20 August, 2022

Mafia World

Inimitable Business

Early gross sales brisk as development begins at Dix Hills rental growth

Although development simply started in September, a rental undertaking in Dix Hills is already practically half bought, due to a Lengthy Island housing market propelled by robust demand and weak provide.

The Seasons at Dix Hills, the newest within the Seasons collection of 55-and-over rental developments from Jericho-based Engel Burman Group, is bringing 86 residences to a 9-acre website on Deer Park Highway simply south of the Lengthy Island Expressway.

Previously occupied by DeLalio Sod Farms, the property is being reworked into 13 residential buildings and an 8,000-square-foot clubhouse, that includes a health heart, a bar/bistro, yoga studio and outside pool.

Every of the condos have two bedrooms and two-and-a-half bogs with 9-foot ceilings and hooked up garages. Lots of the items, which vary in dimension from 2,197 sq. toes to three,025 sq. toes, even have basements.

Costs of the condos on the Seasons at Dix Hills begin at $790,000 and Engel Burman principal Scott Burman says the residences are going quick.

“We’re seeing a really, very robust market,” Burman mentioned. “There’s simply an enormous demand for housing proper now and we’re seeing strong gross sales in our Seasons undertaking.”

Lengthy Island rental gross sales and costs have elevated 12 months over 12 months. Within the third quarter of this 12 months, there have been 286 closed rental gross sales in Nassau County, up 81 % from the 158 rental gross sales in Q3 2020, in keeping with numbers from OneKey MLS.

In Suffolk County, there have been 498 closed rental gross sales within the third quarter, a rise of practically 33 % from the 375 rental gross sales recorded in Q3 2020.

Apartment costs on Lengthy Island have additionally risen sharply within the final 12 months. The median value of closed rental gross sales in Nassau in September was $699,000, that’s up 11.4 % from the Sept. 2020 median rental value of $627,500.

The September median value of closed rental gross sales in Suffolk was $388,500, which was greater than 18 % greater than the $329,000 median for rental gross sales recorded in Sept. 2020.

“Lots of people are migrating east and a variety of empty nesters are promoting their single-family properties to younger households and in search of housing alternate options,” Burman mentioned. “A number of the demand has been pushed by COVID, inflicting folks to depart denser city areas for the suburbs.”

Engel Burman constructed its first Seasons neighborhood in Plainview in 2007, the place condos then began at $480,000. The corporate has since added Seasons developments in East Meadow, Seaford and Elwood. Together with its new Dix Hills undertaking, the developer has bought practically 1,000 condos below the Seasons model.

Engel Burman is planning to construct one other Seasons neighborhood in Commack, which continues to be within the approvals course of.

“We’ve been constructing Seasons communities like this for many years,” Burman mentioned. “We nonetheless have a really robust marketplace for this product on Lengthy Island and it’s nonetheless underserved.”