The North Fork has long been the preferred summer destination for those seeking to escape the glitzy Hamptons. But now the 40-mile-long peninsula on Long Island is seeing a real estate boom.
Wealthy second-home buyers are increasingly shunning the overly fussy Hamptons for more modest homes in the relaxed North Fork, according to the Financial Times.
“It’s now a destination for a lot of people rather than just an afterthought,” Sheri Winter Clarry, a broker with Corcoran Group who has been selling homes on the North Fork for more than a decade, told the Financial Times. “We’ve watched interest steadily grow and now there’s people who want to own property here without even considering the Hamptons first.”
In the first quarter of 2014, the average asking price on the North Fork was $812,331, according to a report by Douglas Elliman. However, that is still significantly lower than the average asking price of a single-family property in the Hamptons, which was $1.7 million in the first quarter.
“The good news is that despite the rise in sales, the area has changed very little,” Karla Dennehy, a broker with Douglas Elliman, said. “People come out here for a relaxed atmosphere and not congestion and overcrowding you get elsewhere.” [FT] – Christopher Cameron