The Real Deal New York

North Fork draws NYC’s first-time buyers

June 21, 2013 12:30PM

north-fork-mattiuck

Mattituck, North Fork

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

  • noclist

    But the south fork is so much nicer. Besides, no ocean on the north fork; only the sound.

    • NoFoMofo

      Well, if you don’t want to spend $5M on a house that’s no where near the water and you have to sit in traffic for 5 hours on a summer Friday to get to, then the North Fork seems like a good option for a summer home. The North Fork has the vineyards and the beautiful country roads and the South Fork has all of the same people from Manhattan and Cirpriani’s.

      • noclist

        You don’t have to spend $5M. Nice homes in Montauk are going for around $550k. And the 5 hr drive can be cut in half if you don’t mind leaving the city around 11 PM or 6 am. South has vineyards too. Duck Walk comes to mind.

        • NoFoMofo

          Montauk is not considered part of the Hamptons and talk about a long drive.

          • noclist

            And I’m so glad it’s not (even though I pay taxes to East Hampton). 2 hrs and 22 minutes is my record, door to door.

  • realestatemama

    I’m sorry, but there is no way you made it to Montauk in 2hrs and 22minutes…was that a trip at 3am that you started timing once you got out of queens or something?

    • noclist

      11 PM from 34th and park.

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