Shelter Island Market Reports For 2016 and 2017 by Saunders & Associates

shelter island market report – President's Day Weekend 2016 –

As February unfolds, the statistics for the 4th quarter of 2015 and the year in sum total are still being tallied as sales on Shelter Island are slowly recorded with Suffolk County. 24 transactions totaling $26,684,601 sold and closed during the 4th quarter with a median price of $760,181. Nearly $8M or 12 sold transactions were less than $1M continuing the strength of this category, which leads the market for the entire year. Separately, there were 2 foreclosure sales totaling $1,131,601, also during the 4th quarter of 2015. Although Shelter Island has not had many foreclosure sales, in 2015 there were a handful of bank auctions of properties that were either developed during the top of the market or had mortgages with banks that were known to have written higher risk loans. 23 transactions totaling $32,669,250 sold during the 4th quarter of 2014 with a median price of $800K with no foreclosure sales during this time frame. In October 2015, activity accelerated with many properties going into contract at a rapid pace. Once contracts were fully executed by both buyers and sellers, many transactions that were scheduled to close before the end of the year were delayed. These delays were due to banks, title companies, environmental issues and a very large piece of the pie labeled “the unknown” which includes attorneys, municipalities, appraisals and paperwork. As a result, since January 2016, 9 transactions totaling $10,694,000 have sold and closed, with nearly $30M still in contract. One of the properties in contract is priced at approximately $12M. The seller has no control over a buyer's hot buttons, the bank, title company or appraiser. It is the smart seller who addresses what they can control and approaches their home sale as a business with a pre-listing inspection of their own property, correcting any problems before a property is listed. Incredibly, there are times when a fence placed incorrectly by a neighbor on a seller’s property can derail a closing for sometimes weeks, so updating one’s survey is also a wise move. In spite of the mild weather until now, the rental market has been slow to start, possibly because many tenants have gone on to purchase properties in 2015. Many tried and true rental properties have sold and closed, resulting in lower inventory. Newer rentals that have come on the market, in many cases with more bells and whistles, are priced higher in general. Shorter term rentals, which have gained traction over the last couple of years, are more lucrative for Landlords. In sum total, it will be interesting to see how these nuances affect rentals this season and in the future.

Penelope A. Moore

Licensed Associate Real Estate Broker

Office: (631) 749-5801 | Cell: (917) 208-5519 | PMoore@Saunders.com

three south ferry road, shelter island “Saunders, A Higher Form of Realty,” is registered in the U.S. Patent and Trademark Office. Equal Housing Opportunity.

shelter island market report Easter Weekend 2016

The first day of spring, the holidays that coincide with it and the return of ospreys mark the beginning of the spring selling season on Shelter Island. As is the case with other second home markets, spring through autumn is traditionally the peak time to sell or purchase real estate on Shelter Island. The first quarter of 2016, in contrast to tradition perhaps due to mild temperatures, was active with properties moving into contract and closing, a continuation of brisk activity from the 4th quarter of 2015. Many listings that had been on the market for over a year and had been viewed by many prior prospective buyers suddenly became hot tickets in spite of the cold weather and, in many instances, had multiple offers. There was little time for winter vacationing for many of us real estate agents. A homeowner contemplating placing their property on the market might conclude that it’s a "seller’s market," however, buyers who come to shop on Shelter Island now have easy access to market information through websites designed to track real estate listings and the prices at which they have sold. The current market is sound and solid. There continues to be limited inventory across the board, particularly at the below $1M price category. A clean, well maintained home is a sought after commodity. Savvy sellers who do simple bathroom or kitchen updates and freshen up their curb appeal prior to putting their homes on the market reap rewards in terms of days on the market and final selling price. In addition to the above, revisiting the survey to ensure that there are no encroachments such as neighbors’ fences (which create problems more often than most realize), updating Shelter Island Town certificates of occupancy and conducting a pre-listing inspection with a home inspector can save time, headaches and possible buyer credits at closing. Notable sales since January 2016 have included: •

70 Peconic Avenue, which was listed 7/14 for $3.575M, was last listed at $3.45M and sold 3/3/16 for $3.25M. The 2014, 2,950 sq. ft. traditional was on .3 sound front acre with dock and had open water views.

•

37 East Brander Parkway, which was listed 5/12 for $2.945M, was last listed at $2.795M and sold 1/21/16 for $2.4M. The 1975, 3,040 sq. ft. contemporary was on one acre with dock, waterfront pool and carriage house.

•

56 South Menantic Road, which was listed 2/15 for $1.795M, sold 2/5/16 for $1.6M. The 2001, 3,100 sq. ft. traditional was on .53 acre with gunite pool and harbor views.

•

140 North Ferry Road, which was listed 7/13 for $2.7M, was last listed at $1.795M and sold 2/3/16 for $1.6M. The 1828 creek front traditional had structures dating back to the Revolutionary War and was owned by one family during that tme, with barn, dock and cottage, and was one of the Island’s historic properties.

•

2 Point Lane, which was listed 2/23/15 for $1.785M, was last listed at $1.495M and sold 2/12/16 for $1.3M. The 1991 water view contemporary on one acre was one lot from the beach and had three stories of above grade living space.

•

14 Bay Avenue sold 1/29/16 for $1.2M in a private listing/sale. Built in 1890, it had been extensively renovated recently, has views of the sound and is near Union Chapel.

•

21 Quaker Path, which was listed 3/30/15 for $1.099M, sold 2/26/16 for $950K. The 1972 “round house” with bay views on 1.56 acres had a pool, guest house and 6-car garage, and a one year rent roll of over $70K.

•

61 North Cartwright Road was listed at $1.075M and sold 2/5/16 for $975K. An 1858 traditional on 1 acre with 3,262 sq. ft. there are 5 bedrooms, fireplace and gazebo.

•

23 Shelterlands Path was listed 12/15 at $985K and sold 3/14/16 for $920K. The 1986 traditional on 1 acre had 2,594 sq. ft., renovated kitchen, 4 bedrooms and 2-car garage.

•

12 Behringer Lane was listed 3/13 at $749,500 and sold 2/19/16 at its last listed price of $550K, a 2,008 sq. ft. ranch on .5 acre, that is close to the beach.

Mortgage rates continue to be attractive; current 30-year fixed rate mortgages are around 4%. A recent buyer with good credit told me “with money so cheap, I want to buy another house!” The rental market is in full swing. Smart landlords are reaching out to real estate agents to update their listings. 4 bedroom homes with pools both inland and on the water seem to be the most requested category.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-5801 | Cell: (917) 208-5519 | PMoore@Saunders.com

three south ferry road, shelter island “Saunders, A Higher Form of Realty,” is registered in the U.S. Patent and Trademark Office. Equal Housing Opportunity.

Shelter Island Market Report June 2 nd 2016

Zoning on Shelter Island By Penelope Moore Licensed Associate Real Estate Broker Memorial Day weekend started off with a bang, with warm summer-

have a point of view, then you run for office…this is about what’s fair and

like temperatures and crowds at our island beaches and restaurants.

right, not about the almighty dollar.”

