2009 is seeing a lot of changes in the world of food on Martha’s Vineyard. In Chilmark, and Menemsha 2 big changes are the Homeport Restaurant and the Menemsha Café. The Homeport is being sold to Bob and Sarah Nixon, also the owners of the Beach Plum Inn and the Menemsha Inn. They intend to maintain the current family style of the restaurant with a bent towards locally caught seafood and an extended season staying open through Colombus Day.
The big news is the Menemsha Café ( Formerly the Menemsha Deli) has been bought by Josh and Angela Aronie. Josh is best known for his 2 past restaurants, Sharky’s Cantina and The Park Corner Bistro. For those of us who live, work in or visit Menemsha regularly this is great. Josh intends to totally change the flavor of the Café offering a broader menu of affordable and delicious food for eat in and take out. With his knowledge of food and a long list of loyal fans we expect this to be the hot spot in Menemsha.
Dions in West Tisbury which burnt down at the former location of the Roadhouse has moved into the location of Pomodoro’s on Circuit Ave in Oak Bluffs. In the place of the former Roadhouse, which has been location to many different restaurants over the years, there will be a new restaurant owned by the former owners of the Sweet Life Café. This is sure to be big news for foodies who love their fine cuisine. Also notable is that Lola’s has closed and is being replaced by the Mediterranean. All in all there are big changes in the world of food on Martha’s Vineyard.
Monday, February 23, 2009
Wednesday, February 11, 2009
Rental trends on Martha’s Vineyard
A large portion of our business at Feiner Real estate is matching tenants up with great summer rental homes in Chilmark and Aquinnah . Over the last few years with the incremental decline of our economy there has been some notable changes which persisting year after year have become trends for. For starters, Chilmark and Aquinnah homeowners have not been raising rental rates. During the late 90’s into early 2002 rates were going up almost annually. I believe they almost doubled since 1995. Now we are seeing homeowners concerned about maximizing their occupancy and in some cases offering discounts to tenants who take longer period rentals. This is common in rentals of almost all prices and is often due to homeowners leveraging their homes during the period of prosperity. Additionally, we are seeing prospective Chilmark and Aquinnah tenants are shopping around utilizing all the various web-related tools such as the rent-by-owner websites. This growing trend has hurt the rental agencies which once serviced all the rental homes and which provided the majority of income to the agencies and brokers that serviced these homes.
Now with the latest economic news or recession, there is further pressure on Chilmark and Martha’s Vineyard homeowners to fill their vacancies and I believe we may for the first time see real erosion of rental rates in some sections of the market. Most notably will be the higher end ($6000 to $25,000 per week) as more renters bring their budgets under control trying to cut costs and be frugal. We should also see bigger discounts from owners on long term stays and increased motivation by homeowners to accommodate the needs and desires of their tenants.
Now with the latest economic news or recession, there is further pressure on Chilmark and Martha’s Vineyard homeowners to fill their vacancies and I believe we may for the first time see real erosion of rental rates in some sections of the market. Most notably will be the higher end ($6000 to $25,000 per week) as more renters bring their budgets under control trying to cut costs and be frugal. We should also see bigger discounts from owners on long term stays and increased motivation by homeowners to accommodate the needs and desires of their tenants.
Monday, February 9, 2009
Menemsha Winter Scene
Taken last week, 2/4/09 during a snowy winter day in Menemsha.
Think Summer on the Vineyard!
Sunday, October 5, 2008
Martha's Vineyard
Welcome to my first Martha's Vineyard Real Estate Blog. My name is Jim Feiner and I am the owner of Feiner Real Estate and a resident of this Island since I was 6. I have seen this island grow and change since 1969 when we moved here full time to run the Beach Plum Inn in Menemsha. The Vineyard is about many things and to me community is at the top. I welcome your thoughts, comments and questions about Martha's Vineyard.
Martha's Vineyard is an island with many personalities. To those who reside here year round, Martha's Vineyard provides a great home where community, health and the outdoors top the list of things that make it special. To the seasonal homeowner lucky enough to purchase and own real estate on Martha's Vineyard, the island is a place to let the stresses of life melt away. In addition to our fabulous beaches there are great parcels of conservation land available for hiking, kayaking and our roads are great for biking.
There are, however, an ever growing population of people who look for Martha's Vineyard Rentals, especially summer rentals during the peak months of July and August. For the majority of these folks, the Vineyard is either a new or old friend where families gather to spend time together on the beaches, watch sunsets in Menemsha or enjoy cooking meals and going to the local farmer's Market. In fact, Martha's Vineyard real estate and Martha's Vineyard rentals have grown at a terrific pace over the last decade. Home values have more than tripled and Martha's Vineyard rentals have gone up in value a lot too but nowhere like the ownership market. For those lucky enough to have purchased over the last 10 to 20 years, your assets are much larger. For some these assets pose problems later on when estates have to be settled.
