Premium Properties - Fall 2020

FALL 2020

Martha’s Vineyard

PREMIUM PROPERTIES

PREMIUM PROPERTIES

•

FALL 2020

1

2

PREMIUM PROPERTIES

•

FALL 2020

Martha’s Vineyard

PREMIUM PROPERTIES A publication of the Vineyard Gazette Media Group

Publisher Jane Seagrave Production Director McKinley Sanders Editorial Vanessa Czarnecki, Nicole Mercier Ad Production Jared Maciel, Jane McTeigue, McKinley Sanders Director of Sales & Marketing Skip Finley Sales Manager Frederica Carpenter Sales Executives Garrett Burt, Gary Cook, Amy Kurth Business Manager Sarah Gifford

TIM JOHNSON

Dear Reader, The Martha’s Vineyard Premium Properties insert is published by the Vineyard Gazette Media Group, P.O. Box 66, Edgartown, MA 02539, vineyardgazette.com, and is distributed free on Martha’s Vineyard. Copyright 2020. No portion of this publication may be reprinted without the express written permission of the publisher. Every effort has been made to confirm the accuracy of the information in this publication, and the data is deemed reliable, but not guaranteed. For advertising and editorial inquiries, contact publisher@mvgazette.com.

ON THE COVER Donna Dube photographed waterfront homes on Starbuck Neck in Edgartown.

Nine years ago, we started publishing the Martha’s Vineyard Real Estate Yearbook to provide readers with a quick overview of the many real estate markets that make up the Island. Working in collaboration with LINK, Martha’s Vineyard’s multiple listing service, we compiled the most comprehensive source of market data available about real estate transactions that occurred in the year prior and organized them by town and sale price.

This year, we are proud to introduce an additional publication: Martha’s Vineyard Premium Properties. This free publication offers readers a glimpse at some of the many beautiful properties currently for sale on the Island, as well as a review of recent market trends.

Real estate on Martha’s Vineyard is in great demand right now as more people are discovering the attraction of Island living.

Whether you’re seeking a waterfront estate, a family compound, or a modest cabin in the woods, you will find plenty of housing opportunities.

Should a property catch your eye, contact one of the many experienced real estate professionals listed on these pages, or peruse their full listings. They will assure you there’s never been a better time to settle on the Vineyard.

Jane Seagrave Publisher Vineyard Gazette Media Group

PREMIUM PROPERTIES

•

FALL 2020

1

DOWN-ISLAND TOWNS EDGARTOWN Incorporated 1671, population 4,866, tax rate 3.35% The downtown area, a protected historic district, is known for its Cape Cod, Greek revival, and federal style homes. Other neighborhoods include the open plains of Katama, the marshy scrublands around Edgartown Great Pond, and the “separated island” of Chappy. Property values are highest in the downtown and waterfront areas, and more modest in the outlying wooded subdivisions.

OAK BLUFFS PROPERTY TYPES RESIDENTIAL Property types include single-family homes, multifamily homes, and condominiums. These comprise the majority of real estate sales.

SINGLE-FAMILY HOME Detached residence usually occupied by just one household or family. In some towns, single-family homes may be accompanied by guest cottages and accessory buildings owned by the same person or family. Single-family homes do not include short-term or large rental accommodations, such as hotels and inns or condominiums.

MULTI-FAMILY HOME Defined differently in each of the six Island towns, multi-family homes typically include a main residence, usually occupied by the owner of the property, and then a separate living space (such as a guest house or in-law apartment) for another family.

CONDOMINIUM Building or complex of buildings containing a number of individually owned apartments or houses.

Condominium owners have full title to the individual apartment or house and a shared interest in communal areas and facilities, including outdoor space. Almost all condominium complexes have a Home Owners Association (HOA). The HOA fee often includes the cost of services such as water, trash, sewer, some insurance, and sometimes gas, maintenance, and landscaping.

LAND A land sale is any which involves a plot of land that does not presently include a dwelling or commercial structure. Depending on zoning, the lot may be suitable for development; those that are not are referred to as unbuildable lots. Land sales typically sell at a lower price than similar plots with structures present.

2

PREMIUM PROPERTIES

•

FALL 2020

Incorporated 1880 as Cottage City and 1907 as Oak Bluffs, population 5,734, tax rate 7.44% The Martha’s Vineyard Camp Meeting Association remains the historic center of this colorful town of gingerbread cottages and Victorian architecture. Property values are highest in the East Chop area and around Ocean Park, and more modest in the downtown village and around Lagoon Pond.

VINEYARD HAVEN Incorporated 1671 as Tisbury, population 4,654, tax rate 9.33% (residential), 8.73% (commercial) Historic homes line the Main Street area leading out to West Chop, where sprawling summer houses overlook outer Vineyard Haven Harbor. Property values are highest in the downtown historic district and on West Chop and Lake Tashmoo, and more modest along the Edgartown-Vineyard Haven Road and off the main streets.

UP-ISLAND TOWNS WEST TISBURY Incorporated 1892, population 3,172, tax rate 6.07% A general store and white-steepled church still occupy the village center, and there is a commercial village in the North Tisbury section with a grocery store, pharmacy, and post office. Property values are highest on the North Shore and along Lambert’s Cove Road, and more modest along Edgartown-West Tisbury Road and off Old County Road.

CHILMARK Incorporated 1714, population 1,064, tax rate 2.86% Coastal sheep farms and stone walls are the signature features of this town that many say bears remarkable similarity to its namesake in England. It also includes the picturesque working fishing village of Menemsha. Perhaps not surprisingly, property values are extremely high in nearly every area of town.

AQUINNAH Incorporated 1870, population 476, tax rate 6.81% Located at the western tip of the Vineyard, Aquinnah offers windswept lots and, in many areas, ocean views. Property values are highest off Moshup Trail, Lobsterville, and Lighthouse Road, and lower off State Road.

SALES SUMMARY & TRENDS

SINGLE-FAMILY HOME SALES FIVE-YEAR TREND

429

SALES BY PROPERTY TYPE YEAR TO DATE 2020

427 418

416 379

= Single-Family Home - 333 = Land - 57 = Condominium - 22 = Commercial - 14 2015

2016

2017

2018

= Multi-Family Home - 9

2019

MEDIAN SELLING PRICE FOR SINGLE-FAMILY HOME

TRANSACTIONS ISLAND-WIDE OCTOBER 2019-SEPTEMBER 2020

YEAR TO DATE 2020

$1,131,000 37% INCREASE OVER THE SAME PERIOD 2019

October

62 46

November

54

December

59

January 33

February

35

March

AVERAGE SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2020

$1,649,720 8.7% INCREASE OVER THE SAME PERIOD 2019

April

25

May

22

June July August

43 47 59 112

September PREMIUM PROPERTIES

•

FALL 2020

3

4

PREMIUM PROPERTIES

•

FALL 2020

PREMIUM PROPERTIES

•

FALL 2020

5

6

PREMIUM PROPERTIES

•

FALL 2020

PREMIUM PROPERTIES

•

FALL 2020

7

8

PREMIUM PROPERTIES

•

FALL 2020

PREMIUM PROPERTIES

•

FALL 2020

9

10

PREMIUM PROPERTIES

•

FALL 2020

PREMIUM PROPERTIES

•

FALL 2020

11

12

PREMIUM PROPERTIES

•

FALL 2020

PREMIUM PROPERTIES

•

FALL 2020

13

14

PREMIUM PROPERTIES

•

FALL 2020