IS THE NORTH FORK BECOMING HAMPTONS 2.0?

BY ALICE PHILLIPS

The North Fork…a bucolic, 30 mile stretch of waterfront running along the Long Island Sound and the Peconic Bay redolent with acres of vineyards, farmland marinas and uaint shing illages

O er the past few ears the uietl a uent region has been experiencing a decided uptick in visitors, with over sixty vineyards, breweries, beautiful beaches, superb boating and plenty of upscale farm/sea to table dining to draw tourists from near and far And man who moved to the North Fork during the pandemic have chosen to stay, making the neigh orhood a little well us

But so busy as to earn the moniker “Hamptons

Ma e in some places and in some cases

For certain, Friday and Saturday nights in Greenport during the summer months are a scene, the Village streets crowded with visitors, diners and partygoers pack the restaurants and ars And the tra c well the tra c is challenging to sa the least ut Hamptons Reall Ha e the Hamptons become so overpriced and inaccessible that the North Fork is the next est alternati e i ing in the Hamptons has never come cheap; since the pandemic, prices have skyrocketed and supply is at an all-time low – which then just perpetuates the cycle of high prices, proving the premise underpinning the law of suppl and demand Two top North Fork real estate professionals chime in on whether or not the North Fork is just the new Hamptons…

Douglas Elliman’s Kristy Naddell does not agree that the North Fork is being reduced to another Hampton – or that North Fork buyers cannot participate in the Hamptons markets Man u ers I am working with can easil a ord the Hamptons ut choose to live on the North Fork because of the lifest le comments Ms Naddell North Fork buyers tend to want a more laid-back atmosphere and less of the ‘glitz and glam’ of the Hamptons Se eral homes I e sold in the last few years were to buyers that sold in the Hamptons and moved to the North Fork by choice not due to price E en m famil had a home in the Hamptons for 20 years which they sold in 2016 and moved to the North Fork because they felt the Hamptons became too congested To me the North Fork has a lot of the charm the Hamptons had in the early s Te Hamptons is unrecogni a le now compared to how it was then, and buyers looking on the North Fork want that peaceful, less conspicuous lifest le

Te North Fork and Hamptons markets ha e always had some overlap but aren't always mo ing in unison comments ridget Elkin of ompass Tere is a contingent of North Fork buyers who have previously considered the Hamptons ut found the right t here For some, price was a motivating factor; for most, it was the lifest le oth areas o er a lot of compelling ualities for residents ut while the Hamptons have always had a recognized ‘brand’, the North Fork previously enjoyed a bit of obscurity in the feeder markets that dri e toda s east-end housing market

NFRES: Also prevalent along the highways and byways of the North Fork are a signifcant number of houses under renovation – as well as lots of new construction, especially in Cutchogue, Southold and Greenport. What are your thoughts?

Ms Naddell s response is candid I think that there are current homeowners who cannot move up in the NoFo marketplace so have decided to renovate/add additions instead. A lot of the homes I have sold recently are to buyers that are doing these renovations for themselves.”

Ms Elkin looks at the uestion from a di erent perspective. “It's true that given low inventory and higher interest rates, mobility within the same market is challenging,” she comments. “If you have a mortgage at 3%, trading into something at hugel in ates the monthl mortgage so most won t consider that Tat eing said reno ation costs are uite high so you're unlikely to pursue it as the lower-cost alternative.”

“Another major catalyst,” continues Ms. Elkin, “was the change in use for second homeowners during the pandemic, much of which continues today. Second homeowners egan spending signi cantl more time here and their needs from their homes changed as a result.

NF S re they ips?

No the are not ips responds Ms Nadell It s di cult to make mone on ips in the current market Te price to u a er upper is high and with building costs/labor costs eing so e pensi e there isn t enough margin to turn a decent pro t If an thing I see people buying these homes, renovating them for themselves and then trying to rent them when they aren’t living here. People that bought here in the last few years locked in great rates, so it would make sense that they would renovate, rather than sell.”

While there is some spec ip uilding and reno ating going on e plains Ms Elkin most renovations are being pursued by homeowners for their own enjoyment. Many who have purchased in the last few years did so knowing they would be taking on a future renovation or restoration. For others who were residents pre-pandemic, the appreciation in property alues in - usti es added in estments and upgrades to their homes.”

NF S What are the best additions reno ations a ho eowner can ake in ter s of retaining alue?

It’s all about lifestyle, according to Ms. Elkin. “Lifestyle sells, so anything that improves our outdoor li ing e perience has signi cant value for potential buyers. Pools have become an increasingly valuable commodity and are a safe et to add e uit e ond our in estment to install one. Today, many take a ‘minimalist’ approach and situate the pool in the middle of their yard, with little other than grass surrounding it. While this approach can be beautiful, working with a landscape designer to plan your pool as a ‘destination' on your property is a nice alternative, and we predict we will see more of this in the future.”

Ms Nadell con rms that a pool is the wa to go. “A pool is a great addition if you are considering using the property for rental purposes and for resales. I would say the majority of buyers I work with either want a pool or room for one.”

NF S What s the long iew for the North Fork real estate arket?

“New people are continuously entering the market as visitors and potential homeowners,” comments Ms Elkin Te region s pro le has grown e ponentiall o er the past se eral years, and as entrepreneurs continue to innovate and start businesses, that audience grows. We have also witnessed an uptick in full-time residency, and with that comes increased viability for our business community and service providers.”