Back to School, Blue Fish and Buying Real Estate

As summer visitors return to their normal lives, families are replaced by fishermen who come here for the Striped Bass and Bluefish Derby next week.   Buyers and sellers of real estate are faced with a decision ... there are buyers who want to secure something and be ready for next year and sellers who want to sell before they have the winter costs to carry.

Late summer and into fall can be in interesting time in real estate on Martha's Vineyard and we've written about it here before. It can be hard to keep the attention of second home buyers who might only keep one metaphorical toe dipped in our warm Atlantic waters as soon as they leave.  Once they are gone it can be an "out of sight out of mind" scenario so its up to sellers and their real estate professionals to make sure their property is well priced and still has the attention of buyers. Likewise, its good for buyers to be ready, with finance in place if applicable, and in a good position to make offers.

If a property is priced well it can often sell fast, and for over asking at this time of year, but if a property is priced too high it will sit there (unless very unique and desirable), often until the following spring.   In a market where there is lots of inventory and fewer buyers if you want your property to sell in the fall, then best price it well and encourage multiple offers.  

A case in point is one of our newest listings on 135 Capawock Road in West Tisbury. A stunning waterfront home, designed by island architect Peter Breese, and built in 2001, that came onto the market on August 15th, for $5,495,000, received multiple offers and is already under agreement (august 22nd).  

 16 Victorian Park in the Oak Bluffs Campgrounds had a similar response when it was listed for $899,000 on August 24th and already has a contingent offer on it. 

Plus this lovely renovated Menemsha cottage, at 7 Flanders Lane, Chilmark received an offer quickly after being listed for sale on August 31st for $1,575,000