All quiet on the
North Fork front

Jul.July 01, 2016 09:00 AM
4125 Nassau Point Road

4125 Nassau Point Road

After a frenetic 2015, the luxury real estate market slowed in the North Fork, the less posh East End neighbor to the glitzy South Fork region where the Hamptons lie.

In the first quarter of 2016, the average sales price for luxury properties — those in the top 10 percent of sales — fell 22.7 percent, to $1.79 million, from the same period a year earlier, according to Miller Samuel.

“Last year was an anomaly,” said Jonathan Miller, the firm’s CEO. “It was the busiest since the crash.”

(Click to enlarge)

(Click to enlarge)

The most expensive deal in the 12 months ending in April 2016 was a mansion on two lots at 410 Jackson Street in New Suffolk, which sold for $5.9 million. The property, on a pristine beach strip, is in one of the more prestigious areas of the North Fork. Douglas Elliman handled the sale; the buyer and seller were undisclosed.

The second-priciest property to change hands was a two-acre home at 7940 Indian Neck Lane in Peconic, which was listed at $6 million and sold for $5.5 million in less than a month. Another big-ticket sale was at 4125 Nassau Point Road in Cutchogue, which went for more than $4.1 million. The property included a second buildable lot.

Donielle Cardinale, a broker with Daniel Gale Sotheby’s International Reality, was the listing agent on the Nassau Point Road property. She said the North Fork is garnering more interest from buyers with “quiet money,” who are looking for an escape from the city.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Spencer Rascoff (Photos by Kevin Scanlon)

The Closing: Spencer Rascoff

The Closing: Spencer Rascoff
 8 Spruce Street and Brookfield's Bruce Flatt (New York by Gehry, iStock, Brookfield)

Bad year: 1 in 5 units at Gehry skyscraper goes vacant

Bad year: 1 in 5 units at Gehry skyscraper goes vacant
CoStar CEO Andy Florance and FTC chairman Joseph Simons (CoStar; Getty)

FTC sues to stop CoStar’s $585M RentPath buy

FTC sues to stop CoStar’s $585M RentPath buy
Law in order: Ranking New York’s legal power players

Law in order: Ranking New York’s legal power players

Law in order: Ranking New York’s legal power players
Ryan Seacrest and 1196 Cabrillo Drive (Getty)

Ryan Seacrest reaches for stars with $85M Beverly Hills listing

Ryan Seacrest reaches for stars with $85M Beverly Hills listing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...