2 houses on the vineyard 4-sale

[reelecstasy]

very interesting

[vineyardblues]

If you know the island, it's off W Tisbury rd heading towards the airport.From Edgartown center
Tucked behind morning glory farm.

[MarshCappa]

I would be very interested in joining the member list. I will spending a lot of time in Woods Hole and Osterville next summer with 2 jobs that my company is working on and this would be great to have a fishing house available.

[keeperreaper]

This sounds interesting!!

[Squid kids Dad]

Hummmm..NO PAIN...

[dredey]

i'm in. let's get 40 guys like john suggested.

[Pete_G]

What's that industrial looking area in the Google view of the area? That better not be a sewage treatment plant...

[JohnR]

Originally Posted by Pete_G

What's that industrial looking area in the Google view of the area? That better not be a sewage treatment plant...

That's a Sewage Treatment Plant

[Joe]

Don't worry about the water treatment facility.
It's the Vineyard, their sh_t don't stink.

[quick decision]

Originally Posted by JohnR

Throwing out some rough ideas:

40 people "House Members" or Shares - $1000-1500 down, $100 per month. This will cover downstroke and mortgage with a little left over.

2 Houses with 2 beds each (plus cots) , "House Members" have options on chosing 1 week from mid May to end of October - excluding the month of the Derby - which allows a total of 40 weeks. That week will have a $150 charge (totals to cover utilities and maintenance for year). First choices determined by lottery, schedule filled out, those with poorer lottery picks have higher choice following year.

im in
Weeks of Derby, $25 for the week cot, $100 week, bed - by lottery (though Prez guranteed bed??) . Money goes into house "slush / maint / bills" fund

Some weeks will be unfilled and can be rented providing additional income.

Garage will have freezer, some fishing gear, and "arrangement of cots" for the island hopper House Members to sneak in for a few days of fishing when both houses are occupied. Items moved aside and vehicle stored inside for Winter.

Figure out a buyout / buy in option for those that need to get out or get in.

House Member "Corporation" Setup - Commitee: 1 pres - 2 yr term, 1 vp 2 yr term, Treasurer, Secretary, Board of Directors

Long Term -

1 Reliable but cheap vehicle (<$2000) with beach stickers - no drinking in vehicle

count me in Pm me if this is not bs

[Mr. Sandman]

Give me the address I will post the pics within a day...

That said, there is a TON of homes on the market..it is published in a bound book, all price ranges. HOWEVER, As far as a group ownerships goes you may run into some problems. I am not saying it is not possible but I will say you will run into trouble. You will probably need some sort of permission to do this as most homes are single zoned family. If you have to deal with the MV commision, good luck. They are a major roadbock to anything and everything. They have more power then anyone. You can not build on your own property without their permission.
Anyway, PM me the details I will swing by tomorrow if you want, I am just hanging around this weekend.

PS I can "care-take" the place for a reasonable fee. LOL!

[westhavendave]

I have some interest as well.

http://data.visionappraisal.com/Edga...e=pid&pid=3580

[JohnR]

Anymore Interest? I know I have had a few people (OK, more than a few) PM'ing me on this....

[Flaptail]

bUT THE FISHING ON MV HAS SUCKED THE LAST TWO YEARS AND SHOWS NO SIGN OF RECOVERING SOON. bETTER OFF BUYING THE 300 K A-FRAME ON CUTTYHUNK. MV IS WAY OVERATED.

[UserRemoved1]

yea there's no fish on MV go to Cuttyhunk

[PaulS]

I'd be interested!

[chief10]

how much for the s-b shack?

[Bronko]

Off the top of my head.... I personally haven't closed a loan on the Vineyard, but my law partner has. If I remember correctly, on the Vineyard the buyer is responsible (on most residential transactions) to pay a 2% fee of the total purchase price to the Martha's Vineyard Land Bank. In this case that would be 2% of $550,000 which is $11,000. Also, as the Sandman has noted 'group buys' aren't viewed very well out there. You may want to form a Corp. or LLC created for the purpose to buy and sell real estate, you may also look into creating a realty trust. Also beware the normal cape & Islands bulls*t re: Title V issues and the difficulty in getting insurance.

Just a couple of ideas to mull.

[Joe]

One partner is one too many...

