Martha's Vineyard Real Estate Leaders

East Chop/Martha’s Vineyard Real Estate Update

May 2015

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A quarterly print and email update on buyers, listings, new construction, land for sale, auctions, bank owned/short sales and issues impacting East Chop and other towns on Martha’s Vineyard.  I very much welcome and look forward to any and all comments and suggestions. (If you’re not on the email list to get this and prefer email over print, please send me an email and I’ll be happy to add you.)

Perry Patterson

REALTOR®, RE/MAX on Island
Member, Institute for Luxury Home Marketing
P.S. – If you would like a current market evaluation of your property (no obligation), please contact me!
Cell: 973-789-1264
Email: ppatterson259@gmail.com

To stay current, I have a new real estate services video.


What's for Sale on East Chop?

There are currently 10 homes and 4 lots on the market in East Chop. The “Red House” on the harbor is back on the market at $3.525 mil., this perfect property for boaters has had a number of windows replaced and new shingles in many areas this spring. There are also three other East Chop Drive properties on the market for those looking for a waterfront home. In addition, there are four lots for sale – the two most suitable for building are the ones on Dudley Ave. between the tennis courts and East Chop Drive, and the one on Coral Ave. behind Highland Ave. and the Baptist Temple Park.

Island wide, Jan. through April 2015 Sales of Single Family Homes Remained Roughly Even with Year-Ago Levels

Harsh winter weather may have slowed the growth in sales, but average and median selling prices increased.

MV Land Sales Remain Strong

Land sales continued to climb during the first four months of the year, as many buyers and builders continue to focus on new home construction. The average selling price was skewed upwards due to one large $5 mil. sale of Tom’s Neck Farm on Cape Pogue to the MV Land Bank Commission consisting of 4 Lots and a Common Area containing 30.6 acres.

MV Single Family Home and Land Sales Snapshot:

Month/Year
# Single Fam. Sales
Average Price
Median Price
Avg Days on Market
# of Land Sales
Average Price
Median Price
Avg. Days on Market
Jan-April 2015
103
$1.566 mil.
$700K
273
24
$716K
$492K
414
Jan-April 2014
107
$1.0569 mil.
$550K
220
22
$424K
$359K
352
Jan-April 2013
85
$905K
$590K
323
17
$386K
$290K
507

 

Mortgage Rates still close to historic lows at 3.625% (as of April 10th), 0 points, at Cape Cod Five for 30-year fixed, for amounts up to $417k. For amounts up to $1.0 mil, the 30-yr. fixed rate is 3.825.


Clients Say It Best - Recent Testimonials

 

Selling Our Property in Downtown Edgartown

"On behalf of John Stobart and myself, we would like to thank you for your commitment and professionalism throughout the process of listing and selling the property on 31 No Summer Street in Edgartown. You made the process a painless and even enjoyable experience. The advertising and promoting of the building was first class and certainly helped to spread the word. As both Mr. Stobart and I are off island, he is in Florida and I am in Salem, MA your willingness to go the extra step in our absence was unfailing. We would not hesitate to recommend your services to anyone either seeking to buy or sell on the Vineyard. It was a pleasure working with you."

Sandra Heaphy, General Manager, MHP Enterprises, for John Stobart

Buying a Vacation Home in West Tisbury

"Our family has been renting on the vineyard for over ten years. When we decided to finally buy, Perry Patterson at RE/MAX realty was instrumental in helping us find our perfect home away from home. From walking us through the process of buying a second home on the island when we live five hours away to helping finding contractors to perform work in the house, Perry made what would have seemed a daunting process fairly easy. We have five kids ranging from ages 3-12 and it was important to find a home that satisfied our needs and stayed within our budget. Perry was able to identify properties that fit our needs reducing the amount spent on properties that were not ideal for our family. We highly recommend Perry if you are looking to purchase on the island."

Chris and Margaret Murray

Selling My House in Lake Tashmoo Area of Vineyard Haven

"Perry, I wanted to thank you for your efforts in selling my house. From pre-listing to closing, your help in the preparation of the house for showing and energetic marketing of the property resulted in a successful sale in 4 months. Again, thank you for the effort and interest you have shown in the sale of this property."

Brian Hogan, Martha’s Vineyard

Buying Our House In Downtown Vineyard Haven

"Working with Perry Patterson from RE/Max on island in the purchase of our home in Martha’s Vineyard, MA was an absolute pleasure. He was attentive, knowledgeable and helped us to reach our goal of a fast-smooth closing. He made himself available at anytime and always arrived with a smile and professional demeanor. His calm approach to all of our questions and concerns and thoroughness was essential to us in the stressful process of negotiating and buying a home. Perry also suggested an outstanding home inspector as well as other important support professionals. I will always recommend Perry first and foremost to any of my friends who may be looking to purchase a home on Martha's Vineyard."

Lucy & Peter Cox

Contact Me

Perry Patterson
Cell: 973-789-1264
Home Office: 508-696-3704
Fax:
RE/MAX On Island
79 Beach Rd Unit 23B
Vineyard Haven, MA 02568
Office: 508-696-3704

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