The median price of a Shelter Island waterfront home rose 45.5 percent since 2008, according to a story recently published in the New York Times.
The current median price is now $2.38 million.
The most expensive Shelter Island home in 2014 sold for $9.5 million, much higher than 2013 top sale of $5.95 million.
“Though still substantially lower than on the South Fork, the high prices may indicate that real estate on the island is skewing toward the Hamptons rather than the North Fork,” reporter Marcelle Sussman Fischler writes in the story, published on page RE1 in the Aug. 24 edition of the Times.
The article notes, however, inland home prices have dropped nearly 16 percent over the same period.
The Island’s waterfront accessible properties, better value for money spent and the laid back atmosphere — enhanced by weekly Pridwin cookouts — were all cited as reasons why prices have risen.
Buyers say they want to avoid the “hustle and bustle” of the South Fork when looking further north.
“I felt the knots getting out of my shoulders when I got on the ferry. It’s a five-minute ferry ride but it’s a real cathartic moment,” Brooklyn-based venture capitalist Gareth Jones told the times.