Sadly for many who live here, Martha's Vineyard Real Estate is beyond their means. Even though there are a fantastic series of programs by towns, groups and private individuals who strive to create perpetual affordable housing, the demand far exceeds what is being created. The rapid rise in values of Martha's Vineyard real estate has gone a long way to make homes here unaffordable to most families. As of October 1, 2008, the most affordable 3 bedroom, 1 bath ranch home on Martha's Vineyard was $359,000. As a result of the cost of homes, many people have to seek vineyard summer rentals and then move into winter rentals every year. Moving 2 times a year is tough on families and children and the lack of affordable Martha's Vineyard rentals available year round is due to the high cost of summer rentals. The end result of some peoples frequent moves, affectionately known as the "island shuffle" is burn out from the struggle and ultimately they move away to some affordable community somewhere else.
As a Real Estate Broker for almost 20 years now, I have pledged time, energy and money to combatting the affordable housing crisis here. I have worked on the Chilmark Housing Committee for 8 years and am a principal of 2 different affordable housing programs in 2 different towns. After all this work I will only make a difference for a handful of people but it is worth it.
Most of my business is working with people who dream of owning here so I have my hand on the pulse of Martha's Vineyard real estate. Prices are dropping in many sections of the market but at different rates. There are still active buyers looking for opportunities and the right property and when they find it they pull the trigger. There are also Vineyard Renters who seriously look but also do not want to overpay. My job is to help educate buyers to the market conditions and understand values here. I want my buyers to know Martha's Vineyard real estate as well as I do. When they buy, they know they understand the true market value of a particular property.
If there is something I can help you with please do not hesitate to ask. Jim
Martha's Vineyard is an island with many personalities. To those who reside here year round, Martha's Vineyard provides a great home where community, health and the outdoors top the list of things that make it special. To the seasonal homeowner lucky enough to purchase and own real estate on Martha's Vineyard, the island is a place to let the stresses of life melt away. In addition to our fabulous beaches there are great parcels of conservation land available for hiking, kayaking and our roads are great for biking.
There are, however, an ever growing population of people who look for Martha's Vineyard Rentals, especially summer rentals during the peak months of July and August. For the majority of these folks, the Vineyard is either a new or old friend where families gather to spend time together on the beaches, watch sunsets in Menemsha or enjoy cooking meals and going to the local farmer's Market. In fact, Martha's Vineyard real estate and Martha's Vineyard rentals have grown at a terrific pace over the last decade. Home values have more than tripled and Martha's Vineyard rentals have gone up in value a lot too but nowhere like the ownership market. For those lucky enough to have purchased over the last 10 to 20 years, your assets are much larger. For some these assets pose problems later on when estates have to be settled.
Sadly for many who live here, Martha's Vineyard Real Estate is beyond their means. Even though there are a fantastic series of programs by towns, groups and private individuals who strive to create perpetual affordable housing, the demand far exceeds what is being created. The rapid rise in values of Martha's Vineyard real estate has gone a long way to make homes here unaffordable to most families. As of October 1, 2008, the most affordable 3 bedroom, 1 bath ranch home on Martha's Vineyard was $359,000. As a result of the cost of homes, many people have to seek vineyard summer rentals and then move into winter rentals every year. Moving 2 times a year is tough on families and children and the lack of affordable Martha's Vineyard rentals available year round is due to the high cost of summer rentals. The end result of some peoples frequent moves, affectionately known as the "island shuffle" is burn out from the struggle and ultimately they move away to some affordable community somewhere else.
As a Real Estate Broker for almost 20 years now, I have pledged time, energy and money to combatting the affordable housing crisis here. I have worked on the Chilmark Housing Committee for 8 years and am a principal of 2 different affordable housing programs in 2 different towns. After all this work I will only make a difference for a handful of people but it is worth it.
Most of my business is working with people who dream of owning here so I have my hand on the pulse of Martha's Vineyard real estate. Prices are dropping in many sections of the market but at different rates. There are still active buyers looking for opportunities and the right property and when they find it they pull the trigger. There are also Vineyard Renters who seriously look but also do not want to overpay. My job is to help educate buyers to the market conditions and understand values here. I want my buyers to know Martha's Vineyard real estate as well as I do. When they buy, they know they understand the true market value of a particular property.
If there is something I can help you with please do not hesitate to ask. Jim
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