Thanksgiving 2016

This Thanksgiving season, those involved in the real estate market on Shelter Island have much to be thankful for.

The third quarter 2016 showed an increase of over 23% compared to the same period in 2015.

2016: 19 sales totaling $33,468,000, with a median price of $920,000

2015: 24 sales totaling $27,131,339 with a median price of $792,500

Some of the highlights of the third quarter 2016 – the present have included:

• 12 Clinton Ave – a 1925 traditional on 1.73 harborfront acres with pool, guest
  house and dock originally listed 5/13/14 for $6.95M, sold 8/11/16 for $6.3M
• 24 Locust Point Rd – a 1926 Colonial on 2.18 harborfront acres with pool,
  studio, and deep water dock on separate lot, listed 4/22/14 for $4.675M,
  sold 9/29/16 for $4.125M
• 27 Bayshore Dr – a 1956 ranch on 1.11 harborfront acres with pool, cabana,
  garage and deep water dock, listed 8/25/16 for $4.25M, sold 10/25/16 for $4M
• 121 South Ferry Rd – a post and beam built in 2000 with pool, carriage house
  and deep water dock, listed 9/2/08 for $6.995M and sold 11/4/16 for $3.8M
• 29 East Brander Pkwy – a 1947 cottage on .51 acres with pool, listed 2/22/15
  for $2.395M, reduced to $1.995M on 4/9/16, and sold 10/17/16 for $2.22M
  with multiple offers
• 6 Westmoreland Dr – 2 acres of vacant bayfront acreage listed 4/9/13 at
  $2.39M, sold 8/26/16 for $2.06M
• 11 Island Way – a 2003 traditional on 2.3 acres with cabana and pool, listed
  11/12/15 for $1.795M, and sold 10/24/16 at listed price
• 46 South Ram Island Dr – a 1957 cape of 1,665 sq. ft. on a .72 water view acre
  with separate harbor front beach listed 5/14/16 for $1.895M, sold 10/21/16
  for $1,588,750
• 10 Cove Way – a traditional on .53 creekfront acres with dock, listed 11/21/15
  for $1.6M, sold 9/15/16 for $1.18M
• 54 Country Club Dr – new construction of 2030 square feet on .93 acre
  bordering golf, listed 1/19/16 for $1.325M, sold 11/11/16 for $1.25M
• 47 North Midway Rd – a 1931 two bedroom bungalow of 1,472 sq. ft. with
  pool on one acre listed 5/13/16 for $995K, sold 8/19/16 for $980K
• 15 North Brander Pkwy – a 1970 ranch of 1,400 sq. ft. on .45 acres, listed
  8/27/14 for $799K, sold 9/15/16 at listed price
• 44 North Menantic Rd – a 1954 ranch of 936 sq. ft. on .46 acre with studio,
  listed 5/9/16 for $595K, sold 9/23/16 at listed price
• 8 Wesley Ave – a bank-owned 1872 farmhouse listed 8/19/16 for $589K,
  sold 11/5/16 for $725K, with multiple offers
• 28 Smith St – an 1858 farmhouse on .34 acre listed 4/25/16 for $525K, sold
  9/23/16 for $375K

There have been strong “sold” prices post-Labor Day carrying throughout the autumn months in every category: waterfront, inland, vacant land, bank owned property, new home construction, starter homes.

For sellers, there continues to be competition and limited inventory within a given property category. For buyers, there continue to be historically low interest rates and consistent financial markets.

While many may not realize it, real estate is perhaps the largest component of Shelter Island’s economy. A healthy real estate market has a trickledown effect that benefits the community as a whole, starting with the 2% Community Preservation Trust transfer tax which was renewed earlier this month; the Town’s property assessed values which translate to higher property tax rolls, most of the above properties sold at over their assessed values; and the prospect of work that could be generated from a new homeowner through renovation.

Throughout 2016, The Town Board has continued to explore topics, including: “Proportionality” or the percentage that can be developed on a given property, short term rentals, water consumption, mapping septic systems and affordable housing, with an eye toward preserving Shelter Island’s delicate environment and unique character. Each is a complex subject, with direct cause and effect within the community – it has an impact on the rights of individual property owners and on future real estate values, so extensive discussion and exchange of ideas at weekly Town Board meetings are not only necessary but also healthy.

This Thanksgiving, I am grateful to my loyal clients and customers who make my work in real estate possible, work that is a not only a passion but also a great responsibility that I take seriously, and for the natural beauty which surrounds us and renews my spirit each day.