As the summer heats up, the real estate market is getting even hotter, especially on the North Fork. From wineries to “farm-to-table” restaurants, beautiful beaches, art galleries, and more, the North Fork is a premier destination!
Carol Szynaka at Daniel Gale Sotheby’s International Realty observes, “The first quarter of 2014 started out very strong on the high end with several multi-million dollar waterfront properties transferring. The second quarter started with homes priced up to $700K showing more robust sales, including several bidding wars.” She states, “The market is active for waterfront, investors, and entry-level second home buyers. Several sellers that have been considering selling for years are coming to market.” Carol reflects, “Real estate is about here and now. The prices are fair, inventory is good, and interest rates are low. This is a good formula for continued growth.”
Jocelyn Meyer Haas at Corcoran remarks, “Currently, the market is in a transition period. Sellers that offer a special product have the upper hand, but buyers are patient enough to wait for the right property.” She believes, “A slow down is nowhere in sight. Buyers see prices slowly on the rise and are eager to find something.” She exclaims, “Greenport is a really hot area due to the quaint city life it offers, with shopping, dining, beaches and Mitchell Park all within close vicinity.” Jocelyn observes, “In the long run I only see the market getting stronger.”
Jerry Cibulski at Century 21 Albertson Realty comments, “There is strong activity in all segments of the housing inventory. Neighborhoods with a nearby beach are in very strong demand with multiple offers on the desirable homes.” He remarks, “Sales in the mid- and higher-price ranges are increasing in volume.” He sees “a 30% increase in new offerings coming onto the market and if positioned correctly, buyers are placing offers quickly.” Jerry reflects, “2013 saw a strong uptick and it looks like 2014 is becoming a more balanced market as all price ranges are seeing activity.”
Nicholas Planamento at Town & Country Real Estate exclaims, “The market is robust with waterfront remaining the strongest segment followed by luxurious properties with pools and those overlooking vineyards.” He anticipates “some record breaking sales this season, as there is a strong uptick in the market and prices are on the rise.” Nick observes, “Real estate is local and we are so very fortunate to be in a community both in the shadow of the booming NYC economy and the sun and fun of the Hamptons. While we are a world-class resort destination, we still maintain the feel and flavor of our small town roots.”
John Nickles at Lewis & Nickles, Ltd. Real Estate remarks, “There has been some increase in sales in the $600K and up range, but the highest demand is still for homes below that number with proximity to bay or sound beaches.” He observes, “It is evolving into a seller’s market with the decrease in housing stock and the average price edging up about 8%.” John sees “the North Fork increasing its presence in the second home resort property market due to the long term efforts to preserve agriculture and open space.”
Thomas Uhlinger at Douglas Elliman Real Estate exclaims, “Inventory is up. Sellers are seeing a return to the market and are jumping in.” He remarks, “Sales were brisk in the lower price ranges of $450K and below.” He states, “Homes with deeded access to the water or waterview under $500K are the most active and the inventory is the lowest.” He observes, “The North Fork has a long way to go equity wise.” Tom predicts, “There will be a gradual increase in prices of 2-3% in 2015 and for that to occur, overall inventory needs to diminish.”
Valerie Goode at Colony Realty exclaims, “The market is very brisk and exciting now. There are multiple offers on certain properties across the board.” She observes, “Waterfront is very busy and properties near a beach or beach or boating association are in demand. New construction, vacant building lots, and properties adjacent to preserved farmland are very popular.” She believes, “We are off the bottom now and prices can only go up.” Valerie is “very optimistic that the market will continue to improve and stay strong.”
Thomas McCarthy at Thomas J. McCarthy Real Estate, Inc. notes, “In the first half of 2014, the overall quantity of sales transactions in the Town of Southold was up 14% and the dollar sales volume was up 43% from last year.” He believes, “Waterfront above $1M will continue to be very active and non-waterfront below $500K will be very active.” He sees “more activity in general in the marketplace this year.” Tom observes, “Builders are coming back into the market and there is more new construction. Vacant land prices have bottomed out and it is a good time to buy for investors and users.”
Summer is here and what better place to enjoy it than on the North Fork surrounded by glorious beaches, vineyards, and farms. Now that the real estate market is back in high gear, make it your perfect getaway.
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 firstname.lastname@example.org