north fork

As the Hamptons housing market tumbled mightily in the third quarter, the North Fork's saw a mild price bounce. The North Fork median sales price was $575,000 in the third quarter, up 10 percent from last year, according to the new Miller Samuel-Douglas Elliman report.

The North Fork, home to a cluster of well-respected wineries and other tourist attractions, lacks the sandy dunes and social cachet of its southern neighbor; but the home price increase, at a time when the Hamptons' declined, could reflect a maturation of the North Fork as a second-home destination. Make no mistake, however: Despite a nearly 20 percent annual drop in the Hamptons' median sales price, to $830,000, it still dwarfed the North Fork's by $255,000.

It’s not all good news in the North Fork, however, though in this market that’s not really terribly startling. (The Miller Samuel numbers reflect deals closed in the three months ending Sept. 30, and therefore don't necessarily reflect the financial crisis.)  read more »

All is not well at the summer playground for America’s rich and famous, as home prices and sales in eastern Long Island tumbled to two-year lows in the third quarter, according to a new Hamptons/North Fork market report from real estate appraisal shop Miller Samuel and brokerage giant Prudential Douglas Elliman.

The quarterly median sales price in the tony vacation enclaves dropped to $729,000, which is the lowest since the fourth quarter of 2006 and 17.3 percent below last year’s median price of $882,000. Third-quarter sales fell from 427 last year to 355 this year, a 16.9 percent plunge, which brought East End market activity to its slowest quarterly pace since Miller Samuel began tracking the area in the second quarter of 2006.  read more »

The second-quarter Miller Samuel-Douglas Elliman report on the North Fork and the Hamptons housing markets is now online as a PDF.

Another fun fact! Among the East End's luxury markets, Quogue had the highest average sales price at $15,650,000. Yes, Quogue.

The Hamptons remain much more expensive (of course) than the North Fork of Long Island's East End. Recent second-quarter 2008 numbers from appraisal firm Miller Samuel and brokerage Douglas Elliman showed an average North Fork home sales price of $921,803 based on deals closed in the quarter ending June 30. In the Hamptons, that average was $1,730,414.

The median sales prices were similarly far apart--$605,000 in the North Fork and $970,000 in the Hamptons. Proximity to glam has its price.

But! Whereas the Hamptons' prices tumbled annually in the second quarter, the North Fork's jumped.

That $921,803 North Fork average marked a 32.  read more »