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Waterfront LI home prices and sales on rise

Sailing is a major attraction in Oyster Bay.

Sailing is a major attraction in Oyster Bay. The water was beautiful on July 31, 2015. Photo Credit: Heather Walsh

Both sales and sale prices of homes on the water or with water views are up for the first half of the year, according to data from the Multiple Listing Service of Long Island.

Some 318 of such homes in Nassau and Suffolk counties sold in the first half of this year, compared with 273 last year, a 16.5 percent increase.

The median sales price from Jan. 1 to June 30, 2015, for homes on or near the water was $715,000; last year for the same period, it was $700,000. That's a 2.1 percent increase.

The overall number of sales on Long Island, excluding the East End, increased 5.3 percent for the first half of the year, says Jonathan Miller, chief executive of Manhattan-based appraisal firm Miller Samuel. "So actually waterfront growth was a little more than triple the overall growth rate," says Miller. "That's pretty compelling."

But the median sales price for Long Island rose 7.1 percent, according to Miller's numbers, compared with 2.1 percent for homes on or near the water.

"The take-away is that while price growth didn't keep pace with the overall market, sales activity was much more robust, reflecting a resurgence in waterfront," he says. "That's a good sign in that sales activity tends to lead prices."

Superstorm Sandy's effect on waterfront property is part of the reason for the larger growth, Miller adds.

"You're coming from a low point . . . as we move further away of the event, we're seeing the market snap back to where it had been," he says.


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