Thursday, June 24, 2010
Tuesday, May 25, 2010
Doug Chosen for Top Producer Panel
WALTHAM, Massachusetts– May 22, 2010 –
Local REALTOR® Doug Reece was recently chosen to participate in a sold out Top Producer Panel presentation by the Massachusetts CRS Chapter, held at the Cape Cod and Islands REALTOR® Association in West Yarmouth, MA.
Reece was one of four award winning CRS panelists chosen from across the state to share their marketing techniques, industry knowledge, and their insight on how best to serve the needs of clients.
During the discussion, moderated by Gary Rogers, CRS, topics such as property marketing, best internet marketing strategies, and client-care ideas were some of the most popular with the audience. All participants agreed that education and earning designations were key in their success.
The Certified Residential Specialist (CRS) is the highest Designation awarded to sales associates in the residential sales field and is held by less than 5% of all REALTORS® nationally. The CRS Designation recognizes professional accomplishments in both experience and education.
Cape Cod REALTOR® Lynette Helms, President of the Cape Cod and Islands Association of REALTORS® said, “Our REALTORS® instantly recognized the expertise of the panelists and were grateful to them for sharing their great ideas”.
Massachusetts CRS Chapter President Lenny Harris, CRS, stated , “Doug Reece is one of the best agents in the Martha’s Vineyard area and is also recognized across the state as being a leader in the industry by constantly raising the bar for the best in customer satisfaction. He also impressed the audience by sharing some cutting edge marketing ideas that will help other agents get their clients’ homes sold faster and for more money.”
Doug Reece, broker/owner of RE/MAX on island has helped over 200 families with their real estate needs on the Vineyard for the past 12 years. Doug can be reached at
508-696-3704 or to learn more, visit www.remax-onisland.com
Tuesday, May 18, 2010
(click on the chart to see larger image)
Thursday, May 6, 2010
May Musings
“The best spring I have seen on Martha’s Vineyard in my 66 years”. This is a quote from a long time island resident I spoke to last week. And, I must agree. April was a gorgeous month and May began where April left off.
The real estate market, although better than the spring of 2009, is not doing as well as the weather. There were 22 sales in April (down 18% from March) but still strong from one year ago. The median sales price was $525,000 and average days on market were 225. With 28 properties presently “under agreement”, sales in May should be a mirror image of April.
One good point of interest is that only 1 of the 22 sales in April was directly related to a bank foreclosure. Bank foreclosures are responsible for keeping many buyers from making a decision to purchase as the buyer hopes for that “great deal” to appear. The experts tell us that nationwide 2010 will be the worst year ever for number of bank foreclosures…I hope they are wrong.
Buyer activity is busy but sporadic. The typical buyer in this market is well educated (or working on becoming educated) and this can be frustrating for you as a seller. Buyer’s and their agents are “tight lipped” when it comes to showing feedback, so we never really know where things stand with a buyer. Once thing is for sure, buyers are only buying when they see a value and value is based on pricing and property condition.
Interest rates are continuing to hold steady in the low 5’s for a 30 year fixed conventional loan and 5 year ARM’s are as low as 3.75%(I just refinanced to take advantage of this). Unfortunately, the experts are still expecting rates to start an upward trend in the fall.
The real estate market, although better than the spring of 2009, is not doing as well as the weather. There were 22 sales in April (down 18% from March) but still strong from one year ago. The median sales price was $525,000 and average days on market were 225. With 28 properties presently “under agreement”, sales in May should be a mirror image of April.
One good point of interest is that only 1 of the 22 sales in April was directly related to a bank foreclosure. Bank foreclosures are responsible for keeping many buyers from making a decision to purchase as the buyer hopes for that “great deal” to appear. The experts tell us that nationwide 2010 will be the worst year ever for number of bank foreclosures…I hope they are wrong.
Buyer activity is busy but sporadic. The typical buyer in this market is well educated (or working on becoming educated) and this can be frustrating for you as a seller. Buyer’s and their agents are “tight lipped” when it comes to showing feedback, so we never really know where things stand with a buyer. Once thing is for sure, buyers are only buying when they see a value and value is based on pricing and property condition.
