Real Estate

The land of Martha’s Vineyard is precious. And the fact that so many people know this is both a curse and a blessing. The curse is simple: the more people that love this island and want to live here, the more homes that are built and the more land that is taken from its natural state. The blessing is also simple: good people come to this island, they love & support this island and they become part of the larger community.

Many of these people, over the years, have been forward thinking about how to pull these two sides together - one solution is the Martha’s Vineyard Land Bank Commission. “The land bank is a rare breed. Neither a sanctuary program nor a park system, it is a middle ground where the highest virtues of conservation can be realized: public enjoyment of nature, where limits and restraint secure the natural world’s future and prosperity.” (from the Land Bank’s website)

In essence, the Land Bank works like this. For every real estate transaction on the island, land or home, the buyer pays an additional 2% of the total price to the Land Bank. In turn, the Land Bank uses that capital to purchase and preserve undeveloped land on the island. The land bank, with the help of private conservation entities on the island, has a diverse mission and is able to reserve properties for wildlife, agriculture, hunting and/or many other types of conservation use. Of course, environmental protection tops the list of land bank goals and public use is encouraged wherever and whenever it’s possible.

I work closely with the Land Bank and have a thorough knowledge of the processes and procedures involved in purchasing property on the island. Walking you through these steps and sharing the importance of the Land Bank to our Vineyard community is integral to the process of working with Suzanne Lanzone & Daughters and essential to the conservation of our island home.

My dedication to my clients and their properties is extensive, comprehensive and complete - because it has to be. The real estate market moves fast, and I move with it.

Recently, I received a call for a listing that required a nearly instant meeting and a next-day spot in the newspaper. Because of my dedication to keeping the client list of Suzanne Lanzone & Daughters intimate, I was able to meet the needs of this client.

Similarly, when a buyer requests a showing, I understand that they need instant gratification. In fact, they can’t wait - and their schedule receives my total attention.

I do remember real estate before there were cell phones. Things actually moved a bit slower, because if you were at one showing, you couldn’t receive a call about the next one. Clients had to wait until you returned to your office. I know - can you imagine!

Of course, the reality of today is that I have a cell phone, and while I could turn it off and create a defined window of availability - I choose not to. I choose to leave my phone on from 7:00 in the morning to 10:00 at night. I am always available and pride myself on this top-level of service, reliability and, yes, dedication.

In a poignant editorial, Brendan O’Neill - the executive director of the Vineyard Conservation Society - points out the severity of the land conservation versus development issue on the island. While over the last 100 years, about one third of the Island’s 60,000 acres have become legally protected as conservation land, another third remains unprotected.

O’Neill writes, ‘The dilemma is that not all the land that needs to be protected can be saved in time. The rate at which land is being developed is far outpacing the rate at which it is being conserved. In a build-out scenario under existing zoning, this could translate into several thousand new houses, a doubling of the year-round population, a spike in the summer population, and the necessity of providing the roads, sewers, municipal buildings and other infrastructure required to support a larger community.’

His call to action is for landowners to act, designating their private land for conservation restriction. He states that, “More than five thousand acres of private land have been protected by landowners in recent decades. That’s almost a quarter of the inventory of conservation land on the Island. Now is the time to repeat that feat.”

The steps to securing conservation land on the island are complicated involving donations, IRS rules and island government regulations - but they are entirely navigable and strategically put in place to help the island.

I am proud to be an expert in the fiduciary, legal and community procedures for land conservation on the Vineyard. And, I educate my clients on the benefits of land protection for themselves, for the island, for the world…and for the lifestyle of the Vineyard that we cherish.

O’Neill passionately includes, “There is general agreement that much of the Island’s remaining unprotected open land should be conserved if we wish to keep our water bodies, prime farm soils, scenic vistas, buffers around the Great Ponds and core wildlife habitat areas intact.”

And he quotes the founder of the Vineyard Conservation Society, Richard Pough, “If the natural beauty of Martha’s Vineyard is to be preserved, it will be the result of the combined action of the Vineyard landowners.” What was right on 40 years ago, stands true today.

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.

Never underestimate the vision of powerful people. A heady group, including Joseph DiLorenzo, former CFO of the NBA’s Boston Celtics, David Kirkpatrick, a former president of Paramount Pictures, and Earl Lestz, another former Paramount executive, is working to create a second ‘Hollywood’ right up the road from us in Plymouth.

Plymouth Rock Studios LLC would include: a $488 million film and television studio, complete with 14 sound stages, a 10-acre back lot, a theater, a 300-room upscale hotel, a spa and 500,000 square feet of office space. Sixty percent of the real estate has been pre-leased.

The entire program is still in the fund-gathering stage - something that could be delayed because of the economy. However, I’m not sure the film industry has been affected yet - as I watch new movies consistently open to blockbuster ticket sales.

Town residents are, of course, conflicted about this new venture. While many fear the loss of their special town and historic landmark, others are thrilled about the jobs and millions of dollars that will be created and spent.

Interesting…I’ll be sure to keep you posted on how this saga ends up…

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.

Central to my business and my life is the practice of responsible philanthropy. Active in fundraising for many non-profits on Martha’s Vineyard, the work that I do for the Island Affordable Housing Fund (IAHF) is some of the most rewarding. This summer marks my eighth turn at co-chairing their main fundraising event, Houses on the Tube, which brought in over $500,000 last year and has collectively raised over $1.5 million. To highlight the work that the IAHF does, I’ve asked the fund’s executive director, Patrick Manning, to engage in a tete a tete with me.

