Shelter Island SOLD in 2014 $2m and higher

Many Shelter Island buyers and sellers research the internet for details on what homes have sold, how long they were offered for sale, and the listed and sold prices. Here is an easy reference tool, all in one place.

For the $2m and higher sold listings, here are the details below:

10 Lari Lane – Sold Price: $9,500,000   Sold Date: 1/15/2014

9 Bedrooms, 10.5 Bathrooms, Bayfront view with pool on 3.25 acres

originally listed on 9/17/2008 at $21,900,000, last listed at $13,995,000

6 Daniel Lord Road – Sold Price: $7,500,000   Sold Date: 5/21/2014

5 Bedrooms, 1 Bathroom 3 Half, Waterfront view without pool on 22.49 acres

originally listed on 12/27/2013 at $7,800,000, last listed at $7,800,000

6 Daniel Lord Rd

7 Apple Orchard Lane – Sold Price: $6,575,000   Sold Date: 11/21/2014

6 Bedrooms, 6 Bathrooms 2 Half, Bayfront view with pool on 1.52 acres

originally listed on 8/08/2014 at $8,500,000, last listed at $8,500,000

42 Ram Island Road and 44 Ram Island Road – Sold Price: $6,500,000   Sold Date: 7/01/2014

4 Bedrooms, 4 Bathrooms, harborfront with pool on 9.60 acres

42 + 44 Ram Island Road

18 Little Ram Island Drive – Sold Price: $5,800,000   Sold Date: 2/05/2014

7 Bedrooms, 4.5 Bathrooms, Bayfront view with pool on 2.90 acres

originally listed on 7/05/2013 at $6,400,000, last listed at $6,400,000

71 North Ram Island Drive – Sold Price: $4,600,000   Sold Date: 10/15/2014

3 Bedrooms, 3 Bathrooms, Bayfront view with pool on 3.50 acres

71 North Ram Island Drive

68 Ram Island Drive – Sold Price: $3,995,000   Sold Date: 12/16/2014

3 Bedrooms, 3.5 Bathrooms, Harborfront view without pool on 2.22 acres

originally listed on 5/07/2014 at $4,250,000, last listed at $4,250,000

23 Grand Avenue – Sold Price: $3.35m   Sold Date: 10/03/2014

12+ Bedrooms, 12 Bathrooms, Harborview without pool on .77 acres

originally listed on 5/12/2014 at $4,750,000, last listed at $4,750,000

125 Ram Island Drive – Sold Price: $2,700,000   Sold Date: 5/02/2014

3 Bedrooms, 2 Bathrooms, Bayfront view with pool on 1.09 acres

originally listed on 4/28/2011 at $2,500,000, last listed at $2,700,000

125 Ram Island Drive

21 Westmoreland Drive – Sold Price: $2,675,000   Sold Date: 7/17/2014

4 Bedrooms, 4.5 Bathrooms, Harborfront view without pool on 1.10 acres

originally listed on 5/16/14 at $3,125,000, last listed at $3,125,000

9 Westmoreland Drive – Sold Price: $2,490,000   Sold Date: 5/29/2014

6 Bedrooms, 3.5 Bathrooms, Creek/Inlet view without pool on 2.02 acres

originally listed on 4/08/2013 at $2,900,000, last listed at $2,750,000

Shelter Island Real Estate Market Report 2014 Year End Statistics

Shelter Island Real Estate Market Report - 2014 Year End Statistics

South Ferry on Christmas night

The 2014 year end statistics are in for Shelter Island sales and the news shows a progressively upward trend, an increase of 17.1% in total sales from 2013.

Year                      # Sales  $ Sales                 Median               

3^rdQ-2014            18           $28,605,000          $1,031,000

4thQ-2014            14           $21,149,250              792,500

              

3rdQ-2013           24           $25,997,241           $747,500

4thQ-2013           19           $20,362,000           $690,000

2014                   64           $104,345,125         $824,500    

17.1% change from prior year

2013                   83           $89,075,991           $725,000               

13.8% change from 2012

There were nearly 20 fewer transactions in 2014 than in 2013, however the dollar values were higher and resulted in an increase in 2014 sales of 17.1% from 2013.

