Shelter Island real estate professionals are unanimous in their optimism about the 2019 market.
Coming out of 2018, with a steep downturn in Community Preservation Fund (CPF) revenues of 44.6 percent from 2017, they see an upswing as deals that closed late in 2018 begin to flow through the pipeline to give a boost to the first quarter of this year.
Money for the CPF comes from a 2-percent tax buyers pay when purchasing East End properties and is used as a concrete market indicator of sales and revenues. (more…)
What a number of Island real estate professionals called “shocking” was news that the Community Preservation Fund (CPF) numbers — a good indicator of sales — for the first five months of 2018 were down by 41.3 percent from the same time last year, while numbers for the CPF on most of the East End are increasing. (more…)
REPORTER FILE PHOTO
The Ram’s Head Inn.
When landscape architect Susanna Herrmann outlined plans for major renovations to the Ram’s Head Inn at an April Planning Board meeting, co-owner Linda Eklund said that for the near future, she and husband James Eklund would continue to run the iconic inn.
What she and others didn’t say was the applicant of record for the plans was Easton Porter Group of North Garden, Virginia. (more…)
REPORTER FILE PHOTO The Ram’s Head Inn.
The Ram’s Head Inn is about to get a major makeover if owners James and Linda Eklund can secure approvals from the Planning Board, Zoning Board of Appeals and Suffolk County Department of Health Services. (more…)
JULIE LANE PHOTO The Capital One bank building is for rent.
An iconic Island inn on the block, the ongoing effort to sell a second, and a conversion of the former Capital One Bank building into rental space are dominating the commercial real estate market on Shelter Island. (more…)