North Fork - Long Island - Home Sales - February 2010
Authored by: Laurie Mindnich
March 7th, 2010 category: Real Estate News
The following is a market update on activity being enjoyed by home sellers and home buyers on the North fork of Long Island. All data is collected from the MLSLI, and while deemed reliable, no guarantees. Towns incuded are Aquebogue, Baiting Hollow, Calverton, Cutchogue, Greenport, Jamesport, Peconic, Mattituck, New Suffolk, Orient, Riverhead, and Southold, NY.
HOMES CLOSED FEBRUARY 2010
CUTCHOGUE, NY CLOSED HOMES:
110 OAK DRIVE LIST PRICE: 429,900 CLOSED PRICE: 410,000
4030 STILLWATER AVE LIST PRICE: 525,000 CLOSED PRICE: 490,000
1530 S. NEW SUFFOLK ROAD LIST PRICE: 599,000 CLOSED PRICE: 540,000
800 DEPOT LN LIST PRICE: 799,000 CLOSED PRICE: 750,000
GREENPORT, NY CLOSED HOMES:
535 3RD ST LIST PRICE: 339,000 CLOSED PRICE: 329,600
2405 BAY SHORE LIST PRICE: 775,000 CLOSED PRICE: 680,000
MATTITUCK, NY CLOSED HOMES:
2350 REEVES ROAD LIST PRICE: 409,900 CLOSED PRICE: 380,000
4205 BREAKWATER RD LIST PRICE: 699,000 CLOSED PRICE: 640,000
140 BAILIE BEACH RD LIST PRICE: 790,000 CLOSED PRICE: 790,000
RIVERHEAD, NY CLOSED HOMES:
47 SIGAL AVE LIST PRICE: 89,900 CLOSED PRICE: 72,000
32 GROVE ST LIST PRICE: 119,900 CLOSED PRICE: 120,000
215 EAST AVE LIST PRICE: 229,000 CLOSED PRICE: 210,000
375 SOUND SHORE RD LIST PRICE: 499,000 CLOSED PRICE: 426,000
SOUTHOLD, NY CLOSED HOMES:
1065 JASMINE LANE LIST PRICE: 399,700 CLOSED PRICE: 350,00
400 TOWN CREEK LN LIST PRICE: 595,000 CLOSED PRICE: 600,000
915 RUCH LANE LIST PRICE: 699,000 CLOSED PRICE: 610,000
275 SLEEPY HOLLOW LN LIST PRICE: 703,900 CLOSED PRICE: 703,000
1255 WATERVIEW DR LIST PRICE: 750,000 CLOSED PRICE: 720,000
290 RED FAWN RD LIST PRICE: 1,699,000 CLOSED PRICE: 1,500,000
UNDER CONTRACT HOMES, FEBRUARY 2010
AQUEBOGUE, NY UNDER CONTRACT HOMES:
89 JOSICA DRIVE LISTED PRICE: $359,990
77 FOX TRAIL LISTED PRICE: $399,990
BAITING HOLLOW, NY UNDER CONTRACT HOMES:
LOT 16, ALFRED AVE LISTED PRICE: $374,900
LOT 5 ALFRED AVE LISTED PRICE: $449,900
LOT 25 ALFRED AVE LISTED PRICE: $499,990
CUTCHOGUE, NY UNDER CONTRACT HOMES:
16495 COUNTY ROAD LISTED PRICE: 240,000
4520 PEQUASH AVE LISTED PRICE: 415,000
4430 NASSAU POINT RD LISTED PRICE: 799,000
GREENPORT, NY UNDER CONTRACT HOMES:
717 FRONT STREET LISTED PRICE: 325,000
75 ROBINSON RD LISTED PRICE: 429,000
JAMESPORT, NY UNDER CONTRACT HOMES:
224 WASHINGTON AVE LISTED PRICE: 369,000
73 TIMOTHY LANE LISTED PRICE: 379,000
MATTITUCK, NY UNDER CONTRACT HOMES:
430 KRAUS RD LISTED PRICE: 499,000
140 BAILIE BEACH RD LISTED PRICE; 790,000
NEW SUFFOLK, NY UNDER CONTRACT HOMES:
145 FRED DRIVE LISTED PRICE: 649,900
ORIENT, NY UNDER CONTRACT HOMES:
1565 NORTH SEA DR. LISTED PRICE: 699,000
SOUTHOLD, NY UNDER CONTRACT HOMES:
430 GROVE RD. LIST PRICE: 299,000
8150 SOUNDVIEW LIST PRICE: 360,000
830 EDS RD LIST PRICE: 365,000
750 LIBERTY LANE LIST PRICE: 389,000
345 BUDDS POND RD LIST PRICE: 399,000
3600 PINE NECK RD LIST PRICE: 469,000
460 W. CLEARVIEW AVE LIST PRICE: 489,000
1230 OAK DRIVE LIST PRICE: 555,000
665 GOOSE CREEK LN LIST PRICE: 599,000
800 MID FARM RD LIST PRICE: 665,000
185 WILLOW POINT RD LIST PRICE: 1,299,000
