Friday, December 09
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The North Fork Market Heats Up

 

After an extreme winter of seemingly endless snowstorms, arctic temperatures, and frigid wind chills, the spring thaw has finally arrived. With the deep freeze behind us, those warm summer beach days are within sight. As the real estate market heats up, now is the time to discover your dream home on the North Fork.

Jill Dunbar at Daniel Gale Sotheby’s International Realty observes, “Despite the crazy winter, summer rental activity is quite strong and houses with pools, on the water, or in beach communities are renting first.” She remarks, “Sales are stronger than last year and waterfront homes, Greenport Village houses, and well-priced homes are getting offers.” She notes, “Because inventory is low, we are tilting towards a seller’s market.” Jill believes, “Judging from the healthy activity throughout the winter, it feels as if the summer will be a strong selling season.”

3875 Hallock Lane Extension, Mattituck, NY
Joan Bischoff at Town & Country Real Estate states, “We’ve had the best rental season so far at T&C! And there were more than seven sales-contracts over a million, a record for January.” He remarks, “Anything waterfront, or close to a beach, or vineyard and farm, or Greenport and Love Lane in Mattituck tends to be hot.” He observes “It’s an agent’s market as we’ve seen record numbers of very happy sellers AND buyers.” Joan exclaims, “The real estate market is hot on the North Fork and T&C and Judi Desiderio are calling 2014 the year of the North Fork!”

Karla Dennehy at Douglas Elliman Real Estate remarks, “The summer rental season has been off to a slightly slower start because of weather, but expects it to pick up. Given our severe winter, sales transactions were as strong as last year.” She notes, “All segments of the market are doing well especially high end waterfront.” She recommends, “buyers be decisive when making an offer, because if they hesitate too long they could lose the home they really want.” Karla states, “The stock market remains strong, interest rates remain low which should equate to a strong spring and summer market.”

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Nicole Fitzgerald at North Fork Real Estate Inc. observes, “This year’s seasonal rental market has been very busy and prices are trending up.” She remarks, “Sellers certainly have more bargaining power than they did in 2008-2012, however recent negotiations have proven both parties are having to give in order to strike a deal.” She reflects, “The under $500,000 market continues to be the strongest market on the North Fork.” Nicole predicts, “Heading into the summer we anticipate the market to remain fairly stable.”

Joseph DeSane at Corcoran believes, “The harsh weather kept some rental lookers away throughout the winter months, but with spring at hand, tenants are securing summer rentals.” He observes, “Sales are on par with last year with a steady stream of activity.” He remarks, “The market seems to be transitioning from a buyer’s market to a seller’s market.” He reflects, “We will continue to see properties trading even closer to their asking prices. Buyers are pressing to solidify purchases as interest rates promise to creep up.” Joseph expects, “Things will continue to pick up.”

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Marie Beninati at Beninati Associates remarks, “The rental market is very good so far.” She exclaims, “Sales are definitely better than last year. Although weather slowed down the process, it bodes for a very strong year.” She reflects, “Overall the whole market has recovered, with waterfront the most active segment.” She observes, “It’s a seller’s market because inventory levels are low, prices are higher, and deals are made more quickly.” Marie predicts, “The summer is only going to get better. We are poised for a very active market for spring and summer.”

Sheri Winter Clarry at Corcoran exclaims, “The summer rental and sales market is really brisk with all price ranges getting play. Waterfront, mainland, and walk to town are doing really well. The entire North Fork is hot.” She observes, “It is both a buyer’s and a seller’s market,” or as she calls it, “The Perfect Storm.” She remarks, “Prices have not gone up but are holding strong and steady. Inventory is going really quickly.” Sheri believes, “It is shaping up to be as good or better than last year, which was a record year for Corcoran.”

T&CVineyard Rental
Suzanne Hahn at Brown Harris Stevens states, “Summer rentals are steady but not crazy, with sales also very active.” She reflects, “All areas are in good demand with waterfront always popular.” She observes, “The North Fork gained its place a number of years ago, becoming a destination of its own because of preserved farmland, vineyards, restaurants, and culture.” She remarks, “There is an increase of overseas and bicoastal buyers due to the low-key lifestyle and proximity to New York City.” Suzanne believes, “As long as we have educated buyers and educated sellers we can look forward to a good market.”

With spring in full bloom, this a great time for both buyers and sellers to jump into the real estate market and make their dreams come true. Explore the North Fork and make it your destination of choice.

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 protected]