outdoor dining or gathering around the fire pit for marshmallows and star gazing. The location of this home is also prime, just a short walk into the center of Vineyard Haven.

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Under $2.75 Million

  6a00e54f072fc3883401b7c7b54f6b970b-800wi

Location: 317 East Chop Drive, Oak Bluffs, Martha's Vineyard

Asking Price: $2,235,000  Reduced! $2.15M

Details: 6BRs/3.5BAs,  2,615 sf

Lot Size: .30 acres

Special Features: Private beach on East Chop waterfront

View on the VOH Website: Waterfront Property

For More Information: Contact David Lott or, call (508)-338-2495

Built in 1930, this beachfront home has overseen the rolling tides of the Vineyard Sound for decades, and with plenty of space and a private beach, it's ready for the whole family to move in and make even more stories for years to come. This two-story home has it all, with lots of open living space, a detached two-car garage and, of course, an exquisite stretch of waterfront dotted with rambling beach roses and shells.

Head down to the 200 feet of private beach front, find a sunny spot to recline and enjoy the rolling waves and sea breeze. You're also in a great location in this home, with immediate access to the road into Oak Bluffs, where you can find premiere shopping and dining, the ferry port and plenty of entertainment.

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Home for $3M & Up

FarmNeck1

 

Location: Anthiers Lane, Oak Bluffs

Asking Price: $4,495,000

Lot: 2.08 acres

Details: 4,210 sq ft

Rooms: 10, Beds: 5, Baths: 4, Half Baths: 1

View on the VOH Website at: Oak Bluffs Listing

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Next Issue

VOH Early Winter Newsletter 20116

  • Vineyard Scenes (photos)
  • What's On the Market
  • Vineyard Fall Market Report
  • 2016 Rentals

Exciting New Listing Coming This Fall!

Watch for our newest listing–a new construction home–coming to market in Vineyard Haven later this fall. And if you are getting ready to sell your home, please contact me to discuss our creative marketing approach that includes event marketing, social media and much more. Contact David Lott for more information.

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Upcoming Events

New roadshow1

 

The VOH Real Estate Road Show – watch for announcements about the return of this consumer education event in which real estate experts discuss important trends and facets of buying and selling real estate on Martha's Vineyard.

 

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'On Martha's Vineyard' is published by Vineyard Open House Real Estate. Copyright 2015. 

For real estate information or questions about listing your house with us, please contact: David Lott, Owner/REALTOR, 10 Union St., Vineyard Haven, Martha's Vineyard, MA. Office: 508-338-2495, Cell: 203-270-9357. Broker, Mary Sullivan; Director, Rental Division/REALTOR, Kristin Zern, cell: 914-439-2047, or send us an email

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