LandVest: Luxury Sale and Rental Properties on Martha's Vineyard

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Martha's Vineyard Blog

 
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February 11th, 2016 | + | Leave a Comment

Recently, the Boston Globe featured LandVest listing, the Ark in their article, “What $3 million gets you in the suburbs”. The Ark, a 30± acre horse farm includes the main residence, seven-stall barn, heated indoor and regulation outdoor dressage arenas, workshop, garage with storage, greenhouse and ample parking for horse trailers. Top-notch updates include a new cedar shake roof, copper gutters, radiant heat on the first floor of the residence and an imported fiber and sand mixture in the indoor riding arena.
MA1754_1
What else can you get for $3 million in the Boston suburbs? Have a look at some LandVest listings below:
 

315 King Caesar Road, Duxbury
MA1758_1


$2,950,000
1.2 acre waterfront property with 275± feet of shore frontage including a private sandy beach.
 

23 Pine Summit Circle, Weston
MA1857_19


$2,900,000
Located in Highland Meadows, Boston’s premier 55-plus community, this custom condominium offers maintenance free living for the active adult lifestyle.
 

38 Gardner Street, Hamilton
MA1900_1


$2,850,000
Sited on over 11 private acres of lawns and meadows in the heart of Hamilton, the original 18th century farmhouse has been gracefully expanded to be open and bright.
 

Nashawtuc Hill Estate, Concord
MA1902_1


$2,900,000
This Colonial Revival house is set atop Nashawtuc Hill on a private and protected 2.8± acre terraced lot with distant western views over abutting conservation land.
 


For more information about these and other LandVest listings,
please contact our headquarters at (617) 723-1800.

 
 

 
February 3rd, 2016 | + | Leave a Comment

CC_Header_HRMarket Highlights

  • 2015 was a repeat of last year’s record for the high-end $2,000,000+ market with 93 sales vs 69 in 2013 and the previous record of 92 sales in 2012.
  • Inventories grew to record levels with 232 listings at year-end vs 188 at the end of 2014.
  • Barnstable is the high-end sales leader in 2015 with 26 sales, 12 in Osterville. Chatham followed with 18 sales.
  • Pent-up demand has been fueling the market and turmoil in global stock markets makes U.S. real estate an increasingly attractive investment. Turnkey condition and value pricing are critical.

 

Active Listings and Sales, $2,000,000+, Year End, 2000-2015

On Cape Cod, Massachusetts, at the end of 2015 the inventory of high-end listings expanded with 232 listings compared to 188 in 2014 and the previous record level of 215 listings at the end of 2013. 127 (55%) of these listings were in the $2-3,000,000 range, 64 (28%) in the $3-5,000,000 range, 27 (12%) at $5-10,000,000 and 14 (6%) at $10,000,000 and above. Typically the listing inventory grows through the first half of the year and then declines in the fourth quarter as sales are closed and properties are taken off the market. In 2015 there were 218 at the end of the first quarter, 252 at the end of the second quarter, and 283 at the end of the third quarter.

High-end sales boomed to record levels in 2012, declined by 20% in 2013, and roared back in 2014. The first two quarters of 2015 were on track, but faltered in the third quarter. Recovering in the 4th quarter, 2015 ended with 93 sales repeating last year’s record. The previous record was 92 sales at the end of 2012 and the recent low was 41 sales in 2009.

Highest And Median Sale, $2,000,000+, Year End, 2000-2015

According to MLS, the top sale in the 2015 was 96 Tilipi Run in Chatham, for $8,200,000. The 2008, 9,315 sq.ft., residence is sited on 1.9ac among exclusive estate properties with Atlantic water views and an association beach. This sale illustrates the adage: “Good things come to he who waits.” Listed for 2,604 days with a starting price of $8,495,000, then raised to $8,695,000, the owner of this unique property was able to wait for the unique buyer and staging the property likely revealed possibilities unrealized by vast unfurnished spaces.

The median value for high-end sales in 2015 was $3,000,000. The high-end market on Cape Cod is predominately in the $2-$3,000,000 range. Of the 93 sales, 46 (49%) were in the $2-$3,000,000 range, 25 (26%) were $3-$4,000,000, 13 (14%) were $4-5,000,000, and 9 (11%) in the $5-$6,000,000 range. There were no sales above $9,000,000.

