Archive for January, 2008

Condos for Sale on the North Fork of Long Island

January 30th, 2008 category: Buyers, Real Estate NewsNo Comments »

Thinking of retiring to a condo on the North Fork of Long Island? Below, as of 01/29/07, the following communities have opportunities available:

BAITING HOLLOW, New York:
The Bluffs: 2 bedroom/2 bath. *HOA/Maintenance fee: $300-330. Amenities: Y; # of properties available: 5; price range: $299k-455k.

The Knolls: 2-3 bedroom/2-2.5 bath. HOA/Maintenance fee:$260-440. Amenities: Y; # of properties available: 5; price range:$369k-649k.

CALVERTON, New York:
Windcrest East: 3 bedroom/3 bath. HOA/Maintenance fee: $220-270. Amenities: Y; # of properties available: 2; price range:$589k-629k.

EAST MARION, NEW YORK:
Cleaves Point: 2 bedroom/2.5 bath. HOA/Maintenance fee: $568. Amenities: Y; # of properties for available: 1; price range: $865k.

JAMESPORT, NEW YORK:
Maidstone Landing: 2-3 bedroom/2.5-3.5 bath. HOA/Maintenance fee: $482-500. Amenities:Y; # of properties available:6; price range: $835k-1,275,000.

RIVERHEAD, NEW YORK:
Mill Pond: 2 bedroom/1.5-2 bath. HOA/Maintenance fee: $187-200. Amenities: Y; # of properties available:6; price range: $285k-349k.

Willow Ponds: 2 bedroom/2-2.5 bath. HOA/Maintenance fee:$200. Amenities: Y; # of properties available:10; price range: $285k-525k.

Sunken Ponds: 2 bedroom/2 bath. HOA/Maintenance fee:$248-280. Amenities: Y; # of properties available:5; price range:$350k-410k.

Saddle Lakes:2 bedroom/2 bath. HOA/Maintenance fee:$350. Amenities: Y; # of properties available: 1; price range: $395k.

Stoneleigh Woods: 2 bedroom/2.5 bath. HOA/Maintenance fee:$251. Amenities: Y; # of properties available: 2; price range:$358k-369k.

SOUTHOLD, NEW YORK:

Founders Village: 2 bedroom/2 bath. HOA/Maintenance fee:$240. Amenities: Y; # of properties available: 3; price range: $345k-349k.

Amenities vary- while some offer a clubhouse and pool, others include tennis courts. To get a full rundown and current availability, call or email us for a market report. Please include those amenities that are important to you (proximity to bus-lines and town, available clubhouse, 55 and better, pets accepted, etc).

All info obtained from mlsli, so while the information is deemed reliable, confirmation is recommended- as things change daily, call or email for updates: 631-727-2227 or laurie@optionsrealty.com

Share This

Real Estate Agency, North Fork, Long Island

January 25th, 2008 category: Buyers, East End LI Foreclosures, Real Estate News, Real Estate Philosophy, Sellers1 Comment »

If you are thinking about selling or buying a home on the North Fork of Long Island, New York, real estate companies have a revised document for you to sign with regard to AGENCY RELATIONSHIPS.

Acknowledgement of agency laws is required by the New York Department of State in order to encourage all consumers to understand what role a Realtor will play in the way of representation to each party- the seller and the buyer. In our opinion, the bold-ed verbiage is worth note. In that way, it differs from the form that you will be signing. THIS FORM IS NOT A CONTRACT.

The following is taken directly from the New York Disclosure Form for Buyers and Sellers, and will be presented to you, with an explanation of each representation so that you are able to determine who is on your “side”, once the agency relationship has been determined. As offered by the DOS, “this disclosure will help you to make informed choices about your relationship with the real estate broker and its sales associates.”

Sellers Agent: A sellers agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should a) exercise reasonable skill and care in performance of the agent’s duties; b) deal honestly, fairly, and in good faith; and c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
Buyer’s Agent: A buyer’s agent is an agent who is engaged by the buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care,undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyers agent does not represent the interests of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should a) exercise reasonable skill and care in performance of the agent’s duties; b) deal honestly, fairly, and in good faith;and c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.

