We’ve been hearing about the real estate market leveling off at the beginning of 2007, but I still think we have a little further to go before we turn around.
Prior to what I believe was a media induced market decline, I was a firm supporter in the idea that Martha’s Vineyard was not a bubble market. The Vineyard is recession proof and could not be affected by what was happening in other parts of the country. Well, I was wrong (sort of) because the bubble news spread like a dirty bomb. At least for a brief period, it hit us all in one way or another, and some real estate speculators and buyers who were infected by grossly overextending themselves may not recover. However, for those who can hang in there for the long haul, you will be just fine.
Some economists are now talking about superstar places in the country, especially coastal areas where land is limited, zoning laws restrict development and the rich are drawn to for work and play. Could they be talking about Martha’s Vineyard and the Boston area?
I think this New York Times article speaks to this question and supports the notion that Martha’s Vineyard real estate is and will continue to be an excellent investment.
(click here >) All Housing Markets Are Local, Except When They’re Not
Nima Rezvan Prosper First Funding Corporation NMLS#110681 - Fairfield, CT
First Time Home Buyer Expert - CT FHA Loans - FHA
Good morning Peter,
I absolutely agree with you and the NYTimes article. Martha's Vineyard is just not in the same category or class or however you want to compare it to a regular home in Mass or Connecticut or New Hampshire. One might not understand or agree if they have never been to the Vineyard. I have been there a handful of times and I have enjoyed every single trip to the Vineyard. How are the ice cream shops doing.
Do you mainly do business in Martha's Vineyard or surrounding areas as well?
Nov 05, 2006 11:34 PM
774.289.5521 - Worcester, MA
Remax Professional Associates
It's funny that I grew up in New Bedford and I've never been to the Islands. I go to Sandwich/Sagamore/Bourne every chance I get, though.
Nov 05, 2006 11:54 PM
Matthews Capital Markets - Tampa, FL
858-699-4590
Peter,
Good article. The traditional contributors of interest rates and jog growth don't contribute to certain area and skew others. San Diego County is like a microcosm of the country. La Jolla and Del Mar have held up pretty well in this recent down turn. The "regular markets" are getting hammered.
Nov 06, 2006 12:40 AM
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The purpose of my Blog is to highlight information and relevant articles that could be educational to anyone interested in Martha's Vineyard real estate. I may also include topics pertaining to Nantucket, Cape Cod and the greater Boston area real estate markets.
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