Home Sales

Building green is extremely popular on the island as we all work to be a sustainable and environmentally careful community. And, one of the biggest trends of late? Composting toilets.

I’m guessing that toilets are one of those things that you, like me, take for granted. But sure enough, they are an issue. From septic systems to water pollution, regular old toilets are wreaking havoc on Martha’s Vineyard and around the world.

Without getting too graphic, there is a wonderful company located in Massachusetts that  installs and maintains composting toilets - and apparently, it’s a breeze. They look ‘almost’ like regular toilets and can be found in multi-million dollar homes around the island, thanks to South Mountain Company, in particular.

The waste is composted into dirt by some friendly and useful worms. No water is involved and a useful fan pull any and all odors straight down. This last piece is a big selling point, personally.

What do you think? Composting toilets in your house? Read more here if you’re interested.

When you’re preparing your home to sell, you’ll want to do the usual things:

• Have it professionally cleaned.
• De-clutter to the extreme.
• Paint.
• Fix any and everything that’s broken
• New light fixtures.
• Update the decor.
• New blinds.
• New furniture (if necessary).

But, when you live on the Vineyard, there are a few other things to think about. We live on an island destination which means that many people are looking for a second home, a home with rental possibilities and/or a beach home. So, I recommend that the home be staged to compliment those buyer desires.

These might include:

• Gadgets and upgrades that might not exist in the regularly lived in home - think pool tables, extra entertainment systems, carriage houses.
• Showcased space for holding events like weddings and parties or even big dinners.
• Extra rooms outfitted for guest bedrooms or owner hideaways.
• Vineyard touches, ‘At the beach’ signs, lobster motifs, beach and summer toys and necessities.
• Lockable areas for owner belongings.
• A guest book full of information on the property and the island.
• Beautiful windows because everyone comes to the Vineyard to be outside - clean, clear and well-treatmented windows bring the island right into the home giving the impression that your home has everything the buyer came here for.

When people walk into a home and their questions are answered, their senses are tickled and their dreams are visible, the chances of them wanting to make an offer (and move in right away!) increases dramatically.

The impulse is to say yes, buying a house during a recession is a great idea because a recession creates a buyer’s market where prices are very low. Add to that the possibility that the Fed is going to lower the interest rate for new mortgages to 4.5 and it seems like the smartest thing to do.

There are some things to consider:

1. Do you have something to sell before you can buy a new house? As just mentioned, it’s a buyer’s market, so it’s very challenging to sell real estate right now - though it can be done (and it is being done!)
2. Don’t be swayed by the low, low prices. Make sure that the house is really what you want and that you aren’t just hypnotized by the price tag.
3. Similarly, make sure the house is in the neighborhood of choice. A great house is really only as great as its surrounding community.
4. Always get a new property thoroughly checked by an inspector and make sure your realtor is well versed in the legalize surrounding your property. In other words, make sure the low price reflects the economy, not the property and its issues.

I’ve talked to a lot of sellers recently who are worried about selling their home during this economic turndown (cough, cough), recession or whatever the news media is calling it today. Here are some tips to make sure your house sells:

1. With nerves playing a big part on both sides, I recommend bringing in a tough house inspector before you put the house on the market as well. This way there will be no surprises that could send a promising buyer running.
2. Then, take care of any repairs and maintenance before you put the house on the market. Buyers are likely able to handle the mortgage payment, but not interested in fixing anything up.
3. Stay positive. Did you know that many businesses boom during recessions? Even during the Great Depression of the 1930’s, companies like Proctor & Gamble and Chevrolet saw increases in revenue because they maintained the attitude that nothing was wrong.
4. Encourage your realtor to market and promote your property - insist on this even if s/he would like to keep costs down. The companies I mentioned above - P&G and Chevrolet had another major tactic in common - they both ramped up their marketing efforts despite the recession.
5. Use a realtor with a solid reputation. Again, with instability in the market and for both the buyer and seller, find as much stability as possible. A real estate broker with a proven record and the esteem and respect of his/her community is the perfect steady hand.

I have so much to be grateful for: my family, this incredible island I live on, my business. But, today, I’m thankful for something else: timing.

Despite the warnings, markers and clues about the impending market downturn, Suzanne Lanzone & Daughters had a strong season with multiple house sales, heavy rental traffic. But, it is incredibly fortunate that this economic turndown happened at the end of our season. We have until next spring to recover - and I know the country will.

As for the Martha’s Vineyard realty landscape, inventory is high and we haven’t seen dramatic price reductions. The home owners on the island are not majorly Wall Street, we have a diverse crowd including celebrities, politicians and legacies. Another heavy indicator of the economic temperature on the island: we had our strongest fundraising summer ever.

Bottomline: people want to be on Martha’s Vineyard. It’s a luxury destination, a respite from the rest of the world, it’s safe, it’s private; in short, it’s paradise.

This is always a bittersweet time on the island. It’s the end for some, the beginning for others - a change for everyone. Perhaps it’s hardest on the summer people - they have to go back to their real lives once Labor Day passes, after all.

A client of mine, who has become a friend, remarked that this is the first Labor Day that won’t cause physical pain for her and her family in a long time. They usually rented for the month of August and so Labor Day was a big stop sign for them that meant they had to say goodbye to the island, their friends and this way of living until next summer.

But last winter, they purchased their own island home. They won’t be leaving until Wednesday, September 3rd…and they’ll be back most every weekend, until the winter, when their whole family will join them for their first Vineyard holiday season.

Of course, people that haven’t spent much time on the island have made comments about how there must be nothing to do here when it isn’t summer - but it isn’t true. The Vineyard community is so strong, the seasons are truly palpable. Sometimes it is a little quiet…but we think that, sometimes, that’s the point.