The weather forecast for Memorial Day weekend was a mixed bag, partly cloudy with scattered showers and sun. The real estate forecast was sunny and brisk. Both were accurate predictions.
The weeks leading to the first holiday weekend of the summer have been active non-stop, with new properties introduced to the market, overlapping showings, multiple offers, complex negotiations and successful closings.
Closings on waterfront properties included…On 5/21/14, a 22.5 acre waterfront estate priced at $7.8m which was listed 12/27/13 sold and closed. The sellers, who are philanthropists, earmarked the majority of the proceeds to charities which included educating children in Africa about wildlife and creating a programs to save animals. A turn of the century waterfront home of 4957 sf on 2 acres with dock, listed at over $3m, then repriced to $2.9m in 4/13 and repriced again to $2.75m sold 5/22/14 for approximately $2.5m. A 2022 sf Ram Island waterfront on 1.1 acres with pool listed 8/13 for $2.7m sold 5/7/14 for full asking price. A water view contemporary on 1.8 acres with pool and association tennis and dock, listed 1/14/13 for $2.45m sold 1/9/14 for $2.275m.
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Inland homes have been experiencing a recovery over the last year or so. A traditional, 4200 sf on nearly 3 acres with pool sold for $3.25m, before being introduced to the open market, a benchmark for this category. A nearly 3000 sf modernist home on 2 acres with pool and guest house, listed 3/13 for $2.275m, reduced twice to the last listed price of $1.924m, sold 1/28/13 for $1.73m.
Transactions in the below $1m category were brisk:
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In the $700k to $800k range: A 2700 sf Hay Beach 1980’s contemporary on .92 acres listed 4/13 at $895k, with subsequent re-pricings, and last listed at $859k sold 5/7/14 for $815k. A 1990’s ranch of approximately 2400 sf on one acre was listed 10/13 for $880k and sold 1/13/14 for $800k. A Silver Beach 1660 sf ranch on .7 acres listed 3/26/14 for $799k sold 5/5/14 for $780k. A 1970’s contemporary of approximately 2300sf on one acre with pool was listed in 2011 for $925k, repriced to $849k in 2012, last listed at $799k, sold 4/14 for $755k. A 1998 post modern of approximately 2005sf on one acre with pool, listed in 2012 for $799k, repriced to $795k in 12/13, sold with multiple offers on 4/30/14 for $781,785. A 1788 historic home of approximately 2350sf on .5 acres, listed 11/12 for $995k, repriced to $835k in 11/13, and last listed at 784k sold 4/30/14 for $765k.
In the up to $695k range: A 1959 ranch of approximately 1240sf on 3.43 acres with guest house, listed 4/13 for $835k, reduced to $695k in 12/13, sold 4/14 for $645k. A 1988 contemporary of 1830 sf on .75 acres, listed 7/5/13 at $725k, reduced to $695k on 7/18/13, sold 4/14 for $590k. A renovated ranch of approximately 2200 sf on .5 acres in business zone, listed in 9/08 for $699k, repriced to $595k in 3/13, last listed at $545k, sold 5/14 for $505k. A ranch of approximately 1400sf on .75 acres which was offered with a sandy slice of beachfront had been listed in 2012, repriced to $550k in 4/13 and last listed at $509k, sold 1/14 for $495k. A 1950’s ranch of approximately 1000sf on one acre was listed 10/12 for $510k, repriced to $490k on 8/13 and sold 1/14 for $475k. A renovated ranch of approximately 1400sf on 1.65 acres was listed in 2011 with the last listed price of $479,990, sold 1/14 for $470k. A 1970’s cape house of approximately 1375 sf on shy acre, listed 4/13 at $485k, repriced to $470k in 2/14, sold 5/14 for $440k. A turn of the century bank-owned colonial of approximately 1900 sf on .28 acres was listed 1/14 for $405k, repriced 2/14 to $385k and sold for same 2/14. A 1960’s ranch of approximately 1025sf on .3 acres, listed 8/11 for $350k, sold 2/14 for $298k.
Many buyers looking for a Shelter Island property come to the marketplace already having searched on the South Fork. Many have financing plans in place and others are paying all cash.
With limited inventory, multiple offers have become more prevalent, although buyers continue to be well versed in the market, frequently doing extensive research prior to making an offer.
From the activity and recent transactions, the summer is poised to be a banner selling season, so if you’re a buyer contemplating a purchase on Shelter Island, jump in, the water’s warm!
Penelope Moore - Lic Assoc RE Broker - Saunders & Associates (631) 749-5801 | (917) 208-5519 | info@penelope-moore.com | www.shelterislandnyhomes.com | 3 South Ferry Road, Suite 1, Shelter Island NY
