Long Island is extremely diverse: in culture, in people, in neighborhood, in style. But for outsiders, it has a certain reputation, from the accent to the lifestyle. It is a place where the letter “o” is replaced with “aw” (think “cawfee”); a place where “everyone” drives Maseratis; and a place where the socialites vacation. And while an outsider’s perspective is a stretch, this reputation is not without reason. Nassau County and Suffolk County repeatedly boast some of the highest median property values, and highest median property taxes. In 2016, Long Island was home to nine of the most expensive zip codes, according to Forbes, including the fourth most expensive in the United States: Sagaponack, with a median home price of over seven million dollars. These towns spanned both Nassau and Suffolk Counties, and both the north and south shores, including Bridgehampton, Old Westbury, Lawrence and Montauk. It is safe to say that Long Island certainly is one of the United States’ most expensive places to live.
Long Island’s luxury real estate market, or real estate valued at a median of over one million dollars, is booming. The lowest Long Island town on that list is Syosset, with a median home sale price of over $1.1 million dollars. This survey does not even account for towns, such as Massapequa or Freeport, St. James or Port Jefferson, which may have a majority of their homes under the luxury watermark, but contain a slew of homes that far exceed it based on size or location. Nor does one actually think, when looking at median home prices on Long Island, about what the actually means.
In Sagaponack, where the median exceeds seven million dollars for a home, there are certainly more affordable homes, in the one million dollar range. But, there are also homes, currently on the market with listing prices approaching, and even exceeding, sixty million dollars. For example, a Sagaponack “compound” is currently on the market for $59,900,000.00. The lot consists of a main dwelling, a guest home and a “recreational pavilion.” It spans 10,000 square feet on a 10.5 acre property. There is an extraordinary twelve bedrooms and eighteen bathrooms. It is a brand new, modern build, situated to obtain prime views of sunsets in the Hamptons.
And, this is not an abnormality. If you take a look at a Long Island real estate company website, such as Signature Premier Properties, you will see an entire inventory of homes with seven or eight digit price tag, and they are not all in the summer vacation destination of the Hamptons. For example, a home in Upper Brookville, one of the most expensive towns to live in Nassau County, there is currently a five bedroom, six bathroom home on the market for nearly thirty million dollars. There is a seven bedroom, thirteen bathroom home in Great Neck, another one of the most expensive towns in Nassau County, on the market for twenty two million dollars. There is a seven bedroom, nine bathroom home in the market in Kings Park, located on the north shore of Suffolk County, for about fourteen million dollars. And the list goes on and on.
These houses are home to superstars and some of the wealthiest in the country, giving Long Island its luxurious stereotype. But Long Island is not only home to the rich and famous, but also the working and upper middle class, with white picket fences, two-and-a-half kids and a dog. Despite being statistically more expensive in home prices and property taxes than almost all of America, there is a home for everyone. So whether you are looking to buy or sell a multi-million dollar home, or something more moderately priced, call Signature Premier to speak to a Long Island real estate agent and make Long Island home.