The median price for a luxury house on the North Fork is now $2.04 million
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Entenmann’s Estate, vineyard and horse farm is the latest pricey property to be listed on the North Fork
The North Fork is the new Hamptons.
Luxury house prices in the less glitzy area north of the celebrity fray jumped more than 132% since this time last year, while prices sank 14% in the tonier towns on the South Shore over the same period.
“For years, people kept saying that the North Fork was going to hit and now it’s finally starting to happen,” said Dottie Herman, president and CEO of brokerage firm Douglas Elliman. “It’s really coming into its own.”
The median price for a luxury house on the North Fork is now $2.04 million, according to market reports to be released Thursday.
That’s nowhere near the $5 million median in the Hamptons — but it’s still a signal that the North Fork is increasingly attractive to second-home buyers.
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Corcoran agent Sheri Winter Clarry is currently listing this 205-acre estate on the North Fork for $25 million
“You definitely get more house for less money on the North Fork,” said Ernest Cervi, head of the Corcoran Group’s Bridgehampton office.
It’s not only true for top-end houses: The median price for any home on the North Fork is now $429,000 — less than half the Hamptons price.
The North Fork may be getting its share of luxury traffic, but the global elite is certainly not snubbing the Hamptons altogether, judging by a few super pricey deals which have made headlines in recent months.
In May, hedge fund manager Barry Rosenstein reportedly agreed to pay a whopping $147 million for a beachfront property on Further Lane in East Hampton.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