TO VIEW ALL AVAILABLE HOMES ON THE NORTH FORK OF LONG ISLAND, CLICK HERE.
Homes for Sale- North Fork of Long Island
Authored by: Laurie Mindnich
February 22nd, 2010 category: Buyers
Finding homes for sale on the East End / North Fork of Long Island has never been easier.
Like a growing number of east end real estate sites, Options Realty has signed up for a home search feed that includes all participating members of our local MLS.
Using the feed, once you get the hang of it, is simple. Just be sure to indicate your preferences prior to your search. Looking for condos? Click on “north fork condos”, and read through the choices, beginning with “condo”- when you seek a specific location/town, click on the town, then the “add” tab in the middle. At the bottom, you can narrow further by clicking on “55 and over”, along with other criteria.
The search for single family properties is equally simple: just click on your town(s) of interest (if there is more than one, click each, and hit “add” so that it appears in the second column to the right) and continue with further narrowing down- price point, etc. If you want to view all homes on the North fork of Long Island, no criteria is needed- just click “go” at the bottom.
If your search is simply for bank owned or REO homes on the east end of Long Island, click on the “foreclosure” tab at the top, and you’ll be brought to the same page, but lead directly to bank owned. Because the offerings are limited, simply clicking on “go” without narrowing down will bring you to all bank owned properties on both the North fork, and in the Hamptons.
You can save your preferences; sign up for auto updates (which will deliver your properties of interest directly to your mail), or just check in now and then to see what’s what! Auto updates permit you to have new listings in your area of interest automatically sent to you.
The MLSLI provides this convenient search option, along with any of the participating brokers on the east end of Long Island seeking to maximize their seller’s exposure. This convenient feature permits a sellers property to appear on all participating broker websites, whether that company is the listing company or not.
Happy searching!
North Fork, Long Island Home Sales Up…
Authored by: Laurie Mindnich
February 9th, 2010 category: Real Estate News
While we normally offer a month to month glance at closed properties on the East End / North Fork of Long Island, this report contains under contract activity for the towns of Riverhead, Calverton, Baiting Hollow, Jamesport, South Jamesport, Laurel, Mattituck, Peconic, Cutchogue, Southold, Greenport, and Orient/Orient Point, NY.
The under contract numbers have doubled over those in 2009 during this time period. In 2009, 21 homes were reported under contract from Jan. 1, 2009 to February 8, 2009.
Because there seemed to be interesting activity so far in February, the first week of February is included.
In 2010, there have been 44 under contract single family properties recorded.
Sold pricing remains to be seen; those figures do not appear until a day or two after the closing, so prices shown are the listed prices only. Check back- most will have closed by the end of March.
