The North Fork has long been known as the cheaper, less image-conscious alternative to the South Fork, better known as the Hamptons. But a new kind of buyer — one who rents in New York City and whose “second home” is actually his or her first real estate purchase — is seeking out the North Fork market, the New York Times reported.
At $740,000, the median price of a single-family home on the South Fork was 58 percent higher than on the North Fork in the first quarter of 2013. About 20 percent of the sales on the East End take place on the North Fork, said Jonathan Miller, president of appraisal firm Miller Samuel.
“Roughly 10 percent of North Fork sales are above $1 million, while roughly 40 percent of sales in the Hamptons are above the same threshold,” Miller said.
Median prices on the North Fork went from $608,000 in 2008, to its lowest at $412,000 amid the recession. The 30-mile peninsula’s Orient Village has the biggest and smallest sales, ranging from $199,000 for an old home on the main strip to $3.19 million for a waterfront compound.
Meanwhile, Mattituck has seen a big jump in median prices – from $415,000 to $555,000, the Times reported. [NYT] –Mark Maurer