There is no way of knowing if you will make money or lose money in real estate until you put the for sale sign in the front yard. No one can predict the market into the future without a crystal ball. It is just like the stock market it is like the luck of the draw. There are to many factors that play into what you can and can not get for a house when you sell it after you purchase it. Purhasing a home is the biggest investment you are going to ever make in you life and sometimes you win big and sometimes not so much. Good luck and choose wisely.... more
The statistics for YTD 2013 are 13.67% for MLS zone 30 which includes Shelter Island, Southold and Riverhead Townships. This is based upon 33 recorded transactions on MLS. This is a statistic, but should not be applied to any particular sale or purchase that you contemplate. These discounts are from the last listed asking price, not the starting price on a particular listing, and does not take into consideration that the property may have been previously listed with another broker, or with the same broker at a different price.
Some properties sell at or close to their listing prices, a few may generate a premium from the ask, and still others sell at a severe discount, depending on how ambitious their price starting point was.
Please check with a local broker, as the purchase of land could be a tricky thing, especially if there are not permits in place for your ultimate use.... more