The MLSLI offers up-to-the minute property updates, and while all figures are deemed reliable, no guarantees.
UNDER CONTRACT NORTH FORK PROPERTIES JAN.1, 2010 THROUGH FEBRUARY 8, 2010:
AQUEBOGUE, NY:
38 Vineyard Way $429,900
BAITING HOLLOW, NY:
Lot 4 Alfred Ave. $374,900
148 Williams Way $429,000
CALVERTON, NY:
1407-05 Middle Road $139,900
36 Gerald Street 219,900
CUTCHOGUE, NY:
16495 County Rd. $240,000
110 Oak Drive $439,900
1640 Sterling Rd $ 529,900
2650 Nassau Point Rd. $686,000
800 Depot Lane $799,000
EAST MARION, NY:
275 Marina Ln. $639,000
GREENPORT, NY:
408 South St. $299,000
307 4th St. $438,888
1000 Sound Dr. $1,195,000
LAUREL, NY:
37 Cedar Ct. $349,900
50 Main Rd. $498,000
MATTITUCK, NY:
5750 Aldrich Lane $509,900
140 Bailie Beach Rd $790,000
RIVERHEAD, NY:
33 Osprey Ave $59,900
47 Sigal Ave $89,900
1108 Delores Ave $195,000
16 Pine Ct. $241,239
70 Constable Drive $309,900
133 Duryea St. $325,000
136 Trout Brook Ln $335,000
SOUTHOLD, NY:
150 Hobart Rd. $350,000
46660 Main Rd $359,000
8150 Soundview Ave $360,000
750 Liberty Lane $389,000
1065 Jasmine Lane $399,700
1230 Oak Lane $555,000
1300 Gin Lane $599,000
800 Mid Farm Rd. $665,000
125 Lighthouse Rd. $675,000
700 North Parish Dr. $699,000
1255 Waterview Dr. $750,000
185 Willow Point Rd. 1,299,000.
PLEASE KEEP IN MIND THAT THIS PRICING DOES NOT REFLECT SOLD PRICING. Once closed, those numbers will be available. All properties shown are the compilations of all MLSLI listed properties on the North fork, by all MLSLI participating real estate offices. Towns and villages absent from the report have not recorded an under contract property between Jan. 1, 2010, and Feb. 8, 2010.
To check out what’s available on the North fork, click here, enter your home parameters, and enjoy!
To check out REO/foreclosure properties on the east end of Long Island (North fork, Hamptons, NY), click here.
Changes to FHA Loan Guidelines
Authored by: Laurie Mindnich
January 27th, 2010 category: Buyers, Real Estate News
FHA has made some recent changes to their lending policies.
In Suffolk County, New York the FHA loan limit is $729,750. While that remains intact, some changes have been made with other policies. One of those is the amount of seller concession permitted (it’s been reduced); the other is the amount that FHA will require for their mortgage insurance premium (MIP).
Changes can be found by clicking here, along with links to other questions that you might have regarding an FHA loan.
With many North fork and Hamptons properties falling into the FHA range, those with credit scores below 600, or limited funds for a down payment might want to check out the HUD site above.
If you have any questions, we’re happy to help.
Pre Foreclosure Filings East End, Long Island
Authored by: Laurie Mindnich
January 23rd, 2010 category: East End LI Foreclosures, Real Estate News
With east end, Long Island lis pendens reports that have conflicting data, we thought we’d present both for the purpose of deciding just how much trouble the east end of Long Island faces with respect to a potential increase in REO properties, and short sales.
This is need-to-know for sellers of homes on the east end, and equally important information for those considering the purchase of a home in the Hamptons, NY area.
Property Shark has provided a report which can be located here.
The Long Island Real Estate Report had provided a report that can be found here.
Because we’re aware of the moratoriums presented in the LI Real Estate Report, their reported (less dramatic) increase makes sense, creating a much lower increase in activity when viewing the months in which lis pendens were prohibited.
