$54mm of real estate changed hands on Martha's Vineyard a couple of weeks ago including a $22mm estate on Edgartown Harbor, a $10.85mm oceanfront property in West Tisbury, a $6.5mm waterfront house and guesthouse in Aquinnah, and a $4.425mm three-parcel compound with pool in Chilmark. Tea Lane Associates handled two of these four transactions. These four sales combined with six other transactions to create an extremely impressive week of sales for the island.
Martha's Vineyard 2014 Market Review
2014 marks the third consecutive year at this same level of activity and investment. This stability confirms this market’s recovery from the recession in 2008 which produced a gradual downturn followed by erratic results in the following years. While some primary home markets in the U.S. have seen heated activity over the past two years, Martha's Vineyard, a vacation destination, has had a different experience but does continue to maintain the activity levels of 2012 and 2013 and shows modest growth in 2014. Last year we predicted a “slow but steady recovery now consolidated over two years.” 2014 performance keeps us on this track for the third year running.
The real estate market on the island showed healthy activity in the first three quarters of 2014. Total number of transactions increased 3% over the first three quarters of 2013 (340 sales in 2014 versus 330 in 2013) and total dollar volume was up 7% to $309mm (versus $289mm in 2013). The average sales price rose 4% to $909,000 (from $876,000 in 2013).
Here is a great opportunity in West Tisbury! This 5-bedroom, 3-bath home within walking distance of Lambert’s Cove Beach is priced at $799,000. Built in 1999, this home offers an open floor plan and 2500 square feet of living space plus a full basement, garage and art studio. Located at the end of a quiet road. This is a truly a great value for a buyer.
It was a beautiful day to celebrate the summer solstice in Aquinnah at the Light House. Young and old, human and canine, up-islanders and down-islanders gathered to enjoy the longest day of the year and remind ourselves of how important it is to help SAVE THE GAY HEAD LIGHTHOUSE.
It was a beautiful evening under the tents at the Dr. Daniel Fisher House. Many guests were happy to visit with friends and neighbors for the first time this year. Catered by V. Jaime Hamlin the delectable hors d’oeuvres were served seamlessly by her professional team while the shellfish station offering Katama oysters and little necks was conveniently situated for everyone to help themselves.
The range of items offered in the silent auction kept everyone browsing while the exciting packages for the live auction were the subject of much conversation and curiosity. Everyone had to take time to admire the painting called “A Chilmark Pond” by Ray Ellis, which captured Keith’s Farm in Chilmark beautifully. It was particularly poignant as the beloved artist passed away so recently and was a dedicated supporter of the Preservation Trust.
As dinner began, Sally Rorer, Trust President, spoke about the recent projects of the Trust while a video showcased the related subjects such as the restoration of the Union Chapel in Oak Bluffs and the interior of the Old Whaling Church. Margo Datz recently completed the trompe l’oeil mural and was applauded heartily by many in attendance. Chris Scott, Executive Director, shared how generous Ray Ellis had been over the years, raising over one million dollars for the Trust over twenty- five years.
The Moore property at 3 Oxcart Road in Aquinnah was just listed this week for $2,350,000. It’s a 1.5 acre property beachfront on the Vineyard Sound with a year-round 3-bedroom home. This area of Gay Head has been quite active in the recent past. There have been 4 sales in this neighborhood in the past year and a half ranging from $700,000 for a simple summer camp to $2,250,000 for a beautiful waterfront two-bedroom home. There are currently 3 properties on the market on Oxcart Road. It’s a desirable area due to the classic island landscape of beach grass dunes and the excellent swimming and fishing on this stretch of coastline. All owners and renters in Aquinnah have access to Philbin Beach as well on the Atlantic side of town and Aquinnah offers two town beaches on Menemsha Pond for kayaking, paddle boarding and mooring boats. Buyers are discovering all the beach and water access in Aquinnah, and combining that with a waterfront property makes for a heavenly situation.
This generous welcoming water front home in West Chop inspires the vision of early morning swims, picnics on the rolling lawn, and cocktails on the porch as the waves lap rhythmically. With all the charm of a family home of earlier times, and the comforts of today, one can enjoy family and friends easily with a substantial living dining area, huge open kitchen, waterside porch that extends along the length of the house, and bedrooms that are intelligently distributed for guests. Every room has a spectacular view of the Sound and the activity of the ferry, sail boats and Falmouth across the water. This is a rare and unique experience.
Due to lucky circumstances this property is available during the second half of August into September. This is the perfect experience for a young mother who’d like to see her children playing and her parents visiting…or maybe an extended family that will appreciate being able to walk or ride bikes to town…or a couple or individual who want a wonderful setting to work or create and have dear friends visit….
Once again, people lined up as far as the Court House to enter the huge tents at the Dr. Daniel Fisher House for the annual Taste of the Vineyard Gourmet Stroll hosted by Martha’s Vineyard Preservation Trust. Young and old, traditionally and eclectically dressed, year-rounders and summer folks picked up their plastic trays and wine glasses and confirmed their strategies for navigating the course. As always, food and beverage vendors were lined up with their signs and their creatively arranged delicacies throughout the three tents and although a few areas were a little tight with too much “traffic”, most folks managed to enjoy sampling, sipping, walking and talking.
Delicious Fare by Vineyard Businesses
It seemed more controlled than of previous years, with a little more elbow room and a wider distribution of cuisines and products. There were over forty five food vendors that included restaurants, caterers and gourmet shops. With elegant fare from Atria, Herring Run Kitchens and Vineyard Golf Club, comfort food from Tea Lane Caterers, Flatbread Company, and Bill Smith’s MV Clambake Co and barbeque and sushi from Smoke’N Bones, Sand Bar Grille and the Lookout Tavern it was overwhelming!
The incredible sweets of Chilmark Chocolates, Cakes By Liz, Not Your Sugar Mamas, and Pie Chicks were not ignored…nor were all the samplings of craft beers, fine wines and specialty cocktails. There had to be more beverage distributors than last year –there were at least fifteen brew companies represented such as Bad Martha Beer, Allagash Brewing Company and Offshore Ale Company (of course!) and several wine and liquor distributors such as J Lohr and Old Ipswich Rum.
The Sultans of Swing played incredibly, as everyone has come to expect, and had people on the dance floor from the beginning. There was a crescendo as the evening progressed, and people tossed beach balls in the air, sang (or screamed) the lyrics to the tunes, and hugged sweaty strangers closely…it was a beautiful thing and difficult to decide who had more fun, the guests, the vendors or the hosts- everyone coalesced with great satisfaction.
Then the music stopped, the lights brightened obnoxiously, and people all eased out to the streets, wiping their faces and straightening out their sweaty clothing… It was a wonderful night. http://www.tasteofthevineyard.org/