If we can take anything from the past year or so, it is that
those with extraordinary properties now have enough faith in the
market to put their homes up for sale again. We have seen this in a
plethora of locations, from 211 Commonwealth Avenue in Boston to
even the $59 Million listing in
Nantucket that we recently blogged about. Evidently, in our
local New England markets, many of them are seeing a shortage of
inventory for homes yet still a booming demand for such property.
This, as it turns out, is one of the many factors that we so
frequently have shared as to why our prices have stabilized within
the region and why today there are finally consistent signs of
average price increases month-over-month and certainly
year-over-year.
With these positive changes in a propertys value there has been
a subsequent increase in the amount of Real Estate transactions as
consumer confidence has undoubtedly risen. Now, a very particular
and no less spectacular property than any other in New England has
come to market in the location of Marthas Vineyard. At $92 Million,
this 266-acre land mass is the most expensive property that has
ever been listed on this jewel of an island. Currently, it must be
noted that this property is the most valuable listing currently
available anywhere in the country North of New York City.
Within the area of West Tisbury on Marthas Vineyard, the
property can essentially be divided up into five separate lots but
is only one property with one solitary single-family home today.
Some of these lots include Big Homers Pond and the property already
has exclusive planning permission to build around it. Along with
this magnificent natural feature or amenity, if you will, there is
also the 500-acre Long Point Wildlife Reservation that borders the
property and ensures the utmost privacy and peace. Still want more
of the outdoors? Future owners will have the luxury of being able
to relax on their own 1,100 feet of private beachfront that meets
the Atlantic Ocean.
Gerald DeBlois, the current owner, is choosing to relocate to
his other property on Marthas Vineyard; a stunning 50-acre property
that is unfortunately not also for sale. The brokerage who indeed
have the listing for the $92 Million estate are Wallace & Co.
Sothebys International Realty and their listing agent and also
their President, is Thomas Wallace. The only stipulate with this
property, however, is that it is only being advertised to high-end
users rather than ambitious developers looking to totally ruin and
overly build upon the natural beauty that has always existed
there.
It comes as no surprise that many would be quite perplexed to
imagine what type of personal buyer would want or let alone be able
to afford such a unique property. Well, the owner has taken this
into account and is focussing the majority of his marketing
techniques and efforts on American and foreign billionaires,
especially the Chinese.
Moreover, in a past blog, it was reported about just how
aggressive Chinese buyers have been in this industry within the
United States, as recently a couple purchased a $34.5 Million
French-style mansion in Hollywood, California. It thus is an
obvious inkling as to why this is going to be the target foreign
market for this Marthas Vineyard listing. In that same past blog
post we also noted how China was recognized as the country with the
second highest Real Estate investment within this country behind
only Canada during the past year; representing over $9 Billion in
Real Estate purchases.
The most expensive property ever to be sold in Marthas Vineyard
before this $92 Million landmark of a listing was the 215-acre
Herring Creek Farm which in 2001 sold for $64 Million. Only a year
ago, another large property, the 28.5-acre Blue Heron Farm, sold
for $22.4 Million and even has acted as the Obamas summer vacation
home over the past few years. Ultimately, the market as a whole is
picking up in New England. When taking these aforementioned luxury
market circumstances into account it only does this fact justice
and certainly holds true that a recovering Real Estate industry is
our inevitable reality.
More Information: Forbes