Broker’s Agent: A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyers agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyers agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer’s agent’s buyer. The broker’s agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the broker’s agent. The buyer and the seller therefore do not have vicarious liability for the acts of the broker’s agent. The listing agent or buyers agent do provide direction and instruction to the broker’s agent, and therefore the listing agent or buyer’s agent will have liability for the acts of the broker’s agent.

Dual Agent: A real estate agent may represent both the buyer and the seller if both the buyer and the seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, the buyer and the seller. An agent acting as a dual agent must explain carefully both the buyer and the seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.

Dual Agent with Designated Sales Agents: If the buyer and seller provide their informed consent in writing, the principals or the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase and sale of real estate. A sales agent works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyer’s agent representing the interests of and advocating on behalf of the buyer and the designated sales agent and the designated sales agent for the seller will function as the seller’s agent representing the interests of and advocating on behalf of the seller in negotiations between the buyer and the seller. A designated sales agent range of fiduciary cannot provide the full duties to the buyer or seller. The designated sales agent must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated sales agents before agreeing to such representation.

(emphasis added)

For sellers, the other consideration when reviewing agency is to make a determination as to which agency, if any, you will offer compensation, particularly if your Realtor is promoting your property on the Multi List system of Long Island (MLSLI, with the feeder to Realtor.com). Realtors utilize this system to provide exposure for your property, and your compensation is advertised to the Realtor community with the following designations defined above:

SA, or seller’s agent

BA, or buyer’s agent

Broker’s Agent

For sellers, understanding the advantages/ramifications of each agency compensated is imperative. Establish what is best for you by discussing this with a few Realtors to gain as much comprehension as possible. Full understanding on your part of each designation is the responsibility of the Realtor who lists your home, sells your home, or facilitates the purchase of a new home- clarity on the part of the Realtor involved will facilitate an easier transition for both sellers and the buyers that purchase your home. KEYWORD: FIDUCIARY.

Call us if you’d like to have a conversation about Agency relationships. While we offer opinions on all things real estate, this is a serious consideration for consumers- too much information isn’t enough.

Share This

What Is A Real Estate Blog Site?

January 23rd, 2008 category: Real Estate News1 Comment »

What is a blog site? What is a blog ?

A blog site is an interactive forum in which the owners offer information, and invites the readers to participate through comments. It is also a site that is NOT DEPENDENT upon a third party updating information- it can all be done by the owner of the site directly, without waiting for a third party to update or make changes.

Unlike a “stagnant” website offering updates without opinions or information daily, the venue often changes every few days, offering articles of interest (or not) to the reading public.

In real estate, blog sites are gaining momentum, and here is why: with traditional websites, while the information is updated, there is little in the way of connection (or not) between the reader and the “blogger.” While information can be obtained, there is no indication of the character of the real estate agent- rather, this has to be gleaned from a phone call, or visit.

While traditionally this has been the method for buyers and sellers of real estate, a blog site offers a glimpse into the character of the real estate agent- their business practices, their opinions on the market, business philosophies, etc. Consider a blog site as a way to pre-screen your real estate agent without actually interacting via traditional methods (a meeting, or phone call).

Generally, real estate blog sites offer all of the advantages of traditional websites, including market snapshots, homes for sale, buyer information- in addition to opinions offered by the author of the blog. While some companies choose to offer “generic” blogs, written by an outside source, many are authored by the owner of the site (in our case, a real estate blog-site- as opposed to website) or regular contributors.

While generic articles are fine for some, authors of original content tend to offer a glimpse into the real estate agent from whom you may decide to entrust your sale or purchase, via articles authored by the actual real estate agent.

Blog sites are growing, and as a relatively new phenomenon, come in all forms and topics. The North Fork of Long Island, New York has several terrific blog sites that offer interaction on topics from local “flavor”, to parents with challenges, to events in the area.

Consider a blog site the ability to interact, in most cases, with the author through an opportunity to “comment” on the blog that you have read.

SoutholdVoice

Realtor.com

lennthompson.typepad.com - this site offers insight into the wine industry.

longislandnewyork.blogspot.com offers varied topics, available to those interested in North Fork topics.

Larger newspapers, such as Newsday, http://www.newsday.com/blogs offer their own blog-sites, with commenting available.

And, of course, our own: www.optionsrealty.com, where we offer a perspective that is different from most real estate agents in our area.

