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.”
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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.