Page 8 - Luxury Market Report 2018
P. 8

Oak Bluffs

                   The Oak Bluffs luxury market held steady during the first
            nine months of 2018, with 14 sales above $900K, compared to the
            same number during the year-earlier period.  Average sales prices
            climbed 5.2%, while median sale price remained unchanged so far this
            year following strong gains in 2017. Days on market shortened consid-
            erably to 214 days.

                   Over the past several years, Millennial and Gen X luxury buy-
            ers have increasingly flocked to the water view and water front areas
            of Oak Bluffs -- including East Chop, Ocean Park, Farm Neck/Hart
            Haven and Sengekontacket communities. In the process, they have
            shifted how the luxury market is defined in the area.

                   For example, the community of East Chop that historically has
            catered to young and old families with kids, and which has traditional-
            ly been a seasonal and second home market, has become a popular
            destination for both retiring baby boomers and prospective Millennial
            and Gen X vacation home single-family luxury home buyers. While                                  East Chop water views, sold for $1.325M
            one of the bigger houses on the island is currently being built on the
            East Chop Bluffs with its sweeping water views, this area is also now
            seeing young luxury buyers with a preference for more modest but still
            Victorian cottage styled yet modernized homes that have equal access
            to both the water views, beaches, clubs and amenities like shops, res-

                        House and guest house Oak Bluffs, sold for $1,200,000                            The “Grey House” on East Chop, sold for $1.26M
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