Waterfront properties lead the way with the highest sale in 2014 at $9.5m, a 16,000 sf turn-key harborfront with pool house, pool, and carriage house. 

 

10 Lari Lane - Sold 1/15/14 - $9.5m

The trend during the year favored: 1) turn-key homes; 2) large acreage; and 3) unique characteristics, such as properties with: estate section location, vintage farmhouses, deep water docks, bordering preserve, deeded water access.

 

6 Daniel Lord Road - Sold 5/21/14 - $7.5m

Water view homes as a category gained strength with two properties of particular note: a 1.8 acre post harbor view modern with Gunite pool, 4 bedrooms, 4 baths with association dock and tennis which sold for $2.275m and a shy acre traditional with vinyl pool, 3 bedrooms, 3 baths and slices of water views which sold for $1.975m.

46 Ram Island Road - Sold 1/9/14 - $2.275m

Inland homes, experienced a strong recovery with the highest sale a 2.7 acre Dering Harbor Village traditional with Gunite pool with a final sold price of $3.25m.

5 Dering Woods Lane - Sold 2/2/14 - $3.25m

 Acreage continued to rebound, as financing became more available. Buyers are becoming more comfortable with the concept of modular home building and builders are returning to spec home construction.  Notable sales included: 4 inland acres bordering Sylvester Manor which sold for $1.5m, 1.1 harborfront acres with deep water dock which sold for $1.28m, a shy inland acre in Shorewood sold for $435k.

23 Fred's Lane - Sold 12/4/14 - $1.28m

The Shelter Island real estate market has continued to gain strength over the last 5 years. Buyer confidence in the economy has translated to the brisk and strong sales. There are approximately $6.75m in transactions that went into contract in 2014 which closed or are closing in January 2015.

A customer told me in a conversation over the holidays, “I know we have to purchase a home soon, before the market really takes off”.

For Sellers who are contemplating listing their homes, money spent to perform minor updates is a good investment that reaps good rewards in terms of time on the market and final sale price.

Historic Shelter Island - The Farmstead at 45 Burns Road

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The listing for 45 Burns Road

In an idyllic marriage of past and present, this historic Shelter Island farmstead which overlooks 10 +/- acres of preserved land diagonal to 30 +/- more acres of preserved space, features three separate, elegant, and very different buildings that make it a special hideaway. Situated on 1.3+/- acres rich in flowering shrubs and established trees, this compound with B & B potential is located approximately 200 yards from Coecles Harbor on one of the quietest lanes on Shelter Island. 

The first floor of the main house, built in 1880, has a large, open layout with a sunny, L-shaped living room with entertaining areas, a wood burning stove and a powder room. The spacious country kitchen has a commercial grade range and a sunny breakfast area. The adjacent dining room has five French doors that open to a slate patio with an outdoor stone fireplace-grill and a wisteria arbor. 

The second floor has two large bedrooms, master bath, a loft bedroom and a library-bedroom with doors leading to a balcony that wraps around to a wide second-floor deck. In the rear of the grounds is a converted barn-guesthouse with beautiful, original hardwood floors, a kitchenette, full bath with vintage ball and claw tub, two bedrooms, and a sitting area. 

Beside it sits a cottage which was rolled from a nearby property on two locust trees in the 1940s to its present site, which could be used as a pool house that includes a kitchen and bath. Many recent upgrades and renovations include central air, roofs, well and septic system, making this a modernized, turn-key home. The main house is 3,142+/- sq. ft., the guesthouse 650+/- sq. ft. and the studio 300 sq. ft. Located just up the lane from town boat landing and popular kayak trail, this is a rare offering, equally well suited as a country compound or an artist's retreat. 

