Leaving Wall Street, Joseph Scavo started selling homes on Long Island more than 15 years ago and hasn’t looked back. “It just got to a point where it became exhausting and the passion for that kind of fizzled out,” he said. “I love the real estate market and I love working with people. It’s become a real good alternative for me.”
Long Island’s Roaring Market Trends
Working for Douglas Elliman, Scavo sells many homes in the Brookvilles and East Hills—two areas he’s particularly fond of. “There’s great shopping, great eateries, great accessibility to Manhattan,” he said. Scavo pointed out these villages are also in an ideal location for homeowners who desire to live in between the city and the Hamptons.
The realtor spoke more about a family trend he’s noticed in these areas and working in the business for nearly two decades.
Any fond memories of helping someone find a home?
I just did one where I had the buyer, who was excited about moving forward with the house, finally have an opportunity to meet with the seller. When you’re dealing with brokers, most of the time the seller is not there. It’s a great opportunity when you’re seeing the buyer and the seller and they are both passionate about the house. The seller who has been in their property for 40 years can share their experience with the new homeowner and feel comfortable and excited that they are passing this property on to somebody who is going to raise their kids in this house like they did and take care of the house. Money aside, that’s a home run for a broker.
What is one of the biggest changes you’ve seen in the business from when you started till now?
Right now it’s so easy to shop for a house online. It’s so easy to look up a good agent online or a bad agent. It’s so easy for a consumer to become an educated consumer because of all the accessibility that some of these websites offer.
What makes a good agent?
Experience, passion, work ethic and knowledge of market. Somebody that’s doing a lot of business, that’s usually a good indication that people like to work with him or her. Reputation goes a long way and will always follow you whether you like it or not.
Any trends you’ve noticed in the areas you work with?
One recently that I’m noticing is a lot of my buyers are cashing out on the Brooklyn market and moving here. I just did a transaction where the family sold their multifamily home in Brooklyn and they purchased something here on the North Shore. Now their property is two acres—before they weren’t getting two acres. They are enjoying the amenities that the neighborhood, the community and the particular property offers…They have a pool, a tennis court, a theater, a home gym, a sports court for their four kids. They built a hockey rink in the backyard for the winter!
Is it mostly families moving from the city to Long Island?
I’m seeing some families absolutely. But I’m seeing younger adults in their early 30s that are starting families or gearing towards that. They just want a different lifestyle that offers more amenities for their family.
What about market trends?
The common theme that seems to be everyone’s talk of the town for the past 16 months I would say is lack of inventory. There’s little inventory especially for something prime, whether it be prime location, prime condition, prime size…If a new listing does come out and it’s priced right, it sells quickly. That’s indicative of how strong the market is.