Premium Properties Fall 2021

FALL 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 ALEX SARGENT

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 2021. 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 Tim Johnson photographed an historic whaling captain’s home in downtown Edgartown.

Dear Reader, The real estate market on Martha’s Vineyard is continuing its dizzying climb after another record-setting year. The median selling price of a single-family home is now $1.3 million, up 15 percent from the same time last year. High demand and low inventory have kept prices high, and properties are being snapped up almost as soon as they are listed.

Martha’s Vineyard Premium Properties, a free publication from the Vineyard Gazette Media Group, offers readers a glimpse at some of the spectacular properties currently being offered for sale, as well as a review of recent market trends.

Despite the tight market, new listings come on the market every week on Martha’s Vineyard, from waterfront estates to Camp Ground cottages to modest cabins in the woods. If you are considering jumping into this hot market, contact one of the many real estate professionals listed on these pages to get started. Their expertise will guide you through the process of finding the Island home of your dreams.

Jane Seagrave Publisher Vineyard Gazette Media Group

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INVENTORY

FIVE-YEAR TREND

PROPERTY TYPES

OCTOBER 2017

OCTOBER 2018

349

524

OCTOBER 2019

OCTOBER 2020

514

360

RESIDENTIAL

OCTOBER 2021

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

184

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

81

October

90

November 82

December 56

January February

45

March

53 61

April May

49 56

June 50

July August September

41 55

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

2020

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

$1,300,000 14.9% INCREASE OVER THE SAME PERIOD 2020

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

$1,992,200 21.4% INCREASE OVER THE SAME PERIOD 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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Pre-Construction: Chic Modern Coastal Retreat in Katama 3-Bedroom, 3.5-Bath | Open Floor Plan, Designed Indoor-Outdoor Living | Room For A Pool Edgartown – Katama | Point B Exclusive - $4,295,000

Vintage Edgartown Village Charmer With Second-Story Water Views 4-Bedroom, 3-Bathroom | Edgartown Harbor Views | Covered Porch + Landscaped Grounds Edgartown Village | Point B Exclusive -- $3,395,000

POINTBREALTY.COM 4

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508.627.4567

info@pointbrealty.com | 19 Winter Street | Nevin Square | Edgartown

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Idyllic Edgartown Village Colonial With Sweeping Meadow Views 3-Bedroom, 2.5-Bath | Overlooks 10-Acre Meadow | Strong Rental History, Offered Turnkey Edgartown Village | Point B Exclusive -- $3,395,000

Luxurious Living At The Harbor View Captain’s Cottages 2-Bedroom, 2-Bath | Refurbished in 2021 | In-Town Location | Hotel Lifestyle Amenities Edgartown Village | Point B Exclusive $1,925,000

Voted “Best Real Estate Company” on Martha’s Vineyard

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Tea Lane Associates 508.696.9999 West Tisbury

508.645.2628 Chilmark

South ShoreWaterfront Sanctuary Surrounded by the peacefulness and power of the natural environment, this is an extraordinarily special property. With stone walls, lush gardens, and easy access to the ocean and Stonewall Pond. The character of this property, its authenticity, its vistas, and connection to the natural landscape all combine to create a truly unique experience. Exclusively offered for $7,900,000.

West Tisbury Home Business Opportunity

Idyllic Setting Close To Town

Your chance to own a commercial residential property and business in North Tisbury. Located just outside the business district, this garden center with roots in the community and long standing relationships is ready for new owners to take the helm or organize into a private residence. Exclusively offered for $3,600,000.

Full renovation just completed. Only 1-mile to Edgartown Village or Bend-in-the-Road Beach via bike path. Situated privately on .69 acres of beautifully-wooded property at the end of a cul-de-sac. Plenty of room for a pool and garage with proper permitting. Exclusively offered for $2,150,000.

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w w w. t e a l a n e a s s o c i a t e s . c o m 504 State Road, West Tisbury MA 02575 • Beetlebung Corner, Chilmark MA 02535 PREMIUM PROPERTIES • FALL 2021

Tea Lane Associates 508.696.9999 West Tisbury

508.645.2628 Chilmark

Private West Tisbury Estate This estate is set on 28 beautiful pastoral acres. The main home overlooks a spring fed pond, old stone walls and open meadows.

There is a pool nestled on the side of the home surrounded by gardens. There are three additional dwellings and an impressive barn. Exclusively offered for $6,100,000.

Waterfront Home with Private Beach

Walk to Downtown Edgartown

Enjoy stunning sunset water views from this 8-acre Aquinnah property. The house sits back from the water on a natural rise, with intimate and magnificent views of the ocean and the Elizabeth Islands. There is a heated pool and a path to the private beach. Just a few minutes from the cliffs, this is a magical location. Exclusively offered for $5,600,000.

This rare 1.92-acre lot is within walking distance to downtown Edgartown and tucked away on the end of a private drive. The existing expansive home offers views over the Sound from the third floor and beautiful vistas and meadow views from the main level. Certified 12 bedroom Title V is in place. This property is being sold as is. Exclusively offered for $2,200,000.

w w w. t e a l a n e a s s o c i a t e s . c o m 504 State Road, West Tisbury MA 02575 • Beetlebung Corner, ChilmarkPREMIUM MA 02535 PROPERTIES • FALL 2021

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