On the real estate front, last minute customers shopped online, booked and moved into their rentals, and Friday through Sunday in between

With a direct correlation between property values and the ability to

barbecues and leisure time, customers toured homes to purchase.

develop or expand, the Town placing sweeping limits would surely have a negative effect on real estate values, particularly on waterfront

In the backdrop of summer fun, the Town of Shelter Island conducted

properties and those near the water.

its usual business. Zoning, while seemingly a boring topic, is important to all property owners and is rarely given the focus it deserves. Zoning

There are many evolving issues that are worthy of open discussion,

falls under “police power," the right of the government to make laws that

including property owners’ rights surrounding demolition of historic

surround safety, health, welfare and morals and affect a variety of laws

buildings and the ability to rent on a nightly or short term basis without

including land use, fire and building codes.

a Town or Health Department permit. Shelter Island has historically had some of the lowest property taxes on the East End, with a fiscally

This week at the Town Board meeting, new Council members Jim Colligan

responsible government and zoning that has widely been considered “fair

and Mary Dudley re-introduced a zoning and building code concept

and right." While the notion of the almighty dollar may elude some, there

called “Proportionality” that would limit development of new homes

are many instances where real estate is the greatest asset one owns, and

and expansion of existing homes, particularly in areas close to the water.

the ability to sell it at the highest price possible is crucial to the future welfare of a property owner and their family.

Currently, the total square footage of a home only factors finished or livable areas. In the proposed concept, according to Dudley, the total

The Shelter Island Town Board meetings are available online at:

square footage “would be a little more embracing” to include unheated

townhallstreams.com/locations/shelter-island-ny

and unfinished areas to “avoid possible loopholes” or future finishing by homeowners who might not notify the Town. On one inland acre

Building Inspector Bill Banks retires this month. Dedicated to his work

or 43,560 square feet, a property owner could develop a total of 11%

and a fountain of knowledge, he will be greatly missed.

or 4791 square feet including basement, garage, attic and porches, a reduction of approximately 14% currently allowed for finished space.

Where island tranquility is concerned, we are so incredibly blessed to be

Many homes that are currently standing on less than an acre, in the new

surrounded by nature. This week many turtles were assisted across our

regulation could not be built.

roads by passersby, however many were injured or did not make it at all. While enjoying our sights and sounds, please slow down and take a

Colligan responded to a speaker from the audience who opposes the

moment to consider local wildlife, which as a client said yesterday, “are

proposed regulation, “that’s your point of view and I have mine. If you

Shelter Islanders, too.”

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

ShelterIslandRealEstate.com | PenelopeMoore.com nine grand avenue, shelter island heights “Saunders, A Higher Form of Realty,” is registered in the U.S. Patent and Trademark Office. Equal Housing Opportunity.

Shelter Island Market Report June 9 th 2016

Post Memorial Day

By Penelope Moore Licensed Associate Real Estate Broker Real estate activity this post Memorial Day week, ran the gamut, and included a long awaited waterfront closing, a high end rental showing, several appointments in the $1M range and showings of high end waterfront properties. Discussion of the proposed revision to the zoning code called “proportionality” which would reduce the percentage of a property that could be developed and include unfinished space in the total lot coverage continued at Friday’s Shelter Island Town Board meeting. If the proposal were made into law, waterfront and small lots, both vacant and existing homes, would be most affected. Recently appointed Councilmember Mary Dudley was asked by Planning Board member Emory Breiner from the audience if she has data on the “percentage of current homes that would become instantly nonconforming” if her proposal is adopted. Dudley said, “No, I can’t tell you that, but if you give me an opportunity to possibly look into it, there might be an answer I can get for you.” When Breiner suggested “before we go forward we should know the consequences,” Dudley said “what we presented, it was just the formula, those numbers are flexible, so what you saw as a result was not necessarily what we’re talking about doing, it was just numbers we threw in there…that’s a good point that you’ve got there, that we should really take a look at what we’ve got on the island and try to get an idea [of] what fits and how the formula can fit what we have,” and that “total proportionality is pretty standard.” Councilman Paul Shepherd said that “House size literally has been limited by financial element at this point, essentially people haven’t built a house that big because: who would build a house that big? Little by little that’s changing, we are starting to see people with the resources build things that could actually conceivably cover 25% of a lot, and the thought that some people had was maybe we need to look at that and put some limits around that, other than the 25%.” When asked why proportionality is being proposed again, Shepherd replied, “People screamed. My own aesthetic thing too, I don’t really want to see a whole lot consumed with structure and house.”

Within the framework of water usage and lot coverage, Councilman Jim Colligan last week said that “mansions” do not represent the character of Shelter Island, however estates on Nostrand Parkway, in Dering Harbor and the Victorians in the Heights, along with large historic hotels which no longer exist, were developed during the turn of the century and are a part of the fabric of the island today. The Health Department uses the number of bedrooms, not water consumption, when issuing its permits. An audience member, an architect, said “I find it ironic you are proposing proportionality and at the same time advocating multi-family rental housing on a small lot, on less than a third of an acre [in a] single family residential zone.” He asked if members of the Town Board have experience in urban planning, design and development, adding, the “Board needs to understand the implications of what they are advocating” and “there is an activist mentality tending to rush to actualizing these things before there is a full understanding of the broad implications across the island.” Through open conversation and sharing concerns, ideas can be explored which could be productive, rather than alarming. Perhaps creating a Committee, as the Town has done in the past for other important issues, comprised of those with zoning and urban planning experience would enable long range, thoughtful solutions. This coming Saturday, June 11th, The East End Hospice’s event “Soar Into Summer…Taking Care of Our Island” Cocktail Party and Silent Auction will be held at the Shelter Island Yacht Club between 5:30 and 8pm, which we are happy to sponsor for the second year. East End Hospice helps people whose life expectancy is six months or less, allowing them to conclude life with comfort and dignity. There are times in my work when I meet a family whose loved one is being cared for or is about to be cared for by hospice. There have been personally painful times when I have worked with a seller who has transitioned to hospice care. My neighbor and a colleague here on Shelter Island, two women I was fortunate to call friends, were assisted through hospice in their last days. The dedication to the work and compassion for those East End Hospice assists is palpable. Please join us in supporting East End Hospice and the important work they perform so tirelessly in our community.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report June 16 th 2016

SHELTER ISLAND 10K WEEKEND By Penelope Moore

Licensed Associate Real Estate Broker Over the last two weeks, the vibe on Shelter Island has shifted from laid back to energetic, with vacationers and second homeowners enjoying our beaches, restaurants and shops, which in turn sustains our local economy. I feel a sense of pride seeing the “Roadway Rembrandt” from the Highway Department painting pavement markings for the summer, the pharmacy readying themselves for the onslaught of children vying for their signature milkshakes, and farm stands carefully arranging vases of bright flowers on a Saturday morning. This weekend, our island hosts its 37th Annual Shelter Island 10K, which last year had over 2,000 runners over the 6.2 mile course, which offers glimpses to some of the most beautiful parts of the island where many of our exclusive properties are located. The starting line is in the center near the library, flowing down the hill to Ram Island Road, near the windmill at Sylvester Manor and 18 Manwaring Road, a business zoned multi-family opportunity for $1.375M. A little farther along, Acorn Cottage at 82 North Cartwright is just before the former Paard Hill Horse Farm, priced at $945K, a sweet 1920s water view bungalow expanded in 2015. Continuing down the hill is 7 Lari Lane, a 2.3-acre harborfront traditional with its own boat basin for $6.25M. After taking a left onto Cobbetts Lane and a right onto Manhanset Road, one can glimpse the farmhouse with guest cottage and pool at 11 Island Way, for $1.795M. Then after entering Dering Harbor Village, the route passes 3.1-acre parcel at 6 Dering Woods Road, bordering the golf course, one of the best land values at $599K. Gardiners Bay Country Club is to the right, where 26 Country Club Drive, a pristine traditional for $1.985M with pool and water views looks over the greens and, a stone’s throw away is 5 Crescent Way, a modernist treetop home with pool and Asian gardens at $995K.

