As autumn on Shelter Island settles into the early winter, with red and orange hues followed by freezing cold snaps and then brilliant sunny days with photogenic dusk, the real estate season continues with the warmth that was experienced in the summertime.
Sellers often wonder if they should pull their listings once beach days have come to a close, however buyers do not necessarily follow a calendar; Second home buyers follow convenience that fits into their own personal timetable. The Post Labor Day real estate market has been bountiful with many other transactions in contract.
Transfers of properties since my Columbus Day Market Report include the following:
–31B Dickerson Drive – a 4248sf contemporary creekfront with pool and deep water dock, listed 11/17/14 for $2,895m, last listed for $2.495m, sold 9/3/19 for $2,335m;
–139 Ram Island Drive – a 2150sf contemporary on 2.4 bayfront acres, listed 6/17/17 for $3.95m, last listed for $2.1m, sold 10/30/19 for $2.15m, over the listed price;
–58 Tuthill Drive + 43, 45, 64 Myrtle Road – a 1934 harborfront cottage with separate lot with carriage house guest suite and two vacant lots, listed 7/25/17 for $2.8m, last listed for $1.99m, sold 11/13/19 for $1.825m;
–20 South Menantic Rd – a 1921 traditional with guest house and pool on 1.7 acres, listed 3/2/18 for $2.35m, last listed for $1.975m, sold 10/30/19 for $1.952m;
–5 Dickerson Drive – a 1989 renovated creekfront traditional on .7 acres, listed 3/27/18 for $1.625m, last listed for $1.525m, sold 10/21/19 for $1.45m;
–4 Conrad Rd – a 2002 post modern on .7 acres with pool, listed 5/11/19 for $1.5m, sold 11/1/19 for $1.45m;
–39 Congdon Road, a 1924 traditional on 1.29 creekfront acres with carriage house, listed 4/24/18 for $2.995m, last listed for $1.495m, sold 10/22/19 for $1.25m;
–17 Congdon Road, a 2 bedroom 1962 modern on 2.3 pond front acres with pool, listed 5/17/16 for $1.925m, last listed for $1.295m, sold 11/13/19 for $1.125m;
–2 Quail Run, a 2002 traditional on .97 acres, listed 3/1/19 for $960k, last listed for $899k, sold 10/30/19 for $860k;
–15 Tim’s Trail, a 1984 ranch on .53 acres, listed 8/23/19 for $689k, sold 11/19/19 for $650k;
–48 Lake Drive, a 1955 2 bedroom ranch on Fresh Pond, listed 5/8/18 for $835k, last listed at $795k, sold 11/15/19 for $560k.
In my reviewing past sales, it is interesting to see how close or how disparate the selling price is to the original listing price. There are times when: sellers decide upon a listing price regardless of recent comparable sales; or the market has shifted for either the buyer or for the seller since the original listing date and one of them comes out ahead; or a property is so unique or quirky that neither the broker nor the seller knows how to affix a real time market value, or everyone–the seller, the buyer and the real estate broker–all have approximately the same price in mind. Indeed, after visiting a property to do an analysis, I can contemplate variables for days to arrive at a value that fits the market. Having a recent survey, accurate certificates of compliance or occupancy for the property and mechanicals recently maintained can make a world of a difference when it comes to understanding the value of a property.
With the Shelter Island elections over, many more property owners who were considering renting their homes in 2020 have obtained Shelter Island rental registration permits. There continue to be wide ranging opinions throughout the island about whether the rental regulation is fair. Many landlords are not aware of the 76-page New York State “Housing Stability and Tenant Protection Act of 2019” which was passed over the summer and which limits: the amount of rent that can be collected prior to a tenant moving into a property, how rent can be collected over the term of the lease, how a landlord can deduct damages from security, and the length of time a landlord can hold security for reconciliation. The rental season for 2020 so far has been slower than 2019 at this time a year ago, possibly due to the vast changes in the rental laws both locally and statewide.
Changes are happening all around us on Shelter Island, including some of the most glorious sunsets we have had in memory, newly elected members of the Town Board, the unveiling of a stunning, yet simple restoration of the Historical Society designed by Bill Pederson, the return of bushy tailed foxes and chubby groundhogs, and new orange South Ferry tickets. There is a sort of comfort and stability that also comes with the change of seasons. Real estate is a rare profession in which I am invited into the privacy of clients’ homes and am then entrusted to sell it to the public, and counsel buyers wanting to begin a new chapter of their lives on one of their biggest investments. At the beginning of this holiday season, I have immense gratitude to my loyal clients and customers.