Each Memorial Day, Shelter Island awakes from its long winter slumber to greet throngs of returning summer residents, visitors and tenants. This year marks the first summer holiday weekend coming out of the pandemic, part of a transition to normalcy in the real estate market.
Perception and behavior drive real estate; During COVID, the island was abustle with those working from home and getting out of the city, resulting in record home sales and lower inventory. Although many people have returned back to their normal lives, buyers continue to wait on the sidelines for their perfect home to come on the market. Bidding competitions continue to be prevalent.
The rental market is experiencing a shift post-pandemic as well. Many customers who regularly rent on the island seem to be catching up on longer distance travel that had been on hold for the last two years, re-connecting with friends and family elsewhere. Rental prices are inconsistent, with many rates undergoing reduction while others remain at peak pandemic numbers.
The phone has been “ringing off the hook” from clients and customers concerned about new regulations coming out of the Town of Shelter Island. Regarding the ban on owner-occupied seasonal rentals, comments include: “this seems to hurt the locals more than the owners”, “how about regulating houses owned by hotels and restaurants for worker housing?”, “what about high end pop-up shops in residential rentals?” The moratorium on 6000 sq. ft. home construction is unpopular with several clients who, having been in the middle of the permitting process, are now stopped cold.
Here are some notable transfers since the beginning of the year:
This holiday weekend kicks off the summer season. Originally called “Decoration Day”, Memorial Day is for reflection of the ultimate sacrifice made by service members while in service to our country. As Daniel Webster wrote, “Let their remembrance be as lasting as the land they honored.”