Shortly after, tucked behind a magnificent beech hedge is a traditional on 16 acres belonging to historic Oriole Farms, for $9.75M at 31 Manhanset Road, where the course veers to the right onto Sylvester Road. Oriole Farms’ restored turn of the century boat cabana and deep water dock, one of the longest on the island are prominently featured. Also in Dering Harbor Village, while running along the waterfront with the estates, one passes 9 Shore Road, a western facing harbor front with a deep water dock, along with an impressive osprey nest and sandy beach. This waterfront, together with the restored 1926 Colonial at 24 Locust Point Road, is offered at $4.675M. When I ran the 10k in 1996, I trained on the course for months, through rain and snow. The day of the race, my first formal run, there were some mistakes: I lined up at my real time and had to pass slower runners for the first mile; I drank a sugary energy drink that made me light-headed; drank water on the course and got stomach cramps; lost the numbered tear off tab on my pinafore, and not realizing the race continues through the baseball field, I sprinted a little too early and barely had enough in me to cross the finish line. Although my final time which had been my personal best, was not included in the results, some wonderful sensory memories remain: the adrenalin and breathing from runners around me and the silence of nature just beyond them, the scent of wild roses and salt air along Dering Harbor on Winthrop Road, the photographer on a ladder happily snapping pictures of everyone sweating profusely, the incredible gazelle-like athletes, and the sight of my beautiful dog cheering me on at the finish line. The 10K is a fundraiser that has provided financial support for Timothy Hill Children’s Ranch, East End Hospice, and the 10K Community Fund, which benefits our community, and includes the Historical Society, Mashomack Preserve, the Emergency Medical Services team, local senior citizens programs, drug education and youth programs, including scholarships to graduating seniors. A special thank you to my clients Ken and Donna Wright, who match these scholarship funds.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report June 23 rd 2016

The Rental Market By Penelope Moore

Licensed Associate Real Estate Broker On 6/21/16 The Shelter Island Town Board discussed short term rentals, those generally less than two weeks in duration, following complaints from residents whose quality of life has been affected by noise from nearby rental properties. A bill passed by the New York State legislature this week makes it illegal to advertise an entire home on direct owner rental websites for 30 days or less. New York already prohibits rentals of fewer than 30 days if residents are not present, but posting listings for such rentals was not explicitly barred. Under the new legislation, people who post such listings could be fined up to $7,500. Councilman Jim Colligan said that he is sympathetic to owners who rent a room or two short term and who without the rental income, “cannot get by,” but is less empathetic to others who purchased a residential property as an investment but “cannot continue to afford the house” without renting short term, adding “maybe you shouldn’t have bought here.” The Board described “nightmare” situations with certain blocks “inundated with vulgar, loud noise” and “16 people spending the night in a three bedroom” house. Shelter Island already has group rental laws prohibiting “any number of persons in excess of five persons, unrelated by blood, marriage or adoption occupying a one or two family dwelling unless the owner thereof actually occupies same and uses same as his principal place of abode” with “not more than two persons per conventional bedroom”. Violations can result in $250 per day or imprisonment for not more than 15 days or both for each and every violation” for the homeowner and real estate agent, if one assisted or participated. Councilman Paul Shepherd said it should be “fairly straightforward to set up” regulations “so that people with a two week window or less will have to act as a bed and breakfast or can’t operate without being owner occupied,” adding that there are also safety issues such as adequate number of smoke detectors. In East Hampton, Colligan noted, a rental registry was created this year with

a fee of $100 for two years with proof of a full certificate of occupancy which “does not interfere with rights, balances the safety and protection of tenants and first responders and drinking water.” Councilwoman Chris Lewis added that for “East Hampton, that ship has long since sailed.” With enforceability being a concern, the Town Board will be drafting a proposal that for rentals of two weeks or less, the rental is owner occupied and operated by the same rules as a B&B and that advertising a property short term and not owner occupied would be a violation. Many one month or longer rentals remain available with some Landlords considering reverting to short term despite more wear and tear. One real estate agent last week told me that they had “spent two hours and a lot of gasoline” driving potential customers to rental properties, only to discover that they had leased one of the properties that they had been shown directly through the Landlord. Another agent described a conversation with a customer who said that they had compared a list of rental properties the agent had sent to them with the map on AirBnb and rented directly, adding that Landlords “give in” to more demands. Southold Town last year passed a law prohibiting rentals of fewer than 14 days. Town Supervisor Scott Russell, in an interview with Hamptons.com said “The practice of short-term rentals has been flying under the radar for a few years. Over the past couple of years it has exploded. So many homes have been added to the inventory by Airbnb, resulting in community complaints that we felt we had to address the problem. We looked very long and hard at the issues. There were some benefits to Airbnb, presumptively, a boon to the local economy. It filled a niche for accommodation in Southold which doesn't have very many apartments, but when it's all said and done, we had to look at the impacts that it was having on the community, including the commercialization of our residential community.”

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report June 30 th 2016

Fourth of July on Shelter Island By Penelope Moore

Licensed Associate Real Estate Broker As 4th of July weekend approaches, the summer 2015 real estate market has officially commenced, with many customers scurrying to secure a last minute rental. At Tuesday’s Town Board meeting, the topic of short term rentals was again discussed. Town Supervisor Jim Dougherty said “AirBnb’s are an increasing phenomenon on Shelter Island. There are good sides and bad sides to this unfolding development. I want to make everyone aware that we the Town Board is going to move very slowly and deliberately, not slowly to a fault, but we want to do something that is good, rather than something that’s fast…with this very, very complex subject.” Town Attorney Laury Dowd noted that the Town Code already regulates the operation of bed and breakfasts, and read aloud the initial draft of the proposed law. “Any one family dwelling rented for less than 14 consecutive days shall also be deemed a B&B and must comply with the provisions of the B&B regulations.” And that advertising a B&B “would be prohibited unless they have the proper license which is required for a B&B with hefty fines for violating.” Town Councilwoman Chris Lewis added that “the best part is to insist that it be owner occupied.”

Town Supervisor of East Hampton regarding the new rental regulation requiring that a homeowner seeking to rent obtain a license. Cantwell, Dougherty continued, “said that from both sides of the coin the law seems to be working satisfactorily, so it’s something we should consider. It is a problem but we have to be aware of the economic realities on the island as well.” An article in the 6/29/16 New York Times described ongoing problems with AirBnb and regulations in San Francisco, where the company is based, and in New York City. On top of discussions concerning how AirBnb and home sharing has an adverse affect on quality of life and housing, AirBnb faces a class action discrimination lawsuit. According to a New York Times article on 6/19/16, the chief plaintiff claims AirBnb violated civil rights that forbid housing discrimination when a host on the service denied him accommodation last year because of his race. On the home sale front, inventory for properties in the less than $1M range is limited, and properties listed between $1M and $1.5M are experiencing more activity.

