Home prices spike on the North Fork of Long Island
Home prices on Long Island’s East End are experiencing diverging trends, with median prices seeing a rise of more than 10% YoY on the North Fork, while they tumble in the upscale Southampton area, according to Douglas Elliman. Broker Nicholas Planamento said the North Fork was “hitting its stride” now, with many people wanting to participate in its lifestyle. Planamento is listing a 32-acre farm at 4395 Hortons Lane in Southold, with a traditional four-bedroom farmhouse and several barns. Listed at $4m, the site includes around 40,000 blueberry bushes which yield bushels of the fruit each summer.
Another high-end listing is a Riverhead property located at 34 Waterview Court, on the bluffs overlooking Long Island Sound. It is situated on 2.5 acres wedged between a local vineyard and farm stand. Originally priced at $1m a decade ago when it was sold, the 4,100 sq ft four-bedroom, four-bathroom house now has an asking price of just under $3m, listing with Frank Malagon of Town & Country Real Estate.
Meanwhile, the Grandview Estates community in Orient boasts a 3,900 sq-ft, four-bedroom, three-bathroom home, which is listing for $3.8m. It sits on a hill overlooking Long Island Sound and is just 25 steps away from the water. Broker Rita Rooney of Douglas Elliman, who is working on the listing with colleague Paul Loeb, said that fewer than 20 luxury homes were previously listed for over $3m on the North Fork, and eight have sold in the last six months. Rooney added that buyers who would have previously gone to South Fork are now coming north for the significantly lower prices and lighter traffic.
**FAQs**
What is happening to home prices on Long Island’s East End?
Home prices on Long Island’s East End are experiencing diverging trends, with median prices seeing a rise of more than 10% YoY on the North Fork while they tumble in the upscale Southampton area.
What is happening to the high-end property market on the North Fork?
The high-end property market on the North Fork is seeing significant growth, with several properties listing at $3m or above and many buyers migrating north to enjoy the area’s lifestyle.
What are some high-end property listings on the North Fork?
A 32-acre farm at 4395 Hortons Lane in Southold, a Riverhead property located at 34 Waterview Court, and a 3,900 square foot, four-bedroom, three-bathroom home in the Grandview Estates community in Orient are all high-end property listings on the North Fork.
The cost of homes sharply increases in the Northern Region of Long Island.
Home sales on Long Island’s East End are experiencing divergent trends, with prices dropping in Southampton and rising over 10% year-over-year in the less flashy North Fork, according to Douglas Elliman. “The North Fork has been undervalued for years,” said Nicholas Planamento of Town & Country Real Estate. “Now, it’s hitting its stride, and everyone wants to participate in a North Fork lifestyle.” Among the luxury properties currently on the market is 4395 Hortons Lane in Southold, a farm with almost 32 acres of land, four bedrooms, several barns, and roughly 40,000 blueberry bushes. It is asking $4m.