Real Estate
By now the contours of the affordable housing dilemma are painfully familiar — soaring real estate values have squeezed middle-class Islanders, forcing them to choose between a shaky rental market or relocating off-Island. In an attempt to move the debate beyond Darwinian free-market economics and glacially-paced town initiatives, Vineyard realtor Jim Feiner is attempting to forge a third path, blending private philanthropy and free-market economics to provide affordable homes for the Island community.
Jean Kelleher of Kelleher Real Estate has become the first Island broker to be awarded the National Association of Realtors’ new green designation. She completed a course giving participants comprehensive knowledge of green homes and buildings and issues of sustainability.
Ms. Kelleher was trained in understanding what makes a property green, to help clients evaluate the cost/benefit of green building practices, rating systems and how to help consumers understand the options for making their homes more energy efficient.
In the past few decades, the only way to spiff up an antique captain’s house was to sell it to a millionaire and have the buyer’s workmen attack it with pick-axes and bulldozers. But something very different and refreshing is happening to the 1840 Captain Thomas Mellen house on Main street, Edgartown, designed by master builder Ariel Norton, and owned by the Keniston family for the past 80 years.
Historic low interest rates that have led to a flood of mortgage refinancings in recent months have by accident exposed a marked trend of slumping property values on the Vineyard.
In roughly 75 per cent of June home reappraisals conducted on behalf of Martha’s Vineyard Savings Bank, the Island’s largest lender, properties were found to be below their assessed values.
According to bank president Chris Wells, it is an Islandwide, evolving trend.
Robert M. Sawyer, Island real estate instructor and author of Massachusetts Real Estate Principles, Practice and Law, recently participated in a meeting of experts to update the state-licensing exam for real estate salespersons and brokers in Massachusetts.
The former Tuscany Inn in Edgartown sold for $2.7 million yesterday in a foreclosure auction at the historic property on North Water street.
An Island resident reportedly has bought the former inn, which currently houses l’etoile restaurant. The name of the new owner has not been disclosed. Michael Brisson, owner of l’etoile, said he does not expect the sale to affect his business. “For the foreseeable future l’etoile’s lease is secure and I look forward to working with the new owners,” Mr. Brisson said.