Town Councilman Paul Shepherd said “I’d rather have [a regulation] that is perhaps marginally flawed in some way or another than nothing.”

Recently I wrote about being mindful of turtles crossing the road. This week I spoke with Karen Testa of Turtle Rescue in Jamesport to check on two injured turtles. She told me that a high percentage of wounded turtles in their care come from Shelter Island, with only two Shelter Island individuals currently listed as transport volunteers. “This looks like a war zone,” she said, adding that there is a high mortality rate because slow moving turtles are “like sitting ducks” for speeding cars. One of the turtles from Shelter Island I was inquiring about died. The other, which I found on Middle Road in Riverhead upside down, shell locked up, is slowly recovering, and if all goes well, may be returned to the wild in 2016.

Dougherty said that the proposed regulation will be posted on the Town website, and then a public hearing will be scheduled. He spoke with Larry Cantwell, the

This Independence Day, enjoy all that Shelter Island has to offer, our community, natural surroundings and wildlife!

Town Councilman Jim Colligan said that he had heard from many people who “do rent and rent carefully, sometimes to the same people,” and “never have complaints from neighbors,” but “it takes a handful of people to sour the pot,” especially for the “people who live immediately next door, putting people through a mini hell,” adding that “making people on AirBnb conform is not a bad thing.”

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report July 7 th 2016

First Half of 2016 Sales By Penelope Moore

Licensed Associate Real Estate Broker

As 4th of July vacationers enjoyed the sunshine and beaches, midyear statistics for properties sold were being tallied. The numbers are positive with a total of $57.735M sold and closed. Inland homes lead the way with $25,967,500. Properties up to the $1M mark have continued to be most in demand. With the topic of affordable housing in the news recently, it is worth noting that out of 27 homes sold in this category, three properties sold in the $300K-$399K range, six in the $400K-$499K range and five in the $500K-$599K range. The $1M-$1.5M category has continued to do well and has included spec homes, homes without pools, higher end/turnkey homes on smaller lots, and homes that have been staged to sell. Waterfront came in at $20.89M with 8 transactions which included: a spec home with dock at $3.25M, an historic creek front home at $1.6M, 2.6 bay front acres with two homes, pool and tennis at $3.95M. Water view at $6,220,000 with 5 transactions featured three properties

with no pools; all offered views of large water: bay, sound and harbor. Acreage has made a strong comeback over the last 6 months with 11 sales totaling $4.125M. Although many of these transactions were cash, others were financed with construction loans, pointing toward more available avenues through banks. Several transactions were with builders, who will eventually be constructing homes that will translate to future listings and sales. Although the topic of Brexit created a momentary cause for concern with some buyers, news that interest rates will continue to be at historic lows has actually brought new buyers to the market. I am pleased to report that of the first half 2016 figures, I was involved in nearly $35M in total transactions: close to $16M in waterfront properties or approximately 76% of total in this category; over $2M in acreage or approximately 52% in this category and nearly $7M of inland properties or approximately 27%.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

ShelterIslandRealEstate.com | PenelopeMoore.com nine grand avenue, shelter island heights â&#x20AC;&#x153;Saunders, A Higher Form of Realty,â&#x20AC;? is registered in the U.S. Patent and Trademark Office. Equal Housing Opportunity.

Shelter Island Market Report

How Brokers Work Together By Penelope Moore

Licensed Associate Real Estate Broker One of the questions both sellers and buyers often ask is: how do real estate brokers work together to sell properties? The process on the East End of Long Island, and even more so on Shelter Island, is different from other areas in New York State and indeed throughout the country. In New York State, most properties listed for sale are offered on an exclusive basis, where one agent at a brokerage works with a seller on marketing strategies, presents the nuances of a property to other brokers, and among other duties, negotiates offers and guides the post-accepted offer process to closing. On the East End, there are several types of listings that are unusual in the industry: •

•

"Co-Exclusives,” which came on the scene in the late 1990s, are a result of sellers not being able to decide on a broker with whom to list. These are listings that have two different agents from two different brokerages marketing and negotiating offers for one seller. In a perfect world, this approach would work, however more often than not, agents being individuals with their own methodology and recipe for success, do not work the same way. Frequently either one agent winds up taking the lead or the agents communicate different strategies that can sometimes confuse the seller. "Open Listings" are those given to every agency on a non-exclusive basis. Most sellers who choose this route believe that every broker will get a fair chance at achieving the sale. Many agencies will focus on the listing, when the property criteria matches the requirement of a customer they are working with.

share their exclusive listings with over 40 real estate agencies. The agencies subscribing to this system do not necessarily need to be members of the National Association of Realtors, a trade association--members of which are called "Realtors." Through OREX, information is also shared to other non-OREX agencies so that the latter may send updated information to their customers. On the North Fork and west of the Shinnecock Canal, the Long Island Board of Realtors is the predominant multiple listing service or “MLS”. As with OREX, the listing is shared so that other brokers may introduce a property to their customers. Agencies subscribing to this service are required to be members of the National Association of Realtors and information is not shared with other agencies who are not a part of the Long Island Board of Realtors. Prior to an automated multiple listing service on the East End, exclusives were shared via "co-broke agreements," which were then physically handed to agents who attended a broker's open house for their exclusive listing. On Shelter Island, agencies share listings in a variety of methods: Two agencies provide each agent with their own access to OREX multiple listing service. Another agency is on Long Island’s MLS and has one user on OREX to update listings. The balance of Shelter Island agencies share their exclusives the old-fashioned way. Saunders & Associates is on OREX, NY State MLS and a member of the Long Island Board of Realtors. With so many methods, it is incumbent on a real estate agent to stay in touch with those agencies that do not work electronically for price updates and modifications to the listing. For listing brokers who are not a part of a multiple listing service, it is equally important to keep others in the loop with their exclusives. The majority of real estate agencies on Shelter Island are not members of the National Association of Realtors, but work under the laws of New York State, as all NY real estate agents and brokers do.

Cooperating Brokerage: "Co-Brokes" are exclusive listings that are shared by the listing agency with other brokers to show and sell. The listing agent works with "cooperating brokers" to help him or her sell the property to the cooperating broker's customers.

To the seller, sharing listings with other real estate agencies is crucial for the exposure and sale of the property. To the buyer, having up-to-date information is important for use of time and knowledge of the market.

