Penelope Moore

Licensed Associate Real Estate Broker

Mobile: 917-208-5519

A Standard of Excellence

Your First Choice in Shelter Island Real Estate, Whether Buying or Selling

Penelope Moore, Licensed Associate RE Broker
PO Box 1034
Shelter Island Hgts, NY 11965
United States
ph: 917-208-5519
info@penelope-moore.com

Shelter Island Market Report ~ Columbus Day 2012 to Valentines Day 2013

Shelter Island Real Estate Market Report – Columbus Day 2012 – Valentines Day 2013
By Penelope Moore, SVP, Lic Associate RE Broker
info@penelope-moore.com
Cell: 917-208-5519

Statistics for the 4^th Qtr, 2012
Average Sale PriceMedian Price#Sales$Volume
Q4 2012$1.073m$620k18$19.315m
CHANGE+35%-6%-10%22%
Q4 2011$792k$660k20$15.831m
Subjects Featured:
1. New to the Market
2. Price Reductions
3. Sold Properties
4. In Contract Properties
5. Developing News and Trends
6. Acreage
7. Rentals
For both sellers and buyers there is a lot to celebrate in the New Year.The activity since Columbus Day, 2012 has been the most active winter since before the recession. Many homes that had been listed prior to the downturn sold during this period, a continuation since Labor Day. For buyers, there were good opportunities across the board. Inland homes with pools over $1m, a category which had been quiet for quite some time, have begun to see more traffic and interest. The below $1m inland home category has been brisk, particularly for properties priced to the market. Waterfront in all ranges continue to do well as was the case during the summer of 2012. With lower inventory now, this time of year is a good time for existing sellers and for those considering listing for the Spring selling season.
1. New to the Market – 10 properties
--A Ram Island waterfront compound with two homes, pool and tennis was listed 9/12 for $5.125m
--A property presently operating as La Maison Blanche, completely renovated throughout and with a new pool, was listed 2/13 for $3.5m
--A traditional with pool, dock and pool house which was completely renovated inside and out during 2012, was listed 1/13 for $2.795m
--A traditional on 1.8 acres with harbor views, pool and dock/tennis access was listed 1/13 for $2.45m
--A modernist home in estate section on 2 acres with pool was listed 2/13 for $2.275m
--A contemporary on creek with dock and pool was listed 2/13 for $1.725m
--A Heights waterview home was listed 1/13 for $1.1m
--A cape house in the center on 2+ acres with guest house was listed 2/13 for $875k
--A Hay Beach contemporary with pool was listed 1/13 for $789k
--A mid century modern on 1+ acres was listed 2/13 for $735k
--A property formerly operating as a garden center on 4 acres, half of which is preserve, near the Center was listed 12/12 for $599k
--A ranch home in center was listed 1/13 for $429k
2. Price Reductions – 11 Properties
--A Westmoreland waterfront with pool and dock, originally listed 3/11 for $3.2m, reduced 5/12 to $2.95m, was reduced again 1/13 to $2.7m
--A South Ferry Hills waterfront traditional with pool and guest cottage with kitchenette, bath and fireplace, listed 10/11 for $2.5m, was reduced 2/13 to $1.95m
--A pondfront cottage listed 11/11 for $1.2m was reduced 12/12 to $999k
--A historical home was listed 11/12 for $995k and reduced 1/13 to $939k
--A creekfront with dock was listed 7/12 for $995k and reduced 1/13 to $929k
--A farmhouse on 1.64 acres with wine cellar and barn was listed 6/12 for $975k, reduced 9/12 to $895k and reduced again 1/13 to $885k
--A waterview ranch house in resort area on 1.75 acres was listed 7/12 for $949k, reduced 9/12 to $899k and reduced again 12/12 to $860k
--A Silver Beach elevated ranch with pool and tennis, listed 7/06 for $1.35m, reduced 12/11 to $849k was reduced 11/12 to $750k
--A Heights Victorian was listed 4/11 for $930k, reduced 11/12 to $795k and reduced again 2/13 to $735k
--A Fresh Pond ranch listed 5/10 for $629k, reduced 3/12 to $595k was reduced again 2/13 to $579k
--A West Neck farmhouse was listed 8/11 for $625k, reduced 5/12 to $589k and reduced again 12/12 to $575k
3. Sold – 29 Properties
--A Wades Beach home, originally listed 9/09 for $6.95m, reduced 3/10 to $6.5m, and reduced again 7/11 to $5.95m, was sold in 11/12 for $4.885m
--A Nostrand Pkwy waterfront which had been on and off the market prior to 2005 at $5.99m, repriced to $4.65m in 11/05m and had been re-introduced to the market in 3/07 at $4.5m, was soldlate 2012 for $3.5m
--A Ram Island bayfront on 3.6 acres, built in 1965 in mostly original condition, was listed 5/12 for $3.5m and sold 12/12 for $3,085m
--A Little Ram Island bayfront on 2.5 acres with summer chalet cottage was listed 7/12 for $3.4m and sold 12/12 for $3.19m
--A Silver Beach ranch with sandy beachfront on bay, had originally been listed 11/07 for $4.5m, reduced 9/11 to $2.95m, reduced 10/11 to $2.875m, sold 11/12 for $2.75m
--A traditional with pool and deepwater dock on Dering Harbor, originally listed 3/10 for $2.75m, sold 12/12 for $2.7m
