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Point Lookout housing sales were still strong
during the year 2003, despite high property tax increases. New
buyers coming to Point Lookout from areas such as Rockville
Centre, Garden City, Westchester and the North Shore of Long
Island have been used to paying "higher" taxes, as
the tax rates in Point Lookout have always been among the lowest
in Nassau.
As of Dec. 31, information
provided by Comps Inc., a Long Island real estate information
gathering service, only 27 home sales were recorded in Point
Lookout during the past year, down from 44 during the 2002 fiscal
year. Over the past five years, home sales have declined,
due to the desirability of staying in the area, but price
increases averaged by 20 to 25 percent each year and reached an
average sale price of $750,000 for the fiscal year just ended.
Point Lookout is such a
popular area that homes coming on the market generally sell within
a week at the asking price or higher, and fewer and fewer homes
come on the market each year.
Point Lookout set the highest
price for a property sold on the barrier beach, resulting in a
higher value per square foot than any other community on the
barrier Island, including Atlantic Beach, Long Beach, and Lido
Beach.
The rental market took a dip
and left many rental properties vacant, due to the low mortgage
rates which encouraged renters paying $2,000 to $2,500 monthly to
commit to a $400,000 mortgage instead.
Of the 27 homes sold during
the past year, Hug Real Estate sold 11, or 42 percent, and all
were sold at higher prices compared to similar sized homes sold
during the same period. Hug Real Estate also sold the highest
priced home in Point Lookout for a record breaking $2,550,000 in
July of 2003. For more info
call Tom at (516) 431-8000 or visit his web site at
www.hugrealestate.com.
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