Interest rates are continuing to hold steady in the low 5’s for a 30 year fixed conventional loan and 5 year ARM’s are as low as 3.75%(I just refinanced to take advantage of this). Unfortunately, the experts are still expecting rates to start an upward trend in the fall.
Wednesday, April 7, 2010
April Musings
We finally have a sunny day on the island…one of the few in the last 30 days. March brought us the rains we usually expect in April; record rainfalls according to the weather reporters.
March also brought us a strong number of sales; 24 to be exact. This is a consistent number when looking at the sales in January and February of this year. The “mean” price for March was $655,000 with 5 of the 24 sales exceeding $2M. This “mean” price is up from $635,000 in February. I find this to be a strong indicator of a busy spring market.
There are many reports nationwide that say we are “set” to come out of this down market. I truly hope they are correct.
You can now visit us on facebook; please become a fan. Also, take a look at our Youtube channel as we are now videotaping our listings and marketing our listings in this fabulous venue.
As a reminder, interest rates are still holding at historic lows although banking standards and underwriting reviews are stricter than before. Loans that used take 3-4 weeks for approval are taking 6-8 weeks in many situations. I find local banks are much easier to deal with than off island lenders.
The first week of April has been quite busy for everyone here at RE/MAX on island. There are plenty of qualified buyers around and many are submitting offers. Also we have just received 2 new quality listings, so please visit our website and take a look. Now is a great time to buy and, if you are selling, a great time to advantage of the many buyers in today’s market.
Thursday, April 1, 2010
The following article was published on The Massachusetts Association of REALTORS
WALTHAM, Mass. – March 31, 2010 –
The Massachusetts Association of REALTORS® (MAR) reported today that median prices of single-family homes were up 7.7 percent compared to February 2009 while condominiums were up 12.8 percent compared to the same time last year. Home sales have now increased for eight straight months and were up 14.3 percent compared to the same time last year while condominium sales were up 14.8 percent.
"February was another good month for the Massachusetts real estate market as momentum continues to build toward more normal market levels across the state,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “While more homes for sale would help ensure prices stabilizing, it was a positive sign that February had the smallest percentage drop since year-over-year inventory declines started 23 months ago.”
There were 1,882 detached single-family homes sold this February, a 14.3 percent increase from the 1,647 homes sold the same time last year. On a month-to-month basis, home sales were down less than one percent from 1,897 homes sold this past January.
The median selling price for single-family homes in February was $271,950, an increase of 7.7 percent compared to $252,500 in February 2009. This is the third straight month of year-over-year gains. On a month-to-month basis, the February median selling price was down 9.4 percent from $300,000 in January 2010.
The February condominium market was up 14.8 percent compared to the same time last year (from 691 units sold in 2009 to 793 units sold in 2010). On a month-to-month basis, condominium sales were down 6.6 percent compared to the 849 units sold this past January.
Condominium median selling prices in February were up 12.8 percent from $213,250 in 2009 to $240,500 in February 2010. On a month-to-month basis, the median selling price of a condominium was down 6.8 percent from a January 2010 median of $257,980.
Inventory and Days on Market:
The inventory of single-family homes as of February 28, 2010 decreased 3.0 percent from February 2009 (25,317 listings in 2009 to 24,434 listings in 2010) which translates into 13.0 months of supply in February 2010. This is down from 15.4 months of supply last year and up from 12 months in January 2010. February supply was at its lowest level since February 2002 and down 32 percent from the February peak of 35,907 homes in 2006. This is the 23rd straight month that inventory has gone down compared to the previous year.
The condominium market saw February inventory decrease by 6 percent from last year (11,028 listings in 2009 to 10,362 listings in 2010), which translates into 13.1 months of supply, which is down from 16 months in February 2009 and up from 11.1 months this past January. This is the 23rd straight month that inventory has gone down compared to the previous year.
