How Does Martha’s Vineyard Feel About McMansions?

The Martha’s Vineyard Commission (MVC) routinely reviews projects in accordance with its Development of Regional Impact (DRI) Checklist (standards and criteria used by town boards to determine when it must or may refer a development application to the Commission for review as a DRI).

On Monday, April 4, 2011, at 5:30PM, the MVC’s Land Use Planning Committee will hold a discussion on the subject of Large Houses, which is a euphemism for what we call McMansions or Trophy Homes. The discussion is open to the public at their Offices in the Stone Building, located at 33 New York Avenue in Oak Bluffs.

When is Big too BIG?

Here are some of the questions being considered regarding ‘LARGE HOUSES’:
1. What are the concerns about large houses?
     a. Visual impact and disruption of community character?
     b. Loss of habitat?
     c. Consumption of energy?
     d. Impact of construction process on abutters?
     e. Encouragement of teardowns and loss of affordable homes?
     f. Other concerns?
2. How serious is the problem today and the threat for the future? Does it merit further action by towns and/or the MVC?

3. To what extent can concerns be dealt with through increased review at the town level? Do the towns need additional powers through the DCPC (District of Critical Planning Concern) process?

4. What types and magnitudes of projects have a significant enough regional impact to justify MVC review?

5. What is the best way to define a large house? Should this vary by town or area?
    a. An absolute threshold, such as an Island-wide or town-wide threshold of total floor space or building volume?
    b. A relative threshold, such as one that exceeds the average size of houses in its neighborhood?
    c. A threshold based on performance criteria, such as exceeding a threshold of visibility (e.g. an angle of view as seen from a public way) or habitat clearance?

To Fish or Cut Bait, that is the Question….

It’s been a couple of weeks now since I planned a fishing outing with a good friend of mine for this weekend. He came to the Island this morning, and I really wanted to go fishing. Instead, I am working for several buyer clients who are going fishing; they are not sitting on the dock cutting bait. They recognize the time is right and the fish are in; they are getting rigged and ready to catch their prize winner.

Remember a few months ago when the property inventory was up around 800 units? Today the inventory of available SFR, Vacant Land, Condos and Commercial properties in all towns totals 658. There are 17 properties under Purchase and Sale Agreement and 10 Offers to Purchase. This is only a count of those properties updated in our LINK system. I can assure you there are more properties under negotiation and it is not uncommon to have multiple offers and bidding wars on the nicer properties.

To a great extent, the public opinion about the depressed state of the real estate market is based upon other parts of the country that are not as special as Martha’s Vineyard, not even close. But did you know property sales in some of those depressed real estate market areas are up? According to an article in this week’s WSJ, some of the states with big sales increases from the depressed levels of a year before included Nevada (up 117%), California (up 81%) and Arizona (up 50%) and Florida (up 25%).

Here on Martha’s Vineyard, prices are down, Sellers are ready to deal, FHA guidelines are easier and first time home buyers who qualify are taking advantage of the remarkable $8000 tax credit opportunity that will sunset at the end of this year.

I’ve got to get back to rigging fishing tackle for my clients, but I tell you if you want to catch one of those big ones you have got to get your line in the water very soon. Cast away or sail away. This is your time, so please, don’t miss the season.