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A Tale of Two Islands

Posted by Scott Van Voorhis August 11, 2014 11:31 AM

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Hey, maybe having the commander-in-chief vacation on your resort island isn't such a boon after all.

President Obama is one Martha's Vineyard for his annual two-weeks of fun and sun on the resort island.

And the only thing slumping faster than the president's approval ratings are home prices in Edgartown.

edgartown.jpg
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The median price of a single-family-home in Edgartown plunged more than 22 percent during the first six months of the year, to $619,250, reports The Warren Group, publisher of Banker & Tradesman.

West Tisbury home prices fell nearly 12 percent during the same time period, sinking below the $500,000 mark.

Despite a strong showing in Tisbury, where prices rose more than 19 percent, the median price for the island as a whole fell by 4 percent.

Funny thing, when Obama first began vacationing on Martha's Vineyard early in his presidency, home prices on the island were on a tear, rising faster than neighboring Nantucket. However, since a big rally in 2010, real estate values on the Vineyard, known for its  colorful mix of celebrities, writers and artists, have bumped around, rising and falling.

No more. Nantucket is now by far the hottest of the two islands when it comes to real estate values. The median price on the buttoned-down summer home for the nation's corporate elite hit $1.1 million during the first six months of 2014, up more than 24 percent.

Wall Street gets the last laugh?


This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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