--A Ram Island single story cottage with sandy beach and pool, originally listed 9/06 for $4.5m, was taken off the market in 2007, then re-listed 11/08 for $2.85m, and reduced 9/11 to $2.75m, was sold 10/12 for $2.655m
--A Montclair cottage on the harbor on 1.19 acres, listed 9/11 for $2.6m, reduced 2/12 to $2.4m, reduced 7/12 to $2.25m, sold 12/12 for $1,987,500. It was relisted for sale 2/13 for $2.5m
--A Ram Island traditional on the harbor was listed 4/12 for $2.4m, reduced 8/12 to $2.15m, and sold 12/12 for $1,847,170
--A Silver Beach traditional on the creek, originally listed 12/05 for $3.2m, was rented long-term, and then reduced 7/08 to $2.75m. It came back on the market 6/12 for $2.1m and sold 10/12 for $1.925m
--A contemporary on a creek with dock and pool on one+ acres was listed 7/12 for $1.995m and sold 11/12 for $1.95m
--A Montclair ranch on the harbor on .8 acres was listed 5/12 for $1.935m and sold 1/13 for $1.4m
--A Silver Beach cottage on .43 acres with dock on the creek was listed 5/11 for $1.925m, reduced 3/12 to $1.89m and sold 11/12 for $1.8m
--A creekfront with pool and dock, listed 3/12 for $1.965m, reduced 6/12 to $1.895m, reduced again 7/12 to $1.745m, sold 10/12 for $1.7m
--A sprawling 3600+ sf Silver Beach creekfront with dock was listed 8/12 for $1.525m, reduced 9/12 to $1.495m, and sold 12/12 for $1.35m
--A 1960’s creekfront chalet with dock was listed 10/09 for $2m, reduced 9/11 to $1.395m, reduced 3/12 to $1.299m, and sold 12/12 for $1.075m
--A Wades Beach traditional on 1.2 acres, listed 2/12 for $1.145m, reduced 8/12 to $1,050m, sold 12/12 for $950k
-- A Silver Beach traditional on private lane was listed 6/10 for $1.3m, reduced 6/12 to $829k, reduced again 7/12 to $799k and sold 2/13 for $775k
--A West Neck farmhouse listed 10/08 at $1.35m, reduced 5/12 to $859k, reduced 6/12 to $795k was sold 1/14 for $750k
--A traditional in the center built 2006 was listed 7/10 for $775k, reduced 1/12 to $680k and sold 11/12 for $645k
--A West Neck contemporary listed 7/10 for $899k, reduced 5/11 to $699k, reduced 4/12 to $650k, sold 12/12 for $612k
--A West Neck ranch with pool listed 1/11 for $675k, reduced 5/12 to $650k, reduced again 5/12 to $635k, sold 11/12 for $605k
--A West Neck cape listed 8/10 for $670k, reduced 3/11 to $595k sold 12/12 for $540k
--A Shorewood turn of century house was originally listed 7/98 for $350k, taken off the market and after being on and off the market with various real estate agencies with sometimes limited access due to rentals, was re-introduced 3/12 for $699k. In 8/12 it was reduced to $565k and sold 11/12 for the listed price with multiple offers.
--A Fresh Pond ranch listed 9/06 for $799k, was on and off the market until 7/12 when it was reintroduced at $579k, then in 9/12 reduced to $549k. In 12/12 it sold for $507k
--A Conservancy Estatestraditional was originally listed 2/10 for $740k, reduced 9/10 to $675k, reduced 3/12 to $525k and sold 12/12 for $485k in a bank sale.
--A Silver Beach ranch was listed 11/10 for $555k, reduced 3/11 to $495k, reduced 6/11 to $470k and sold 12/12 for $420k
--A 2 br cottage outside the Heights was listed 9/08 for $685k, reduced 1/09 to $585k, reduced 7/12 to $465k and sold 1/13 for $450k
--A West Neck traditional was listed 7/09 for $550k, reduced 4/12 to $449k, reduced 6/12 to $439k and sold 11/12 for $405k
4. In Contract – 7 Properties
--An equestrian farm, listed in 5/12 at $7.95m and reduced 12/12 to $7.25m, went into contract 1/13
--A Dering Hbr Village waterfront was listed 4/12 for $2.6m, and went into contract 1/13
--A Menantic Colony traditional with pool listed 5/12 for $1.195m, reduced 6/12 to $1,095m went into contract 2/13
--A Conservancy Estates traditional was listed 12/12 for $725k and went into contract 2/13
--A West Neck multi family dwelling listed 2/07 for $1.295m, reduced 2/12 to $675k, reduced again 12/12 to $585k, went into contract 2/13
--A West Neck ranch built 1999 was listed 1/13 at $489,900 and went into contract 2/13
--A traditional, located in the center was listed 7/12 for $599k, reduced 10/12 to $399k and reduced again 1/13 to $329k, then went into contract 2/13
5. Developing News and Trends
--The St Gabriels Retreat property, originally listed in 4/09 at $19.9m and reduced 6/11 to $18.9m sited on nearly 25 acres in one acre zoning…the sellers applied for a subdivision in 2/13
--“Walk to Beach” versus “Town” – Once upon a time, customers differentiated between being close to a beach versus being close to the Center or the Heights. In the last year or so, customers are more interested in the home and price as opposed to proximity to beach. On the South Fork, being close to town is requested by many customers; On Shelter Island, a beach is never too far from any home listed for sale.
--Hurricane Sandy – Shelter Island dodged a bullet with the hurricane, with marginal damage to properties. There were two properties I am aware of which had been in contract, had damage and had a slight adjustment to price. Subsequent to the storm, obtaining homeowners’ insurance for buyers in contract became difficult but not impossible.