Detached single-family homes stayed on the market an average of 137 days in February 2010 compared to an average of 153 days in February 2009, while condos stayed on the market an average of 142 days, down from an average of 187 days in February 2009. On a month-to-month basis, days on market for single-family homes were up from 130 days and condos were down from 144 days in January.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
WALTHAM, Mass. – March 31, 2010 –
The Massachusetts Association of REALTORS® (MAR) reported today that median prices of single-family homes were up 7.7 percent compared to February 2009 while condominiums were up 12.8 percent compared to the same time last year. Home sales have now increased for eight straight months and were up 14.3 percent compared to the same time last year while condominium sales were up 14.8 percent.
"February was another good month for the Massachusetts real estate market as momentum continues to build toward more normal market levels across the state,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “While more homes for sale would help ensure prices stabilizing, it was a positive sign that February had the smallest percentage drop since year-over-year inventory declines started 23 months ago.”
There were 1,882 detached single-family homes sold this February, a 14.3 percent increase from the 1,647 homes sold the same time last year. On a month-to-month basis, home sales were down less than one percent from 1,897 homes sold this past January.
The median selling price for single-family homes in February was $271,950, an increase of 7.7 percent compared to $252,500 in February 2009. This is the third straight month of year-over-year gains. On a month-to-month basis, the February median selling price was down 9.4 percent from $300,000 in January 2010.
The February condominium market was up 14.8 percent compared to the same time last year (from 691 units sold in 2009 to 793 units sold in 2010). On a month-to-month basis, condominium sales were down 6.6 percent compared to the 849 units sold this past January.
Condominium median selling prices in February were up 12.8 percent from $213,250 in 2009 to $240,500 in February 2010. On a month-to-month basis, the median selling price of a condominium was down 6.8 percent from a January 2010 median of $257,980.
Inventory and Days on Market:
The inventory of single-family homes as of February 28, 2010 decreased 3.0 percent from February 2009 (25,317 listings in 2009 to 24,434 listings in 2010) which translates into 13.0 months of supply in February 2010. This is down from 15.4 months of supply last year and up from 12 months in January 2010. February supply was at its lowest level since February 2002 and down 32 percent from the February peak of 35,907 homes in 2006. This is the 23rd straight month that inventory has gone down compared to the previous year.
The condominium market saw February inventory decrease by 6 percent from last year (11,028 listings in 2009 to 10,362 listings in 2010), which translates into 13.1 months of supply, which is down from 16 months in February 2009 and up from 11.1 months this past January. This is the 23rd straight month that inventory has gone down compared to the previous year.
Detached single-family homes stayed on the market an average of 137 days in February 2010 compared to an average of 153 days in February 2009, while condos stayed on the market an average of 142 days, down from an average of 187 days in February 2009. On a month-to-month basis, days on market for single-family homes were up from 130 days and condos were down from 144 days in January.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
Monday, March 15, 2010
We've known the island is a great place to live but now even the Globe agrees with us. West Tisbury was named one of the top 12 places in Massachusetts to live in a recent article. Check it out...
Top 12 Places to live in Massachuseets
Tuesday, March 9, 2010
Doug's Thoughts For March
I write to you this month from “not so sunny” Florida where I am attending the annual RE/MAX international conference. For 4 days I will be educated in seminars and discussions focused on the real estate industry, economic trends, developments in technology and just about everything I need to keep on the cutting edge of our industry.
For now, the local news:
There were 22 sales on the island in February, a 20% decline from that in January, but still an increase from last February. There were 5 sales in February over $3M and 3 of the sales were bank foreclosures. Presently there are 17 properties “under agreement” with ½ probably closing in March and the other ½ in April or May, so the upcoming months will show a decline in number of “closed” sales.
This actually follows what I learned in an economic class yesterday about national statistics. All indicators say we will have a busy first 2 quarters of the year and things will slow in the 3rd and 4th quarter. This is partly due to an expected increase in interest rates by the end of the year and, on a national basis, the ending or changing of the first time homebuyer stimulus money. One staggering number I learned was that there are over 3 million foreclosures expected in 2010.
The past 4-6 weeks have seen a slowdown in the number of property showings. This is primarily due to the weather conditions across the northeast and upper mid Atlantic states. People in DC, Philly and NY are still digging out of their historic snow storms and the constant rain in eastern MA has kept people home. Once the weather breaks I think we will see a big influx of property showings and hopefully more sales. This is supported by an increase in Internet activity and property inquiries from our website.
