17 photos that show why wealthy homebuyers are ditching the Hamptons for this laid-back island destination

This 8,000-acre island sandwiched between the North and South Forks of Long Island has long been known as the Hamptons' quieter sibling. It's stayed this way mainly because it's only accessible by ferry.

Local real estate broker Jonathan Smith of Sotheby's says that Shelter Island's less convenient location (for New Yorkers, at least) has helped to keep property prices down.

"It's in the heart of the Hamptons but separated by ferry, and that impacts the perceived value of land," Smith told Business Insider. "It offers excellent value for Hamptons buyers."

According to real estate site Trulia, median listing prices for homes in Shelter Island's most expensive neighborhoods hover around $1 million. The median listing price for houses listed in the Hamptons' most expensive hamlets — parts of East Hampton and Southampton, for example — are as high as $6.5 million.

We've rounded up the best spots to eat, drink, and stay on the island. And if you like it enough, check out some of the most high-end real estate you can pick up right now on Shelter Island.

Shelter Island is about a three-hour drive from New York City. The last leg of the journey requires taking a ferry, either from the North or South Fork. The ferry service runs every 10 to 20 minutes, 365 days a year. The South Ferry runs for longer hours in the summer.

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When it comes to dining out, there are a few local favorites. 18 Bay is one popular choice. The menu changes every week, but the concept remains the same: a four-course Italian meal that begins with four different types of antipasti, followed by a homemade pasta dish, an entree, and a dessert. This costs $75 per person.

23 North Ferry Road

Vine Street Cafe is another popular restaurant. You'll find it in a cozy cottage in the center of the island. Ingredients are locally sourced, and daily specials are offered. An entree costs around $35.

41 S Ferry Rd

They also operate a food truck from the edge of Montauk Highway in the Hamptons, serving simple burger dishes, fish sandwiches, and salads.

In the evening, head to SALT Waterfront Bar and Grill for drinks.

For more glamorous nights, head to Sunset Beach hotel. It's owned by André Balazs, who also owns Chateau Marmont in Los Angeles and The Mercer Hotel in Manhattan. Rooms start at $525 per night for a king room.

Seven, another boutique hotel on the island, offers rooms starting at $499 a night on weekends during the summer. It's just a five-minute walk from the beach.

A cheaper alternative, Shelter Island House, starts at $790 for two nights on weekends.

Shelter Island doesn't have a lot of waves crashing in, so its beaches are good for swimming. Wades and Crescent Beaches are considered to be the best swimming spots.

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Calm waters also make it an ideal place for kayaking. A local kayaking company offers rentals on single kayaks from $30 for two hours. It's also a great place to cycle — you can loop the entire island by bike.

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The island has some incredible real estate: this seven-bedroom house, built on nearly five acres, has a private waterfront, wrap-around porch, and a separate boathouse. It's on the market for $32 million.

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These are the most expensive houses ($8 million and above) that are currently on the market, according to a search.

This 1930s mansion, listed for almost $14 million, has its own private waterfront and a dock with four spots to keep your many boats. The interior of the house has a colonial feel to it, complete with chandeliers, large windows, and a grand staircase.

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This $12 million mansion is currently a hotel, but its being sold as a residential property, complete with a 108-seat dining room. There's a tennis court on the property and plenty more room to install a swimming pool.

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This $11 million modern build has its own stretch of private waterfront, a heated swimming pool, spa, and hot tub. There are six bedrooms in total.

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On the northwest side of Shelter Island, this eight-bedroom property surrounded by four acres of land is on the market for almost $10 million.

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Inspired by an English country home, this new build is listed for $9.25 million. The main house is set back from the water and surrounded by lush gardens and trees. Down by the water is a shared dock with a restored cabana.

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This hillside property has six bedrooms in total, which are spread across the two-story main house and guest house. It's listed for $8.95 million.

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This three-story mansion was built in 1884 and has been restored to maintain some its original character. The expansive lawn leads right down to the waterfront. It's currently listed for $8.875 million.

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17 photos that show why wealthy homebuyers are ditching the Hamptons for this laid-back island destination

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