Days On Market, Sales, $2,000,000+, Year End, 2000-2015

Days on market for high-end properties sold during 2015 were down slightly to 378 days compared to 386 days in 2014 and 324 days in 2013. Properties are taking significantly longer to sell since 2010, but the range is wide with some properties selling in days and others taking years. Inventories are growing particularly at the higher end of the market with 2.8 years of inventory at the $2-3,000,000 price range and 4.6 years at $5,000,000+. While pricing is always key, turnkey properties continue to be favored.

Sales by Town, $2,000,000+, Year End, 2000-2015

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In 2015, there were high-end sales in 14 of the 15 Cape Cod towns. These towns include: Barnstable (26, 12 in Osterville), Bourne (1), Brewster (1), Chatham (18), Dennis (4), Falmouth (10), Harwich (6), Mashpee (6), Orleans (10), Provincetown (3), Sandwich (1), Truro (4), Wellfleet (2), and Yarmouth (1). Although the total sales were the same as last year, there were notable changes in some towns: Barnstable up 53%, Chatham down 22%, Falmouth down 41%, and Orleans up 33%.

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The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.

For additional information about LandVest’s brokerage, real estate consulting, and appraisal services,
please contact:

Stewart Young | (syoung@landvest.com) | 617-359-8930
or click here to view Stewart’s current Real Estate listings.

 

 

 

 
February 2nd, 2016 | + | Leave a Comment

headerLandVest Index

In 2015 the luxury real estate market in New England and the Adirondacks continued to perform at historically high levels due to a combination of pent-up demand, price reductions, low interest rates, and improving consumer confidence.

Sales volumes increased by 7% compared to 2014 (1,275 vs 1,192 sales). Compared to 2006 (861 sales), our baseline year, sales are up 48%, and have recovered substantially from a bottom of 533 sales in 2009. Across the board these high-end markets continue their strong recovery. While demand is strong, inventories are high, particularly in vacation markets and at higher price levels. We also continue to see turnkey properties favored over renovations. More detailed year-end reports for selected markets can be found at www.landvest.com/blog.

Brandon, Santa Clara, NY

Stewart Young, LandVest’s Regional Manager on Cape Cod and in Boston’s western suburbs, compiles the LandVest Index. According to Young,

“In 2015 we witnessed continued record numbers of sales in most primary residential markets and strong performance in most vacation markets. Around Boston, Essex County was off 9%, Norfolk County up 8%, Middlesex County up 34%, and Suffolk County single families off 13% with high-end condos up 10%. In the vacation markets of Massachusetts, the Berkshires were up 35%, Martha’s Vineyard up 30%, while Nantucket was off 10%. Barnstable County (Cape Cod) was flat after being up 35% last year. Other markets with significant improvement were Southern Vermont up 88%, the Mt Desert area of Maine (Hancock County) up 44%, Adirondacks and Lake George up 27%, and New Hampshire up 15%.”

Ruth Kennedy Sudduth, LandVest’s Managing Director of Residential Brokerage, observed:

“2015 continued the pattern of solid performance by the luxury market throughout New England. The best deals continue to be for country properties in Mid-Coast Maine, Vermont and New Hampshire. The tightest markets are in town and the nearby suburbs of Boston and Portland, Maine.”

LandVest, founded in 1968, provides real estate advisory and brokerage services for buyers and sellers of land, luxury real estate, timberland, and other special assets in New England and beyond.

11 Maywood Avenue 25 Smith's Point, Manchester-by-the-Sea, MA Hidden Court, Cape Elizabeth, ME
The Edgerly Estate on Lake Winnipesaukee Breeze Hill Farm Worthington Rd., Brookline, MA

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.

For information about LandVest’s marketing of residential real estate, contact Stewart Young.
For more information on great New England country and waterfront homes, contact Ruth Kennedy Sudduth, Director, Residential Brokerage.

Stewart Young | syoung@landvest.com | 617-359-8930
Ruth Kennedy Sudduth | rsudduth@landvest.com | 617-359-5584

View Extraordinary New England Real Estate for Sale www.landvest.com

 
 

 
 
 
 
 
 
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