As spring ushers in, the North Fork real estate market is off to a strong start. Seasonal rentals are up from last year and sales are robust. Waterfront properties and the Village of Greenport continue to be the hottest markets. As inventory levels remain low and demand is high, prices are rising. Buyers are attracted to the North Fork for its value and tranquil lifestyle. Predictions are that 2017 will be a favorable year for North Fork real estate.
Judi Desiderio of Town & Country Real Estate remarks, “Seasonal rentals on the North Fork remain stubbornly short term for the most part – but the potential tenants are in full force. The demand for North Fork real estate has never been stronger! Homes in the hamlets, on the water or with farm views are of greatest demand. Buyers are looking for bucolic peace that only the North Fork can bestow. While prices on the North Fork are gaining momentum, inventory is very weak and we need more new construction. We have more demand than good inventory.” Judi predicts, “2017 should be the best year yet for our North Fork.”
Carol Szynaka of Daniel Gale Sotheby’s International Realty observes, “The 2017 rental season is off to a very strong start. Sales are also robust, especially on waterfront properties. North Fork buyers continue to want move-in ready homes and many are seeking second homes, so outdoor amenities like pools and patios are very important. Land is moving and good lots are hard to find, while several builders have spec projects going on. Prices are up and inventory levels are low.” Carol believes, “When representing a buyer client, good negotiating does not mean buying a home for less. In this market it means getting the home and locking out the competition.”
Thomas McCloskey of Douglas Elliman Real Estate notes, “The rental market is getting off to a slow start, with the exception of Greenport. Sales have been fantastic. Waterfront is always in big demand, as are Greenport Victorians. Buyers are looking for houses with open floor plans, pools, views and vistas. The pricing trend is up. Properties are coming on the market but moving off quickly, giving the impression of low inventory.” Thomas sees, “Barring any economic turmoil, a robust North Fork market for the next eighteen months to two years. Currently, demand exceeds supply. With interest rates still low and pricing still reasonable, now is the time to buy on the North Fork.”
Gayle Marriner-Smith of Douglas Elliman Real Estate says, “Seasonal rentals appear to be strong in Greenport as are beachfront and close proximity to a beach. The first quarter of 2017 has been extremely busy. The two hottest markets are waterfront under $2M and the under $600,000 market. Prices have continued to move upwards since the bottom of 2013. While the year began with extremely low inventory, homes are now coming on the market at a normal rate. Those properties that meet buyers’ demands are selling like hot cakes!” Gayle thinks, “Depending on our inventory, we certainly have the buyers and the interest in the North Fork to make this a boon year.”
Marie Beninati of Beninati Associates reflects, “The rental season is a bit more active than last year, but there is still tremendous resistance to Southold’s two-week minimum. Home sales have been very strong, with high-end waterfronts and high-end land sales the most active. Inventory levels are the lowest they have ever been in my 20 years experience. As a result, many buyers are turning to land and building new. With inventory low and demand high, prices are going up.” Marie believes, “The market will continue to be tight. Inventory will increase, but not by nearly enough. So, sellers enjoy the ride and be prudent about pricing your home – buyers are savvy and will step up to the plate, but a second home is still a luxury.”
Sheri Winter Clarry of The Corcoran Group observes, “The rental season is starting to pick up! Sales are fast and furious, as supply is low and demand is high. All segments of the North Fork market are hot, including the under $1M price point and over $1M as well. New construction is doing very well. Prices are holding steady, and it’s a great time to buy and a great time to sell! Most buyers looking on the North Fork are really in search of peace and tranquility.” Sheri exclaims, “Strap in, it’s going to be a wild ride!”
Janet Markarian of Daniel Gale Sotheby’s International Realty notes, “The 2017 rental season has been very busy, a real increase in activity from last year. Houses with pools or private beaches have moved quickly and rental prices are up. Sales inventory is thin and properties that are priced right are moving. Anything under $700,000, quality waterfront and quality farmland are in demand. Buyers want water access, views and move-in condition homes. New construction looks busy. Though prices are still climbing, the North Fork still has tremendous value relative to the South Fork.” Janet is “hoping for more inventory in 2017. The buyers are coming.”
Tom Scalia of Century 21 Albertson Realty says, “The rental season has been robust, out pacing last year so far. The number of sales transactions is down from last year, but total dollars are ahead of last year. The hottest areas on the North Fork are Greenport and Orient, with buyers looking for the perfect second home. New construction is up from last year. With increased demand and low inventory the prices of homes are on the rise.” Tom believes, “2017 will be better then 2016 for North Fork real estate.”
The North Fork is increasingly becoming known for its serene beaches, delightful vineyards, “farm to table” dining, and idyllic villages. The demand for North Fork real estate has never been stronger, while inventory is at its lowest levels in decades. With demand exceeding supply and prices gaining momentum, the North Fork is fast becoming a precious commodity. Now is the time to make the North Fork your dream destination.
