Thanksgiving 2022 and a Sense of Normalcy

This Thanksgiving seems to have come upon us in a blink of an eye, perhaps because we have collectively experienced so much in the past year or two, time seems to have sped up the clock and the calendar.

Below are notable transactions since Labor Day 2022. While the list is shorter than last Thanksgiving, one factor is limited inventory, in terms of both homes and acreage. Although the interest rates have climbed over the past couple of months, buyers continue to shop for a property that checks off the boxes for their particular search criteria. Interestingly, in my review of transfers over the past 12 months, it is worth noting that the majority of Shelter Island buyers have had a long term relationship with the island, either having rented or visited friends or family, have owned here before, or are scaling down or up recently from an island home.

• 7, 9 and 11 Artist Lane comprising 9.29 undeveloped harborfront acres listed 7/13/20 for $8.7M sold 9/2/22 for $6.75M in a preservation sale to the Town of Shelter Island
• 40 South Menantic and 8A Simpson Avenue, comprising 10.84 undeveloped creekfront acres last listed for $5.75M, sold 9/2/22 for $4.35M in a preservation sale to the Town of Shelter Island
• 6 Cove Way, a 2,680+/ sq. ft. 4 bedroom creekfront with pool and dock listed 8/10/22 and last listed for $2.69M, sold 10/28/22 for $2.75M
• 34 Country Club Drive, a 4,000+/- sq. ft. new construction with pool and sports court, listed 12/2/21 for $2.995M, sold 11/17/22 for $2.6M
•  28 South Midway Road, a 1936 bungalow on 1.19 creekfront acres, last listed on 7/29/22 for $2.35M, sold 11/3/22 for $2.15M
• 17D South Cartwright Road, a 3 bedroom creekfront cottage with pool on 2.2 acres listed 8/9/21 and last priced at $2.65M sold 10/14/22 for $2.35M
• 25 Great Circle Drive, a renovated 2 bedroom contemporary with pool listed 7/15/22 for $1.9M, sold 10/14/22 for $2M
• 5 Gardiners Bay Drive, a 3 bedroom bayview contemporary on .7 acre, listed 7/28/22 for $1.295M, sold 10/24/22 for $1.751M
• 82 North Cartwright Road, an expanded 1920s 5 bedroom cottage on .7 acre with pool listed 3/24/22 for $1.875M and sold 10/12/22 for $1.675M
• 3 Country Club Drive, a 3,800+/ sq. ft. 4 bedroom contemporary on .99 acre listed 8/2/22 for $1.695M, sold 10/21/22 for $1.55M
• 63 North Midway Road, a renovated farmhouse on .92 acre listed 9/9/22 for $1.345M sold 11/4/22 for $1.25M
• 18 North Cartwright Road, a 1967 3 bedroom ranch on .79 acre with creekfront egress listed 7/29/22 sold 9/21/22 for $1,003,950
• 15B South Cartwright Road, a 3 bedroom 2004 bungalow on .95 acre listed 9/14/22 for $999K and sold 11/14/22 for $999,900
• 84 North Cartwright Road, a 1940 2 bedroom cottage on .76 acre listed 3/24/22 for $950K, sold 10/21/22 for $975K
• 11 Sunnyside Avenue, 2 undeveloped acres with golf course views listed 5/7/21 for $670K sold for $635K on 9/27/22

The 2023 rental season has commenced with plenty of homes to choose from and wide ranging pricing options.

This Thanksgiving I am truly grateful to my clients, customers, friends, and neighbors who make my work in real estate possible. As we enter the holiday season, I wish everyone good health, happiness, and peace.