As 4th of July weekend approaches, the summer 2016 real estate market has officially commenced, with many customers scurrying to secure a last minute rental. At Tuesday’s Town Board meeting, the topic of short term rentals was again discussed. Town Supervisor Jim Dougherty said “AirBnb’s are an increasing phenomenon on Shelter Island. There are good sides and bad sides to this unfolding Continue Reading
The Rental Market
On 6/21/16 The Shelter Island Town Board discussed short term rentals, those generally less than two weeks in duration, following complaints from residents whose quality of life has been affected by noise from nearby rental properties. A bill passed by the New York State legislature this week makes it illegal to advertise an entire home on direct owner rental websites for 30 days or less. New Continue Reading
Shelter Island 10K Weekend
Over the last two weeks, the vibe on Shelter Island has shifted from laid back to energetic, with vacationers and second homeowners enjoying our beaches, restaurants and shops, which in turn sustains our local economy. I feel a sense of pride seeing the “Roadway Rembrandt” from the Highway Department painting pavement markings for the summer, the pharmacy readying themselves for the onslaught Continue Reading
Post Memorial Day
Real estate activity this post Memorial Day week, ran the gamut, and included a long awaited waterfront closing, a high end rental showing, several appointments in the $1M range and showings of high end waterfront properties. Discussion of the proposed revision to the zoning code called “proportionality” which would reduce the percentage of a property that could be developed and include Continue Reading
Zoning on Shelter Island
Memorial Day weekend started off with a bang, with warm summer-like temperatures and crowds at our island beaches and restaurants. On the real estate front, last minute customers shopped online, booked and moved into their rentals, and Friday through Sunday in between barbecues and leisure time, customers toured homes to purchase. In the backdrop of summer fun, the Town of Shelter Island Continue Reading
Memorial Day 2016
The Spring selling season has continued in brisk fashion since Easter, in spite of long stretches of inclement weather. The below $1M market continues to lead the way with limited inventory. Inland homes starting in the low $1Ms are beginning to gain traction with several in contract since last month. Waterfront properties up to $5M, some of which have been on the market for more than a year, Continue Reading
Easter Weekend 2016
The first day of spring, the holidays that coincide with it and the return of ospreys mark the beginning of the spring selling season on Shelter Island. As is the case with other second home markets, spring through autumn is traditionally the peak time to sell or purchase real estate on Shelter Island. The first quarter of 2016, in contrast to tradition perhaps due to mild temperatures, was Continue Reading
President’s Day Weekend 2016
As February unfolds, the statistics for the 4th quarter of 2015 and the year in sum total are still being tallied as sales on Shelter Island are slowly recorded with Suffolk County. 24 transactions totaling $26,684,601 sold and closed during the 4th quarter with a median price of $760,181. Nearly $8M or 12 sold transactions were less than $1M continuing the strength of this category, which Continue Reading
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