Featured in the exhibition at The Grenning Gallery at 17 Washington Street, Sag Harbor of paintings, watercolors and woodblock prints from historic Shelter Island homes.

Written by owner Michaela Muntean, a prolific writer best known for her work with Jim Henson and the Muppets, here is a colorful history of the property...

45 Burns Road

Few homes on Shelter Island have such an intriguing past as 45 Burns Road. How a farmhouse evolved into an Italian restaurant, a cocktail lounge, a roadhouse, and eventually a popular Island hangout is a story worth telling.

Shelter Island in the late 19^th and early 20^th century seems to have been a real estate Wild West. Apparently people built what they wanted, where they wanted. If there were regulations, they are lost to time, and for many properties there are no existing records whatsoever. Such is the case with 45 Burns.

The best guess is that the house and barn were built as a farmstead between 1890 and 1900, probably by the Mitchell family, who may have subdivided a parcel of land they owned on Burns Road. What is known is that at some point the property was purchased by Benjamin and Julia Walther. 

1947-1961

In 1947 the property was sold to Joseph and Josephine Margiotta. They did extensive renovations to turn the main house into a restaurant they called the Harbor Inn. They enclosed the front porch, extended the kitchen, and added a bar and dining area. The second floor of the main house became an apartment, and they converted the barn to living quarters by building bedrooms, adding a bathroom and kitchen, and installing heating.

When the Margiottas grandmother in Brooklyn died, grandpa needed a place to live, so they purchased a small cottage, built by Homer Griffing, located across the road. The Margiottas felled two locust trees, stripped them, set the cottage atop the logs and rolled it across the street to its present location. The Margiotta family ran the Harbor Inn as an Italian restaurant and cocktail lounge until 1961. 

1961-1965

Eddie and Vicki Pertile purchased the Harbor Inn in 1961. The “Gracious Dining” feature in the Shelter Island Reporter (in existence only since June, 1959) lists the Harbor Inn as “Under New Management” in the August 12, 1961 issue. The Pertiles not only advertise Fine Food and Cocktails, but also Fine Lodging.

1966-1984

On January 1, 1966 Jack and Beverly Cahill took over the management of the Coecles Harbor Inn. It would begin 18 years of what to this day many Islanders remember as one of the best bars ever.

Gone were Fine Food and Fine Lodging. The new Harbor Inn had a jukebox, a pool table, a dartboard, and a shuffleboard game. It was more roadhouse than restaurant, serving bar snacks, burgers and fries. And, according to the matchbook copy, there was air conditioning and dancing!

On December 31, 1984, the Cahills gave a farewell New Year’s Eve party and on the morning of January 1, 1985, Coecles Harbor Inn closed its doors forever.

 

Shelter Island Real Estate Market Report - Mid October on Shelter Island 10-14-14

The 3rd quarter statistics are in, and they reveal a rising market, as anticipated.

The details are:

2014  - # Sales
1st Qtr   $27,828,000 - 12
2nd Qtr  $27,358,875 - 21
3rd Qtr   $20,368,000 - 13
YTD $75,554,875 # Sales - 46 -  Average: $1,642,497

2013 - # Sales
1st Qtr    $ 8,751,000 13
2nd Qtr   $31,315,750 26
3rd Qtr    $25,997,241 24
YTD $66,063,991 # of sales - 63 Average: $1,048,635

2012 - # Sales
1st Qtr   $ 6,919,244 11
2nd Qtr  $27,910,400 21
3rd Qtr   $19,719,000 19
YTD $54,548,644 # of sales - 51 Average: $1,069,581

The numbers indicate that:
• Year-to-date, there were fewer transactions than the prior two years, but the sale prices in 2014 have been higher.
• Sales have continued to rise since 2012
• The first half of this year, each of the first two quarters, was stronger than the 3rd quarter;
• The winter of 2013-2014, while long and cold, resulted in the strongest winter season we have seen over the last 3 years;
• The summer of 2014 was in terms of number of transactions weaker than the same periods of 2013 and 2012 and in terms of dollars down from 2013 and only marginally better than 2012.

