Columbus Day 2017

The real estate market on Shelter Island in the last 4 weeks since Labor Day has been productive for sellers and buyers alike, with 14 homes in contract and 4 homes sold. The strongest sector continues to be homes up to $1M inland while competitively priced waterfront properties which had been on the market in some cases for over 2 years found enthusiastic buyers.

Since July 1, 2017 the properties sold have included:

• 13 Prospect Avenue – A renovated 1885 water view Victorian,
listed 8/16 for $1.695M, last listed at $1.395M, sold 7/17/17 for
$1.25M

• 21 North Ferry – A business property with retail and apartments,
was listed 1/28/11 for $1.299, sold 6/19/17 for $1.25M

• 6 Country Club Drive, a 1994 4 bedroom 2,958 sq. ft. traditional
on golf course with a gunite pool, was originally listed 8/24/13
for $1.785M, was last listed at $1.175M, sold 9/12/17 for $985K

• 181 North Ferry Road, a 3 story 4,774 sq. ft. commercial building
on .15 acre of creekfront, sold for $855K on 9/29/17

• 5 Southwick Lane, a 2,090 sq. ft. contemporary built in 2000 on
1.06 acres, was listed 7/17 for $899K and sold 9/28/17 for $875K

• 12 Tim’s Trail, a 2,500 sq. ft. farmhouse built in 2002 on .5 acre,
was listed 3/17 for $850K and sold 8/1/17 for $807K

• 8 North Midway Road, a 1925 cottage on 1 acre, was listed
3/7/17 for $695K and sold 9/22/17 for $640K

• 17 Worthy Way, a 1973 colonial on .62 acre, was listed 10/24/15
for $649K, was last listed at $598K and sold 6/14/17 for $590K

• 6 West Thomas Street, a 1948 ranch on .5 acre, was listed
12/1/14 for $409,900 was last listed at $440K, and sold 9/13/17
for $440K.

There were also several vacant land sales:

• 62 Westmoreland Drive, 1.8 acres on West Neck Bay, listed
11/21/16 for $950K, sold 7/6/17 for $850K

• 10 North Brander Parkway, 1 acre on canal, sold 8/18/17 for
$800K

• 9 Margarets Drive, .91 acre listed 8/14 sold 7/6/17 for $385K

Homes in contract since August 1st have included:

• A waterfront with pool in estate area listed at over $9M
• An inland traditional with barn, carriage house and pool listed
over $2.9M
• 3 waterfront homes with pools priced over $2.2M
• 2 inland homes with pools priced over $1.5M
• 5 Inland homes priced between $800K and $999K
• 2 inland homes priced between $550K and $650K

With the weather still stellar and crisp, customers continue to search for their Shelter Island home. Inventory particularly up to $1.2M is limited, with many excellent opportunities available.