A few days ago, I looked at the calendar and realized that the 4th of July was coming up quickly. The weather has been undependable; May had eighteen rainy days and many days that did not have rain, were overcast or windy. After a couple of sunny days, the foliage then seemed to burst through with full-canopied trees and colorful flowers all around, but only the fittest survived the constant rain; Continue Reading
Memorial Day 2019 Real Estate Market Report
With Memorial Day weekend starting tomorrow, Shelter Island is swinging into full summer mode. Restaurants, cafes, ice cream parlors and shops are open, and boats and pools are being commissioned for use. Alongside summer businesses are real estate agents, many of whom have been in full summer mode, at least mentally, all winter long. This week has been a time to sharpen up details of existing Continue Reading
President’s Day 2019 Market Report – A Summary of 2018 Sales
In 2018, in the category of homes and business properties, there were 44 transfers in 2018 for a total of 51,463,460 with a median price of $995k. Homes with the following characteristics sold at the strongest prices with least time on the market: staged, renovated to current buyer tastes (country-modern), cleared of seller's personal possessions, priced to comparable properties sold within the Continue Reading
Leases and Certificates of Occupancy
“Landlord Represents that there is a currently valid certificate of occupancy for the Premises” So reads the new section 235-bb of the New York State Real Property Law, which effective November 29, 2017 affects all New York residential properties of 1-3 units. The statute requires that a valid certificate of occupancy, or certificate of compliance if there are grandfathered elements to the Continue Reading
Shelter Island Market Report Labor Day 2018
As the summer 2018 season approaches Labor Day weekend, customers, clients and real estate agents review trends in the real estate market over the prior five months, which are considered the spring and summer selling season. The last two weeks of August through Labor Day are a popular vacation time; clients selling their properties are aiming to receive an offer and agreement; goal oriented Continue Reading
Shelter Island Market Report Aug 16, 2018
Distressed Properties Whenever a "Pre-Foreclosure" property appears online, customers call to ask how quickly they can purchase it - Very often the dollar value shown is what the bank is owed, and not a listing price. A few years ago, a pre-foreclosure property on Further Lane was online for $2M and a customer contacted me, breathless, saying they wanted to buy it right away. Continue Reading
Shelter Island Market Report Aug 9, 2018
The First Full Week of August The first full week of August saw an increase in activity in the Shelter Island real estate market over all price ranges. Many customers who have been house-hunting for over a year have returned with a goal. In the starter home bracket, one customer this week expressed regret that they had not pulled the trigger on a home they had negotiated and won four years Continue Reading
Shelter Island Market Report Aug 2, 2018
"Turnover Week" This week was "turnover week" in the rental market on Shelter Island. Many July tenants moved out of rental properties on Sunday, July 29th, two days early, giving Landlords time to reset their rentals for incoming August tenants, many of whom will be arriving on Friday, August 3rd. The island felt unusually quiet this week as a result. Each rental season has its own stories Continue Reading
Shelter Island Market Report July 26, 2018 – The Second Half of July
In the Shelter Island real estate market, the second half of July brought with it more tour activity, an increase in the number of offers made on active listings, new listings coming to the market, and more requests from homeowners for an analysis of the value of their property with a thought toward selling. Over a period of three days, I had four tours that featured nearly 30 properties, Continue Reading
Shelter Island Market Report – The First Half of 2018
The statistics for properties sold during the first six months of 2018 are starting to take shape. Closings are reported to Suffolk County which reports the numbers to the Town. Because there are delays between actual closings and when each Town receives the information, a combination of our own database, used throughout the East End of Long Island, and County and Shelter Island Town reports are Continue Reading
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