OCTOBER 2023
Martha’s Vineyard
PREMIUM PROPERTIES
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, 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 Photographer Tim Johnson captured the Schooner Alabama as she headed out of Vineyard Haven harbor, passing East Chop.
RAY EWING
Luxury Living with a Water View: A Multitude of Options Await Discerning Buyers Who Value the Vineyard Lifestyle With another glorious summer season just behind us, a new wave of premiere real estate is coming on the market for those looking to invest in Martha’s Vineyard. Martha’s Vineyard Premium Properties, a free publication from the Vineyard Gazette Media Group, offers a selection of the high-end homes and real estate available now, from waterfront estates to historic in-town compounds. Island real estate is always in high demand, but the tight market that has characterized the industry over the last several years appears to be loosening up a bit. At the time of publication, there were 160 single family homes and 37 undeveloped parcels of land listed for sale on LINK, the leading multiple listing service for Martha’s Vineyard. And new listings are coming on the market every week. The real estate professionals listed in these pages can help identify properties that meet your criteria and guide you through the intracacies of purchasing a home or home site on Martha’s Vineyard. Start the process now and, with luck, you can spend next summer simply enjoying your own piece of the rock. Follow us on Instagram @vineyardgazetterealestate for news and trends in Martha’s Vineyard real estate.
INVENTORY FIVE-YEAR TREND
AUGUST 2019
AUGUST 2020
AUGUST 2021
AUGUST 2022
330
PROPERTY TYPES
98
209 132
RESIDENTIAL Property types include single-family homes, multifamily homes, and condominiums. These comprise the majority of real estate sales.
AUGUST 2023
151
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.
TRANSACTIONS ISLAND-WIDE BY MONTH, 2022-2023
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.
September
43
October
43 33
November December
37
January February
34 20
March
42
April May June July August
33 25 34 39 37
DOWN-ISLAND TOWNS
SINGLE-FAMILY HOME SALES FIVE-YEAR TREND
525
EDGARTOWN
479 319 416 379
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 2018
2019
2020
2021
2022
MEDIAN SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2023
$1,539,000 7.84% INCREASE OVER THE SAME PERIOD 2022
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 AVERAGE SELLING PRICE FOR SINGLE-FAMILY HOME YEAR TO DATE 2023
$2,023,000 5.08% DECREASE OVER THE SAME PERIOD 2022
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.
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CRE ATING SPACIOUSNESS AND TIMELESS BE AUT Y.
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