Real Estate Confidential is a biweekly chit-chat about new listings, sales, or other insider information on the Martha’s Vineyard Real Estate market, presented by Fred Roven, owner/broker of Martha’s Vineyard Buyer Agents. It appears every other Friday in The Minute.
There is definitely a real estate change in the air, based on many recent phone calls I have received. It appears that as list prices begin to moderate, investing in Martha’s Vineyard real estate is attracting attention and has some opportunities for income-producing potential in the making.
When done the right way, real estate investing can provide great returns through rental income, tax advantages, and the capital appreciation gained from buying below the market value. InvestorJunkie reports on the advantages:
Every year, “Gallup” surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks, gold, and savings accounts. Again, real estate tops the list.
Martha’s Vineyard properties can provide additional income from the primary residence with a seasonal or year-round rental included in the form of a multi-use property or a second rental unit. This week, there are multiple possibilities, including a home with a commercially sized garage/warehouse, residential condos with on-site management, and, my favorite, a commercial/residential location with harbor views.
The stunning multi-house property at 62 Lagoon Pond Avenue provides an unusual opportunity for Martha’s Vineyard. Currently, you will find a three-bedroom, bungalow-style front house and a three-bedroom, colonial-style home to the rear, with distant views of Vineyard Haven harbor plus several storage buildings, including a heated workshop. There are solar panels on both the front and back homes, which help to provide over half the electricity to the property. The property can accommodate a commercial business, and you can start from scratch and build your new waterfront home to the rear and your commercial structure to the front.
If you are in search of a warehouse/garage on Martha’s Vineyard, including an apartment, 116 Dukes County Avenue is ready for immediate use. You will find over 2,000 sq. ft. of first-floor storage space with a two-bay garage, 16-foot ceilings to accommodate most trucks or equipment, and two half-bathrooms. The separate year-round apartment is ready for immediate occupancy. While meeting your storage and parking needs now for a local business, the long-term possibilities are endless as commercial property becomes more rare on the Vineyard.
The Island Inn is a fabulous vacation resort opportunity. The condominiums provide the opportunity for a relaxing summer vacation, with the added benefit of an on-site management team to assist in the profit-making potential when you are not using your new Island home. Enjoy your time at the Island Inn Country Club with ease. Right outside your door, you can enjoy a game of tennis and swim in the large, heated pool. Other amenities include fire pits, barbecue pits, a playground, and your private kitchen. All the on-site amenities plus a short walk to the beautiful sandy beaches, bike paths, kayaking, fishing, golf, freshest seafood, and nearby Nomans restaurant. The resort has studios plus one- and two-bedroom units starting at $250,000.
If you are an experienced restaurateur, love barbeque, and want to live on Martha’s Vineyard, 7 Oakdale Avenue could be a perfect fit. To add to the investment potential, a new owner can increase outdoor seating to 74 and/or construct a home for themselves or perhaps two apartments, for a mix of personal use and employee housing or rental units. The building was renovated in 2017, which includes new restaurant equipment (stoves, refrigerators, freezers, all necessary kitchen items) as well as a new propane HVAC system.
Click here for a list of other Martha’s Vineyard investment and commercial properties.
For more Real Estate Confidentials, click here.
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