The last week of July has brought new group of prospective buyers to the real estate market on Shelter Island. This season, it appears many new customers are property owners on the South Fork looking to make a change. Customers I have been working with have expressed new found affection for the island and it's distinctly different appeal from the South Fork. It is uplifting to hear relative Continue Reading
Second Quarter 2016 Homes Sales and Short Term Rentals
First half sales statistics in the Hamptons and Shelter Island continue to be discussed in the news. As mentioned in my prior market report earlier this month, Shelter Island experienced a strong first half. The 2nd quarter brought 19 total transactions totaling $24,277,810 with a median of $950K. This is an improvement compared to 18 total transactions in 2015, a year ago, totaling $17,650,900 Continue Reading
How Brokers Work Together
One of the questions both sellers and buyers often ask is: how do real estate brokers work together to sell properties? The process on the East End of Long Island, and even more so on Shelter Island, is different from other areas in New York State and indeed throughout the country. In New York State, most properties listed for sale are offered on an exclusive basis, where one agent at a Continue Reading
First Half of 2016 Sales
As 4th of July vacationers enjoyed the sunshine and beaches, midyear statistics for properties sold were being tallied. The numbers are positive with a total of $57.735M sold and closed. Inland homes lead the way with $25,967,500. Properties up to the $1M mark have continued to be most in demand. With the topic of affordable housing in the news recently, it is worth noting that out of 27 homes Continue Reading
Fourth of July on Shelter Island
As 4th of July weekend approaches, the summer 2016 real estate market has officially commenced, with many customers scurrying to secure a last minute rental. At Tuesday’s Town Board meeting, the topic of short term rentals was again discussed. Town Supervisor Jim Dougherty said “AirBnb’s are an increasing phenomenon on Shelter Island. There are good sides and bad sides to this unfolding Continue Reading
The Rental Market
On 6/21/16 The Shelter Island Town Board discussed short term rentals, those generally less than two weeks in duration, following complaints from residents whose quality of life has been affected by noise from nearby rental properties. A bill passed by the New York State legislature this week makes it illegal to advertise an entire home on direct owner rental websites for 30 days or less. New Continue Reading
Shelter Island 10K Weekend
Over the last two weeks, the vibe on Shelter Island has shifted from laid back to energetic, with vacationers and second homeowners enjoying our beaches, restaurants and shops, which in turn sustains our local economy. I feel a sense of pride seeing the “Roadway Rembrandt” from the Highway Department painting pavement markings for the summer, the pharmacy readying themselves for the onslaught Continue Reading
Post Memorial Day
Real estate activity this post Memorial Day week, ran the gamut, and included a long awaited waterfront closing, a high end rental showing, several appointments in the $1M range and showings of high end waterfront properties. Discussion of the proposed revision to the zoning code called “proportionality” which would reduce the percentage of a property that could be developed and include Continue Reading
Zoning on Shelter Island
Memorial Day weekend started off with a bang, with warm summer-like temperatures and crowds at our island beaches and restaurants. On the real estate front, last minute customers shopped online, booked and moved into their rentals, and Friday through Sunday in between barbecues and leisure time, customers toured homes to purchase. In the backdrop of summer fun, the Town of Shelter Island Continue Reading
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, Continue Reading
