Friday, August 5th through Sunday August 7th , contrary to the calendar, felt like the official start of the month of August; July 31st fell on a Sunday at which time many tenants moved out of their rentals, and many August tenants did not move in until Friday August 5th. During the week, there was a lull that fell over Shelter Island, indeed, throughout East Hampton, Southampton, Bridgehampton and the North Fork as well. Sag Harbor, though quieter than usual, was still bustling.
The search for rentals by prospective tenants quieted down as those who had secured their rentals kicked back and relaxed at their selected properties and others who had postponed a search went to a Plan B scenario. There were some mishaps, such as condensation around pipes, faulty climate controls, wasp nests and pool heaters gone awry; however everything seemed to be corrected in a timely fashion so that the business of vacationing could continue.
Over the weekend, a wave of new prospective buyers, a refreshingly receptive audience, came onto the island with showings, one after the other. Explaining and then assisting the customer with selection of the listings to be shown, creating an itinerary with show times, contacting other brokers to set up appointments, collecting keys and frequently working with their schedules if the listing broker is to be present…these are just some of the items that are coordinated in planning a tour. This season, several co brokers from off the island requesting to show Shelter Island listings, opted to send their customers on their own without them, citing heavy traffic as an impediment. Every summer, having new prospective buyers explore the Shelter Island market with a fresh pair of eyes, frequently seeing a property that has been listed in some cases for several years, is not only exciting but also very often happily results in an offer. This Autumn, the statistics will bear out a fruitful summer selling season.
At this time in the summer, there are some excellent price revisions on listings with motivated sellers:
- A traditional built in 2008 on two lots totaling 16 acres with
deep water dock, from $9.75M to $8.95M
- A waterview traditional with guest house, boat barn and deep
water dock from $2.15M to $1.99M
- A 4,886 sq. ft. bay front modern with solar panels, greenhouse,
recent master suite expansion from $2.314M to $2.299M
- An 1880 farmhouse near the harbor with two guest houses on
1.3 acres from $1.495M to $1.395M
- An 1889 farmhouse with converted barn – once the first
General Store on Shelter island – in business zone near
Coecles Harbor, from $949K to $898K
This week at the Shelter Island Town Board meeting, proposed regulation on short term rentals continued. The length of leases, ramifications to those who violate the regulations, how “Realtors” view rentals of a week or less, whether the regulation should focus primarily on the summer season, and how rules would be enforced, possibly through a new salaried position created through licensing fees, were explored, among other ideas. Most Shelter Island real estate professionals are not Realtors but are licensed to practice real estate by New York State; A “Realtor” is a member of the National Association of Realtors. A homeowner in the audience referenced a lease that they use and recommended the Town Board review a generic short term lease for their own edification. The Board welcomed the suggestion, inquiring where one could be downloaded online. Prior to instituting regulations that will affect how a property owner may use their home, it would be productive for the Town Board to gain better familiarity of how a short term rental is accomplished, the terminology, leases, associated fees such as security for the actual home and for utilities and who pays commissions.