On the South Fork and Shelter Island, the OREX or Open Real Estate Exchange is the predominant multiple listing service or “MLS” that most agencies use to

When real estate brokers work together “in harmony” it's a "win-win" situation for everyone.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report

Late July Trends By Penelope Moore

Licensed Associate Real Estate Broker

The last week of July has brought new group of prospective buyers to the real estate market on Shelter Island. This season, it appears many new customers are property owners on the South Fork looking to make a change. Customers I have been working with have expressed new found affection for the island and it's distinctly different appeal from the South Fork. It is uplifting to hear relative newcomers to Shelter Island wax poetic about Mashomack Preserve, the long stretches of beachfront off the Ram Island Causeway, the Shelter Island Bucks baseball games at Fiske Field and the absence of congestion and commercialization. The statistics for the first half of 2016 point toward a stronger market. As is the case with all real estate markets, inventory plays an important role. At the present time, the inventory on Shelter Island of homes and vacant land for sale is lower than at this time last year. Every real estate agent seems to have a group of customers seeking that needle in a haystack: a vintage home on open water to purchase at a below market price. Customers now have easy access to data online and come prepared with knowledge of comparable sales over the prior twelve months. Shelter Island being a small market with few sales within certain price categories, direct comparable sales are often nonexistent, a reality that many customers frequently would rather not accept. That being said, there are terrific opportunities in all ranges actively listed. As is often the case, the seller who makes an effort to prepare their property for the sale market by de-personalizing the decor, sprucing up the grounds for curb appeal, and updating certificates of occupancy with the Town experiences fewer complications and a smoother path to the closing table.

customers who are late to find a rental come back for a quick tour and make a decision about an August to Labor Day rental. This season there are many excellent monthly and two week rentals still available. Many rentals are now transacted on direct rental websites for nightly or weekend stays. Real estate agents I have spoken with have similar impressions, one commenting that their agency has a minimum $5K lease requirement because of time intensive rental transactions. Indeed, there are instances when negotiating the terms of a short term lease including rubbish removal, housekeeping, telephone and cable plans among other items, extends over a period of weeks, only to have the customer decide to rent elsewhere. An average uneventful rental transaction entails approximately 14 hours of hands on work, from tours, fielding questions, negotiations, drafting and explaining leases, processing payments, sending reminders, walk through's both upon move in and move out, and any questions that arise during the rental. This does not take into account involvement in any problems that occur during or after the rental. Both a homeowner/landlord and customer/tenant place their faith in a real estate agent to do their best and it is a serious responsibility.

Last weekend, I was happy to have sponsored Gimme Shelter Animal Rescue at their annual benefit gala at the home of Chuck and Ellen Scarborough in Southampton. It was a tremendous success and very gratifying to see clients and customers of mine from Shelter Island there to lend their support. Many dogs, who in many cases had very little time, have been adopted by generous residents here and now also call Shelter Island their home. The Scarboroughs each year graciously open their home to Gimme Shelter and to dogs wearing "Adopt me!" bandanas in the hope The rental market this season has had characteristics unique when that another life may be saved. Thank you to my clients and compared to prior years. Traditionally during the latter part of July, customers for being a part of this worthy cause.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report August 4 th

Early August 2016 By Penelope Moore

Licensed Associate Real Estate Broker

This past week, history was made when a major political party nominated a woman for President of the United States. I stopped to think about what my maternal grandmother, born in Japan in the early 1900s, would think if she were alive today. Although my grandmother and my mother were both raised in a different era in a country where women were not given equal footing by any measure, they were both strong women who taught my three sisters and me that we were each unique with a gift to be embraced; that our thoughts and feelings as young people were worth listening to; that we should accept those around us without judgment; that we had in us to be whatever we wanted to be; that supporting our community, including appreciating nature, was a part of who we were as a family, and that the concept of “home” was sacred. My mother worked as a translator in post World War II Tokyo, where she met and married my father who was in the Navy, stationed in Japan. The Navy sent her to classes on how to be an American housewife, but after they moved to Washington, DC in 1953, my parents bought a townhouse with a storefront on M Street in Georgetown where my mother opened the Hiratsuka Nippon Gallery. Hers was the first Asian woman-owned gallery in Washington, DC at a time when the city was still considered a Southern town. My grandmother came to the US in 1957, after which they marketed and managed the gallery together, introducing Japanese artists who were until then largely unknown to the west. The two men in the family, my father who was then a journalist and later a film editor-producer, and my grandfather supported every endeavor the women took on with unbridled enthusiasm. My grandfather, Unichi Hiratsuka, was a woodblock artist who created a movement called “Sosaku Hanga” in Japan, meaning one artist who creates artwork from start to finish: sketching, carving, printing and publishing, a veritable celebration of individuality. During my childhood, my mother and grandparents would bring my sisters and me to visit their friends and collectors of my grandfather’s woodblock prints, and frequently buyers would come to our home. As guests in others’ homes, we were told basic tenets: respect others’ sacred space, don’t allow our eyes to wander, and thank the hosts for sharing

their time and home. When buyers came to our home, dusting, cleaning, putting away our toys, and being gracious and patient was de rigueur. The artwork was presented in a particular way, not on an easel but on a wide dining chair, described simply but with a little dash of poetry, accompanied by a pot of green tea and rice crackers. If the visitor was a regular customer, a platter of mochi-gashi or rice cakes made locally, was ordered. After the guests went home, from my bed I could hear my mother and grandmother speaking Japanese in quiet tones downstairs, about how the presentation went, recounting the buyer’s reaction to each and every print, and wondering whether they had sold any of my grandfather’s works of art. Each spring on the grounds of the National Cathedral there was a festival sponsored by the Japan America Society. For several years, my mother rented a kiosk. My grandfather prepped for the event by creating small woodblock prints, and my grandmother worked through the night to cut mats to display each print. My older sister and I, both in elementary school, helped set up displays and, wearing kimonos, sat beneath the high tables on the grass listening to my mother and grandmother sell artwork, with my grandfather standing along the sidelines, chatting and being his affable and modest self. Afterwards, my grandmother bought us enough cotton candy to get a royal belly ache, but being a part of a family team, being recognized for our small contributions, and seeing complete strangers appreciate my grandfather and his talents made it a day to remember. Although my grandmother did not speak English, she followed politics as we all did, growing up in the Nation’s Capital. Every now and again when we needed encouragement, she paraphrased John F. Kennedy, “some see things as they were and say ‘why?’– we should see things that never were and say ‘why not.'” Respecting boundaries, appreciating differences and similarities in people, tapping into my own creativity and individuality, treasuring the gift of “home” and helping my community are just a few of the things that two strong women in my life gave me and which I bring to my work in real estate, and which I hope helps those who work with me and who place their trust in me.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report August 11 th

August on Shelter Island By Penelope Moore

Licensed Associate Real Estate Broker

Friday, August 5th through Sunday August 7th, contrary to the calendar, felt like the official start of the month of August; July 31st fell on a Sunday at which time many tenants moved out of their rentals, and many August tenants did not move in until Friday August 5th. During the week, there was a lull that fell over Shelter Island, indeed, throughout East Hampton, Southampton, Bridgehampton and the North Fork as well. Sag Harbor, though quieter than usual, was still bustling. The search for rentals by prospective tenants quieted down as those who had secured their rentals kicked back and relaxed at their selected properties and others who had postponed a search went to a Plan B scenario. There were some mishaps, such as condensation around pipes, faulty climate controls, wasp nests and pool heaters gone awry; however everything seemed to be corrected in a timely fashion so that the business of vacationing could continue. Over the weekend, a wave of new prospective buyers, a refreshingly receptive audience, came onto the island with showings, one after the other. Explaining and then assisting the customer with selection of the listings to be shown, creating an itinerary with show times, contacting other brokers to set up appointments, collecting keys and frequently working with their schedules if the listing broker is to be present…these are just some of the items that are coordinated in planning a tour. This season, several co brokers from off the island requesting to show Shelter Island listings, opted to send their customers on their own without them, citing heavy traffic as an impediment. Every summer, having new prospective buyers explore the Shelter Island market with a fresh pair of eyes, frequently seeing a property that has been listed in some cases for several years, is not only exciting but also very often happily results in an offer. This Autumn, the statistics will bear out a fruitful summer selling season. At this time in the summer, there are some excellent price revisions

on listings with motivated sellers: •

A traditional built in 2008 on two lots totaling 16 acres with deep water dock, from $9.75M to $8.95M

