Premium Properties - Summer 2021

SUMMER 2021

Martha’s Vineyard

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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 Carrie Blair, Garrett Burt, Amy Kurth TIM JOHNSON

Business Manager Sarah Gifford 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 Larry Glick captured the picturesque village and waterways of Menemsha, as seen from West Basin in Aquinnah.

Dear Reader, Martha’s Vineyard has long been a sought-after destination for people seeking natural beauty, access to beaches, walking and biking trails, and a slower pace of life, but the events of the past year and a half have only underscored its enduring appeal. Both land and houses have been snapped up quickly and prices have soared, shattering previous sales records. For prospective buyers and sellers of Island real estate, getting a handle on this fast-moving market is more important than ever.

Now in its second year, Martha’s Vineyard Premium Properties was created to shortcut some of that research and provide valuable information for people looking to enter the Island real estate market. This free publication offers readers a glimpse at some of the many beautiful properties currently for sale, as well as a review of recent market trends and how they compare to previous years.

Whether you’re seeking a waterfront estate, a family compound, or a modest cabin in the woods, you will find plenty of housing opportunities that suit your desires. 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 can work with you to make your Island real estate desires a reality.

Jane Seagrave Publisher Vineyard Gazette Media Group

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INVENTORY

FIVE-YEAR TREND

PROPERTY TYPES

JULY 2017

JULY 2018

319

490

JULY 2019

JULY 2020

494

379

RESIDENTIAL

JULY 2021

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

158

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.

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TRANSACTIONS ISLAND-WIDE

BY MONTH, 2020 - 2021

July

47

August

59 112

September October

81

November

90

December

82

January February March

56 45 53

April May June

61 49 56

SINGLE-FAMILY HOME SALES FIVE-YEAR TREND

525

EDGARTOWN Incorporated 1671, population 5,258, tax rate 3.28% 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.

427 418

DOWN-ISLAND TOWNS

416 379

OAK BLUFFS Incorporated 1880 as Cottage City and 1907 as Oak Bluffs, population 5,741, tax rate 7.37% 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 2016

2017

2018

2019

MEDIAN SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2021

$1,215,000 19.1% INCREASE OVER THE SAME PERIOD 2020

AVERAGE SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2021

$1,895,199 18.5% INCREASE OVER THE SAME PERIOD 2020

2020

Incorporated 1671 as Tisbury, population 4,509, tax rate 9.17% (residential), 8.58% (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 3,251, tax rate 6.1% 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 1,278, tax rate 2.91% 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 508, tax rate 6.39% 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.

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AN E SSE N T I A L R E S O U RC E for both home buyers and sellers with details of every property sold by town, plus neighborhood descriptions, useful statistics, charts and graphs, a directory of real estate agents and appraisers, and more.

2021 FREE

Martha’s Vineyard

REAL ESTATE YEARBOOK TRANSACTIONS | NEIGHBORHOOD DESCRIPTIONS | ANALYSIS OF TRENDS

A publication of the

In partnership with

PI C K UP A COPY

ON NEWS STA N DS N OW 8

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or order at vineyardgazettestore.com

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MAKE YOUR GUESTS FEEL AT HOME A handy shortcut to all of the Island’s charms.

Martha’s Vineyard

ISLAND GUIDE Best Bets & Local Favorites

W H E R E T O E AT, S TAY, S H O P, S W I M , D A N C E , H I K E , B I K E , P L AY & M O R E

2021

ALL NEW for 2021!

The award-winning insider’s guide to where to go and what to do on Martha’s Vineyard.

NOW AVAILABLE FOR JUST $9.95.

O R D E R O N L I N E | V I N E YA R D G A Z E T T E S T O R E .C O M PREMIUM PROPERTIES

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TOMORROW’S

HISTORY PHOTO BY ALISON SHAW | First place, pictorial photo, NENPA, 2013 Limited edition poster for sale at vineyardgazettestore.com.

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175 Years of the Vineyard Gazette JULY 23 – OCT. 24, 2021 Martha’s Vineyard Museum

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