Editor’s note: We are republishing our favorite stories of 2015.
A hamlet in Southold Town has cracked Forbes’ annual list of the 500 most expensive American zip codes.
With a median home price of $1,115,260, Peconic is ranked No. 397 on this year’s list, which was published Tuesday.
“The North Fork has been quietly hip for so long,” said Sheri Winter Clarry, an associate real estate broker with Corcoran Group in Southold. “Now it’s really beginning to hit its stride. Actually, it hasn’t even hit its stride yet.”
According to Forbes, homes in Peconic are listed for an average of 112 days and there are currently 26 on the market. The hamlet ranks one spot higher than a Washington, D.C, neighborhood with a median home price of $1.13 million, and just below Oakton, Va. With a median home price of around $1.2 million, nearby Shelter Island captured the 334th spot this year — up 60 rankings from 2014.
On one hand, said Clarry, Peconic’s ranking solidifies the North Fork’s steady ascent as a destination instead of an alternative to the Hamptons.
This serves as a boon to the local economy, said Michele Della Croce, a real estate agent with Douglas Elliman in Mattituck.
“It brings a lot of people to the community, which is good for business,” she said. “On the other hand, it’s challenging for people who were born and raised here and want to remain here, like young couples.”
That’s because entry-level homes are increasingly cost-prohibitive, Della Croce said — often to the point where first-time buyers are forced to look elsewhere.
“They’re out of reach,” she said.
Clarry said she sees “no downside” to Peconic making Forbes’ list.
“That’s just called progression,” she said.
According to Della Croce, Peconic likely made Forbes’ list because property sizes are larger and lots often include acreage.
“That will bring up the dollar value,” she said.
Clarry agreed, noting that she sold a 135-acre farm in the hamlet for $19.5 million in 2008.
“Peconic has a nice mixture of land and very dramatic waterfront,” she said. “It’s just spectacular.”
Next year, it wouldn’t surprise either real estate professional if more North Fork hamlets cracked Forbes’ list. Della Croce said her company is busier than ever.
“This is definitely the start of a trend,” she said. “I could foresee Orient being on the list. It’s really blossomed into a very desirable area.”
To see Forbes’ complete list, click here.
Caption: A home on Main Road in Peconic listed for $1,999,950. (Credit: courtesy photo)