This holiday week things are a bit quiet on the Island. There have been 8 new listings with a median price of $2,450,000. This is a deceiving number as several of these listings are co- or tri-listings. Agencies here on the Island often share the listing agent side of a property. Homeowners believe this gives them more exposure - it doesn't. Wouldn't a prudent business person advertise their exclusive offerings more often and in more visible places? Agents believe this boosts their inventory, and it does, but they forget about the shared liability that comes with a co- or tri-exclusive listing. I hope they have their E&O insurance premiums up to date!
6 properties had price changes (all down - as if you didn't know) this week. The Average Price is now $1,696,167, but as we've discussed before, the more important number - the median - is $599,000. Average days on the market for these properties? 254 days (so far).
1 property sold in the last 7 days (that's assuming that agents are entering their sales data on time and accurately). That one property - in Chilmark - sold for $2,200,000. It was on the market for 811 days! A long time!
As the holidays approach, many homeowners and prospective purchasers turn their focus to other life happenings. I hope your life is filled with the happiness and generosity that the holidays bring.
Susan
Friday, November 23, 2012
Sunday, November 4, 2012
Edgartown Sales for 10/11 - 11/12
In the last year there have been 146 sales in the town of Edgartown, MA. This includes lots of land and commercial properties in addition to single family homes. It also incorporates sales on Chappaquiddick, which is part of Edgartown.
The Average Sale price was $1,019,319.00 and the Median Sales Price (a more important indicator) was $645,000.00.
The Average Days on the Market was 181.
You may be surprised to learn that there were foreclosures in Edgartown. They accounted for 11 sales in this one year period. A pretty high number considering - 7% - the perception of Edgartown.
A number of sales were private (i.e., did not use a real estate professional) but the majority were consummated with the assistance of a real estate professional (115). Experience shows that a majority of real estate transactions are facilitated by a real estate professional. Our Edgartown numbers bear this out with 80% of all sales recorded in Edgartown transacted through a real estate agency. Another reason to use a professional!
The Average Sale price was $1,019,319.00 and the Median Sales Price (a more important indicator) was $645,000.00.
The Average Days on the Market was 181.
You may be surprised to learn that there were foreclosures in Edgartown. They accounted for 11 sales in this one year period. A pretty high number considering - 7% - the perception of Edgartown.
A number of sales were private (i.e., did not use a real estate professional) but the majority were consummated with the assistance of a real estate professional (115). Experience shows that a majority of real estate transactions are facilitated by a real estate professional. Our Edgartown numbers bear this out with 80% of all sales recorded in Edgartown transacted through a real estate agency. Another reason to use a professional!
Friday, November 2, 2012
My Pick of the Week - November 1st
Saw this house on tour yesterday - a true in-town gem!
12 Main Street Vineyard Haven, offered for $1,998,000 with 4 bedrooms, 4.5 bathrooms, a roof deck and a to-die-for game room in the lower level. Comes furnished too! Great rental history and I fell in love with the stone (I think it was a blue agate) in one of the bathrooms. All had granite or stone and each was different. Stroll to Mocha Motts for capuccino, and enjoy it on your roof deck with views over town and the harbor. Beautifully built! An Island treasure. Call me for a private viewing at 508-939-0206.
12 Main Street Vineyard Haven, offered for $1,998,000 with 4 bedrooms, 4.5 bathrooms, a roof deck and a to-die-for game room in the lower level. Comes furnished too! Great rental history and I fell in love with the stone (I think it was a blue agate) in one of the bathrooms. All had granite or stone and each was different. Stroll to Mocha Motts for capuccino, and enjoy it on your roof deck with views over town and the harbor. Beautifully built! An Island treasure. Call me for a private viewing at 508-939-0206.
Tuesday, October 30, 2012
FEMA and Buying Real Estate
If you have a home/property under agreement right now and the appraisal was done prior to Hurricane Sandy and you were in the path, your appraisal may have to be redone. It makes sense when you think about it. The property that you are buying and getting mortgage on, may have suffered damage that reduces its value and/or requires repairs that are covered under disaster relief insurers such as FEMA. So, look over your purchase and sale documents, review the insurance provisions and contact your lender. This may also result in a delay in closing escrow, so be prepared and Good luck!
Monday, October 15, 2012
My Home Pick of the Week
Head of the Pond Road in Vineyard Haven
This is the vista from this special home with 150 feet of private beach on Lagoon Pond, just listed with an asking price of $1,395,000. On 1.32 acres of land, this bird lover's property is also conveniently located, yet private. Among its features is a sauna! 3 bedrooms and 2 full baths in this 2,300 square foot home. Call me if you would like to arrange a private viewing or would like additional information. 508-939-0206.
Visit our website to see the homes and all other types of properties currently available for sale on the Island. HomesonMarthasVineyard.com We also offer vacation rentals!
Stay tuned for updates on the Vineyard real estate market and information on "world at large" influences on your life and future real estate plans.
Susan
Susan@HomesonMarthasVineyard.com
"We make it easy to find your way home!"
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