•

A waterview traditional with guest house, boat barn and deep water dock from $2.15M to $1.99M

•

A 4,886 sq. ft. bay front modern with solar panels, greenhouse, recent master suite expansion from $2.314M to $2.299M

•

An 1880 farmhouse near the harbor with two guest houses on 1.3 acres from $1.495M to $1.395M

•

An 1889 farmhouse with converted barn – once the first General Store on Shelter island – in business zone near Coecles Harbor, from $949K to $898K

This week at the Shelter Island Town Board meeting, proposed regulation on short term rentals continued. The length of leases, ramifications to those who violate the regulations, how “Realtors” view rentals of a week or less, whether the regulation should focus primarily on the summer season, and how rules would be enforced, possibly through a new salaried position created through licensing fees, were explored, among other ideas. Most Shelter Island real estate professionals are not Realtors but are licensed to practice real estate by New York State; A “Realtor” is a member of the National Association of Realtors. A homeowner in the audience referenced a lease that they use and recommended the Town Board review a generic short term lease for their own edification. The Board welcomed the suggestion, inquiring where one could be downloaded online. Prior to instituting regulations that will affect how a property owner may use their home, it would be productive for the Town Board to gain better familiarity of how a short term rental is accomplished, the terminology, leases, associated fees such as security for the actual home and for utilities and who pays commissions.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report August 18 th

August and the Town on Short Term Rentals By Penelope Moore

Licensed Associate Real Estate Broker The pace of real estate has increased as August has progressed, with showings, offers, properties going into contract, and, over the past week there were two properties that sold and closed. One closing was a 5,400+/- sq. ft. harbor front in the estate section, two lots comprising three acres with over 525 ft. of shoreline, much of it sandy, bordered by a walkway and deck with a two story dock house, deepwater dock and a boathouse with rails to the water. It was listed 11/28/14 at $4.75M, was repriced to $4.5M on 8/28/15 and sold on 8/12/16 for $3.8M. Another transaction was for a 1,956+/- sq. ft. ranch on a level acre near the beach with a gunite pool and 3 bedrooms. It was listed 12/18/15 at $765K, repriced 3/17/16 to $745K and sold and closed on 8/16/16 for $725K. The Shelter Island Town Board, with Town Supervisor Jim Dougherty out for personal leave, continued its discussions concerning licensing short term rentals. Town Board member Jim Colligan announced that two surveys were put together, one by the Shelter Island Chamber of Commerce and the other by the Shelter Island Association, and that both groups would be on the agenda for next week’s meeting. “The Shelter Island Association, with its thirteen questions covering four pages, it’s online, I just downloaded it,” he said. The Shelter Island Association website does not offer a survey to download, although Jim Colligan is listed as an Officer, Trustee at Large, and Regional Trustee of the Association. Colligan continued, “I think it’s safe to say we are prepared to move forward on this issue carefully, thoughtfully and responsibly and that it takes more time than we first thought. Not going to please all the people…it will be a step, an honest step by the Town Board to try to identify the problem clearly and attack that problem, and try to minimize the possibility of that problem happening. There is no policy that we are going to develop regardless of how many days we choose that’s going to solve the problem totally. That is just the nature of the beast. The problem has been around for a while. A lot of it is educating the public on what Shelter Island is about.” Town Board member Paul Shepherd interjected, “The problem is humanity.” Discussion ensued as to whether a license should cover a time frame of May 15th to September 15th, 12 months, one month, 2 weeks, 7 days or seasonal. Paul Shepherd said “I don’t know… if it’s about getting enough revenue to try and cover certain expenses or to have a list of who’s doing what. I’m willing to reduce the speed limit to a minimum of a week.” He added that he is in favor of allowing one lease over the course of one month. Town Board member Mary Dudley said that a study of Airbnb indicates that the

customers are “looking for a deal, I’m not buying into that they are not the shoppers.” Colligan suggested that there be a regulation for a minimum one week rental for a year, then evaluate it and if it doesn’t work, increase the minimum to 14 days. In the audience Town Zoning Board member Emory Breiner remarked that “you are still trying to regulate bad behavior that may not correlate.” There are Shelter Island Town ordinances concerning group rentals and noise, although to date there has been no discussion on how to more effectively enforce them. Shepherd continued, “All we can do is regulate the agreement. The neighbors will watch them, I’m pretty sure they’ll have a good eye on it, that’s what it’s going to come down to, we can’t run a hotel that’s 8,000 acres. So it’ll come down to neighborhood watch, like hey, these are not the same people. So, we go to the door and knock and say we want your papers, prove to me…it can be finagled, anything can be finagled.” Town Attorney Laury Dowd noted that it is easy to enforce the advertising of a one week rental. Colligan said “unless they have to send us a copy [of the lease].” Colligan said “We need to sit down with our hotels and say: hey if you want to get back into the market of short term, people coming for 2 and 3 nights, you need to take a look at your price, otherwise you are cutting your own throat, you’re losing out, it’s important for you guys to be on board with this to make it affordable to someone who can only come out for a weekend or for 3 days and not be spending $500 or $600 a night…$2 grand per weekend on Shelter Island is pretty stiff for lots of people.” An average 3 bedroom inland home with no pool on Airbnb was recently listed for $560 per night. During the weekend of August 13-14, at least two hotels and one B&B on Shelter Island had vacancies. “It’s a ‘periodicity’ [sic] issue. It’s all money,” Shepherd said. “As soon as money changes hands it’s commercial, it’s called the real estate industry…it’s our primary industry…the Chamber might remember: the real estate industry, its value is an important thing to try and protect. If there are people who are going to put their properties out there all the time, that is likely detrimental to neighborhood property values unless it’s carefully watched. I can’t tell you I am comfortable with four rental cycles in a month.” Town Board member Chris Lewis asked, “how about 2 instead of 4?” Dudley asked about occupancy, whether they are proposing two per bedroom, to which the Board said this is correct, two individuals per bedroom. “I hope they keep their records because they will be looked at,” Colligan said.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report August 25 th

Late August By Penelope Moore

Licensed Associate Real Estate Broker

With the last two weeks of the summer season into full swing, the activity in the real estate sector has gone from very busy to a fever pitch, with many customers aiming to view properties before their vacations have ended. Scheduling has always been a challenge in real estate, but summertime requires more finesse. This time of year, sellers and their families are utilizing their properties for what might be the last summer before they sell, or properties are rented and tenants are not inclined to allow showings, despite terms of their lease. In addition, real estate agents from off the island who are showing properties here sometimes do not allocate adequate time for travel and for showing each property, which can result in a log jam for other brokers. There are real estate brokers unfamiliar with a listing their customer wants to see, cannot make the trip to the island, but want the listing broker to meet and educate their customer and do the showing, then fork over half of the total commission. And there are brokers from other areas of New York State who interject themselves after properties have been introduced by a Shelter Island broker, expecting half a commission because of past times and gasoline they invested in a particular customer. Tenants in residence at rentals are enjoying the beach and pool, with only a few small blips, thankfully. Some tenants with a view toward planning for 2017 request to tour other rentals before leaving the island on Labor Day. Inasmuch as forward-thinking tenants are respected by landlords and real estate agents, tenants occupying rentals do not feel the same way, making it incredibly difficult to show, and very often landlords do not know their plans a year in advance. On the subject of rentals, the Shelter Island Town Board met on Tuesday to continue the topic of regulating short term rentals.