Seeing every indication that the real estate market on Shelter Island is rising, buyers and sellers frequently ask if our numbers have risen since the height in 2006. I was unable to locate 2006 statistics but in 2007, still pre-recession, for the same time frame, 1st through 3rd quarter, the YTD was $96,001,000 with 64 transactions.

Columbus Day weekend was dampened somewhat by steady rain on Saturday but intrepid buyers were out touring.  In Sag Harbor, I presented paintings and artifacts at the Grenning Gallery from historic Shelter Island homes listed for sale and received a wonderfully warm reception from customers, clients and the public. The exhibition will be on display until the end of October so if you are in Sag Harbor, stop by 17 Washington Street to check it out!

In CELEBRATION OF HISTORIC artists retreats on SHELTER ISLAND at the Grenning Gallery, in Sag Harbor.

Shelter Island, NY – October 6, 2014 – Penelope Moore, of Saunders & Associates, is pleased to invite the public to a Celebration of Historic Shelter Island Homes, to be held at The Grenning Gallery in Sag Harbor on Saturday October 11, 2014 from 12pm to 2:00pm. Coffee and refreshments will be served. 

“Shelter Island has historic homes on the real estate market right now, each with a story to tell and a special place in our Island’s history”, Moore said. “It seems fitting to introduce paintings, vintage photographs and artifacts that artists have created over the years memorializing these properties at the Grenning Gallery in Sag Harbor.” "I thought that showing old paintings and photos of these fine artists retreats on shelter Island are a perfect fit for the Grenning Gallery devotees", said Laura Grenning when she planned this exhibition. 

While the paintings are only for display, the properties are indeed for sale, and Penelope Moore will be there to answer any questions. The Grenning Gallery, located at 17 Washington Street in Sag Harbor, NY has been a vital member of the Sag Harbor Community since 1998. Dedicated to the revival of classical art, the gallery, owned by Laura Grenning, showcases artists whose works utilize traditional methods created by the great masters. From color to composition, featured artists resurrect classical techniques in a contemporary fashion.

A very fine early 19th century painting by Shelter Island's Walter Cole Brigham (died 1870) depicting The Duvall Homestead at 140 North Ferry Road, Shelter Island will be exhibited. The Homestead, on 2.7 acres, which includes an original wing dating to before the American Revolution has water views to historic Sylvester Manor, Shelter Island’s first plantation. The details of this property will be available at the reception. 

Vintage photos of the 1880’s farmhouse formerly “The Harbor Inn”,owned by Nik Cohn and Michaela Muntean, will also be on display. Ms. Muntean will be present at the event.
Cohn is a British journalist, thought by many to be the “father of rock criticism”. He also wrote the source material for “Saturday Night Fever”. Muntean is an author who worked with Jim Henson and The Muppets, and has written over 65 Sesame Street children’s books. 

Penelope Moore is a Licensed Associate Real Estate Broker who heads up the Shelter Island office of real estate brokerage Saunders & Associates, which has offices in Bridgehampton and Southampton, NY. With nearly $250 million in sales on Shelter Island, Moore has been the leading real estate broker in this Hamptons’ enclave since 1997. 

Links: 
Grenning Gallery: http://www.grenninggallery.com/ Laura Grenning Grenning Gallery PO Box 3049 Sag Harbor, New York 11963 Cell 631-767-5302 Gallery 631-725-8469 

Saunders & Asssociates Website: http://www.ShelterIslandRealEstate.com/ 

Moore Profile: http://www.hamptonsrealestate.com/penelopemoore/mybio.php 

Duvall Homestead: http://www.hamptonsrealestate.com/hamptons-ny/expansion.php?innum=46827 

Cohn-Muntean Property 45 Burns Rd: http://www.hamptonsrealestate.com/hamptons-ny/expansion.php?innum=52745