Before you List… Many homeowners do not realize how important it is to consider the condition of their homes before listing their property for sale. After an offer is accepted, most buyers hire an independent inspector for an examination. This is where a saavy seller can take preliminary steps to protect their sale so that it has a better chance of proceeding to contract without Continue Reading
Valentines Day 2018 and 4th Quarter 2017 Statistics
The 2017 statistics paint a favorable portrait of the Shelter Island real estate market with: 62 transactions totaling $123,636,299 and a median price of $852,500, representing a 2.08% increase to the 2016 annual total of $121,106,996. Because of the time it takes the County to record sold transactions, many entities that report on sales statistics often do so with incomplete information, which Continue Reading
Thanksgiving 2017
With nearly two months completed during the fourth quarter of 2017, the market on Shelter Island has been brisk with approximately $23M in sold homes and approximately $12M in properties in contract, based on listed prices, for this period so far. The activity is consistent with 2016 for the same time frame, with Post Labor Day activity again proving to be more fruitful than Continue Reading
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 Continue Reading
Labor Day 2017
There was a palpable shift in real estate activities this past week. Ensconced in rentals, tenants who have children preparing for school got in their last licks at summer vacation, and in between all their activities, toured listings for sale to consider, and dream of as the place they might call home in time for the summer of 2018. Sellers, also trying to enjoy what might be their last summer Continue Reading
Final 2nd Quarter Sales Statistics
Each quarter throughout the year, assorted real estate entities publish statistics for each Town on the East End of Long Island, pulling numbers from a variety of sources. The statistics are based on: 1) when a deed is recorded by the County. The delay between the actual closing and when the deed is recorded can be weeks 2) data from a multiple listing service or “MLS.” Because East End Continue Reading
The First Week of August
The first 10 days of August on Shelter Island have been a real estate whirlwind. August 1st brought the final summer wave of tenants moving into summer rentals, and without a moment to spare, those tenants ventured out to explore homes for sale. Listings in every price range were toured by both customers new to the market and those who have been searching for a while. Certain listings seemed to Continue Reading
A Shelter Island Home Sale Primer
In each market throughout the United States, home sales are dealt with differently. Indeed, the process can be different from town to town on the East End, and Shelter Island is no exception. Here is a step-by-step primer in how a home is purchased on Shelter Island once price and terms have been negotiated. A “Memorandum of Sale” or “term sheet” is generated by the listing agent noting Continue Reading
My Shelter Island Home Purchase
One week before Memorial Day, 1995, I drove onto the North Ferry. A sense of calm came over me as I breathed in the salt air. With the buoyancy of each wave, the stresses of city life seemed to dissipate. As the boat neared the dock, I noticed the quaint Beach Club to the west and the row of charming turn of the century homes, almost a beacon along the shoreline to the east. After landing and Continue Reading
Real Estate Valuations
There is no exact science to arriving at a 100% accurate value on a property, since no two houses can be 100% alike inside and outside, even two in a homogeneous development. There are many accepted methods of valuation that consider a variety of factors in a subject property to arrive at a final number, including: Assessment by a municipality: Shelter Island follows NY State guidelines Continue Reading
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