Interest rates are holding steady (for now) at 5% on a 30 year fixed mortgage, which is good. But, as a seller, please be aware that Fannie Mae and Freddie Mac have seriously tightened the qualifying regulations. What this means for you is a frustrating loan process as the buyer is put through the “hoop jumping” required to get all documentation to the loan underwriter. Plan on 40-60 days just for loan approval!
Here’s wishing for an early spring.
For now, the local news:
There were 22 sales on the island in February, a 20% decline from that in January, but still an increase from last February. There were 5 sales in February over $3M and 3 of the sales were bank foreclosures. Presently there are 17 properties “under agreement” with ½ probably closing in March and the other ½ in April or May, so the upcoming months will show a decline in number of “closed” sales.
This actually follows what I learned in an economic class yesterday about national statistics. All indicators say we will have a busy first 2 quarters of the year and things will slow in the 3rd and 4th quarter. This is partly due to an expected increase in interest rates by the end of the year and, on a national basis, the ending or changing of the first time homebuyer stimulus money. One staggering number I learned was that there are over 3 million foreclosures expected in 2010.
The past 4-6 weeks have seen a slowdown in the number of property showings. This is primarily due to the weather conditions across the northeast and upper mid Atlantic states. People in DC, Philly and NY are still digging out of their historic snow storms and the constant rain in eastern MA has kept people home. Once the weather breaks I think we will see a big influx of property showings and hopefully more sales. This is supported by an increase in Internet activity and property inquiries from our website.
Interest rates are holding steady (for now) at 5% on a 30 year fixed mortgage, which is good. But, as a seller, please be aware that Fannie Mae and Freddie Mac have seriously tightened the qualifying regulations. What this means for you is a frustrating loan process as the buyer is put through the “hoop jumping” required to get all documentation to the loan underwriter. Plan on 40-60 days just for loan approval!
Here’s wishing for an early spring.
Monday, January 25, 2010
Martha's Vineyard This Week
Our Featured Listing...
This wonderful Vineyard Haven house is located at 100 Center Street. This Greek Revival home is currently a great investment property divded into two apartments. Or convert it back to a single family home and live in style near the Edgartown historic district. Take visual tour now...
$849,000
Call 508/696-3704 for more information on this property or any of your real estate needs on Martha's Vineyard.
This wonderful Vineyard Haven house is located at 100 Center Street. This Greek Revival home is currently a great investment property divded into two apartments. Or convert it back to a single family home and live in style near the Edgartown historic district. Take visual tour now...
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$849,000
Call 508/696-3704 for more information on this property or any of your real estate needs on Martha's Vineyard.
Wednesday, January 20, 2010
Welome Our New Agents
We'd like to welcome two new agents to our RE/MAX on island family. Brian Byrne & Barbara Twiss have joined our Vineyard Haven office.
Brian or Barbara will be happy to help you with any questions you may have about the island or buying and selling real estate here on Martha's Vineyard.
Welcome Brian & Barbara!
Brian or Barbara will be happy to help you with any questions you may have about the island or buying and selling real estate here on Martha's Vineyard.
Welcome Brian & Barbara!
Monday, August 31, 2009
Monday, August 24, 2009
Weekly Ventures
The backbone of the Vineyard's summer are the weekly events that happen every year. Whether you want to buy a lobster roll, find an antique or buy locally grown produce the Island has a weekly event for you. Here are some of these cherished Vineyard happenings...
