Premium Properties

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Martha’s Vineyard PREMIUM PROPERTIES

AUGUST 2023

Martha’s Vineyard PREMIUM PROPERTIES

A publication of the Vineyard Gazette Media Group

Publisher

Jane Seagrave

Production Director

McKinley Sanders

Editorial

Nicole Fullin

Ad Production

Jared Maciel, Jane McTeigue, McKinley Sanders

Director of Sales & Marketing

Skip Finley

Advertising Sales Manager

Frederica Carpenter

Advertising Sales Executives

Carrie Blair, Garrett Burt, Serena Ward

General Manager

Sarah Gifford

Marketing Manager

Alessandra Hagerty

The Martha’s Vineyard Premium Properties insert is published by the Vineyard Gazette Media Group, P.O. Box 66, Edgartown, MA 02539, vineyardgazette.com, and is distributed free on Martha’s Vineyard. Copyright 2023. No portion of this publication may be reprinted without the express written permission of the publisher. Every effort has been made to confirm the accuracy of the information in this publication, and the data is deemed reliable, but not guaranteed. For advertising and editorial inquiries, contact publisher@mvgazette.com.

ON THE COVER

A home by Sengekontacket Pond in Edgartown is bathed in evening light.

Photograph by Ray Ewing.

Looking for Your Next Vacation Home? Opportunities Exist for Discerning Buyers

Though the pace of real estate transactions on Martha’s Vineyard has slowed from its pandemic peak, those who are looking to buy a piece of the rock still have plenty of options.

Martha’s Vineyard Premium Properties, a free publication from the Vineyard Gazette Media Group, offers a glimpse of some of the spectacular properties currently being offered for sale across the Island, as well as a review of recent market trends.

At the time of this writing, there were 144 single-family homes listed for sale on LINK, the leading multiple listing service for Martha’s Vineyard. These range from cozy Camp Ground cottages to sprawling waterfront estates. New listings come on the market weekly. If you are considering the purchase of your own Island home, contact one of the real estate professionals listed on these pages to get started. Their expertise will guide you through the process of finding your next premium property.

Follow us on Instagram @vineyardgazetterealestate for news and trends in Martha’s Vineyard real estate.

RAY EWING

PROPERTY TYPES RESIDENTIAL

Property types include single-family homes, multifamily homes, and condominiums. These comprise the majority of real estate sales.

SINGLE-FAMILY HOME

Detached residence usually occupied by just one household or family. In some towns, single-family homes may be accompanied by guest cottages and accessory buildings owned by the same person or family. Single-family homes do not include short-term or large rental accommodations, such as hotels and inns or condominiums.

MULTI-FAMILY HOME

Defined differently in each of the six Island towns, multi-family homes typically include a main residence, usually occupied by the owner of the property, and then a separate living space (such as a guest house or in-law apartment) for another family

CONDOMINIUM

Building or complex of buildings containing a number of individually owned apartments or houses. Condominium owners have full title to the individual apartment or house and a shared interest in communal areas and facilities, including outdoor space. Almost all condominium complexes have a Home Owners Association (HOA). The HOA fee often includes the cost of services such as water, trash, sewer, some insurance, and sometimes gas, maintenance, and landscaping.

LAND

Property that can be empty land that is zoned for commercial use, or an existing business building, condominium, or buildings. Commercial property valuation requires taking into account the income potential and historical revenue of the property.

DOWN-ISLAND TOWNS

EDGARTOWN

Incorporated: 1671 | Population: 5,028 | Tax Rate: 2.52%

The downtown area, a protected historic district, is known for its Cape Cod, Greek revival, and federal style homes. Other neighborhoods include the open plains of Katama, the marshy scrublands around Edgartown Great Pond, and the “separated island” of Chappy. Property values are highest in the downtown and waterfront areas, and more modest in the outlying wooded subdivisions.

OAK BLUFFS

Incorporated: 1880 as Cottage City and 1907 as Oak Bluffs

Population: 5,602 | Tax Rate: 5.28% (residential), 5.21% (commercial)

The Martha’s Vineyard Camp Meeting Association remains the historic center of this colorful town of gingerbread cottages and Victorian architecture. Property values are highest in the East Chop area and around Ocean Park, and more modest in the downtown village and around Lagoon Pond.

VINEYARD HAVEN

Incorporated: 1671 as Tisbury

Population: 4,699 | Tax Rate: 7.32% (residential), 6.72% (commercial)

Historic homes line the Main Street area leading out to West Chop, where sprawling summer houses overlook outer Vineyard Haven Harbor. Property values are highest in the downtown historic district and on West Chop and Lake Tashmoo, and more modest along the Edgartown-Vineyard Haven Road and off the main streets.

UP-ISLAND TOWNS

WEST TISBURY

Incorporated: 1892 | Population: 3,312 | Tax Rate: 4.36%

A general store and white-steepled church still occupy the village center, and there is a commercial village in the North Tisbury section with a grocery store, pharmacy, and post office. Property values are highest on the North Shore and along Lambert’s Cove Road, and more modest along Edgartown-West Tisbury Road and off Old County Road.

CHILMARK

Incorporated: 1714 | Population: 1,324 | Tax Rate: 2.63%

Coastal sheep farms and stone walls are the signature features of this town that many say bears remarkable similarity to its namesake in England. It also includes the picturesque working fishing village of Menemsha. Perhaps not surprisingly, property values are extremely high in nearly every area of town.

AQUINNAH

Incorporated: 1870 | Population: 514 | Tax Rate: 6.1%

Located at the western tip of the Vineyard, Aquinnah offers windswept lots and, in many areas, ocean views. Property values are highest off Moshup Trail, Lobsterville, and Lighthouse Road, and lower off State Road.

At Miano Design Studio, our design aesthetic is simple and elegant and won’t impact your unique style or project budget. We can design your happy place. www.mianodesignstudio.com 508-561-7651 MEDIAN SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2023 AVERAGE SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2023 0% INCREASE OVER THE SAME PERIOD 2022 $2,112,711 JUNE 2020 JUNE 2019 343 464 JUNE 2022 154 JUNE 2021 152 $1,399,000 JUNE 2023 181 5% INCREASE OVER THE SAME PERIOD 2022 INVENTORY FIVE-YEAR TREND TRANSACTIONS ISLAND-WIDE BY MONTH, 2022-2023 37 December January April February May March June September October November 34 33 20 25 42 34 July August 35 25 43 43 33

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