There was a palpable shift in real estate activities this past week. Ensconced in rentals, tenants who have children preparing for school got in their last licks at summer vacation, and in between all their activities, toured listings for sale to consider, and dream of as the place they might call home in time for the summer of 2018. Sellers, also trying to enjoy what might be their last summer Continue Reading
Final 2nd Quarter Sales Statistics
Each quarter throughout the year, assorted real estate entities publish statistics for each Town on the East End of Long Island, pulling numbers from a variety of sources. The statistics are based on: 1) when a deed is recorded by the County. The delay between the actual closing and when the deed is recorded can be weeks 2) data from a multiple listing service or “MLS.” Because East End Continue Reading
The First Week of August
The first 10 days of August on Shelter Island have been a real estate whirlwind. August 1st brought the final summer wave of tenants moving into summer rentals, and without a moment to spare, those tenants ventured out to explore homes for sale. Listings in every price range were toured by both customers new to the market and those who have been searching for a while. Certain listings seemed to Continue Reading
A Shelter Island Home Sale Primer
In each market throughout the United States, home sales are dealt with differently. Indeed, the process can be different from town to town on the East End, and Shelter Island is no exception. Here is a step-by-step primer in how a home is purchased on Shelter Island once price and terms have been negotiated. A “Memorandum of Sale” or “term sheet” is generated by the listing agent noting Continue Reading
My Shelter Island Home Purchase
One week before Memorial Day, 1995, I drove onto the North Ferry. A sense of calm came over me as I breathed in the salt air. With the buoyancy of each wave, the stresses of city life seemed to dissipate. As the boat neared the dock, I noticed the quaint Beach Club to the west and the row of charming turn of the century homes, almost a beacon along the shoreline to the east. After landing and Continue Reading
Real Estate Valuations
There is no exact science to arriving at a 100% accurate value on a property, since no two houses can be 100% alike inside and outside, even two in a homogeneous development. There are many accepted methods of valuation that consider a variety of factors in a subject property to arrive at a final number, including: Assessment by a municipality: Shelter Island follows NY State guidelines Continue Reading
Second Quarter 2017
The statistics for the second quarter sales for 2017 are starting to take as transfers are reported by Suffolk County. The final numbers are yet to be determined; however here is a tally so far: 27 East Brander Parkway – Listed 6/27/14 at $5.65M, last listed at $4.875M, sold 5/1/17 for $4,504,500, a 4102 sq. ft. harbor front traditional on .77 acre built in 2012 with pool and dock 2 Bay Continue Reading
Real Estate As a Family Affair
I grew up in Washington, DC in a family immersed in house-hunting all throughout my childhood, so I was aware from an early age that my parents wanted to purchase a new home. Because nothing ever seemed to transpire, my sisters and I believed our parents were practicing “aspirational” real estate, seeking to fill a void in their own lives by looking for a new home, without ever planning to pull Continue Reading
Independence Day on Shelter Island
Perhaps it was my being born and raised in Washington DC, or years of Sunday visits after Quaker meeting to the Smithsonian or having parents who read aloud Herman Melville and Nathaniel Hawthorne as bedtime stories – I have always been fascinated with American history. This interest extends to my work in real estate; there are so many stories that homes seem to yearn to tell us about their Continue Reading
Short Term Rentals and the Rental Market
Currently there is a variety of excellent rentals available, many of which in prior years would already have been rented at this point in the season. Perhaps a combination of cold and rainy weather, holidays and Shelter Island Town passing its Short Term Rental Regulation has had a ripple effect. Over the past several weeks, I gained interesting perspective about short term rentals, a topic Continue Reading
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