Archive for the 'Experience the Vineyard' category
Vacation Home Investments
Further Proof the Real Estate Market Is Coming Back
Posted: 30 Apr 2012 04:00 AM PDT
Last week, the National Association of Realtors (NAR) released their Pending Sales Report which showed that contracted sales were 12.8% higher than the same month last year and higher than any time since sales were impacted by the Homebuyers’ Credit back in April of 2010. The index stood at 101.4 which represents a level that is historically healthy(see methodology below).
Here is a graph showing pending sales over the last twelve months:
 
METHODOLOGY (as per NAR)
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.Â
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.
Posted: 30 Apr 2012 04:00 AM PDT
KCM BLOG
Captain Warren House
Tuesday night Edgartown voters approved an expenditure to build a new library just outside of town. After voting in favor of the new library, voters agreed to the sale of The Captain Warren House. That property had been purchased in 2004 with plans to expand the current location. The purchase price was $3.5M and current assessment is $3,693,000. I have heard a figure being bounced around of $4 million.
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At some price a good opportunity for an intown project. Perhaps a major project.
Question of the Day
Q: Should I always get a permit before making home improvements?
A: To save both time and money, some people avoid getting building permits. But most cities require them. Besides ensuring safety during construction – housing inspectors sometimes stop by to check on the progress of projects at key points – they are also a source of revenue.
Cities charge a fee when a building permit is issued. Also, work done with a building permit can result in an increase in the homeowners’ property taxes because, in general, a home improvement increases the assessed value of the property.
Permits are usually required when any structural work is planned or the basic living space of a home is altered. They generally cover new construction, repairs, alterations, demolition, and additions to a structure. Some jurisdictions require the permit to be posted in a visible spot on the premises while the work is being done.
Besides structural changes, permits also may be needed to cover the installation of foundations for tanks and equipment, as well as the construction or demolition of ducts, sprinkler systems, or standpipe systems.
By law, all buildings must have a building permit and a certificate of occupancy before they can be used.
Investment Alert: Can You Afford a Second Home?
[1]Most of us have dreamt of having a vacation home. It could be on the beach in New England, somewhere tropical, or even somewhere foreign. Many consumers don’t realize that with the proper research, their dream vacation home might actually be in reach. Instead of visualizing how relaxing vacations and weekend getaways could be, why not try to make your second home a reality?
The first step to purchasing a second home is organizing your finances to make sure you can afford it without compromising the security of your other assets.
These tips can help you assess whether or not you are ready to invest in a second home.
1. Figure out what you can reasonably afford by looking closely at your income, savings, and spending habits. Future expenses need to be factored into your budget, such as the likelihood of replacing a car or adding to your family.
2. Check each of your three credit reports well before you start looking at houses or shopping for lenders. If your credit score needs improvement contact a credit counseling agency or ask your mortgage company for advice.
3. Create a budget. A budget not only clarifies your current financial situation, but it also helps you identify places where you might cut back to save for a down payment.
4. Consider tax implications. Purchasing a second home has its benefits, but you should make sure you consider funds for property taxes on the second home as well as additional income tax if your home will be rented out. You should research the area’s property taxes because some locations have significantly higher or lower property taxes.
If your research proves you are not quite ready to start looking for your vacation home, try not to get discouraged. It’s better to wait than to put your financial security at risk. If you feel that you are financially stable enough to take on a second mortgage, now is a better time than ever because interest rates are extremely low. Good luck!
Christmas in Edgartown This Weekend
Christmas in Edgartown is a Vineyard tradition shared by young and old and enhanced by the glimmer of freshly fallen snow. This weekend event is bursting with festivities and shopping which will certainly get you in the holiday spirit. Click here for a full list of events.
After Irene
Courtesy of MV Times:By Nelson Sigelman, August 29, 2011 Photo: J.B. Riggs Parker
A boat broke free of its mooring during the storm and beached itself on the shore of the lagoon adjacent to the launch ramp. The boat appeared perfect.
The Steamship resumed regularly scheduled service Monday, at about 8 am.
The Chapaquiddick ferry began operating as of 8 am.
Atlantic Drive has reopened to traffic. South Beach is still closed for swimming, but the beach is open. Read more
Martha's Vineyard prepares for Mr. Obama, first family, many more
President Obama greets crowds in Oak Bluffs during the first family's vacation last summer.President Barack Obama and his family are scheduled to arrive on Martha's Vineyard Thursday, August 18, for their third summer vacation on the Island. A vacation may be welcome relief for Mr. Obama, who was buffeted in the month of August by a bruising political battle over the federal debt limit. The first family will once again spend about 10 days at Blue Heron Farm, a luxury retreat on Tisbury Great Pond in Chilmark. Read more
The Most Eventful Week of the Summer
This is one of the most exciting weeks of the summer. Here are some of the highlights courtesy of the chamber of commerce.
Grand Illumination: Wednesday, August 17, 2011: One very special highlight of the summer season on the Campground is Grand Illumination. The cottages are adorned with colorful Chinese and Japanese lanterns, and both a Community Sing and a band concert are held in the Tabernacle. Grand Illumination started in Oak Bluffs over a century ago and was initially intended as a way of marking the visit of the Governor of Massachusetts. Click here for more info.
150th Annual Agricultural Society Fair August 18-21: Come to the Fair!! It just wouldn't be a Vineyard summer without the Ag Fair! The four- day fun begins Thursday August 18 at 10 am -11 pm on the fairgrounds in West Tisbury.
Agricultural Hall, West Tisbury. Click here for more info.
Fireworks at Ocean Park by the SeaSponsor: August 19: Benefit for Oak Bluffs Fireman's Civic Association. Enjoy a sensational fireworks display at Ocean Park by the sea in Oak Bluffs. Known for it’s sea views and distinctive architecture, Ocean Park provides the perfect setting for an evening of fireworks and music.
After dark Ocean Park, Oak Bluffs
Enjoy !
First Family Return to Martha's Vineyard
President Barack Obama and the First Family are expected to return to the Vineyard in a little over a week for their third consecutive summer vacation on the Island. The White House press office yesterday could not officially confirm the dates of the president’s arrival. But it is understood that Mr. Obama, First Lady Michelle Obama and their two children will visit the Vineyard between August 17 and August 28 this year. The expected arrival date is understood to be August 18. Read more.
