Penelope Moore

Memorial Day 2016

The Spring selling season has continued in brisk fashion since Easter, in spite of long stretches of inclement weather.

The below $1M market continues to lead the way with limited inventory. Inland homes starting in the low $1Ms are beginning to gain traction with several in contract since last month. Waterfront properties up to $5M, some of which have been on the market for more than a year, are pending closing.

Here are the properties that have sold since April 1st

121 North Ram Island Drive, 2.6 bayfront acres with tennis, waterside pool and guest house last listed at $4.575M, sold for $3.95M 4/21/16
82 Gardiners Bay Drive, a .94 bayfront acre with waterfront pool listed 4/30/15 for $2.8M, sold 5/22/15 for $2.8M
2 Tuthill Drive, 1 acre on Coecles Harbor with dock and carriage house, last listed at $2.3M, sold 4/14/16 for $1.9M
4 Bayview Avenue, one inland acre with carriage house, listed 10/15, sold 4/1/16 for $1.9M
4 North Ferry Road, a 1,921 sq. ft. traditional built in 2008 on 3.5 acres in business zone, listed 5/15 for $1.45M, sold 4/12/16 for $1.22M
5 Fred’s Lane, new construction on a shy creekview acre with 2,030 sq. ft., listed 12/12/15 at $1.195M, sold 5/2/16 for $1.15M
19 South Menantic Road, a 1,191 sq. ft. chalet style house on .3 acre, listed 9/17/15 for $649K, sold 4/8/16 for $589K
2 Valley Road, a 2,101 sq. ft. ranch with pool and waterfront slip rights on .69 acre, listed 9/30/15, sold for $595K on 3/15/16
17 Smith Street, a 1,408 sq. ft. bungalow on .84 acre with 4 bedrooms and 1 bath, listed 12/8/15, sold 5/10/16 for $535K

With Memorial Day weekend upon us, there are still many last minute shoppers. The 2016 summer season has had its starts and stops. August to Labor Day continues to be the most requested time frame, with two week and shorter terms also prevalent. Shelter Island rentals have historically been priced to rent. This season, many tenants, perhaps unfamiliar with the process, have been relentless negotiators. More than a few prospective customers who tour with real estate agents have contacted and leased through Landlords directly. Perhaps as a result, there are now more exclusive rentals being listed.

I am happy to announce that I moved my office to 9 Grand Avenue, directly across from the Heights Post Office and Shelter Island Hardware store. Having spent several years working in the Heights, I am looking forward to returning to this neck of the woods.

pmoore