Friday, December 09
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North Fork Market Watch

 

While Washington struggles to get its “fiscal house” in order,  Americans are making progress on their “own houses” as they are finally seeing a steady recovery in the housing market. By all accounts, prices have bottomed out, unemployment is dropping, the economy is picking up, builders are back in business, interest rates are low, there is less inventory on the market with a drop in foreclosures, new home sales and prices are rising and people are realizing that the time to buy is now.  The housing market in 2013 is predicted to come back stronger than ever since the recession of 2008.

Nowhere is this trend more evident than in the sleepy beach towns all along the North Fork of Long Island, a coastal area that stretches from Riverhead in the West all the way to Orient Point on the northeasterly tip. Known for its charming vineyards, bucolic farmlands, quiet beaches, magnificent sunsets and idyllic towns, the North Fork of Long Island is slowly coming into its own.

Sheri Winter Clarry of Corcoran in Southold describes the North Fork as “Napa Valley meets the beach.” She says, “People are flocking out here to taste the award-winning wines from the many local vineyards, eat the locally grown food prepared at the hottest restaurants exploding all across the area, enjoy the cultural and artistic events, and experience the beauty and tranquility of the area.” As she exclaims, “The North Fork in general is a trend!”

Marie Beninati of Beninati Associates in Southold says that, “Compared to the Hamptons, where there is more inventory and more risk takers, the North Fork has less inventory and very few foreclosures.” She believes “The North Fork is postured to do well in 2013 as buyers are recognizing that prices are good, interest rates are low, and now is the time to act. Sellers are realizing that inventory is low, sales have picked up, and now is the time to put their homes on the market.”

Judi Desiderio of Town & Country Real Estate states, “The North Fork saw a 23.6% rise in the number of sales and a 15.5% increase in total home sales volume, yet a 2.4% dip in the median home sale price from 2011 to 2012.” She says, “The floor, from which the next rise occurs, is firmly in place. For now that means prices stopped their descent in early 2012.”

Karla Dennehy of Douglas Elliman in Mattituck “was very busy through December 2012.” She feels, “with low interest rates and prices stabilizing, it is a wonderful time to buy and waterfront is still very popular, especially with second-home buyers.” She predicts “a very positive and solid 2013 on the North Fork.”

Suzanne Hahn of Brown Harris Stevens in Greenport notes that, “The North Fork has always been very aggressive about preserving land ever since the 1974 Suffolk County Farmland Purchase of Development Rights (PDR) Program, the Nation’s first program to preserve farmland. Together with the Town of Southold Purchase of Development Rights (PDR) Program, begun in 1983, these programs helped our recovery through the recession as inventory started to sell, generating more buyers.”

The North Fork of Long Island, traditionally known for its family-oriented, quiet lifestyle, has evolved into a premier destination of its own. With its abundance of beautiful beaches from the Sound to the Bay, glorious vineyards, preserved farmland, four star restaurants, art galleries and trendy boutiques, the North Fork is poised to make a remarkable recovery in 2013.