ANOTHER BANNER YEAR PREDICTED2018 OFF TO A STRONG START ON THE NORTH FORK
As 2018 begins, another banner year is predicted for the North Fork real estate market. There are already ample summer rental inquiries and the sales market remains brisk. The most active segment is under $1M with the most popular areas near the water, farms, hamlets and in the Village of Greenport. With inventory low and demand high, prices have steadily increased. More people are discovering the North Fork for its quiet beaches, quaint hamlets, pastoral farms, and spectacular vineyards.
Judi Desiderio of Town & Country Real Estate says, “We predict 2018 to be a stronger year than 2017 for both sales and rentals. We have already written many leases. Town & Country had its best sales year ever in 2017 and 2018 is starting out with a blast! The most active segment is definitely under a million. Close to hamlets, water orientation, and farms are the buzz words! Prices on the North Fork remain a relative bargain – but not for too long! Since inventory is low and demand is high – for most markets and price ranges – we are anticipating an upswing in prices. New construction is finally coming into its own.” Judi observes, “The North Fork is a sleeping giant!”
Thomas Uhlinger of Douglas Elliman Real Estate says, “So far I have had ample inquiries for modestly priced rentals. This year I had my earliest accepted offer and am very optimistic for a banner year. The $800K-$1M range is the most active. Cutchogue is very active along with listings south of Route 25. I am seeing increases in asking prices by sellers who are listing. Inventory is substantially down year over year while I’ve seen an increase in builders doing spec housing and looking for vacant land.” Tom feels, “The new tax laws and any effect they may have is still an unknown. I haven’t had resistance from new buyers as of yet.”
Sheri Winter Clarry of The Corcoran Group says, “There have been a lot of rental inquiries this year with a desire for more luxury and creature comforts. The sales market remains brisk so far in 2018 with good activity in each segment. Under a million is always a hot commodity, but the high end is active as well! Prices are holding steady, but could easily start creeping up, due to the lack of inventory. New construction is alive and well with spec and custom building. As people look to downsize there is a ton of interest in the new 124-unit condo development I am representing, called Harvest Pointe in the heart of Cutchogue!” Sheri sees “2018 as being an absolutely stellar year.”
Diane Arpaia of North Fork Real Estate Inc. says, “Summer renters are starting their preliminary inquiries, but it is not too active yet. Sales seem to have increased over last year. Entry level homes, at $500K or less, continue to sell quickly, while those with pools are always popular at all price points. Inventory is still very low and I expect prices to inch slightly upward. Greenport and Orient are seeing marked price increases. Demand is still high, but the new tax laws may be a factor. New construction is increasing with land finally being sold and built upon.” Diane anticipates “an increase in visitors as the North Fork gains more publicity.”
Marianne Collins of Brown Harris Stevens says, “People are looking for summer rentals early and sales closings are up compared to this time last year. There is activity across all market segments – from cottages to waterfront estates. On the water, or close to it, remains attractive as are hamlet centers. Inventory is tight and prices are poised to continue increasing, though the impact of the tax bill remains to be seen. There is more new construction with buildable land for sale and builders are buying.” Marianne reflects, “This year looks to be another banner year for the North Fork as more people discover our beautiful beaches, waters, farms, vistas, wine and food.”
Janet Markarian of Daniel Gale Sotheby’s International Realty says, “The rental season is already quite busy with many requests, especially for houses with pools and/or a beach. It was an especially busy November and December with properties going into contract during the holiday season. The mid-range (under $700,000) and anything offering privacy, water views/waterfront and room for a pool are popular. The North Fork is a very stable, solid market. There’s always demand and limited inventory, but inventory is a bit thin considering the demand. New construction seems up.” Janet predicts, “The 2018 market will be consistent, with good demand for well-priced, quality properties.”
Kristy Naddell of Douglas Elliman Real Estate expects “an ample supply of seasonal rentals for 2018. I am already off to a great start with a signed sales contract in New Suffolk. Greenport continues to be very hot and Mattituck has an increase in activity. Prices have steadily increased over last year and I think the tough bidding wars in 2017 will continue to be the norm. Inventory is extremely limited but I expect it to improve this spring. Builders are having trouble finding land to buy with the tight supply of land.” Kristy anticipates “this year to be a record-breaking sales year! Despite the bitter cold and snow, I have many buyers still coming out and actively looking.”
Jerry Cibulski of Century 21 Albertson Realty says, “After the bitter cold and snow ended, the summer rental inquiries have increased. Sales have stayed consistent. Waterfront and deeded water access homes are in demand. Prices increased in 2017, with the highest appreciation in Greenport Village and I see that trend continuing. Inventory is still tight and has seemed to stabilize. New construction builders are feeling very confident which has led to an increase in vacant land sales.” Jerry sees “the fevered demand for purchases in the first half of 2017 balancing to a more tempered growth. This is good news as there does not seem to be a bubble in the North Fork housing market.”
As the North Fork continues to gain publicity, expectations are for a record-breaking sales year in 2018. The lure of pristine beaches, “farm to table” food and wine, and a laid-back lifestyle has created a North Fork buzz. It’s a great time for sellers to list their homes as the buyers are here, looking for that perfect property. The North Fork is still a terrific value.