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