BAY POINT, SAG HARBOR NY REAL ESTATE MARKET REPORT AUGUST 2022
bay point is geographically a peninsula, situated on the east side of noyac-Long beach road and the foster memorial beach. this community of 100 acres has easy access to the village of sag harbor, peconic bay beaches, sag harbor cove and a plethora of Hampton’s activities. walk to foster memorial for a day at the beach, watch spectacular sunrises and sunsets, paddle board or go boating. it is all easily accessible.
IF YOU LIVE IN BAY POINT, YOU KNOW HOW SPECIAL IT IS!
Lawrence Haag and Gina Anastasio
Bay Point, Sag Harbor NY
Named Hoganock by the Shelter Island Indians, the land was purchased by a group in Southampton in 1665. A series of deed transfers over the next 280 years landed it in the hands of the Home Guardian Company who purchased the land in the early 1950s when it was valued at around $400,000 for all 100 acres. A waterfront community was imagined, and the land was parceled into 1000 building lots which were sold for prices ranging from $275 to $675 per lot. The resulting development is largely what we see today, 230 homes and only 2 undeveloped lots. Most of the original homes had less than 1000 sq. ft of interior space and were built on building sites ranging from 0.15 to 0.50 acre. Waterfront homes represent 37% or 82 of the properties in Bay Point. demand for residential real estate surged with the Covid 19 pandemic, and buyers who sought homes in the Villages of Sag Harbor and North Haven took a second look seeing the value offered in Bay Point. Sellers responded to increased demand and higher prices that “as is” homes could command by listing their home for sale. As real estate agents with long histories in Sag Harbor, we feel Bay Point with its uniqueness provides valuable insight into local real estate trends and current home values. This led us to analyze each property transfer in Bay Point going back to 2012 and looking at all 232 properties. In the process we compiled a database of current and compelling information summarized over the following pages. Whether you are a seller, buyer, or just looking to understand the value of your investment, we look forward to sharing our insights with you.
Cliff 204% Ridge 176% Windermere 167% Sunset 13% Harbor 13% BayView 92% Cove 56% Whalers 46% Cliff 25.7% Harbor 221% Ridge 13.9% BayViewE 12.3% Sunset 107% Windermere 92% Cove 31% Whaler 3% % of Transfers by Street (2012-2022) % of Sale Dollar Volume by Street (2012-2022) s
Transfers by Street Transfers By Year Introduction Wow, Did You Know? Water, Water, Everywhere Big, Bigger, Biggest Location, Location, Location Index Bay Point, Sag Harbor Real Estate Market Report August 2022
Wow! Did you know? *As of June 10, 2022
Bay Point homes sold at an 8.6% discount to Sag Harbor Village but a 26% premium to Sag Harbor area homes* Average prices were 58% higher in 2020-2022 than from 2012-2019 28% of Bay Point properties transferred ownership since 2012 to today with a greater than 50% change on ridge, sunset and Windermere Drives. 25% of sales were the same properties transferring twice, highlighting a re-development trend behind many purchases. Seasonal rentals (27 homes) were asking $61,000 on average for August to Labor Day 2022. *AVERAGE PRICE COMPARISON, BAYPOINT TO SAG HARBOR VILLAGE AND SAG HARBOR AREA SALES IN 2021 Wow! Did you know?
BayViewECliffDriveCoveDriveHarborDriveRidgeDrSunsetDrWhalersWalkWindermereDr 60 40 20 0 Water, Water, Everywhere 1 21 34 19 15 3 8 24 37 26 5 5 37 Land Water
Water, Water, Everywhere
Waterfront homes represent of all Bay Point homes, though none are more than 1000’ to water’s edge.
The top 10 sales per $/sq.ft. averaged $1673/sq.ft. and 7 were waterfront homes.
The premium for waterfront to inland homes has averaged over 2 times, $2.7 million vs $1.1 million since 2012.
Price per sq. ft. correlates with waterfront homes averaging $1188/sq.ft. vs $644/sq.ft. for inland properties.
38%
While three streets are “landlocked” 17% have a pool and 51 waterfront homes have docks.
INTERIOR SQUARE FOOTAGE GROWTH TREND Big, Bigger, Biggest
Big, Bigger, Biggest Interior square footage ranged from 720sf to 6500sf for homes sold since 2012. The last sale of an original sub 1,000sf home was in September 2018 Smaller is getting scarce. Only 23% of homes sold since 2012 had less than 1200sf of Interior living space. Big is trending bigger with 31% of homes sold since 2012 having more than 2500sf of Interior living space. Ground-up renovations are in process at 6% or 14 properties as of June 2022
Location, Location, Location
Location, Location, Location
Index By Street
Index By Year
LAWRENCE HAAG Licensed Real Estate Salesperson LHaag@Saunders.com Cell: (917) 513 7967 GINA ANASTASIO Licensed Associate Real Estate Broker Gina@Saunders.com Cell: (631) 903 2762
