Chilmark posted the highest single family home median price in 2007 at $2,800,000. Nantucket was second at $1,690,000. Other Vineyard towns making the the top 25 list for Massachusetts were Aquinnah (#4) $1,350,000, West Tisbury (#10) $810,000, Edgartown (#15) $705,000, and Tisbury (#21) $672,500.
John O'Connell
The Vineyard Realty Group
www.vineyardrealtygroup.com
508-627-3030
Thursday, March 20, 2008
Martha's Vineyard Savings Bank Top 2007 Lender
Martha's Vineyard Savings Bank was the top residential lender for Dukes County (Martha's Vineyard) in 2007. Their market share was 12.63%. They did 32 purchase mortages and 144 refinance mortgages. The total dollar volume on the purchase loans was $14,483,738 and $34,749,998 on the refinance mortgages. Sovreign Bank FSB was second with a 9.69% market share and Bank of America third with a 6.03% market share. Local lender Edgartown National Bank was seventh with a 3.59% market share with only $1,068,400 loaned on 4 purchases and $7,906,900 on 46 re-fi's.
John O'Connell
The Vineyard Realty Group
www.vineyardrealtygroup.com
508-627-3030
John O'Connell
The Vineyard Realty Group
www.vineyardrealtygroup.com
508-627-3030
Monday, March 10, 2008
Edgartown's Harbor View Hotel Begins Marketing Condominiums
Last week the Harbor View Hotel in Edgartown held an open house in one of their model condominium units. The 862 sq.ft. unit has an initial price of $1,310,000. It includes one bedroom, one bathroom, a kitchenette, living room, outdoor shower, two porches, and comes fully furnished. Monthly fees are set at $4.50 per sq.ft. which includes a concierge service and other amenities. There will be rental opportunities. At present units are priced between $800,000 and $2,000,000. This is Phase I of a plan to eventually convert all but 8 rooms into condominiums. It is anticipated that hotel condominium documents, purchase and sale agreements, and amenity plans will be available for review by reservation holders in the first quarter of '08.
Thursday, March 6, 2008
FHA Loan Limit Lifted For Martha's Vineyard Real Estate!
As of this morning there are 487 single family homes and condominiums listed for sale on Martha's Vineyard. Of those 287 list for a price of $999,000 or below. 206 of these list for a price between $521,250 and $912,187. Why is this important?
The previous Fannie/Freddie loan limit to receive a conforming loan at conforming rates was $417,000 in Dukes County or Martha's Vineyard. Assuming a 20% down payment the maximum one could pay for a home was $521,250. As of today the loan limit has been lifted to $729,750. With a 20% down payment one could now pay as high $912,187.50 and not have a jumbo loan with rates running 1+% higher than conforming.
This is tremendous news for the middle of the market which has struggled as of late on the Vineyard. Now may be a great time to check in with your local bank or mortgage broker if you are considering a home purchase or re-fi because the initial word is that this lift of loan limits is only temporary.
John O'Connell
www.vineyardrealtygroup.com
508-627-3030
The previous Fannie/Freddie loan limit to receive a conforming loan at conforming rates was $417,000 in Dukes County or Martha's Vineyard. Assuming a 20% down payment the maximum one could pay for a home was $521,250. As of today the loan limit has been lifted to $729,750. With a 20% down payment one could now pay as high $912,187.50 and not have a jumbo loan with rates running 1+% higher than conforming.
This is tremendous news for the middle of the market which has struggled as of late on the Vineyard. Now may be a great time to check in with your local bank or mortgage broker if you are considering a home purchase or re-fi because the initial word is that this lift of loan limits is only temporary.
John O'Connell
www.vineyardrealtygroup.com
508-627-3030
Monday, February 25, 2008
Martha's Vineyard Median Home Price Rises!
This chart was released by the Banker and Tradesman (compiled by the Warren Group) today. It shows the median sales price of single family homes excluding condominiums rising 3.2% in Dukes County/Martha's Vineyard. Statistics were based on total sales in 2007 as compared to 2006.
Thursday, January 24, 2008
2007 Martha's Vineyard Real Estate Sales 4th Quarter Results
The following is information that was obtained from LINK Martha's Vineyard - the real estate listing service for the Vineyard, January 2008.
4th Quarter Real Estate Sales Summary For Residential/Condo/Building:
Chilmark- (11) Residential units were sold. The average sales price was $3,417,955. The median sales price was $2,500,00. The days on the market average was 443. The days on the market median was 213. Total dollars realized was $37,597,500. The final realized price as compared to final asking price percentage was 87.8%.
Edgartown- (28) Residential units were sold. The average sales price was $1,462,507. The median sales price was $889,500. The days on market average was 262. The days on market median was 208. Total dollars realized $40,950,200. The final realized price as compared to final asking price percentage was 91.9%.
Oak Bluffs- (15) Residential units were sold. The average sales price was $963,605. The median sales price was $555,000. The days on market average was 320. The days on the market median was 267. Total dollars realized was $14,454,075. The final price realized as compared to asking price percentage was 95.6%.
Vineyard Haven- (18) Residential units were sold. The average sales price was $825,664. The median sales price was $506,250. The days on market average was 350. The days on market median was 178. Total dollars realized $14,861,950. The final price realized as compared to final asking price percentage was 85.5%.
W.Tisbury- (13) Residential units were sold. The average sales price was $788,731. The median sales price was $615,000. The days on market average was 359. The median days on the market was 401. Total dollars realized $10,253,500. The final price realized as compared to final asking price was 82.6%.
Aquinnah- No Sales 4th Quarter.
Please watch for future posts!
John O'Connell
O'Connell Realty Group
www.oconnellrealtygroup.com
508-627-3030
4th Quarter Real Estate Sales Summary For Residential/Condo/Building:
Chilmark- (11) Residential units were sold. The average sales price was $3,417,955. The median sales price was $2,500,00. The days on the market average was 443. The days on the market median was 213. Total dollars realized was $37,597,500. The final realized price as compared to final asking price percentage was 87.8%.
Edgartown- (28) Residential units were sold. The average sales price was $1,462,507. The median sales price was $889,500. The days on market average was 262. The days on market median was 208. Total dollars realized $40,950,200. The final realized price as compared to final asking price percentage was 91.9%.
Oak Bluffs- (15) Residential units were sold. The average sales price was $963,605. The median sales price was $555,000. The days on market average was 320. The days on the market median was 267. Total dollars realized was $14,454,075. The final price realized as compared to asking price percentage was 95.6%.
Vineyard Haven- (18) Residential units were sold. The average sales price was $825,664. The median sales price was $506,250. The days on market average was 350. The days on market median was 178. Total dollars realized $14,861,950. The final price realized as compared to final asking price percentage was 85.5%.
W.Tisbury- (13) Residential units were sold. The average sales price was $788,731. The median sales price was $615,000. The days on market average was 359. The median days on the market was 401. Total dollars realized $10,253,500. The final price realized as compared to final asking price was 82.6%.
Aquinnah- No Sales 4th Quarter.
Please watch for future posts!
John O'Connell
O'Connell Realty Group
www.oconnellrealtygroup.com
508-627-3030
Wednesday, January 23, 2008
Martha's Vineyard Real Estate News & Information
This blog has been created in hope that I can provide you with Martha's Vineyard Real Estate News and Information that you can use.
John O'Connell
Broker/Owner
O'Connell Realty Group
Martha's Vineyard
www.oconnellrealtygroup.com
508-627-3030
John O'Connell
Broker/Owner
O'Connell Realty Group
Martha's Vineyard
www.oconnellrealtygroup.com
508-627-3030
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