Since he was a child, Peter McCracken has felt a certain pull to Shelter Island. Growing up as a summer Southampton resident, he and his family would often boat over to the serene island nestled between the North and South Forks, with its nature preserves and winding streets with water views around every turn. “I always found that getting to an island with a ferry was comforting,” McCracken says.
After graduating from the University of Florida – where he studied business administration and accounting – McCracken decided to move to Shelter Island full-time. The following year, 1992, he took a real estate course on the advice of a friend in the real estate business and earned his license. And for the last 32 years, McCracken has helped countless people find their dream home on the bucolic island with salt-air breezes and a relaxed pace that he continues to call home.
Currently a licensed associate broker with the Corcoran Group, McCracken broke a record in 2010 for the highest-priced home sale on Shelter Island, when his 11-bedroom listing on Shorewood Court with 7.8 waterfront acres and a boathouse traded for $12.4 million – a record that stood until last year.
way is listed at $7,495,000.Media Hamptons for Corcoran
McCracken has several stunning current listings on Shelter Island, including 5 East Brander Parkway, for $7.495 million. This wonderful waterfront estate is located on West Neck Bay in the secluded Silver Beach section. The remodeled five-bedroom, six-bath home, which has water views from all rooms, features a large open kitchen with high-end appliances, which opens to a massive dining room overlooking the rolling yard down to the water. The property, which includes a veranda, pool and deep-
water dock, fronts the water on two sides.
On the market for $5.995 million, 8 Cove Way is an exquisitely designed, totally renovated home with 113 feet of waterfront and lovely cutting gardens that bloom throughout the year. The beautifully constructed four-bedroom, five-bath home offers water views from every room, while the property includes a beautiful stone patio, a heated gunite pool and a protected dock.
the Shelter Island Sound, is asking $5.45 million.Media Hamptons for Corcoran
Offered for $5.45 million, 20 Prospect Avenue is a stunning Shelter Island Heights Victorian that sits high on a bluff, overlooking the pool and Shelter Island Sound with its marvelous sunsets. With seven bedrooms on three floors and five full baths, the home offers the feel of days gone by, with its various sitting areas all with views of the water.
One of the island’s grand dames, it is close to town, restaurants, the ferry and the beach club with tennis courts.
McCracken’s listing at 106 South Ferry Road, on the market for $2.795 million, sits on 3.25 acres and is a minute from the South Ferry. This wonderful, light-filled home offers beautiful views of rolling hills, with four bedrooms, four full baths and a newly remodeled open kitchen, as well as a guesthouse.
A contemporary home at 9 Crescent Way in Hay Beach, listed for $1.995 million, offers beach access. This open-concept house, built in 2000, features extremely large bedrooms, with the primary bedroom located on the main level. The open kitchen, living room and dining area feature vaulted ceilings, a fireplace and walls of glass leading out to the large deck, with an outdoor shower and lovely private Gunite pool.
During the pandemic, demand for Shelter Island skyrocketed, as it did for other areas of the East End. “People from the city were looking to escape and live in a more relaxed, safe haven,” McCracken says. “The sales continued for quite some time, which drew the inventory down to levels never seen before. Up until the beginning of 2024, the market was quite busy.”
McCracken says there has since been bit of a slowdown, which was to be expected given the low inventory levels.
“Our inventory is still slightly lower than usual,” he says, noting there are currently about 70 listings available, including both homes and land. “Inventory is slowly rising, which is a good thing. It gives buyers more options, which makes them not feel pressured into buying.”
As McCracken notes, in the Hamptons, buyers who can’t find what they’re looking for in a particular hamlet can move to the next hamlet to try to find something to meet their criteria. “But since Shelter Island is an island, that’s it!” he says. “They are not making more land.” In total, Shelter Island is about 8,000 acres in size. Nearly a third of the island is owned by the Nature Conservancy, which ensures the preservation of freshwater marshes, woodlands and fields in their wild state.
But now, with inventory starting to rise, McCracken says the market will pick up again. “There are a lot of extremely good deals on the island right now,” he says. Though the percentage of year-round residents has increased in recent years on the East End, McCracken estimates that Shelter Island is still about 75% seasonal. During the pandemic, there was an influx of year-round residents, increasing local school enrollment. “However, the past two years, that has changed, and we have now seen a decline in our school enrollment,” he says.
Shelter Island has traditionally attracted a different buyer than the Hamptons, McCracken says.
But buyers that would have opted for the Hamptons are also now turning to Shelter Island, as an alternative to the high prices and increased traffic in the Hamptons. On the North Fork, where there is more inventory to choose from, prices are slightly lower than on Shelter Island. “The North Fork during the fall is especially beautiful, with all of the vineyards and farms – there is nothing like it,” McCracken says. But more and more people have discovered the North Fork in recent years, “and along with that comes traffic!” he says.
Shelter Island residents can easily access the North Fork via a short ferry ride to Greenport. To the south, a quick ferry trip connects residents to the communities of the South Fork.
“To get to any of the Hamptons, all we need to do is take a back road…Noyac Road to Southampton, Sag Harbor/Bridgehampton Turnpike to Bridgehampton and Route 114 to East Hampton. Sag Harbor is a 15-minute ride, including the ferry,” McCracken says.
As a successful real estate agent, McCracken works seven days a week, so he doesn’t have much down time, especially during the height of the season. But when he has the opportunity to relax, his favorite pastime is sitting on Crescent Beach, near where the Sunset Beach Hotel is located.
“A big group of us might get together in the afternoon and lounge and talk, perhaps enjoying a bottle of rose,” he says. He also enjoys sailboat races off of Dering Harbor on Wednesday evenings.
“They start at 6 p.m. and head out to Noyac Bay and back,” he says. “It’s a great evening, especially if there’s a lot of wind. It’s enjoyable to be out on the water and watch a beautiful sunset.”
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This article appeared in Behind The Hedges in Dan’s Papers in the Hamptons and in Palm Beach on Friday, Dec. 13, 2024. Read the full digital edition by clicking here.
