The Martha’s Vineyard town of Aquinnah is not within everyone’s price range. This four-bedroom, three-bathroom home at 15 State Road is being offered for sale at $3.9 million.
Although some people prefer to leave their cell phones at home during their vacation to unplug and unwind, modern technology is helping Aquinnah (formerly known as Gay Head) transition from a seasonal retreat to a home for permanent residents.
“You didn’t used to be able to live at your shack on the beach and get your business done,” said Mark Jenkins of Wallace & Co., a real estate firm in nearby Edgartown. “But now we see more people living [in Aquinnah] year-round as a function of improved communications. People can pretend they’re in their offices in Boston when they’re sitting on their deck chair.”
While Aquinnah has appeal to those looking for a seasonal jaunt, it also has a number of year-round residents. It’s been that way for a long while, due to the descendants of the Wampanoag Indians; when the town was incorporated in 1870 it had already been named an Indian reservation, and it remains one today.
Aquinnah has experienced a growth in its permanent population that may have impacted other aspects of the real estate industry, particularly the rental market.
“Rentals have been a bit soft this year,” acknowledged Jenkins. “People have suggested that it’s because people who have been renting have ended up buying properties.”
That marks a positive change in the market, which had been slumping in the economic recession follow the terrorist attacks of Sept. 11, 2001.
“Things have been warming up a bit. Obviously it’s been a difficult couple of years, but we feel there’s more interest in properties at the moment,” said Jenkins.
A rise in market activity is currently coinciding with a decrease in available land and properties, which results in an increase in prices.
“We’re quickly running out of space. It’s a small community … and we’re not seeing prices go down,” said Jenkins. “We see average single-family homes and when we check them out, we’re consistently surprised as to how much [higher the prices] are getting all the time.”
Prices in Aquinnah also are affected by the popularity of some of its more famous residents and visitors. Martha’s Vineyard has long been a destination for a variety of celebrities including former President Bill Clinton, who vacationed in Edgartown; newscaster Walter Cronkite, who owns a home there; and director Spike Lee, who recently took out a mortgage for a home in Oak Bluffs.
The presence of famous and successful residents has had an interesting effect upon the island’s industry and community. Those who chose to telecommute from their seaside estates may use their homes a few times a month, while others may use their houses only a few times a year. That contributes not only to a shortage of available properties, but also to a lessening number of non-affluent residents.
“There is the argument that the average working person is getting forced out,” said Jenkins. But the fact is that it makes financial sense, he noted. “They can sell their house for $900,000 and move to [somewhere like] Maine for much less. That property will be bought by someone who may only use it two months of the year.”
That property also probably will not be standing very long.
“What we’re seeing are perfectly fine structures being taken down and replaced with far more opulent structures simply to capitalize on the value of the land,” said Jenkins.
With more and more mansions and less and less buildable land, the future of Aquinnah and the rest of Martha’s Vineyard may be in question.
“Is the island becoming a victim of its own success?” asked Jenkins, who did not take long to answer. “People may be looking for the next spot of paradise, but there will always be people who love Martha’s Vineyard.”
Just the Facts:
Year incorporated:
As a town: 1870
Total area:
40.78 square miles
Population:
344
Density:
72 per square mile
Tax rates
Residential: $4.63
Commercial: $4.63
Total number of housing units:
463
