Interesting post by Scott pitting The Vineyard against Nantucket. But we all know – Provincetown beats ’em all!
A Tale of Two Islands
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.
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?