Real Estates

by Diane Strecker

Someone recently asked me what an acre of land costs on the North Fork these days. They wanted to know how land is priced and what its real value is based on. In pricing land on the North Fork, realtors take into account many factors, such as the proximity to the nearest body of water, what body of water that may be, developmental rights, zoning and any restrictions that could possibly be imposed on the land’s future owners.

A North Fork businessman and longtime Southold resident told me that when his family first came out here in the 1950s, you could buy a waterfront parcel for $1 per acre or 50 cents for each farm acre. Yes, 50 cents per acre. Land values have certainly come a long way on the North Fork since then. Today, the highest-priced listing is an 106-acre property in Aquebogue on the water priced at $35 million. Relatively speaking, you can still find fairly affordable land on the North Fork. There are still quite a few small building lots from Aquebogue to Mattituck for sale for less than $300,000. You can buy a beautiful acre of creek or harbor front property in Mattituck for $795,000. That same acre, directly on the Long Island Sound, could cost you about a million, plus the hassle of securing building permits. You can pick up a small, quarter-acre lot on the bay for just under a half million dollars.

Farm acreage, on the other hand, is still the best buy. When a property is agriculturally zoned it can be used only for vineyards, nurseries, sod farms, farm stands and other purposes of that nature. In considering the purchase of one of the larger parcels on the North Fork, there are usually terms and conditions on the sale restricting its use, or provisions to dedicating a number of acres to green space, as is the case with the many golf courses that have sprung up over recent years. On the North Fork, there are seemingly endless fields of grapes, rows of corn and rich green fields.

The town of Jamesport is growing in popularity all the time. Many new restaurants and shops have opened there in the past few years. The number of vineyards has also increased. The number of farm stands and nurseries has doubled in just the past three years.

There are 69 farm acres for sale in Jamesport right now, listed at just under $6 million. The property could be divided into smaller, three to fifteen-acre parcels. Individually, that would place their value at approximately $85,000 per acre. When one considers the 1950s going rate of 50 cents per acre and the fact that the owner might possibly have owned that farm since then, that is quite a hefty profit. It is no wonder that families that have owned these properties for decades are cashing in. Long-term equity has transformed many a simple farmer into a wealthy land baron. This is a trend we have seen taking place this past year across the East End, particularly in Montauk. If you are interested in the 69-acre parcel in Jamesport, contact Hampton Estates Realty. The property would be the ideal setting for a vineyard or nursery.

Also for sale on the North Fork is the 89-acre Castello DiBorgese Vineyard and Winery, priced at $9.2 million. This property includes a fully operational winery as well as a tasting room and events facility. The vineyard is located in Cutchogue, the heart of the North Fork’s wine country, on well-traveled route 58. It is listed with Brown Harris Stevens in Cutchogue.

In Southold, a motel and 20-slip marina is available for purchase. The motel includes 20 suites and is situated on two acres of Peconic Bay front. The property is visible from the main road and includes two vacant buildings as well as two already established retail stores. It is listed with Century 21 Agawam Albertson in Cutchogue and is priced at $6,300,000.

You can reach Diane at eastendrealest@yahoo.com.