2016 was a year of starts and occasional pauses in the Shelter Island real estate market, as can often be the case in second home markets. Much of the year was robust with forward planning buyers researching the market and poised to act on a property meeting their criteria. New home construction and spec homes improved in 2016; this category frequently signals confidence in the market. Post election, there was a momentary pause, however with news of the Federal Reserve increasing the prime rate, customers who had no particular timeline have come back with renewed purchasing goals. Since Thanksgiving the activity has been consistent.
In December, the following properties sold and closed:
- 1 Seagull Road – A 3 bedroom, 3 bath 2,138 sq. ft. inlet front
with 380 ft. of waterfront, listed 9/29/13 at $2.995M and sold
12/3/16 for $2.3M
- 24-31 East Brander Parkway – Two dwellings totaling 4,198 sq.
ft. with boat barn and separate deep water dock, listed 5/13 for
$3.2M and sold 12/7/16 for $1.8M
- 32 Rocky Point Road – A 3 bedroom, 3 bath 1,570 sq. ft. ranch on
1.3 acres, listed 8/18/14 for $995K and sold 12/5/16 for $795K
- 49 Brander Parkway – A 3 bedroom, 1.5 bath 1,496 sq. ft. ranch
with vinyl pool, listed 10/3/08 for $859K, sold 12/9/16 for $775K
- 75 West Neck Road – A 3 bedroom, 2 bath 1,358 sq. ft. ranch with
association dock rights, listed 7/9/16, sold 12/19/16 for $625K
Our market continues to have limited inventory in all categories: waterfront, inland and starter homes, while there is a healthy supply of customers waiting for the right property. Buyers continue to prefer a home in turnkey condition over others that are not updated but may be a more attractive long term investment. Over the last 6 months there have been numerous multiple offer situations on properties which in many cases have been on the market for over a year. In several that I have been involved with, the financing, or absence of, has been the deciding factor.
At this time of year, the rental market generally goes into full swing. This season, it appears many landlords are undecided on pricing and/or dates and tenants have been slow to plan their summer. There are many choice rentals available in every category.
2016 was a memorable year for me. I opened my private real estate office in the Heights across from the Post Office and Ace Hardware store, returning to the block where I once worked in the late 1990s. The Heights is indeed a very special place within Shelter Island, a warm and friendly neighborhood within a small community. My first holiday in the new office has been marked with the first Christmas tree I have had as an adult, adorned with ornaments gifted by clients, customers, friends and family over the years, which make this holiday season particularly special.
Wishing my loyal clients and customers, neighbors and friends peace, good health and serenity throughout the holiday season and 2017!