The North Shore of Long Island has emerged as a hub for luxury real estate, captivating buyers from both near and far.

The region’s picturesque charm, coupled with its close proximity to the city and the Hamptons, has established it as a highly desirable destination for those seeking an elevated living experience.

The North Shore lifestyle boasts stunning landscapes, thriving communities, and access to top-notch amenities, making it particularly appealing for individuals looking to relocate from New York City. Moreover, these individuals also acknowledge the area’s potential for long-term value and growth, making it an attractive investment opportunity.

Local families have been the driving force behind the surge in luxury transactions, as 50% of the transactions have come from those already living here.

These families are seeking larger, more luxurious properties. On any given street one is likely to see several homes going through a partial renovation or a complete rehabilitation.  Most homes are being built to the maximum square footage based on lot size.

Sellers in this market are in a unique, advantageous position. The demand to live in this area far outpaces the inventory available at any given time which has kept prices stable at historically high levels.

Over the last few years, we have seen construction costs and interest rates increase significantly but this has done little to suppress demand.  New construction homes are generating record prices as they hit the market.

Well-maintained 10 to 15-year-old homes are achieving levels higher than new-construction homes did just a few years ago. Buyers are coming with very strong financials and terms and have high expectations. Many will happily pay a premium for turnkey homes, valuing the convenience and immediate enjoyment.

Melanie Cogan, a highly regarded real estate agent on the North Shore, emphasized the strong demand for move-in ready homes in the area.

“Buyers are looking for homes that offer a seamless transition into the Long Island lifestyle,” she said. “They want to be able to enjoy their new homes from day one, without the hassle of renovations or construction.”

Agent Jessi Epstein, also specializing in North Shore luxury highlighted the premium placed on well-maintained older homes.

“There is a certain charm and character associated with these properties,” she said. “Buyers are willing to pay a higher price for homes that have been well-preserved over the years, saving them the time and effort required for extensive renovations.”

Luxury buyers are looking for amenities rarely seen in the past. State-of-the-art home gyms, wine cellars, golf simulators, movie theaters, indoor basketball courts and pools with cabanas are becoming more common.

New homes are not only maximizing square footage, they are also maximizing efficiency.  Buyers demand thoughtful designs that make the most of every square foot. Clever storage solutions and open floor plans are examples of highly sought after needs in the luxury home market.

We are also seeing a trend that a fully done home is more important than property size. Buyers are willing to compromise on acreage as a premium is being placed on the convenience and immediacy or not having to do extensive renovations which has significantly buoyed the prices of older homes.

The luxury real estate market on Long Island’s North Shore is thriving.

With its stunning landscapes, vibrant communities, and proximity to the city and the Hamptons, Long Island’s North Shore remains a coveted destination for luxury homebuyers.

Submitted by Liza Bendett,
Associate Real Estate Broker, The Scout Residential Team at Compass