HOME SALES

The sales activity has been consistently positive and brisk, albeit at a lower price point than two years ago. In most categories, however, properties are selling.

A 4400 sf contemporary with sandy beach, tennis and pool sold for $2.7…

A charming 1950’s brick waterfront home with tennis, pool and panoramic views sold in the mid $3m’s after being on the market approximately 4 years and turning down offers in the mid $4m range when it first came on the market…

A traditional with water views to Connecticut sold for $3m…
One of only 4 homes on Little Ram Island, facing west with a dock, that has not been renovated closed for $2.35m…

A 1970’s contemporary with water views and dock access on nearly 5 acres sold for $2.3m…

One of the first “spec” homes to be sold in 2004 for $1.475m sold for $1.8m, boosting the inland home category…

A traditional bordering a golf course which had been on the market for several years closed at $1.2m…

Homes in the up to $600k price range have had good activity and four properties in this range have either sold or gone into contract…

Properties with unique characteristics have also had positive activity in the month of January—a 1,000 sf cottage on over 5 acres sold for $100k over the listed price of $750k—contracts were out for the lower price but the buyer took too long to act…

One of the oldest homes on the island went into contract at close to the listed price after being on the market since the summer of 2008.

Many sellers have re-priced their homes for the upcoming Spring selling season which is already under way. There are still many good opportunities, however those who are interested in buying should take action. Some of the buyers I was working with on the homes listed above waited too long and missed out thinking ”it’s winter!”

RENTALS

The 2010 rental season is in full swing. Each year brings with it different aspects that can be completely unique to that year and sometimes change the complexion of rentals overall.

Up until 3-4 years ago, rental prices were rental prices and there was no negotiation. Tenants began negotiating off of the listed prices, which were not exorbitant overall on Shelter Island which has lead to Landlords who are newer in the marketplace pricing their properties higher in some cases, making rents on similar homes inconsistent as a result.

As of the first week in February, Landlords are already beginning to break up their seasons and the selection for a full season or July through Labor Day is becoming more limited.
One common problem that is arising this season is the changing of prices and time frames by Landlords after they have re-listed the home for the season and the agent has called to set up the appointment and shown the property. This season so far, I have had at least a half dozen Landlords change prices and time frames after customers have come out to tour properties.

Not too long ago, customers would describe what they were looking for, approximately how much they wanted to spend, and the tour was set up by the agent. Frequently customers did not know what they would be seeing until they actually visited the property. In many cases this worked well because customers are often unfamiliar with the entire island, sometimes don’t know what they want and sometimes nix seeing homes that may not have the best photos. These days, most customers want an active role in the rental tour. All too often, I will send a variety of properties that in some respect match the customer’s requirements only to have half of them—sometimes the best in the lot—eliminated. When the tour comes up dry, a second round has to be scheduled, with one of the early eliminations sometimes selected winner in the end.

Common each year is the customer who visits one particular website where many different real estate agencies, including ours, advertise properties. Our company is one of the few which obtains authorization from Landlords to post their address so that a prospective tenant can see how far from the beach, how close to the ferry or town etc. a home is, and make references to a home by its address instead of description, e.g. “that yellow house”. Unfortunately most real estate offices listing rentals on Shelter Island do not post addresses and to make matters worse, post photos of a property that can be best described as “coy”. Rather than showing the front, back and grounds from a long shot, the photos may feature a path, door, trellis or some such detail. After the customer has been sent properties fitting their parameters, they send to us links to other rentals on this website featuring…the exact rental properties that have already been sent. Frequently we recognize an angle, a bedspread or part of a description but sometimes we don’t, which leads to customers shopping with more than one broker.

One fact that many customers are not aware of is that there are only so many rental properties in a particular category and most landlords list with every agency. There is nothing like having a mid-day tour scheduled, having a customer call from their cell saying they’re late, then taking them out to see everything they have already just seen. It happens to all active real estate agents, so from all of us to all rental customers: please consider working with one agent—it will save your time and ours. :-)!

At this point in the season, Landlords who are successful in renting have already…1) made sure their house is clean and ready to show when they are not there; 2) have made arrangements to have snow plowed and sidewalks shoveled in case the house is going to be shown; 3) have made their house easy to show; and have given all contact numbers and emails to agents; and 4) return calls with questions about the property in a timely fashion. Even better are the Landlords who have already removed personal photos and extraneous knick-knacks…and Christmas ornaments.

Our company’s database is “real-time”. When leases are executed, the time frame is checked off in our system to remove the listing from a search for that period and from the internet. There are literally hundreds of rental listings on Shelter Island and as the season progresses, of course, rental periods and properties are made inactive. Customers assume that all agencies’ websites are up to date. Some are not and list properties that have been rented for quite some time or have been sold and the new owners have no desire to rent. We try to keep our listings as up to date as possible but it helps when the Landlord lets us know that they have rented it. Email communications with updates are always welcome—the most successful Landlords keep their agents in the loop.

REAL ESTATE AND THE TOWN OF SHELTER ISLAND

I am pleased to report that the Town of Shelter Island dropped their case against me for violating the Town ordinance pertaining to real estate signs by posting a flyer stand in front of a home with information about the property for sale.

As mentioned in my prior newsletter, the ordinance reads: “For rent and for sale signs posted by the owner shall not be larger than 24” x 24”.” The Town Board interpretation of this language has been that real estate agents cannot post agency sale signs.

Prior to my being issued a summons, my attorney had approached provided the Town Attorney to discuss constitutional issues concerning the ordinance and to work with the Town Board at my cost, but he was advised that the Town Board “wants the ordinance enforced.” Shortly after that, I received the summons. My attorney provided the Town Board and Town Attorney with an exhaustive nine page outline detailing Federal, State and County cases upholding a homeowner’s right to post real estate signs on their property.

The Town of Shelter Island recently agreed that the ordinance as it is presently written needs to be revised and as a result, has dismissed the violation against me.