Price It RightWith Inventories High, Sellers Need To Price Appropriately
Though relatively new as a hotspot compared to other real estate markets in established, desirable areas, the North Fork continues to see an uptick in activity year after year, with some hamlets and villages, specifically Greenport, seeing a major surge in interest and sales. Time and again, brokers will tell you if you are looking to sell your home that you need to price it right. With plenty of inventory for buyers to choose from, appropriate pricing is going to make all the difference in a sale. Buyers are savvy. They do their research and know the value of comparable homes. That being said, if you’re looking to buy, you also need to be ready to make an offer fast on a property that you’re interested in as homes can quickly go into contract with a number of other interested buyers.
While real estate market trends can give agents an idea of how things go, there is always something new to discover. “What I have learned is to expect the unexpected,” shares Daniel Gale Sotheby’s International Realty real estate salesperson JoAnn Wind. “On almost every deal these days there seems to be something that pops up that I have never heard of or experienced since I started my career in 2002. It’s been a constant learning process.”
While there are many different styles of homes on the North Fork, new construction is trending. Douglas Elliman licensed associate real estate broker Thomas Uhlinger enjoys the spacious, light colored cabinetry, alternatives to granite countertops, and ceramic flooring design trends in kitchens. Family-sized kitchens are a priority for buyers of vacation homes, says Lewis and Nickles Ltd. Real Estate licensed real estate broker Kathleen Goggins-Nickles. Updated appliances are key here. To really seal the deal, an in-ground swimming pool is a prime amenity. For Judi Desiderio, licensed real estate broker and CEO of Town & Country Real Estate, exterior living spaces deserve just as much attention as the interior.
There is a strong emphasis on green building and materials in new construction homes today on the North Fork. “Consumers have a heightened awareness about reducing their carbon footprint and that the right materials can help mitigate those concerns,” explains Sheri Winter Parker, a licensed associate real estate broker with Corcoran. “They are also much savvier. Energy efficient materials and practices save money in the long run and also last longer. With advances in this technology, it just makes sense. Plus, it lends itself well to the modern aesthetic that has been strong in all elements of new construction in recent years.”
The North Fork real estate market is not without its surprises. Buyers are coming from around the globe, making the East End ideal for both first and second homeowners. They are smart, studying the market for themselves and looking to make the right deal. Sellers are also able to sell their homes quickly, when priced appropriately. Local agents share their other thoughts on the current state of the market…
NFRES: What areas have the best resale value at the moment?
JW: Greenport Village is still on fire and not showing signs of slowing down. It has that seaside vibe, a lively downtown area and its close proximity to the train station, Jitney stop and Shelter Island ferry makes it an easy choice as a vacation destination. Orient Village has always held its value for its historic charm, beautifully restored vintage homes and peaceful atmosphere. Anything waterfront is always desirable because of its limited inventory.
NFRES: Where are the North Fork buyers coming from?
SWP: Everywhere! There has been an increase of buyers from Brooklyn as the lifestyle of the North Fork lends itself well to what Brooklyn buyers are looking for in second homes especially. They want extra space, peace and tranquility, but also access to downtown areas. I see a lot of buyers coming from New York City, the West Coast, and even Europe. The area has become more desirable and all of the hamlets and villages offer something a little different to suit every buyers’ needs. It’s exciting to see this diverse range of buyers making the North Fork their home.
NFRES: What are your thoughts on the current state of the market?
TU: The North Fork is enjoying ongoing interest and sales. Homes on larger properties of three or more acres priced over a million appear to be lagging, there is a recent uptick in bay fronts going under contract, and we have had increase in high end sales prices. The area on the North Fork that has seen the largest increase in homes sales this year is, without question, Greenport.
NFRES: Modern homes seem to be popular among builders and buyers. Why do you think that is?
KGN: I think the modern home is the new sexy look. It’s sleek and clean. We are used to a more traditional look on the North Fork that is more in line with our past. This contemporary trend has become easier on the eye, and is very attractive in a waterfront setting. I love horizontal white wood paneling on the inside paired with a light shade of stained wood floors. My new favorite outside look is white painted board and batten siding. White is always the perfect backdrop for festive flowers in any color scheme… white never goes out of style.
NFRES: What key trends are happening now that you expect to have a big impact on the North Fork?
JD: North Fork farm land is selling at neck breaking speed. There is a whisper of the North Fork blazing (no pun intended) the trail for cannabis farms and distribution. In new construction, there is creativity in outdoor living spaces, some of it covered, some of it exposed. It’s all for fun and gathering. These outdoor living spaces greatly expand the entertaining space of the home and builders are collaborating with designers to create more turn key opportunities.