North Shore’s luxury market sees influx of foreign buyers, but prices stagnate

July 09, 2012 11:00AM

Like many other segments of the state’s luxury real estate market, the North Shore of Long Island’s $1.5-million-plus market has seen a boost in sales to foreign buyers, according to Daniel Gale/Sotheby’s Mid-year Luxury Market Report for the region. According to the report, North Shore homes are spending less time on the market, but sales volume has remained flat.

Prices were up most sharply in Brookville, Cold Spring Harbor and Great Neck, the data shows. In Brookville, the average price of a home increased to $2.46 million, up from $2.07 million in mid-year 2011. In Cold Spring Harbor, year-over-year prices rose to $2.54 million, from $1.71 million. In Great Neck, average prices shot to $2.68 million, $2.38 million, year over year.

The highest price recorded in the region was an $8.8 million sale in Great Neck, according to the report.

Average sales prices were down, however, in Kings Point, Garden City and Asharoken/Eatons Neck/Fort Salonga/Northport. Other areas, such as Dix Hills and Huntington Bay, logged no transactions so far in 2012, rendering the sales data moot.

Daniel Gale/Sotheby’s CEO Patricia Petersen noted that although North Shore prices in the luxury market are down year-over-year, “pending luxury transactions” look encouraging.

Deals over $1.5 million are classified as” luxury” in the North Shore market. — Guelda Voien