by Richard Rooney, Rooney & Company of Martha's Vineyard Inc.

How many times since 2005-06 have you muttered, "woulda, coulda, shoulda?"   ...that little cottage on the pond in OB, or the fixer-upper with five acres in Chilmark ... woulda, coulda, shoulda.

But now its 2009 going on 2010 -- two years beyond the housing bubble. Interest rates are hovering around historic lows, inventory is piling up and prices are sliding down. And once again, you're entertaining thoughts of buying Vineyard real estate.

Seller's Expectations Altered
Seller's expectations have been altered by new economic realities. Gone are the iconic institutions of Lehman Brothers and Bear Stearns, GM and Chrysler. Today, the only houses selling belong to those owners who have seen the light and adjusted their asking prices accordingly.

I was driving around the Island the other day with a friend to whom I'd
sold a terrific ocean front property about six years ago. He said, "Show me some of the gems on the Island." As we tucked in and out of neighborhoods, we marveled at the inventory. The properties we saw demonstrated that the darlings of 2005 and 2006 have become the gems of 2009 and 2010 -- at greatly reduced prices. But where are all the buyers?

Quality Properties, Buyer's Market
My conclusion is that Vineyard buyers are shell-shocked by the loss of major institutions that defined our era. But the by-product of tumultuous times is the return of affordability. 
For a market that has for several years out-priced the median buyer -- and in some cases even the wealthy buyer -- the return of affordability truly means something.

Is Now the Time to Act?
Up-Island or down-Island, returning affordability is flowering like summer lilies. A well-priced home focuses the attention of buyers and motivates the passions of former hold- outs that suffered the mid- decade blues of  "woulda, coulda, shoulda." It's a new day in the Vineyard market.

Take another look. Carpe diem!