Tuesday, July 11, 2006

Is Anything Happening in the Martha's Vineyard Real Estate Market?

I was speaking with a broker in Sarasota, Florida the other day and he said after 3 years and a staggering 95% appreciation, the market has tanked and only 4% of the inventory sold last month. They have a real problem. But I keep hearing all this talk about a buyer’s market on Martha’s Vineyard. The market is standing still here, just like it is in New York or New Jersey or Connecticut. Even Las Vegas and Los Angeles are practically neutral. I don’t call that a buyer’s market; it’s nobody’s market. Nothing is happening! However, when it does happen, quite often it’s not pretty.

Sellers are angry at the offers they are getting and buyers arn't satisfied when they have negotiated a good price, they want more and more concessions and many deals fall apart. I maintain this is not a buyer’s market, it’s a market of opportunity, but you’ve got to be willing to look at the big picture. Now is the time to approach sellers with realistic offers and attempt to negotiate reasonable buys. Sure you can ask them to pay all or a portion of the closing costs, or pay for the structural inspection, but why beat the seller up for ugly window treatments or the old refrigerator they’re so attached to? I remember when the market really tanked during the late 80’s and early 90’s; I had to restrain a seller when he lunged across the closing table at the buyer during a closing. Having said all of this, if you're keeping score, there are approximately 485 homes, 115 pieces of vacant land including beach lots, and 16 condos for sale on Martha's Vinyard according to our Multiple Listing Service.


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