An estate priced at $35 million isn’t unusual in the Hamptons, but if it sells, it could be a record price for Shelter Island. Luxury housing prices on the island between the North and South Forks are starting to come in line with the monster totals found on the southern mainland.
Brown Harris Stevens has the exclusive listing for the property, which includes a three-story, 16-room manor house, a pool house and a guest house on 3.25 acres of waterfront. The gated estate, located on a private road, has an infinity-edge pool, 300 feet of private beach and a sizeable dock for a yacht or seaplane.
Ingrid Brownyard, the Brown Harris Stevens agent with the exclusive, finds the growing appeal of Shelter Island surprising, even though for the past three to four years home sales have been steadily growing — but $35 million is still a first.
According to Suffolk Research Services, the median price for single-family homes in Shelter Island this year to date is $975,000, a 30 percent increase from $750,000 in the previous year.
In comparison, last year, the median home price in North Fork was $415,000 and the median home price in South Fork reached $785,000.
“The prices are similar to some areas in South Fork, like Sag Harbor and Quogue,” says Gina Surerus, senior vice president at the Corcoran Group.
The price tag of $35 million is high for an area where high-end waterfront homes range from a paltry $8 million to $10 million.
Brownyard says the price is justified by the luxury materials used in the home, the substantial square footage and the waterfront accessibility. She said she believed the estate would sell at a price between $20 million and the listed price of $35 million.
“It remains to be seen if [the $35 million listing] will change the pricing dramatically,” Surerus said, attributing the steadily rising sales prices to the growing demand from second-home buyers.
“People come to Shelter Island because it’s low-key and they don’t want to repeat the social scene from the Hamptons,” she said. “They want to relax, ride bikes and go fishing.”
Corcoran senior vice president Cathy Perrin added that family-oriented buyers are taking up residence on the island. “Many people come over to the island, rent for a few years, and then buy as they head into a family direction,” Perrin said.
Limited access to Shelter Island comes from two ferry connections, one from the North Fork and one from the South Fork, which discourages some buyers.
Ferries have gotten larger and now run more frequently, says Perrin, but “it’s not for the impatient type.”
But the boats have kept the island free from traffic. “People coming to Shelter Island have a purpose to be here, so there is no browsing and residents have their privacy,” Brownyard said.
Privacy and waterfront properties are sought-after amenities for celebrities, hedge fund managers, and others looking to buy on Shelter Island. Certain properties like the $35 million estate have cleared frontage straight to the water, not common because of clearing restrictions on the island.
“We’ve seen a lot of interest,” Brownyard said. “It’s been on the market one month and has had a substantial amount of qualified buyers looking every weekend.”
Brownyard expects the property to be on the market for as long as a year.
The total dollar volume of real estate sales on Shelter Island continues to grow, reaching $53 million as of May of this year and putting it on pace to hit around $127 million for all of 2006. In 2005, residential sales on Shelter Island brought in $105 million. That’s still a small figure in comparison to the North Fork, where $637 million worth of property traded hands last year, and even smaller compared to the $3 billion sold on the South Fork.
“There is an influx of global buyers,” Brownyard said. “Shelter Island is attracting such a diverse group of people.”