Buying the least-expensive house on the Island isn’t always a good thing. The low, low price of roughly three-quarters of a million dollars might score you a crumbling roof and a creaking foundation. Then again, sometimes it can buy you a Vineyard dream. That was the case when 8 Tabernacle Avenue went on the market for the first time in six generations. The 1867 cottage recently sold for $700,000 – $99,000 less than asking – making it the lowest-priced sale at the time.
At 1,255-square feet, the three-bedroom, one-bath, corner-lot home is one of the larger structures in the Camp Meeting Association in Oak Bluffs. Another rare feature (at least by Camp Ground standards): it has heat and insulation. That translates to year-round living at about $550 per square foot.
The Crunch
12 - Number of properties sold in the month prior to publication. Down from 39 during the same time frame in the previous year.
148 - Number of properties on the market at the time of publication. Up from 123 in the year prior during the same time frame.
$3.4 M - Highest price paid for aproperty in the month prior to publication: a single-family home in the South Shore neighborhood of Edgartown.
$700 K - Lowest price paid for a property in the month prior to publication: a single-family home in the Camp Ground.
$1.1 M - Median price of properties sold in the month prior to publication.
$8.5 K - Revenue collected by the Martha’s Vineyard Land Bank Commission – which receives a 2 percent fee from most Island real estate transactions – in the month prior to publication.