The Shelter Island Association discussed the outcome of a survey concerning short term rentals they sent to their membership with 325 individuals responding. 45% of those who replied are full time, 32% are part time, and 22% are weekend residents. 74% respondents indicated that they have noticed increased activity on the island due to short term rentals, 77% have not been affected, 47% believe there is a possible effect on their personal security, 61% support owner occupied short term rentals, and 55% believe living next to a short term rental has a negative effect on their life. The majority of respondents support the Town instituting restrictions. The Shelter Island Association membership is, according to its website, open to “any resident of Shelter Island and any owner of real estate in the Town of Shelter Island” although its trustees are limited to property owners who are a part of an organized association. There was discussion at the meeting of the absence of input from property owners in areas that do not have associations, including the center of the island, among other regions. The Shelter Island Chamber of Commerce also sent out a survey to its membership, comprised of local businesses, but their results were not complete. This week, a client who has had a career in legislation in another locale, commented to me that they wonder why the Town of Shelter Island has not discussed “putting more teeth” into two existing regulations, Group Rentals and Noise, adding “who is currently enforcing these regulations, and would the proposed short term rental regulations be enforced by the same party?” Looking at the calendar with 11 days to go until Labor Day, there are three closings scheduled, all of which are transactions that commenced at the beginning of the summer season. There are serious, optimistic buyers shopping real estate on Shelter Island who may want to tour your home, if it’s listed, so preparation and readiness are imperative.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report September 1 st

Labor Day By Penelope Moore

Licensed Associate Real Estate Broker The summer real estate market on Shelter Island has been brisk indeed. The weeks leading to Memorial Day fast tracked certain transactions. In between beach and BBQs, customers, some of whom had been shopping for a home off the island, decided Shelter Island is a good place to invest their real estate dollars, and placed offers.

12 Terry Drive, new construction on .5 acre with pool, sold 7/5/16 for $995K, the listed price 27 Great Circle Drive, a contemporary with pool, sold 7/15/16 for $920K, the last listed price was $990K 17 Crescent Way, a contemporary on .87 acre, sold 7/15/16 for $875K, the last listed price was $879K

Here are a few highlights: 121 North Ram Island Drive, 2.6 acres on the bay with waterside pool, pool cabana and tennis sold late spring at $4M, it had been listed at $4.575M 37D and 37F Westmoreland, 3 acres on West Neck Harbor with deep water dock, dock house, boat house and sandy beach, sold 8/28/15 for $3.8M, it had been last listed at $4.5M

10 Dickerson Drive, a cape on .52 acre with deeded water access, sold 7/28/16 at $840K, it was last listed at $875K 1 Primrose Place, a ranch with pool, sold 6/29/16 for $855K, last listed at $875K 3 Peconic Avenue, a ranch on 1.1 acres, sold 6/27/16 for $850K, the listed price

33 Prospect Avenue in the Heights, a sound front on 2.2 acres built in 2005 with pool, sold 5/16/16 for $3.2M, it had last been listed at $3.5M

12 Great Circle Drive, a ranch on 1.04 acres, sold 6/20/16 for $720K, it was last listed at $749K

82 Gardiners Bay Drive, bayfront on a shy acre with waterside pool, sold 5/22/16 for $2.8M, at full price

60 Cobbetts Lane, a split level on 1.1 acres, sold 6/3/16 for $710K, it was last listed at $749K

2 Tuthill Drive, a one acre ranch on Coecles Harbor with dock, sold 4/14/16 for $1.9M, it had been last listed at $2.3M

7 Cozy Lane, a ranch with pool on one acre, sold 8/16/16 for $725K, it was last listed at $745K

32 Hilo Drive, a one acre bayfront traditional with dock, waterfront pool and tennis, sold 6/3/16 for $1.79M, the last listed price was $2.05M

83 North Midway, a ranch with guest house on .75 acres, sold 7/3/16, it was last listed at $699K

1 Bonnie Lane, a 2.1 acre 4,734 sq. ft. traditional sold 5/13/16 for $1.33M, it had been last listed at $1.35M

13 Strawberry Lane, a farmhouse on .46 acres, sold 6/17/16, it was last listed at $675K

25 Lake Drive, a traditional with pool on .4 acres, sold on 7/1/16 at $1.25M, the listed price

72 North Menantic Road, a 2 bedroom 1940 farmhouse on .77 acres, sold 8/30/16, it was last listed at $659K

5 Fred’s Lane, new construction with water views, sold for $1.15M on 5/2/16, the listed price

11 Baldwin Road, a 1,544 sq. ft. ranch on one acre, sold 7/16 at $655K

7 Lake Drive, a 3,800 sq. ft. contemporary with gunite pool on shy acre, sold 6/22/16 at $1.1M, the last listed price was $1.195M 33 Tuthill Drive, a 1960s cottage with harbor views, sold 6/28/16 for $995K, the listed price 47 North Midway Road, a 2 bedroom 1930s cottage with pool, sold 8/19/16 for $980K, the last listed price was $995K

17 Smith Street, a 4 bedroom bungalow on .84 acres, sold 5/10/16 for $535K, it was last listed at $595K 89 North Ferry Rd, a 612 sq. ft. cottage, sold 6/29/16 for $340K, it was last listed at $395K Over the course of the summer, homes have been selling at or close to the listed price. For home buyers on the hunt, there continue to be good opportunities in all categories. Happy Labor Day to everyone!

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report

Thanksgiving 2016 By Penelope Moore

Licensed Associate Real Estate Broker This Thanksgiving season, those involved in the real estate market on Shelter Island have much to be thankful for.

•

47 North Midway Rd – a 1931 two bedroom bungalow of 1,472 sq. ft. with pool on one acre listed 5/13/16 for $995K, sold 8/19/16 for $980K

The third quarter 2016 showed an increase of over 23% compared to the same period in 2015.

