Britain’s Financial Times is once again taking note of the North Fork, this time of what it calls the region’s booming real estate market.
“Amid the scenic collage of the North Fork’s laid-back farms and vineyards, a real estate boom is quietly taking hold as property prices climb steadily,” Troy McMullen writes in the article which was published online on June 20. “The rise is particularly noticeable at the upper end of the market, as wealthy second-home buyers increasingly shun the extravagance of the Hamptons in favour of a more modest home across the bay.”
The average price of a home on the North Fork in the first quarter of 2014 was $812,331, the Times writes citing a Douglas Elliman report. It compares it to the average price of a single-family property on the South Fork which was $1.7 million in the first quarter.
“It’s now a destination for a lot of people rather than just an afterthought,” Northforker columnist and Corcoran Group real estate agent Sheri Winter Clarry told the paper. “Now there’s people who want to own property here without even considering the Hamptons first.”
The Times attributes the region’s wineries and fine-dining scene for helping establish the North Fork as a destination in its own right.
This isn’t the first time this year the English newspaper recognized the North Fork. In May, it called Long Island’s Wine Country “New York’s most underrated summer destination.”