Long Island hosts two of New York City's five burroughs, Queens and Brooklyn counties, as well as toney seaside resort towns and family homes east of Manhattan on the southeastern tip of New York State. Cutting across broad economic and ethnic backgrounds, the island is a study in contrasts and tolerance. Queens, for example, is considered the most ethnically diverse county in the United States, according to the U.S. Census.

Queens has an upper to middle class population, and is known for excellent schools, houses of worship and a terrific transportation system with easy access into New York City, according to Realtors.

"We're in a very strong sellers' market," says Realtor Semyon Sam Babaev, "up about six percent."

"The spring selling season is in full bloom on Long Island," say Realtors Frank and Marilyn Urso. "Sales are up along with prices. Homes listed at fair market value are selling within days or weeks. The market is strong due to the abundance of buyers and the low interest rates. Prices in this area begin in the $800's to over $4 million. The strong seller's market should last through the next quarter and into the fall."

Long Island is a wonderful places to live, work, and play with many beautiful beaches and parks and cultural activities, describe the Ursos. "Entry level homes in this area begin in the $300's," they say of the Oyster Bay, Huntington and Smithtown areas. "Prices have continued to climb from last summer's highs. We are seeing good signs of a somewhat increased inventory this spring and, with the continued low interest rates and an abundance of buyers, the market should remain fairly stable."

Add the Ursos, "The mild winter we experienced this year helped to keep the market and home sales from dropping in a typical January slump. The early spring seller's market has been very hot. Inventory in the housing market is increasing with new homes coming out daily. Prices are still on the high side, but those homes priced at fair market value will sell in a matter of days or weeks."

The Cold Spring Harbor school district is one of Long Island's most sought after areas, suggest the Ursos. "The villages of Laurel Hollow , Lloyd Harbor and Lloyd Neck offer two-acre properties, beaches, waterfront properties, and yet are convenient to shopping, the train, and major arteries. Cold Spring Harbor offers a range of property sizes with a historic 'village' area that has many quaint shops and restaurants. It is a true piece of history on Long Island's Gold Coast!"

The most famous of the Long Island beach areas is The Hamptons. "Over the first quarter of 2002 the Hamptons area in Long Island has seen an increase in new home and land sales," says Realtor Michael J. Sica. "This can be contributed to the lackluster investment potential in the stock market, the low rates of return in the banks and the low interest rates for mortgages. Real estate has continued to increase, and has been a sound investment even after 9/11 in this favorite vacation spot in the New York area."

"The rental market however has been slow," adds Sica. "This maybe caused again because of the low interest rates also, people maybe buying instead of renting and those big bonuses on Wall Street did not materialize this year."

Click here to view current Market Conditions in your location.

Published: May 24, 2002

Use of this article without permission is a violation of federal copyright laws.