August 29th Market Report by Penelope Moore To see the text below as a PDF click here With Labor Day weekend right around the corner, many people are asking how the summer flew by so quickly. Most of the traditional summertime events have come and gone: the 10K Race, the Fireworks, the Vintage Car Show, the Crafts Fair, the Chicken Barbecue. With the Snapper Derby this weekend, summer's Continue Reading
Shelter Island Market Report August 1st
Summer Transitions in Real Estate To see the text below as a PDF click here The days toward the end of July and in the beginning of August represent a transition during the summertime when July rentals end and tenants vacate, houses are inspected cleaned and prepped for incoming August tenants and sellers evaluate how the home sales are progressing. During the same time frame in 2018, Continue Reading
Independence Day 2019 – Sales Are Up
A few days ago, I looked at the calendar and realized that the 4th of July was coming up quickly. The weather has been undependable; May had eighteen rainy days and many days that did not have rain, were overcast or windy. After a couple of sunny days, the foliage then seemed to burst through with full-canopied trees and colorful flowers all around, but only the fittest survived the constant rain; Continue Reading
Memorial Day 2019 Real Estate Market Report
With Memorial Day weekend starting tomorrow, Shelter Island is swinging into full summer mode. Restaurants, cafes, ice cream parlors and shops are open, and boats and pools are being commissioned for use. Alongside summer businesses are real estate agents, many of whom have been in full summer mode, at least mentally, all winter long. This week has been a time to sharpen up details of existing Continue Reading
Springtime Comes to Shelter Island – Easter 2019
The spring real estate market on Shelter Island has finally begun to bloom after a long winter season. Activity for both rentals and sales have picked up just in the last two weeks or so. Landlords whose houses are usually rented by mid February have been calling since the holidays to ask where the customers are hiding. Many prospective buyers and tenants seemed to hesitate at proceeding with Continue Reading
President’s Day 2019 Market Report – A Summary of 2018 Sales
In 2018, in the category of homes and business properties, there were 44 transfers in 2018 for a total of $51,463,460 with a median price of $995k. Homes with the following characteristics sold at the strongest prices with least time on the market: staged, renovated to current buyer tastes (country-modern), cleared of seller's personal possessions, priced to comparable properties sold within the Continue Reading
Leases and Certificates of Occupancy
“Landlord Represents that there is a currently valid certificate of occupancy for the Premises” So reads the new section 235-bb of the New York State Real Property Law, which effective November 29, 2017 affects all New York residential properties of 1-3 units. The statute requires that a valid certificate of occupancy, or certificate of compliance if there are grandfathered elements to the Continue Reading
Shelter Island Market Report Labor Day 2018
As the summer 2018 season approaches Labor Day weekend, customers, clients and real estate agents review trends in the real estate market over the prior five months, which are considered the spring and summer selling season. The last two weeks of August through Labor Day are a popular vacation time; clients selling their properties are aiming to receive an offer and agreement; goal oriented Continue Reading
Shelter Island Market Report Aug 16, 2018
Distressed Properties Whenever a "Pre-Foreclosure" property appears online, customers call to ask how quickly they can purchase it - Very often the dollar value shown is what the bank is owed, and not a listing price. A few years ago, a pre-foreclosure property on Further Lane was online for $2M and a customer contacted me, breathless, saying they wanted to buy it right away. Continue Reading
Shelter Island Market Report Aug 9, 2018
The First Full Week of August The first full week of August saw an increase in activity in the Shelter Island real estate market over all price ranges. Many customers who have been house-hunting for over a year have returned with a goal. In the starter home bracket, one customer this week expressed regret that they had not pulled the trigger on a home they had negotiated and won four years Continue Reading
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