Chilmark Posts Highest Single Family Median Home Price

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

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

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.

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