Our high season has finally arrived with this Memorial Day weekend. Old familiar faces are reappearing in the check-out line at Cronig’s. Young impatient preppy kids with newly minted driver’s licenses driving Daddy’s Mercedes act as if they own the road. Day trippers who have no clue where they are going whiz around precariously on mopeds, and islanders who are no longer able to day dream while behind the wheel of their cars or come and go as they please in pursuit of their daily chores are snapped back into reality, reminded that their space is no longer theirs alone, at least not for the next ten weeks. The Vineyard has awakened like a huge pinball machine once a quarter is inserted. Game on!
I hope it is a wonderful summer for everyone who really loves and appreciates this Island, understands its pace and recognizes that it is one of the only places on earth where you can recharge your physiological battery, redefine your spiritual center, nurture relationships with family and friends, and just “BE”. This is a special place and I love it. Having said that, I am going to go spend time with my wonderful wife, visit with good friends, go fishing, eat some great food and just “BE”.
Saturday, May 23, 2009
Saturday, May 16, 2009
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.
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.
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