One thing’s for sure: there has been a significant uptick in pre foreclosure activity in the Hamptons. While it’s quite possible that some will find a way to maintain ownership of their property, some will elect to walk away, while others are forced. Not pretty, but this market has not pretended to be more than that over the last few years.
Interest rates for mortgages, on the other hand, continue to provide a compelling reason to explore home ownership. The bright spot!
Time will tell. In the meantime, Suffolk Research has provided year over year figures for the east end of Long Island- comparisons are month over month for 2009, as well as a five year look back.
All of the data can be found by clicking here.
|
Single Family Homes |
|||||
|
All Five Towns 4th Qtr Market Comparisons - 5 years Single Family Residences (Land Use: 210) |
|||||
|
Year
4th Qtr |
Median Price $ |
Dollar Sales ($Millions) |
Unit Sales |
Percent Increase in Med Price |
Percent Increase in $ Sales |
|
2005 |
664,000 |
1,103 |
1,036 |
- |
- |
|
2006 |
700,000 |
862 |
692 |
5.4 |
-21.8 |
|
2007 |
750,000 |
952 |
642 |
7.1 |
10.4 |
|
2008 |
665,000 |
511 |
423 |
-11.3 |
-46.3 |
|
2009 |
630,700 |
790 |
618 |
-5.2 |
54.7 |
If you’d like more information on REO listings, we’re here to help. If you’d simply like to check out what’s available, it’s right there for you- just click the blue tab “north fork homes”.
If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.
To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.
A Four Minute East End, Long Island Property Search Break!
Authored by: Laurie Mindnich
January 15th, 2010 category: Real Estate News
Ok- nothing to do with east end, LI homes for sale, sold homes, homes for rent, or second homes…but fun to watch!
For the “other stuff”, click on the homes tab, and get your search started…
http://www.youtube.com/watch?v=7EYAUazLI9k
Tax Credit for Homebuyers on East End of Long Island
Authored by: Laurie Mindnich
January 15th, 2010 category: Buyers, Real Estate News
For those seeking a home on the North fork or Hamptons, Long Island NY, the homebuyer tax credit has been extended, and modified.
Details on the tax credit can be found on the IRS website, or just click here.
Added to the initial tax credit opportunity is a credit for any homebuyer meeting the stated criteria- it is no longer an offering limited to the first time buyer.
Check it out; the credit, along with low, low interest rates, make for a compelling opportunity to explore a home purchase on the North fork or East end of Long Island- pricing in the Hamptons has dropped along with the North fork, creating some interesting possibilities.
For a recent update on how to file for your credit, click here.
For additional info, call us- we’re happy to help!
Start your search by clicking on the “homes” tab- you will be gaining access to MLSLI property listings on the North fork and in the Hamptons. With an increased number of homes for sale on the east end, the choices are better than ever!
If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.
To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.
Year Over Year Home Pricing on the North fork of Long Island
Authored by: Laurie Mindnich
January 2nd, 2010 category: Real Estate News
For those seeking a second home on the North fork of Long Island, it appears that East end pricing is reaching levels of attainability, with sellers understanding the impact of recent market changes…and there have been changes!
No longer is waterfront stratospheric; to the contrary, locating a wonderful water view home for a figure below the $1,000,000. range is becoming a reality. For those seeking a simple cottage, or small get away, it will no longer force that “half a million dollars” figure.
What goes up…must come down, and that reality is being visited in this bucolic, idyllic community. Combine that with record low interest rates, and your property search in 2010 might well provide just the home that you seek!
Below, figures taken from 2009 are compared with closed pricing in 2008- whether the slide will continue is anyone’s guess, but perhaps with interest rates at current levels, it’s worth revisiting that second home dream…
Figures are taken from MLSLI; while deemed accurate, no guarantee. Call us if you’d like a comprehensive look at your area of choice.
