good and after fi ve long years with a sluggish
market, real estate is rebounding nicely. Sales
are stabilizing and prices are on the rise. Lots
of old inventory, especially on the high end has
fi nally sold. It's as if someone threw a switch
and when the lights came on, many listings
disappeared and a host of new ones came on
the market.
tial markets and many buyers are now taking
advantage of them. With more demand the
handful of "spec" builders who survived the
crash are busy once again. Historically the
Montauk real estate market mimics the stock
market and with the Dow reaching all time
highs this year, the demand for real estate has
followed suit. There is activity in both the high
and low ends of the market.
are investing again, there's defi nitely a reason.
The low end of the market is also coming back
strong. People are buying starter homes and
feeling a sense of fi nancial stability that they
have not felt in quite some time.
test place to be right now. In addition, many
people are coming here because their usual
beach spots were badly hit by hurricane Sandy.
Montauk has always been one of the most
beautiful Villages on Long Island and now
many new people are discovering its qualities.
properties and prices have started to creep up.
Stay ahead of the curve and buy now. If you are
ready to take the plunge you can fi nd a starter
home for around 600k, a condo for about 400k
or a co-op on the beach for 225k. Water view
homes start at around 1.5k. Naturally, the closer
you get to the beach and the more amenities
you require, the higher the price. A luxury
home with a pool and a decent view will run
well over 2.5 million and ocean front properties
today are priced well over 9 million.
ing any more of it." That is very true here in
Montauk. If you have your heart set on build-
ing your dream house, be prepared to spend at
least a half a million for a buildable lot that is
70% nature preserve has kept the price of land
high and vacant parcels are scarce.
here of real estate and development and if
you're thinking of buying here there are many
different neighborhoods from which to choose.
area that skirts Montauk's Fort Pond. Through-
out this area are many small tudor-style homes
built by Carl Fisher, a famous developer who
in the 1920's bought all of Montauk to make a
fashionable resort. The Montauk Manor and
the Montauk Playhouse are two of his legacies.
These homes, built for his workers and manag-
ers, were made to look like English country
cottages. Today they represent a very special
piece of Montauk's unique story.
Island Sound. This area, called Culloden, was
developed in the 1960s. A large marketing
fi rm, together with Macy's Department Store,
sold and built beach bungalows called "Lei-
suramas". Buyers could view and purchase an
entire house on display at Macy's in New York
City, right down to the dishware. It was such
a successful idea that nearly 200 homes were
sold, and many of them are still here today.
hotter then ever. Don't wait. Buy now and you
won't regret it. Again, I'm no fortune teller but
that's something I can predict!
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