Defying the down market on Long Island
Homes glow as morning sunlight brightens the shore line landscape in Centerport. (June 27, 2011) Credit: Craig Ruttle
Even in the face of real estate news that tends to go from bad to worse, some Long Island communities seem to be doing the impossible: Home prices in these areas have held their own or even improved, compared to last year. That's particularly impressive, since last year's numbers may have been artificially inflated by the federal tax incentive for home buyers.
The Multiple Listing Service of Long Island provided data for communities that had at least 24 closed transactions between May 2010 and April 2011. This produced a sample of 50 communities in Nassau and 59 in Suffolk. (The data did not include the East End.) Newsday compared the median sales price and the number of home sales in April 2011 to the number sold in April 2010 -- when the numbers may have been boosted by the tax incentive.
Communities that showed improvement in pricing and sales in April were pulled for closer examination. Then, we compared a full year's worth of data -- from May to April 2011 vs. May to April 2010 -- to see which areas were able to sustain, or even exceed, their median sales price from the prior year.
Six of those communities are featured here, in an update to last year's Beating the Bust feature.
Median price up 14.2%
WHERE IT IS It's all about the water in Centerport, a tight-knit community that holds lobster bakes and children's activities on the shores of Centerport Harbor. It's located in the Town of Huntington on the North Shore. Its neighbors include Northport, Greenlawn and Huntington Bay. There are two town beaches as well as private associations with beach and mooring rights. Huntington Hospital is the nearest hospital. Centerport is home to the Vanderbilt Museum and Planetarium. Commuters can take the peak train from Greenlawn or Huntington Station and get to the city in 58 to 68 minutes.
SCHOOL DISTRICT Harborfields
What the numbers show The median price in Centerport rose 14.2 percent, from $499,000 to $570,000. Sales improved by 3.6 percent, from 55 to 57.
WHY IT'S HOT "It's a niche market there, which has been holding its own," says Linda Bonarelli Lugo of Realty Executives North Shore in Huntington. Buyers are attracted to the proximity to the water and the residential feel, she says. "There's very little shopping, and that makes it unique. I think they [residents] don't want the hustle and bustle. It's a quiet place to live." She says the schools are the biggest draw. Harborfields had a 98 percent graduation rate last year, and 72 percent of graduates earned a Regents Diploma with Advanced Designation.
Median price up 5%
WHERE IT IS Garden City, which offers tree-lined neighborhoods, private golf courses, a luxury hotel and several public parks, is in the Town of Hempstead. It's home to Roosevelt Field mall and Adelphi University. Nearby communities include Mineola, East Meadow, Franklin Square, Hempstead, West Hempstead, Floral Park and New Hyde Park. Commuters have several choices of train stations, including Garden City, Merillon Avenue, Nassau Boulevard, Country Life Press, and nearby Stewart Manor and Mineola. It takes 44 to 50 minutes to get to Manhattan from the Garden City station.
SCHOOL DISTRICT Garden City
WHAT THE NUMBERS SHOW The median sales price for Garden City increased 5 percent, from $733,163 to $770,000. Sales declined 3.3 percent, from 180 to 174.
WHY IT'S HOT "The market remained incredibly tight here for a few reasons," Donnelly says. The income required to afford a house would have disqualified most from receiving the tax credit. But the incentive did help the would-be move-up buyers to unload their co-ops and condos, and the high-end market is reaping those benefits this year, he says. "The tax incentive pushed all the lower-end apartments out of the market, and all the people stuck in those apartments were looking to buy houses, so it prompted a good amount of sales." He says buyers are attracted to Garden City's parks, nightlife, convenience to Manhattan and schools. Garden City Schools had a 98 percent graduation rate for the 2009-2010 school year, and 83 percent of graduates earned a Regents Diploma with Advanced Designation.
Median price up 8.3%
WHERE IT IS Glen Head, a charming and hilly North Shore community with a small-town feel, is in the Town of Oyster Bay. Its neighbors include Glen Cove, Old Brookville, Glenwood Landing and Sea Cliff. The train ride from the Glen Head station to Penn Station takes a little less than an hour.
SCHOOL DISTRICT North Shore
WHAT THE NUMBERS SHOW The median sales price in Glen Head for the year rose 8.3 percent, from $520,000 to $563,000. Sales remained level at 46.
WHY IT'S HOT Bettie Meinel of Laffey Fine Homes in Greenvale says buyers are attracted to Glen Head's convenience to the city, the Long Island Expressway and popular shopping areas such as the Miracle Mile, Wheatley Plaza and Roosevelt Field mall. While the tax credit helped last year, "pent-up buying" due to the harsh winter led to some sellers receiving multiple offers and making quick sales this spring, she says.
Median price up 2.9%
WHERE IT IS North Babylon is a "great mix of little neighborhoods that make up a wonderful school district," says Lisbeth English, president of the Long Island Board of Realtors. Its claim to fame is the 459-acre Belmont Lake State Park. Located in the Town of Babylon, its neighbors include Deer Park, West Bay Shore, West Islip, West Babylon and Wyandanch. Commuters can take the train from Babylon or Deer Park and get to Manhattan in 62 to 70 minutes.
SCHOOL DISTRICT North Babylon
WHAT THE NUMBERS SHOW North Babylon had a 2.3 percent increase in median sales price, from $310,000 to $317,000. Sales fell 19 percent, from 117 to 95.
WHY IT'S HOT "It's an area that was previously overlooked," says English of Netter Real Estate in West Islip. But buyers have become more savvy, she says. "I think that using the Internet has probably helped a community like North Babylon, because people get the facts about what is going on there and why it's such a worthwhile destination." At press time, the asking prices for current listings in North Babylon range from $169,000 to $498,999. "It's still a fabulous value," she says.
Update
How have last year's Beating the Bust communities fared? Here's a look at the numbers from May 2010 to April 2011 versus May 2009 to April 2010:
PORT JEFFERSON This community was a winner for the second year running. The median price rose 11 percent, from $481,000 last year to $534,000 this year. The number of sales went up from 50 to 54 -- an 8 percent increase.
EAST ROCKAWAY The median sales price slid 2.6 percent, from $400,000 to $389,500. The number of sales went from 70 to 58 -- a 17 percent decrease.
EAST ISLIP The median price remained almost level, dipping just .7 percent from $385,000 to $382,500. Sales fell 26.4 percent, from 91 to 67.
NEW HYDE PARK The median sales price rose ever-so-slightly, from $480,000 to $481,500 -- a .3 percent uptick. Sales were down 5.5 percent, from 237 to 224.
HOLBROOK The median price declined 7.3 percent, from $359,900 to $333,500. There were 109 homes sold -- a 24 percent decrease from 143 the previous year.
GREAT NECK There was a 3.8 percent decline in median sales price, from $867,500 to $835,000. The number of homes sold fell from 260 to 233, a decrease of 10.4 percent.