[Mr. Sandman]

Now that Bronko brought it up...The Land Bank fee is painfull. I remember writing the check for this, I could have bought a new BMW or a pretty nice boat with that money. You will have to shell out 2% of the purchase price of your new property on Martha's Vineyard in the form of a fee, not a tax, due at the time of closing. You can't morgage this. There is no deduction you can take. There is no way around this either. It could be worse; you could buy a property on Nantucket and pay 4% of the purchase price. The Land Bank came into existence in 1986 during the building boom --- to preserve as much of the pastoral and seaside beauty of Martha's Vineyard for public use as possible. Personally I hate the land bank because there is no end to it. In the limit, they will own everything and the place will become another nomans island. It is just a matter of time. The amount of $ they collect each week is mindboggling. It is reported each week in the paper. During the last week in Dec this year they collected 1.1 mil. Not bad for a weeks pay eh? They buy up land with this $. IMO this in turn drives up the cost. The good part is they allow public access to it. This means you can park your car and get shore access on many of their properties. They have a good map of where they are. A good fishermen would get one of these as part of his due-diligence. They happen to have a few good properties with good fishing. Is it worth the fee? Probably not. I would rather just have all the beaches be open to the public.

They were also pushing for a 1% back end fee as well to support affordable housing. I think it passed but I am not sure, this is paid by the seller at the time of closing.

Ttile V can be an issue esp on older property's. It might run you some serious coin to upgrade your septic. The seller generally will not pay for this but depending on the market I suppose you could apply some pressure.

Homeowners ins. Good luck on that one. Figure about 2500- 3500 per year for that property in todays market if you can get it at all. I asked the agent what does it cost for these big houses right on the water? Her reply was...Honeslty, you cant buy it for a lot of places. They have the resourses to self-insure.

I would not count on rental income. There are a ton of houses for rent here, esp in the off season. Everyone who bought a summer home wants to rent it when they are not here, hence there is a glut of rentals. The only ripe time to rent your home is exactly when YOU want to use it. For the last 2 years..less then half of the homes that were available for rent were actually rented.



My advice is rent, do not own unless you plan to live here year round. You can haggle rent down pretty low these days and avoid all the costly bs.

[Bronko]

One of the ways around the Land Bank fee may be for the Buyers to negotiate the fee from the Seller prior to closing. It could be effective in the current RE market which as we all know is still pretty sluggish.

ie:

Asking price $550,000.00

Parties Negotiate to $530,000.00
(MV Land Bank fee on this figure would be $10,600)

Agree to a price of $540,600 and have Seller give buyer a $10,600 closing cost credit.

This is an example of course with no downpayment etc. factored in. But there are a few creative ways to alleviate or reduce fees in situations like this

[Mr. Sandman]

Basically your trying to shift the land bank fee to the seller. Good luck with that. Everyone tries that. Or tries to split the fee with the seller... I will tell you that you will get some resistance from sellers on this issue. However, given the soft market today, anything is possible I suppose. Timing is everything.

I still think renting is better for the visitor. You need to look hard at the numbers as well as the other people issues. Look at what your yearly nut will be and ask yourself, what could I do with that money? Also you need to consider the large headache factor this will cause for you managing 40 guys all wanting to come the same time, not to mention maintence. This is like selling ski timeshares...no one wants the summer months, they just want a few weeks in the winter.

The RE trends are changing.....I know a few very wealthy people who have all sold their summer mansions in the 5-8 mil catagory the last several years. I go fishing with this one guy fairly often and asked him why he sold that awesome house. He said, " Look, I can make 500K+ per year in interest alone on that money, I can rent an even better house for 100K per summer and walk away without the headaches of having to worry about it all winter with 400K in my pocket. Heck it cost me 50K just to paint that house. The days of 30-100% gains/year in RE are over out here. Its a no brainer. " Your case is the same deal only one less zero on the end.

IMO for the visitor who will be here in short stints, renting is the way to go . Renting year round even. The big run-up in value like in years past is over, or at least it is more tempered now, could even decline some. You might consider that too.

It might turn 40 friends into 40 enemys. Most deals like this have issues.

Why not just give the money to JohnR, and let him move out here year round. I am sure he would build a nice sb fishing shack out back to house you guys like a mob of Brazilian workers for the few weeks your going to be here

[MakoMike]

Sandy,
How are prices going to go down with the land bank continually buying up the land? Seems to me that eventually the island will have one house and the rest of the island will be public access?

[quick decision]

Any progress on this?

[Redsoxticket]

I searched the mls database for the vineyard for solds and active listings ranging from capes, colonials, farmhouses and ranchs. There were several homes that sold in the past 6 months between $500k to $600k that have between 3 to 4 bedrooms with some that sold with a high number of days on the market.
These two homes are only "A" frames on a lot that appears that can not be subdivided. IMO there will be better deals in the near future on the vineyard.

[Swimmer]

Very interesting info exchange in this post. Thanks for the schooling Sandman! Great idea but it is full of unknowns and uncontrolable variables. There would probably be 40 guys who want the derby weeks and the rest the year, who knows...........