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This past Saturday I rode the ferry from New London to Orient Point and on my way home there seemed to be an inordinate, if not amazingly large number of House For Sale signs. Curious, when I arrived home I checked the realtor websites and there seem to be hundreds of homes for sale on the north fork from Jamesport to Orient. Can that many homes be up for sale at the same time? Is the current inventory higher than in the past couple of years?
I would hate to be a homeowner there when Wall Street starts laying off again this summer.
I think during the boom the north fork got overbuilt and then bought by many people stretching to have second homes, now that times are tight lots of people can't carry double overhead.
I'm sure plenty of those are upside down.
In most "second home" areas, a large part of the inventory is perpetually for sale. People are much more willing to part with second homes for "the right price" at any time since there are no imminent logistics of jobs, schools, housing to deal with if it is sold. You will find a similar, if not greater, prevalence of homes for sale on the south fork.
That said, just based on the for sale signs on front lawns, it does appear that more north fork properties are on the market compared to other recent years. Perhaps a reflection of slow sale pace.
I think they are going a lot lower. Once wall street starts laying off again they'll take another leg down.
On the north fork alot of the homes were handed down through the families for years. The north fork is great and if you get the right areas, it can be priceless.
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