Although 2014 started out with a “polar vortex” over much of the country, the housing market is warming up as it continues to make a steady recovery. With low inventory, rising home prices, new construction, and a strong stock market, the housing market is predicted to be very dynamic in 2014. That story holds especially true for the North Fork of Long Island.
Karla Dennehy of Douglas Elliman Real Estate in Mattituck says, “We expect a strong and steady sales market in 2014 and the rental season has started with some early seasonal rentals.” She observes, “Buyers are coming off the fence because they are concerned that interest rates might rise.” She notes, “We are seeing sales in all communities on the North Fork with an increase in waterfront sales.” Karla predicts, “The market will continue to have momentum in 2014.”
Jill Dunbar of Daniel Gale Sotheby’s International Realty in Greenport is, “optimistic about the continued vigor of the sales market.” She adds, “Rental inquiries have begun and many of the high-end properties are already rented.” She observes, “Inventory on the North Fork is low, prices are steady and show a modest increase, and Greenport is a very active sector.” She remarks, “The only real obstacle to a very active year is the tightening of mortgage criteria.” Jill believes, “We are poised for a healthy year of sales.”
Sheila Izzo of North Fork Real Estate Inc. in Cutchogue says, “We have experienced an increase of sales activity in just the first two weeks of 2014 and this year’s summer rental season is off to a busy start.” She observes, “Supply has been decreasing and demand has been increasing, so expect prices to continue to rise.” Sheila remarks, “The North Fork has always been a unique market place. Even as we continue to be discovered, it’s always going to be a special place where one can live and enjoy their investment.”
Judi Desiderio of Town & Country Real Estate notes, “Rentals as well as sales on the North Fork are experiencing a healthy uptick.” She believes, “The numbers both in sales and median prices will increase this year.” She observes, “With all the great press and notoriety the North Fork has received due to farm to table experiences, great dining, and the vineyards, we are seeing greater numbers in inquiries which eventually relate to greater number of sales.” Judi predicts, “2014 will be the breakout year for the North Fork!”
Sheri Winter Clarry of Corcoran in Southold says, “2013 was a great year.” She predicts, “more of the same for 2014 and then some. The North Fork is coming into its own, with our food and farm culture, it’s the hot place to be.” She remarks, “This coming year is proving already to be a brisk year for sales.” She observes, “We have seen the market boom, bottom, and come back strong. The last two years of good market activity have helped the market stay consistent.” Sheri exclaims, “We are going full speed ahead!”
Suzanne Hahn of Brown Harris Stevens in Greenport says, “There is more confidence in the economy now. It is a good time to buy as interest rates are still good, the stock market is strong, and prices are not going to drop anymore, but will go up gradually.” She observes, “The North Fork continues to be a destination of its own with its beautiful beaches, vineyards, farmstands, restaurants, and proximity to New York City.” Suzanne remarks, “Unlike stocks, investing in real estate is an investment you can use, and it will always appreciate over time.”
Paul Loeb of Lloyd’s Realty in Greenport predicts, “Sales will be strong in 2014 with prices increasing due to supply and demand.” He up to them again after Super Storm Sandy.” He remarks, “People are learning that the North Fork is a sophisticated area, with farm fresh food, fine restaurants, quiet beaches, and a nice lifestyle.” Paul believes, “We will continue our spiral up!”
Marie Beninati of Beninati Associates in Southold says, “2013 was quite a good year for sales and 2014 will be as good, if not better.” She remarks, “Supply is low and demand is higher, so it is becoming more of a seller’s market with prices rising and interest rates going up a little.” She observes, “There was a definite turnaround at the end of 2013 due to improvements in the economy and the stock market.” Marie predicts, “This upward trend will continue in 2014.”
The North Fork is finally coming into its own having weathered the turbulent storms of “Super Storm Sandy” and the great recession of 2008. With a strong housing market predicted for 2014, there is a renewed sense of optimism all along the North Fork as people discover its unique attractions.
Ruth Thomas, a freelance writer on the East End enjoys history, music, literature, art, nature, the beach, and her cute dachshund, Clancy. She can be contacted at [email protected]
