The Obamas' Vineyard Visit Taking Shape

In a few weeks, President Obama and his family are scheduled to take a family vacation in Martha's Vineyard, an island off the coast of Massachusetts. Details are starting to emerge about the first family's plans.

Martha's Vineyard is an island retreat beloved by the Kennedys, the Clintons, the late Walter Cronkite and soon, the Obamas.

"There is an electric excitement about it all," Julia Wells told CBS correspondent Bianca Solorzano.

Wells is the editor of the Vineyard Gazette, which recently reported that the first family will stay at the Blue Heron Farm - a 28-acre, $20 million enclave located in Chillmark. The farm suits Obama to a tee - with golf facilities, a pool, basketball court, and a private beach. The rental price tag? Up to $50,000 a week.

"The sense that I have is that this is more of a family vacation. They'll stay home, get lobsters, play cards with the kids," Wells said.

It's reported that Mrs. Obama could arrive first with daughters Sasha and Malia. The president will join them the last week of August.

The Secret Service reportedly examined and rejected more than 20 properties before choosing Blue Heron. At one point, there was a concentration on Oak Bluffs, an area known for its rich, black history. While they didn't choose to stay in Oak Bluffs, the family is bound to spend plenty of play time here.

"What did you think when you heard the news here?" Solorzano asked an Oak Bluffs business owner.

"It's already busy on the Vineyard and it will be more busy," said Geno Courtney, who owns half a dozen shops in the town of Edgartown.

According to Courtney, business went up "probably another 20 percent."

Not everyone will see a boom in business.

Don Lambert owns a bi-plane tour company. During the president's visit, the air space where he operates will be closed.

"We were annoyed at first," Lambert admitted.

So, while the visit may not "fly" with everyone, the first family can expect a warm Vineyard welcome.