Sunday
Vineyard Artisans Summer Fair Top island crafspeople 10am-2pm W. Tisbury Grange Hall, W. Tisbury
Monday
Monday Night Movies at the WT Library Furn for all ages. 7pm West Tisbury Library, W. Tisbury
Tuesday
Featherstone Center For The Arts Flea & Fine Arts Market 9am-2pm
Down Island Farmers' Market 11am-3pm. Tisbury Wharf, Vineyard Haven
Featherston Lecture Series Guest lecturer each week. 7pm Featherstone Center for the Arts, Oak Bluffs
Wednesday
Chilmark Flea Market 9am-2pm off North Road, Chilmark
Community Sings 8pm in the Tabernacle, Oak Bluffs
Thursday
Vineyard Artisans Summer Fair Top island crafspeople 10am-2pm W. Tisbury Grange Hall, W. Tisbury
Music on North Water St. 6-8pm Music in the Courtyard. North Water St., Edgartown
Friday
Antiques & Collectibles Show 9am-3pm Old Grange Hall, West Tisbury
Grace Church Lobster Rolls 4:30-7:30pm at Grace Church in Vineyard Haven
Saturday
Up Island Farmers' Market 8am-noon Old Grange Hall, West Tisbury
Chilmark Flea Market 9am-2pm off North Road, Chilmark
Wednesday, August 19, 2009
August Happenings!
This is one of the busiest weeks of the year here on the Vineyard!
Here's a quick list of some things going on over the next week on Martha's Vineyard...
Wednesday, August 19
Illumination Night in the Campground
The evening begins with a community sing-along. Paper lanterns are lit at dark making the campgrounds a magical place!
The 148th Annual Martha’s Vineyard Agricultural Society Show and Fair opens Thursday, August 20 to Saturday, August 22 from 10 a.m. to 11 p.m. and on Sunday, August 23 from 10 a.m. to 7 p.m. at the fairgrounds in West Tisbury. This fun event is something people wait for all year.
Saturday, August 22
Fireworks and a concert at Ocean Park in Oak Bluffs begins at 8 p.m.
Here's a quick list of some things going on over the next week on Martha's Vineyard...
Wednesday, August 19
Illumination Night in the Campground
The evening begins with a community sing-along. Paper lanterns are lit at dark making the campgrounds a magical place!Thursday, August 20-Sunday, August 23
The 148th Annual Martha’s Vineyard Agricultural Society Show and Fair
The 148th Annual Martha’s Vineyard Agricultural Society Show and Fair opens Thursday, August 20 to Saturday, August 22 from 10 a.m. to 11 p.m. and on Sunday, August 23 from 10 a.m. to 7 p.m. at the fairgrounds in West Tisbury. This fun event is something people wait for all year. Saturday, August 22
Oak Bluffs Fireworks
Fireworks and a concert at Ocean Park in Oak Bluffs begins at 8 p.m.
Wednesday, July 29, 2009
Divas Uncork The Cure
Several August events are being sponsored by Divas Uncorked for Susan G. Komen for the Cure® to fight breast cancer. 
“Divas Uncork the Cure” Wine + Food Festival
to Benefit Susan G. Komen for the Cure, MA Affiliate
A four day festival of wine, food and sisterhood, bringing together renowned wine experts, celebrity chefs and wine enthusiasts on Martha’s Vineyard to promote breast health awareness, education and screening in Massachusetts.
Thursday, August 6
A four day festival of wine, food and sisterhood, bringing together renowned wine experts, celebrity chefs and wine enthusiasts on Martha’s Vineyard to promote breast health awareness, education and screening in Massachusetts.
Thursday, August 6
Books for Wine Lovers-FREE
6:00 p.m. -8:00 p.m.
Cousen Rose Gallery, 70 Circuit Avenue Oak Bluffs
Table Design for Wine-FREE
6:00 p.m. -8:00 p.m.
L'Elegance, 73 Circuit Avenue Oak Bluffs Complimentary wine and cheese sip in courtyard between 73 and 70 Circuit Avenue
6:00 p.m. -8:00 p.m.
Cousen Rose Gallery, 70 Circuit Avenue Oak Bluffs
Table Design for Wine-FREE
6:00 p.m. -8:00 p.m.
L'Elegance, 73 Circuit Avenue Oak Bluffs Complimentary wine and cheese sip in courtyard between 73 and 70 Circuit Avenue
Friday, August 7
Crystal and Candlelight VIP Vintners Reception/Silent Auction - $125
Featuring wines from Boisset Family EstatesSommelier Belinda Chang from The Modern in New York City
Crystal and Candlelight VIP Vintners Reception/Silent Auction - $125
Featuring wines from Boisset Family EstatesSommelier Belinda Chang from The Modern in New York City
Harbor View Hotel, Edgartown
7:00 p.m. - 10:00 p.m.