•

15 North Brander Pkwy – a 1970 ranch of 1,400 sq. ft. on .45 acres, listed 8/27/14 for $799K, sold 9/15/16 at listed price

2016: 19 sales totaling $33,468,000, with a median price of $920,000

•

44 North Menantic Rd – a 1954 ranch of 936 sq. ft. on .46 acre with studio, listed 5/9/16 for $595K, sold 9/23/16 at listed price

•

8 Wesley Ave – a bank-owned 1872 farmhouse listed 8/19/16 for $589K, sold 11/5/16 for $725K, with multiple offers 28 Smith St – an 1858 farmhouse on .34 acre listed 4/25/16 for $525K, sold 9/23/16 for $375K

2015: 24 sales totaling $27,131,339 with a median price of $792,500 Some of the highlights of the third quarter 2016 – the present have included: •

12 Clinton Ave – a 1925 traditional on 1.73 harborfront acres with pool, guest house and dock originally listed 5/13/14 for $6.95M, sold 8/11/16 for $6.3M

•

24 Locust Point Rd – a 1926 Colonial on 2.18 harborfront acres with pool, studio, and deep water dock on separate lot, listed 4/22/14 for $4.675M, sold 9/29/16 for $4.125M

There have been strong “sold” prices post-Labor Day carrying throughout the autumn months in every category: waterfront, inland, vacant land, bank owned property, new home construction, starter homes.

•

27 Bayshore Dr – a 1956 ranch on 1.11 harborfront acres with pool, cabana, garage and deep water dock, listed 8/25/16 for $4.25M, sold 10/25/16 for $4M

For sellers, there continues to be competition and limited inventory within a given property category. For buyers, there continue to be historically low interest rates and consistent financial markets.

•

121 South Ferry Rd – a post and beam built in 2000 with pool, carriage house and deep water dock, listed 9/2/08 for $6.995M and sold 11/4/16 for $3.8M

•

29 East Brander Pkwy – a 1947 cottage on .51 acres with pool, listed 2/22/15 for $2.395M, reduced to $1.995M on 4/9/16, and sold 10/17/16 for $2.22M with multiple offers

•

6 Westmoreland Dr – 2 acres of vacant bayfront acreage listed 4/9/13 at $2.39M, sold 8/26/16 for $2.06M

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11 Island Way – a 2003 traditional on 2.3 acres with cabana and pool, listed 11/12/15 for $1.795M, and sold 10/24/16 at listed price

•

46 South Ram Island Dr – a 1957 cape of 1,665 sq. ft. on a .72 water view acre with separate harbor front beach listed 5/14/16 for $1.895M, sold 10/21/16 for $1,588,750

•

10 Cove Way – a traditional on .53 creekfront acres with dock, listed 11/21/15 for $1.6M, sold 9/15/16 for $1.18M

•

54 Country Club Dr – new construction of 2030 square feet on .93 acre bordering golf, listed 1/19/16 for $1.325M, sold 11/11/16 for $1.25M

While many may not realize it, real estate is perhaps the largest component of Shelter Island’s economy. A healthy real estate market has a trickledown effect that benefits the community as a whole, starting with the 2% Community Preservation Trust transfer tax which was renewed earlier this month; the Town’s property assessed values which translate to higher property tax rolls, most of the above properties sold at over their assessed values; and the prospect of work that could be generated from a new homeowner through renovation. Throughout 2016, The Town Board has continued to explore topics, including: “Proportionality” or the percentage that can be developed on a given property, short term rentals, water consumption, mapping septic systems and affordable housing, with an eye toward preserving Shelter Island’s delicate environment and unique character. Each is a complex subject, with direct cause and effect within the community – it has an impact on the rights of individual property owners and on future real estate values, so extensive discussion and exchange of ideas at weekly Town Board meetings are not only necessary but also healthy. This Thanksgiving, I am grateful to my loyal clients and customers who make my work in real estate possible, work that is a not only a passion but also a great responsibility that I take seriously, and for the natural beauty which surrounds us and renews my spirit each day.

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com

Shelter Island Market Report April 2017

Easter Weekend By Penelope Moore

Licensed Associate Real Estate Broker

After a long winter and early spring days of rainy, overcast weather, which might have left ospreys wondering why they did not spend another week in Florida, spring flowers have in the last week suddenly emerged, adding bursts of color across Island landscapes.

•

58 Lake Drive, a contemporary on 1.1 acres with pool, listed 6/8/15 for $1.2M, last listed at $970K, sold 4/10/17 for $945K

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46 Lake Drive, a 1959 contemporary on .65 acre on pond, listed 4/18/13 for $999K, last listed at $899K, sold 4/8/17 for $840K

A wide range of properties has sold since the beginning of 2017. The prospect of rising interest rates seems to have resulted in more defined timelines for Purchasers; currently there are 10 properties in contract.

•

31 West Neck Road, a bed and breakfast in Business zone listed 7/15/16 for $995K, last listed at $875K, sold 4/3/17 for $775K

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8 Tower Hill Avenue, a 5,284 sq. ft. Victorian on 1.5 acres, a bank-owned property, listed 7/9/16 for $929,500, last listed at $839.9K, sold 2/2/17 for $720K

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11 Locust Avenue/8 Meadow Place, an 1890 Victorian with creek views, listed 4/8/13 for $1.1M, last listed at $775K, sold 1/15/17 for $925K

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5 Pheasant Lane, a renovated 1962 pond front contemporary on 1.2 acres, listed 1/22/16 at $839K, last listed at $769K, sold 1/13/17 for $755K

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22 New York Avenue, an 1890 Victorian on one acre, listed 9/16/16 for $779K, last listed at $729K, sold 3/10/17 for $550K

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1 Robin Lane, a 1974 contemporary on .4 acres, listed 7/11/16 for $675K, last listed at $639K, sold 1/6/17 for $605K

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5 Emerson Lane, a 2016 cape on .5 acres, listed 5/25/16 at $629K, sold at full listed price on 1/17/17

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3 Crab Creek Road, a 1962 raised ranch on 1.47 acres, listed 7/25/16 at $650K, last listed at $595K, sold 3/31/17 for $500K

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3 Nostrand Parkway and 6 Bootleggers Alley, 5.5 sound front acres with dock, pool and two dwellings, listed 12/11/15 at $11.5M, sold 2/13/17 for $8.25M 8C Pheasant Lane, .67 sound front acres with dock, pool and 2,304 sq. ft. Mediterranean home, listed 6/3/04 for $3.28M and last listed at $2.95M, sold 3/31/17 for $2.5M

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18 Manwaring Road, 1.4 acres in Business zone with 7 cottages, listed 9/21/13 and last listed at $1.325M, sold 3/31/17 for $1.26M

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107 South Midway Road, listed 4/30/14 for $1.695M, last listed at $1.295M, sold 3/20/17 for $1,137,500

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132 West Neck Road, an Arts and Crafts bay view home on one acre with pool listed 6/9/16 for $1.295, last listed at $1.075M, sold 3/30/17 for $1.030M

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10 North Cartwright Road, a 2,554 sq. ft. farmhouse on .69 acres with pool, listed for $1.125M on 1/23/16, last listed at $999K, sold on 1/26/17 for $930K

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27 Brander Parkway, a 2,068 sq. ft. contemporary on 1.1 acres, listed 9/7/16 for $995K, sold 3/16/17 for $750K

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5 Bay Avenue, a 1,200 sq. ft. ranch on .58 acre with harbor views, listed 7/8/16 for $975K, sold 1/19/17 for $890K

Like colorful Easter eggs, homes currently on the market offer happy hunting. Despite continued low inventory, there are many desirable properties to choose from. Happy Easter and Happy Passover to all of my clients, customers and neighbors!

Penelope Moore

Licensed Associate Real Estate Broker

Office: (631) 749-2300 | Cell: (917) 208-5519 | PMoore@Saunders.com