If you thought the weather was hot on the North Fork this summer, how about the real estate market. It was at its “hottest” since the recession and is predicted to heat up even more this fall.
With inventories at their lowest levels in many years, home prices rising slightly, interest rates ticking up, and the market stabilizing, the North Fork real estate market has been bustling with activity.
Judi Desiderio of Town & Country Real Estate believes, “The North Fork is just beginning to hit its stride and we are going to see significant appreciation in values on the North Fork moving forward!” She remarks, “Inventories are at the lowest they have been in all the years I have been here.” And currently, “There is an unprecedented volume of business at both Town & Country offices on the North Fork.” In the second quarter of 2013, “64 of the 69 home sales were under $1M with most under $500,000.” She notes that, “Waterfront is always popular and we have seen increasing amounts of customer requests for homes abutting agricultural reserves.” Judi is “pleased to see the North Fork gaining the recognition it so deserves, for its unique rural beauty along with great dining experiences and wonderful vineyards.”
Joseph De Sane of The Corcoran Group on the North Fork says, “The real estate market this year has been very productive and is the most stabilized since the recession.” He feels, “The market is strong, if not robust right now and predicts it will remain stable.” He remarks, “Everything is selling across the boards, with properties priced in accordance with the market.” And, “It is a good sign when inventory starts to diminish at a healthy pace with supply and demand in balance right now.” Joseph exclaims, “There is really good activity throughout the entirety of the North Fork. Everything is in motion right now. It is a very busy time for homeowners, buyers, and agents!”
Jill Dunbar of Daniel Gale Sotheby’s International Realty in Greenport says, “The real change over the last year is the “mood” of the market. There are dedicated buyers, with enthusiasm for the North Fork, who are determined to find a property.” She notes, “Homes under $450,000 and interesting well-priced properties are selling. New inventory is particularly hot!” Also, “Inventories are low in every price point and prices are stable. Houses with “walk to beach” access and Greenport, a walking, waterfront town are especially popular with buyers from Brooklyn and downtown NYC.” Jill remarks, “We have sold through much of the old inventory that has been available for over a year and are seeing multiple offers on some of the most interesting properties.”
Karla Dennehy of Douglas Elliman Real Estate in Mattituck says, “The market is very active right now for both buyers and sellers. It is a stable, balanced market.” She observes, “Buyers know low interest rates won’t last forever, as they are starting to tick up. And sellers, having lived through the tough times, are savvy to the market and are pricing their homes right.” Other good signs are, “There have been multiple offers on properties, home prices are rising slightly, and the number of days properties are on the market has been shrinking.” She notes, “50% of the market was in the $300,000-$500,000 range. Also, “Homes with beach rights or that are in very good condition are selling and Greenport is very hot right now, drawing many people to the North Fork.” Karla predicts, “We’re going to have a great fall!”
Suzanne Hahn of Brown Harris Stevens in Greenport says, “Market activity has been great! Prices bottomed out last year, activity has increased, and inventory is selling.” She observes, “Sellers are more realistic and negotiations are easier which helps move inventory. Buyers are also realizing that they have to move more quickly now.” She remarks, “Properties are selling in every price range with the million dollar market strong.” Also, “Waterfront properties and homes with beach rights are popular and Greenport is booming due to its nautical history.” Overall she exclaims, “Prices are realistic and demand has increased.” Suzanne foresees “this trend continuing into the fall.”
Autumn is a great time to explore the North Fork. Visit some vineyards, have fun at the fall festivals, and walk around the quaint rural towns, while enjoying the beautiful pastoral vistas. With the housing market coming back into full swing, now is the time to discover the North Fork and make it your ultimate destination.
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@example.com