Saturday, August 8:
The Art of Wine + Food - $75
Travel with us on a global wine journey, enjoy one of kind culinary delights with a pairing of handpicked wines from the continents. Each gallery will offer an exquisite wine and food portfolio from around the world, including:
Saturday, August 8:
The Art of Wine + Food - $75
Travel with us on a global wine journey, enjoy one of kind culinary delights with a pairing of handpicked wines from the continents. Each gallery will offer an exquisite wine and food portfolio from around the world, including:
Gallery #1-South Africa: Wine expert Selena Cuffe of Heritage Link Brands will present the wines of South Africa; Passages and Seven Sisters. See the latest article on Selena in Black Enterprise Magazine. Taste Chef Matthew Raiford’s masterpiece created to blend with these wines. Artist Ann Tanksley’s work is on display too!
Gallery #2-South America: Savor the wines of Chile and Argentina with Mi Terruno Winemaker Maria Eugenia Baigorria from Mendoza, Argentina. Also sample wines from Las Perdices, Von Siebenthal, InSitu and Santa Cruz. http://www.bodegamiterruno.com.ar/ Chef Richard Garcia’s work of art will please the palette.
Gallery #3-Chefs Gallery: Fabulous ‘island grown’ food artfully prepared on the grill by ‘up and coming’ chefs from Johnson & Wales. Learn about the work of the Island Grown Initiative, promoting sustainable farming on Martha’s Vineyard.
Gallery Collection (Main Tent) Australia, Spain, Italy, France and California accompanied by a collection of cuisine tastefully designed by our Celebrity Chefs and paired with wines from our experts. Stop and talk wine with the Divas and sample some Divas Uncorked award-winning California Chardonnay!
Gallery Collection (Main Tent) Australia, Spain, Italy, France and California accompanied by a collection of cuisine tastefully designed by our Celebrity Chefs and paired with wines from our experts. Stop and talk wine with the Divas and sample some Divas Uncorked award-winning California Chardonnay!
Featherstone Center for the Arts, Oak Bluffs
4:00 p.m. - 8:00 p.m.
Sunday, August 9:
Savor, Swirl and Sip Brunch - $60
Savor, Swirl and Sip Brunch - $60
Featuring a collection of rose wines and sparkling rose's
$250 All Access Pass include all events and a Thursday night VIP Party. http://www.divasuncorkthecure.com/at the Mediterranean, Oak Bluffs (formerly Lola’s)
11:30 p.m. - 2:00 p.m.
Participating chefs and wine experts include Chef Richard Garcia of Tastings Wine Bar & Bistro, Patriot Place; Sommelier Belinda Chang of The Modern, NYC; Wine Expert Philip Hillman II of Boisset Family Estates; Executive Chef LeVon Wallace of Harbor View Hotel, Edgartown; Wine Expert Len Presutti of Martignetti; Wine Maker Maria Eugenia Baigorria of Mi Terruno Mendoza, Argentina; Wine Importer Selena Cuffe of Heritage Link Brands and many more.
Monday, July 27, 2009
July Island Thoughts
Happy 4th of July. I hope you had a relaxing Holiday spent with friends and family. As predicted last month, real estate activity is “up” on the island. The buyers seem to be more enthusiastic and eager to buy. I hope this enthusiasm turns into real sales. The Year to Date sales information provided by LINK, shows that the number of sales (24) in May is higher than any other month so far this year. Hopefully, this trend will continue and we will see a reduction in the island inventory. Once inventory is reduced, buyers will have less to choose from and competition for the remaining homes will increase. This is when we know for certain the market has turned for the better.Interest rates have been fluctuating again this month, but are still in the mid 5% range and this is good for the consumers looking to borrow money. Staying positive in this roller coaster market is a “trait” that requires focus. I encourage you to take the media information and nightly news updates with a “grain of salt”. Also, avoid those negative “toxic” people who have nothing positive to say…they will drag you and everyone they encounter down with them. And most of all, remember that your mindset controls your activities. Stay positive. “Your beliefs become your reality so whatever you choose to believe will become true for you”.
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