Suzanne: What is the Island Affordable Housing Fund and what does it do?
Patrick: IAHF is a non-profit organization that serves as both the fundraiser and the voice of the affordable housing movement on Martha’s Vineyard. It was understood several years ago that there would be a looming crisis where market prices of houses, especially in such a unique and popular venue such as MV, would continue to rise, while salaries of year-rounders would not grow at a comparable rate. The solution is to provide housing that will be forever affordable for the work force, the islanders.

Formed in 1998, the Island Affordable Housing Fund (IAHF) provides grants and loans to organizations, towns, developers, builders, or anyone with a proposal to create affordable year-round housing opportunities that satisfies our criteria. The Fund is also a catalyst and facilitator, providing funding to a whole host of projects that provide affordable housing opportunities to Island residents. Our work is designed to diminish or erase the affordability gap between what it costs to create housing and what year-round residents can afford to pay for housing.

Those that came before me, not only predicted this trend, but were smart enough to set up an organization to raise money, educate the people and try to avert the problem before it really started. As a result, the crisis we are in now is not as bad as other places around the country. There are some spots that have to fly in their school teachers, police officers, fire fighters, waitstaff and tradespeople because they can’t afford to live there. The Hamptons, Nantucket, Jackson Hole, Sun Valley…they are all suffering this crisis right now, and this is what they have in common: a limited amount of land, they’re a popular vacation area, lower than average annual income and many second or vacation homes. IAHF is 10  years into saving the character of the island, Nantucket is just starting to grab hold of their problem, Aspen is ahead of us. Aspen is #1 in this field.

Suzanne: What is Houses on the Tube?
Patrick: Houses on the Tube (or HOTT as it is affectionately called in our office) is our main fundraiser and actually has it’s origins in the desire over the last few years to make our large events inclusive to everyone and unique. It was the hope by people like you, Suzanne, and your co-chairman, Kenn Karakul, that we get people excited to come and not have them dread ‘just another fundraiser’. HOTT has been our most ambitious and our most inclusive. It’s about community and whether you can give $10 or $10K - it all counts equally towards reaching our goal.

Suzanne: What is the event?
Patrick: It’s the classic telethon, similar to Jerry Lewis Telethons where you have continuous live entertainment, sponsors with big checks, the excitement of reaching a goal and watching the numbers rise over a 27 hour period. We have seen everything from the very generous, affluent individual donations to the local waitstaff who come in with their tips for the day to everyone in between. Anonymous gifts of tens of thousands of dollars and children calling in with $3 from their piggy bank. We never know how much we’ll raise, and it’s always been a pleasant surprise. Last year we exceeded our goal by several thousand dollars, and we have high expectations for this year.

You and Ken have come up with brilliant ideas. Before the telethon, our event was ‘Guess Who’s Coming to Dinner’ and guests would pick a dinner with say 2 Harvard Law professors debating during the meal, the cast from Dream Girls providing the entertainment or having David Letterman valet park your car. Your idea to shake things up and try a telethon, which had never been done on the MV, was successful beyond our wildest dreams.

Suzanne: I mentioned the incredible $1.6 million that we’ve raised over the last 7 years. What is the direct impact on the Vineyard community?
Patrick: The inaugural HOTT enabled us to say ‘YES!’ to projects that are community oriented. Historically, we would build one affordable house at a time; now we’re able to build communities of several homes, pocket neighborhoods. Now, we are able to buy and build better homes, greener homes that use less energy - a contribution that will help make these homes more affordable forever.

This leap in our ability to help the community is very much due to you and Ken. You know that there are very few people who will walk the walk, and fewer who walk it on such a grand scale. This work does make a huge difference to so many people including those brand new home owners who just moved into their new affordable homes in Jenny Way. Jenny Way, in Edgartown, is the first pocket neighborhood we built and it holds the esteemed honor of being LEED platinum certified - the first affordable housing community in the U.S. to carry this highest green building rating from the Green Building Council.

Suzanne: Jenny Way is amazing. What are some other current projects?
Patrick: Again, due to the last year’s wildly successful Houses on the Tube event, we have several projects that we can now commit to. One example is Bradley Square, nestled in the heart of the Arts District in Oak Bluffs. We saved the first African American church on the island which was not only a safe worship haven for African Americans, but also served as a welcoming spot for the influx of Portuguese immigrants the Vineyard saw at the turn of the century.

We saved it from the wrecking ball, and the sanctuary is going to be restored as a community room, and the NAACP of Martha’s Vineyard will have it’s first permanent offices in their history within the space. Additionally, 11 housing units, including 4 live/work spaces for island artists will be created nearly doubling the size of the Arts Districts. In West Tisbury, we are building an 8 home neighborhood that we hope will be as close to zero carbonAlso 250 state road , west tis, 8 unit affordable housing community that we hope will be as close to net zero energy use as possible using alternative energy and fuel.

All of this was made possible by the generosity of those involved in HOTT and all of this makes the Vineyard a better place, a sustainable environment, a leader in so many ways and, of course, a strong, flourishing community.

Suzanne: So, when is this year’s event?
Patrick: July 26th and once again, Jim Belushi, the island’s blues brother will be hosting with us - back by popular demand, not to mention that he had such a good time last year, he asked us if he could join us again…

Suzanne: Who else is coming?
Patrick: Ahhh…wouldn’t you all like to know! Several, incredible hosts will be on hand, but I won’t give away all of our secrets…Come to Houses on the Tube! Support the island…that’s the only way to find out!

For more information and to purchase tickets, visit: www.islandaffordablehousing.com