After an incredible Q1 saw closings on the South Fork up 89% year over year, The median price jumped 50%, up to $1.65M, and the average sales price increased 15%! And - the market shows no signs of slowing down.
Recently we attended an informative discussion with David Bailin, Chief Investment Officer at Citi, who spoke to the current strengths of the market. He referenced delayed activity due to the pandemic and thus believes the market demand won't slow down anytime soon, even after we get back to "normal".
And I just spoke with Bloomberg News about the strength of Q1, the challenges ahead given critical lack of inventory, and how we're going about finding homes for our buyers.
For a full recap of the East End Market over the last 90 days, check out The Corcoran Report Q1 2021 East End here.
I also recently spoke with Behind the Hedges about the lack of turn-key inventory, and how buyers are starting to pivot from turn-key homes to finding land and building, even if it means they're 10-18 months out from moving in. They're also working with us to buy new projects from builders whether they've even broken ground or not.
A great compromise is to buy something you can live in for the short term while plotting and planning the dream house you want, like 220 Flying Point Road, which is now in contract, although other development opportunities like that are still available but picking up significant interest: 19 Walker Avenue, 12 Bathing Beach Road, 41 Montauk Avenue, 31 Meredith Avenue, and 23 on the Bluff.
If a ground-up build or full reno is too big of a project, your best bet in this market may involve just a little work, like maybe updating a kitchen. Here's why you shouldn't get distracted by outdated kitchens.
There's also great value for buyers in homes that are simply in need of a makeover, as I discussed with Long Island Press.
My newest listing just featured on 6sqft.com, is an incredible 5-acre property at the top of Water Mill Heights with panoramic water views. A little cosmetic surgery will make this one a real beauty!
With the season approaching, and more social gatherings sure to follow, get inspiration for planning your spring and summer wardrobe with the 10 best fashion documentaries to watch in 2021.
You'll certainly want to dress your best for the Hampton Classic horse show that will be returning for 2021.
When you're planning a soiree, do you include local wines? Here's what to consider when you want to support local wineries, from the people behind Calissa.
Now, what to pair with a fine Long Island wine? I'm sure you saw my Instagram post of one of my favorite cooking techniques, here's a more extensive background on cooking en papillote. I would love to hear and see and taste how you use the technique.
If you still haven't secured a rental yet for this summer, now is the time to lock in your own private waterfront like 69 Ferry Road before it's gone! You can see what's left of my exclusive listings here, or tell us what you're looking for and we will be sure to find the best option for you!
If you're interested in renting out your home, I'm more than happy to talk to you about pricing and get it rented quickly. Many of our exclusive rentals were snapped up within a week of hitting the market!