Real Estate Confidential is a bi-weekly chat about new listings, sales or other inside information in the Martha’s Vineyard real estate market, presented by Fred Roven, owner-broker of Martha’s Vineyard Buyer Agents. It appears in The Minute every other Friday.
If you travel across the island these days, you can see new constructions everywhere. Nothing quite compares to the look and feel of a new home with the quality construction you expect. Reviewing prices over the years and comparing the current market, I don’t see an opportunity to build a three bedroom, two bath home here for under $1,350,000. Even at the lower end of the price range you’ll find quality finishes, and in many cases lately at least come with air conditioning or mini-splits. You’re never far from a beach or boat dock, and at the top end of the price curve you’ll find large waterfront homes with swimming pools.
With an average price of $725,000 for recent land sales and an average price of $800,000 for building lots currently for sale, the price of a new home is only going one way with the ever increasing cost of materials. We could see some moderation in existing home prices as inventories rise and mortgage rates rise. If you like the idea of making design changes to suit your lifestyle and walking into that fresh new home smell that can linger for years, this might be the perfect time to consider buying a brand new building. You can buy now, and most homes under construction can be ready for the summer of 2023.
I’ve found that when writing descriptions of properties for sale, I mostly consider the location on the island and the amenities available. For example, how close to beaches, hiking trails, bike paths, and most importantly, bakeries and breakfast places. With the new reality of new build prices, you can be assured of top quality from the many reputable architects and builders on the island. In many cases builders move into luxury homes with a pool, pool house, private beach, home office, Viking, Subzero, Wolf, Bosch, views, sunsets, first floor bedrooms and the list goes on so no point in repeating it over and over again.
In the summer of 2023 you can move into 14 Mill Hill Road with a pool and spa and be just a short walk to the village of Edgartown. The open floor plan includes a Great Room with a gourmet kitchen and dining and lounge area with a sliding wall leading to a bluestone patio with pergola and a view of the 16 x 34 foot custom heated saltwater gunite pool, a 7 x 7 foot custom built spa and professionally landscaped backyard. The second floor offers an open plan family/games room area and the lower level offers a finished room with a half bath. And there’s plenty of room for a guest house or an extension if you need more space.
At 28 Holly Bear Lane you will find 5 bedrooms, 5 bathrooms and a 30 foot heated swimming pool priced at $3,189,000. This home is located on a quiet street in Edgartown not far from Sengekontacket Pond, the Landing on the Boulevard and only 2 miles from downtown Edgartown. There is one suite on the ground floor with direct outside access to the swimming pool and fenced garden. My first thought is to always let the dog outside the door. Plus an unfinished 1,400 square foot basement with 9 foot ceilings. It also has a 30 x 14 foot heated pool surrounded by a bluestone patio. The home features a full basement, garage and is finished off with professional landscaping.
Located at 22 Herring Creek Road in a perfect location in Katama, this contemporary cottage style home features a first floor ensuite bedroom and living area with a gas fireplace. The finished lower level offers 1,000 sqm of space with a toilet! The plot has been designed with views of a future pool and detached garage. South Beach or town is an easy bike ride away. The property is located near the Katama General Store, 1 mile from Main Street in the village of Edgartown and 2 miles from South Beach.
This chic waterfront retreat at 24 Crocker Drive is in a near-perfect location for your island retreat. This superlative architect-designed home and estate is equidistant from the village of Edgartown and South Beach. This home offers classic New England architecture with a fresh, modern vibe – including a coastal-inspired interior with lap paneling, driftwood and bleached wood accents, as well as chic modern hardware and lighting fixtures. The home includes an in-home office, a work/TV area, a wet bar area next to the pool entrance, two laundry areas, and an unfinished 9-foot basement. Cover. There is an approved permit to add a 16 x 32 foot shotcrete saltwater pool for a purchase price of $100,000.
click here for a list of other new Vineyard homes ready for 2023.
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