EAST END, LONG ISLAND CLOSED HOME SAMPLE COMPARISON 2008-2009, BY TOWN/VILLAGE:
Laurel, NY: 2008
Homes sold: 15
Average sold price:$874,967
Median sold price: $460,000
Laurel, NY: 2009
Homes sold: 9
Average sold price: $629,167.
Median sold price: $465,000
East Marion, NY: 2008
Homes sold: 21
Average sold price: $689,559
Median sold price: $545,000
East Marion, NY: 2009
Homes sold: 11
Average sold price: $661,591
Median sold price: $462,500
Greenport, NY: 2008
Homes sold: 22
Average sold price: $460,382
Median sold price: $417,500
Greenport, NY: 2009
Homes sold: 36
Average sold price: $469,200
Median sold price: $363,750
Mattituck, NY: 2008
Homes sold: 27
Average sold price: $713,688
Median sold price: $569,000
Mattituck, NY: 2009
Homes sold: 37
Average sold price: $538,814
Median sold price: $394,800
Cutchogue, NY: 2008
Homes sold: 43
Average sold price: $861,518
Median sold price: $600,000
Cutchogue, NY: 2009
Homes sold: 26
Average sold price: $787,015
Median sold price: $507,500
Southold, NY: 2008
Homes sold: 66
Average sold price: $985,114
Median sold price: $587,500
Southold, NY: 2009
Homes sold: 62
Average sold price: $581,011
Median sold price: $473,500
*The average pricing is arrived at by taking the total dollar volume of sales, and dividing them by the number of sales to arrive at an average.
The median sold price is arrived at by taking the number right in the middle of solds, with 50% above that figure, and 50% below that figure.
When averaging, if there are a disproportionate number of higher end sales- or lower end sales- the numbers will vary significantly from the median.
We offer opinions on our website; seek a detailed look at your area of choice to establish accurate figures. The above figures are provided as a gauge of market changes…and this real estate market has afforded much it the way of ongoing change!
Changes to Fannie Mae Loan Approval Guidelines
Authored by: Laurie Mindnich
December 21st, 2009 category: Buyers
The information below was taken directly from the Fannie Mae site, and details for home borrowers new restrictions, ratios, and guidelines being implemented now under Desktop Underwriting 8.0.
Of primary interest on the east end of Long Island for second home seekers are changes to second home property qualifications. It would appear that flexibility- even a little- is not happening.
For those seeking a primary home on the east end, changes have been made that may affect your total debt ratio. Under the current guidelines, unless you have a very specific credit score minimum, as well as reserves, verifiable income, and ratios that fall VERY closely within the guidelines, your potential purchase is likely at risk if any of those elements are lacking.
You can find all information here.
Your lender can assist you in navigating these changes- understanding what to expect will be key to a smooth home purchase.
To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.
Home Inspection Issues for East End, Long Island Home Sellers/Buyers
Authored by: Laurie Mindnich
December 7th, 2009 category: Real Estate News
We’ve been very fortunate to experience positive home inspections for buyers, as well as sellers, but there is no question but that for both sides of a home sale transaction, the inspection is cause for stress.
In seeking out great advice from the source (a home inspection company), this site was discovered, and we were happy to see very clear guidelines offered in order to expedite (or not) a home purchase.
For home sellers, provided is a concise list of things to prepare for when anticipating a home inspection- suggestions can be found here. Simple ways to avoid minor problems that might have the appearance of larger problems are worth eliminating prior to putting your home on the market.
For home buyers, an understanding of the purpose, as well as warning signs to watch out for, can be found here.
Understanding just what you’re looking FOR can be found on additional pages found on the site- it’s worth a look!
While we have not used the company that has authored the advice above, they appear to have a very clear understanding of what their customers seek: a successful outcome to a home inspection, with as little in the way of stress as possible!
For a link to NY Home Inspection Group, located in Merrick, NY, their site can be found here.
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