Further decline of waterfront inventory

Seven new listings have recently graced the market, yet the demand has proven strong, leading to the successful sale of nine properties from the existing inventory. This surge in sales has diminished the available property pool. Impressively, the trend of exceeding asking prices persists, with an average time on the market of just 20 days recorded last month.

As of today (12/04), a select 25 listings stand as active contenders on the market, commanding attention with an average asking price slightly surpassing $4.3 million. Notably, only two island residences remain up for grabs and two of the 25 listings boast price tags exceeding $10 million. Additionally, four listings showcase the allure of forthcoming or recently completed constructions.

Within this dynamic market, it's noteworthy that several of these 25 properties have experienced fluctuations, making appearances both on and off the market over the past few years. These shifts involve consistent players—whether they are recent sellers aiming for swift returns on their investments or veteran sellers still holding out for their asking price from 2014 and earlier! 

The highest sale by auction! 

On Governors Island- an in-person auction took place. The terms of the auction A $50,000 deposit per property as a qualification to bid (3 properties together). Successful bidder(s) to increase deposit to 10% of the total purchase price at time and place of sale with balance due at closing within 45 days of the auction. A 7% Buyer's Premium will be added to the high bid price to become the total purchase price. Subject to confirmation of trustee. Also available MLS 4966445 & 4966446 Delayed showings 9/12 The sale price for 19 Loch Lane included 11 Loch Lane ( MLS # 4966445) and 10 Loch Lane (MLS # 4966446) All three properties were conveyed via one deed for a sale price of $8,925,000.

Our teams sales of 109 Leeward Shores Rd and 176 Castle Shores was a matchmaking contingency. It was the trust in our sellers of Leeward that our team could sell the potential buyers property on Castle Shores Rd in order to buy Leeward. In just about 2 months we were able to successfully close both properties!