OUR FINDINGS Long Island legacy homes of similar size and lifestyle were substantially more expensive than their San Juan Islands proxies, which can be acquired below replacement cost. Median listing prices on the South Shore were at very high multiples of RSIR’s current listed homes in the San Juans, although the median for the subset of homes listed in Forbes' leading towns was 15.6 percent lower. Legacy homes on Long Island’s North Shore were comparatively less expensive.
Shore, the median selling price per square foot was well over twice as high as RSIR’s current San Juan County listings, at $3,125/sf and $2,192.50/sf respectively for the South Shore and Forbes’ leading towns; and these were respectively 6.6 and 6.2 times the price per square foot for San Juan County high-end homes.
The oldest legacy homes in all areas were on the North Shore, as this area was the original Gold Coast and where J.P. Morgan, the Roosevelts, and the Vanderbilts among other notable families built some of the most remarkable legacy homes. Although a decade older than the oldest of RSIR’s current San Juan County featured listings, at 19 years, the median age of South Shore legacy homes was six years younger than the median for all high-end homes sold in the San Juans over the past two years. Homes in Forbes' most expensive towns were a median 10 years older than their South Shore neighbors.
While all legacy homes sold in these markets suffered price reductions from list that were greater than those in the San Juans, the difference between North Shore homes and San Juan County high-end homes was not great: -12.7 percent for the former, -10.7 percent for the latter. South Shore sale-tolist price discounts were nearly twice the median for San Juan County, at -20.4 percent to -21.2 percent for the respective median discounts for the South Shore and Forbes' leading towns, respectively.
North Shore legacy homes were found to enjoy higher median acreage: more than three times that of homes on the South Shore, and six times the median of South Shore homes located in Forbes' leading towns. Median acreage among South Shore homes surveyed was 81.8 percent greater than the median for San Juan County high-end homes sold, and twice that of Forbes' leading towns. However, these figures were all lower than the North Shore median, and much lower than those for RSIR’s featured listings. Long Island legacy homes of similar size were more expensive by the square foot than those in the San Juans. The South Shore median figure for indoor square feet was nearly equal to that for Madroneagle on Orcas Island; and the median indoor space for Forbes' leading towns was just 1.5 percent less. However, due to the higher selling prices on the South
Although the median price among North Shore legacy homes was lower than that on the South Shore, the median tax bite was markedly higher for the listings that we selected: 30.8 percent higher than South Shore homes, and 54 percent higher than the homes in Forbes' leading towns. South Shore homes were taxed at 23.6 percent less than the North Shore homes despite their much higher prices, although still more than twice our highest-priced listing in the San Juans. Three legacy home listings, two from the South Shore and one from the North Shore, serve to physically illustrate the comparison between legacy homes in these markets and the opportunities available in the San Juan Islands: on the North Shore, Duck Island Way in Asharoken; and on the South Shore, “Three Ponds Farm” at 939 Scuttle Hole Road in Bridgehampton, and “Halcyon Cove” at 196 Bay Lane in Water Mill.
W W W. LEG ACY H O M E SRE P O R T.CO M
Published on Aug 4, 2016
LEGACY HOME REPORT A legacy home is most often an expansive home, large enough to accommodate an extended family and guests, with fea...