2018 OFF TO A STRONG START ON THE NORTH FORK
As 2018 begins, another banner year is predicted for the North Fork real estate market. There are already ample summer rental inquiries and the sales market remains brisk. The most active segment is under $1M with the most popular areas near the water, farms, hamlets and in the Village of Greenport. With inventory low and demand high, prices have steadily increased. More people are discovering the North Fork for its quiet beaches, quaint hamlets, pastoral farms, and spectacular vineyards.
Judi Desiderio of Town & Country Real Estate says, “We predict 2018 to be a stronger year than 2017 for both sales and rentals. We have already written many leases. Town & Country had its best sales year ever in 2017 and 2018 is starting out with a blast! The most active segment is definitely under a million. Close to hamlets, water orientation, and farms are the buzz words! Prices on the North Fork remain a relative bargain – but not for too long! Since inventory is low and demand is high – for most markets and price ranges – we are anticipating an upswing in prices. New construction is finally coming into its own.” Judi observes, “The North Fork is a sleeping giant!”
Thomas Uhlinger of Douglas Elliman Real Estate says, “So far I have had ample inquiries for modestly priced rentals. This year I had my earliest accepted offer and am very optimistic for a banner year. The $800K-$1M range is the most active. Cutchogue is very active along with listings south of Route 25. I am seeing increases in asking prices by sellers who are listing. Inventory is substantially down year over year while I’ve seen an increase in builders doing spec housing and looking for vacant land.” Tom feels, “The new tax laws and any effect they may have is still an unknown. I haven’t had resistance from new buyers as of yet.”
Sheri Winter Clarry of The Corcoran Group says, “There have been a lot of rental inquiries this year with a desire for more luxury and creature comforts. The sales market remains brisk so far in 2018 with good activity in each segment. Under a million is always a hot commodity, but the high end is active as well! Prices are holding steady, but could easily start creeping up, due to the lack of inventory. New construction is alive and well with spec and custom building. As people look to downsize there is a ton of interest in the new 124-unit condo development I am representing, called Harvest Pointe in the heart of Cutchogue!” Sheri sees “2018 as being an absolutely stellar year.”