--On a personal note, I was honored to be the recipient of both the Silver Council Award and Top Producer, with sales on Shelter Island of over $40m. The Silver Council Award is given to agents whose sales place them in the top 5% of the agents company-wide.
6. Acreage
Acreage has been quiet since the downturn but slowly is gaining momentum as banks have begun offering more options.
One particularly interesting transaction was the sale of two properties in the center on a street with both residential and home based commercial use, each one acre with a home in average to very good condition. In 9/12, one buyer purchased both properties for $930k and proceeded to demolish both homes to build a new home.
--.62 creekfront acres in Silver Beach was listed 11/12 for $995k
--1.8 acres on Ram Island, listed 3/10 for $995k, reduced to $915k in 2012, was reduced 1/13 to $895k
--3.1 acres in Dering Harbor Village originally listed 8/07 for $1.295m, reduced 9/10 to $995k, was reduced 11/12 to $895k
--1.5 acres in Silver Beach inland was listed 1/13 for $595k
--One acre bordering golf course in Hay Beach, listed 7/06 for $775k, reduced 1/12 to $499k, reduced again 5/12 to $500k, sold 12/12 for $470k
--One acre in Heights with water view slices, listed 6/11 for $550k, was reduced 2/13 to $475k
--.61 Heights acres bordering golf, listed 1/06 for $750k which had had a full priced offer in the summer of 2007 had been reduced to $349k in 12/07, then increased 3/12 to $439k. In 2/13 it went into contract.
--A half acre located in the center was listed 2/13 for $275k
7. Rentals
February is the month rentals pick up steam. Since Columbus Day, the “early birds” have been those renewing leases on homes rented in 2012 or those customers who waited too long in 2012 and wanted to earlier this season.
There are certain truisms for both Landlords and Tenants of which I remind my contacts each year…
Landlords:
--Set a price and time frame and stick to it, don’t reconsider the time frame or increase your rent after the house is shown and the customer asks for a lease;
--Have your house ready to show once you list for rent. It takes a bit more effort but if you’d like to win a tenant over with so many rental properties available, it is worth it.
--Give easy access so your house can be shown. Many customers come out once and make a decision.
--Hire a property manager and housekeeper who can communicate with your tenants once they are in residence and look after the property
--Know what your utilities cost, approximately. If tenants are to pick up the cost of utilities, have an idea of what it costs to maintain a pool, cut the lawn etc. and include it with your listing to your real estate agent so we can answer questions quickly.
--If your house is rented but also for sale, make sure you review leases provided by the real estate agency bringing the tenant carefully, as some leases have a provision allowing for “inspections” by Landlord or Landlord’s representatives, but omit “showings”, which effectively result in a “no-show” clause.
Tenants:
--Give your real estate agent an idea of what you are looking for in terms of location, what you don’t want (close to road, woods etc). Tell them if you have special needs, such as 1^st floor master bedroom, bedroom arrangement to accommodate children being close to parents, a pet—before a search is done. Believe it or not, many customers don’t reveal that they have a pet until after they select a house and have been on an extensive tour which frequently necessitates another round of tours;
--Many homes are listed with more than one agency so when you do a search online, there are many occasions you will pick the same house multiple times! Most real estate agencies on Shelter Island don’t list addresses online. Before you physically get in a car to come out and spend the day doing a search, get the addresses first so there is no duplication.
--When doing a search, allow your real estate agent to make suggestions based on how you have described your needs.All too often, an agent takes out a customer who picks the homes from the internet and does not allow the agent to show what they think will work. When this is how customers do their search, they miss out on some good picks.
--Rentals are not negotiated the way some home sales are. There are some properties that have been listed for rent for many years and the rental rate has not changed. Many customers previously have paid the rent listed without haggling. On Shelter Island, many landlords have expressed that haggling over expenses and rental rates sends up a red light in their minds.Customers who expect Landlords to pay for utilities should express that at the outset so that agents can select homes that fit the criteria.
--On Shelter Island, group rentals are not legal under Town Zoning Laws.

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Penelope Moore, Licensed Associate RE Broker
PO Box 1034
Shelter Island Hgts, NY 11965
United States
ph: 917-208-5519
info@penelope-moore.com