Phone
508-627-4424 | Fax 508-627-5771
Lighthouse Properties LLC is a Martha's Vineyard real Estate
and vacation rental agency.
We offer a combination of the most progressive technology with friendly,
personal service that exemplifies Vineyard style. We enthusiastically
look forward to working with you! |
|
| Martha's Vineyard is
the largest unattached (no bridges) island on the eastern seaboard
with six unique and different townships, six lighthouses, hundreds
of miles of varying beaches, water views, ponds, and activities
for young and old. The beauty of this magical place touches all
who visit. |
|
Real Estate Trends
on Martha's Vineyard
How’s the market doing?
It is a question we are asked frequently and certainly the subject
at many a cocktail party and event during a Vineyard summer. While
the island is most definitely experiencing a market correction,
we feel we are nearing the end of a typical eight year cycle in
real estate and believe there are many serious and qualified buyers
who will act quickly when they feel the market is again on the upswing.
The Bad News -
Media reports about local and national economic worries, as well
as a volatile stock market and fuel prices, have shaken buyer confidence.
Being a second home market and with plenty of rental inventory,
purchase urgency is low and buyers are tending to adopt a wait-and-see
approach to the real estate market.
We have an inventory of properties for sale that has doubled over
the last five years and almost quadrupled since the strong sellers
market of 2001. There are over 700 listings for sale right now compared
to less than 200 in 2001. During the period from 2001 to 2005, median
sales prices across the island doubled before beginning to slip
a bit by the end of 2005. Although prices have not dropped at the
rate they have in many other areas of the country, the Vineyard
market favors buyers looking for value.
The Good News –
While the Vineyard’s market is not immune to national economic
factors, we have a couple of points in our favor. First, the geography
of the island obviously limits the amount of land available and
secondly, the appeal of the “Vineyard lifestyle”. Judging
by rental bookings and traffic at the beaches, Five Corners and
the Triangle, the Vineyard still offers a unique way of life that
is very attractive to our visitors. Many of our buyers have rented
for years before purchasing a second home on the island. Today’s
buyers tend to be investing for the long term, ensuring future generations
of their family will be able to enjoy the Vineyard. In fact, in
certain desirable areas such as downtown Edgartown and waterfront
locations, inventory of rentals has dwindled as properties turn
over and are taken off the rental market.
Property values on the Vineyard have tripled or quadrupled over
the past 10-15 years. With inventory up and prices softer, now may
be a perfect time to explore ownership options on the island. History
has proven that investing in real estate on Martha’s Vineyard
has been very fruitful.
Please refer to the chart below for current inventory and sales
statistics.
Residential Homes and Land Inventory
and Sales Data – 1st and 2nd Quarter 2008
| Town |
#
of Available Residential Properties |
#
of Residential Sales |
Median
Days on Market |
Median
Residential Sales Price |
| Aquinnah |
16 |
7 |
290 |
$1,056,638 |
| Chilmark |
36 |
5 |
718 |
$1,982,500 |
| Edgartown |
184 |
32 |
198 |
$705,000 |
| Oak
Bluffs |
141 |
29 |
265 |
$542,250 |
| Vineyard
Haven |
135 |
31 |
168 |
$568,500 |
| West
Tisbury |
59 |
11 |
236 |
$883,125 |
| TOTAL |
571 |
115 |
313 |
$956,336 |
| Town |
#
of Available Land |
#
of Sold Land |
Median
Days on Market |
Median Land Sales Price |
| Aquinnah |
5 |
0 |
0 |
$0 |
| Chilmark |
15 |
10 |
197 |
$1,347,500 |
| Edgartown |
28 |
11 |
205 |
$595,250 |
| Oak
Bluffs |
21 |
9 |
286 |
$413,750 |
| Vineyard
Haven |
20 |
7 |
362 |
$1,275,000 |
| West
Tisbury |
16 |
5 |
438 |
$1,866,250 |
| TOTAL |
105 |
42 |
248 |
$916,292 |
|
Lighthouse
Properties opened in 2005, owned by Lisa Stewart and Hillary Landers,
who combine over 32 years experience in Martha's Vineyard real estate
sales and rentals. Lighthouse agents are all island residents who
are active in the Martha's Vineyard community and committed to preserving
the wonderful quality of life we share. Our goal is to establish
long term relationships with our clients by earning trust and respect
and providing prompt, honest and attentive assistance with both
rentals and sales. If you choose to invest in Martha's Vineyard
real estate, rely on the people who know it best!
We are members of LINK, the Martha's Vineyard association of real
estate brokers, and the Cape & Islands Association of Realtors.
We work cooperatively with all other firms on the Vineyard and can
show you any property for sale island-wide. |
|