While we offer community info, we also offer opinions on the real estate practices on the North Fork of Long Island. We definitely disagree with the way “things have been done”, and aren’t afraid to spill it, if we see a disadvantage to seller/buyers of property.

We offer opinions, and welcome opinions. Real estate is an ever-changing venue, and the more that real estate agents offer consumers an inside glimpse as to practices and real estate beliefs, the better- in our opinion!

Share This

If I Were Selling or Buying a Home on the North Fork of Long Island

January 21st, 2008 category: Buyers, East End LI Foreclosures, Real Estate Philosophy, Sellers1 Comment »

If I were a seller on the North Fork of Long Island, New York, I would ask the following question of the Realtor offering their services: Do you understand fiduciary?

What is fiduciary, from a seller perspective? Here are some good questions:

1. Will my property be entered into the MLSLI immediately? I want all agents with buyers to know that it’s for sale; that will potentially increase the offer that is made to me.

2. Are you seeking the best offer for ME, or are you interested in excluding Realtors that may have a good offer, but will take half of the fee that I’ve offered you to sell the property, preventing you and your company from getting it ALL? I don’t want an agent or company that’s not complying with fiduciary here; what you and your company receive is what I’ve agreed to, and I don’t care who it goes to. Nor should you, if you understand your fiduciary to me.

3. Will your sign out front be welcoming to all that might have an interest, without that antiquated “exclusive” part attached to it? I don’t want to discourage anyone from seeing my house. What’s up with the “exclusive” on my sign?

4. Will you provide me with ALL binders, so that I can make the decision? I think that I deserve that- after all, I’m paying your fee. Can I trust you with this?

If I were buying a home on the North Fork of Long Island, I would demand a buyer agent. Buyers agents operate with fiduciary- that’s what the Realtor code of ethics requires.

If I want a home, the “fee” for the buyers agent is already in the price. Hey, I’m not stupid. And no, I don’t want to be a “customer” of the listing agent or anything else- my agenda is to locate the best value, and that means my own Buyers Agent. Period. If I want to make a low-ball offer through the listing company, that’s my right, too- respect that I do NOT want to buy through the selling company, but they can facilitate a low-ball. Anything else and I’m compromising my own money.

AND, I want to see ALL of the available homes. I’ve given a price range, and I want to see them all. If my buyers agent wants to show a home that I may have to “pay” him or her for, no thanks- I’d take it off of the offer price, anyway- we all KNOW that sellers have included some kind of payment if you offer it to agents that only represent sellers- “SUB-AGENTS”. What are those types of agents still doing around, anyway? If you can pay a sub-agent, you have made financial room for a buyers agent- they often have buyers. I want their offers.

What? You’ve counseled your seller to pay less to a buyers agent, or nothing to a buyers agent? Hmm. I wonder what’s wrong with the house- is there a problem that a buyers agent will uncover?

Oh- and if you want to make it difficult, so what. The market is declining anyway. Hey, I want to buy a house. You can make it easier, or I’ll just wait.

Really, it’s all so simple, this FIDUCIARY stuff. And well worth understanding.

Make sure that your Realtor “gets it”- after all, it’s required.

At Options Realty, we “get it”, whether you are selling or buying a home. Your interests come first.

Share This

The 2007 Home Sales Wrap-Up for Riverhead, New York

January 16th, 2008 category: Real Estate News, Riverhead Real EstateNo Comments »

For those considering buying or selling a home in Riverhead, New York, the information below is intended to assist.

RIVERHEAD, NEW YORK: MARKET REPORT FOR 2007

DETACHED HOMES SOLD and CLOSED IN 2007 BY PRICE POINT*

Price range: $150,000. TO $250,000
NUMBER SOLD: 9

Days on the market average: 91
2 STORY:1
RANCH:5
“OTHER”:1
MOBILE HOME:2
# OF HOMES CURRENTLY FOR SALE:14

Price range: $251,000 TO $350,000
Number SOLD:24
Days on the market average:119
2 STORY:11
RANCH:12
MOBILE HOME:0
“OTHER”:1
# OF HOMES CURRENTLY FOR SALE: 29

Price range: $351,000 TO $450,000
Number SOLD:17
Days on the market average:117
2 STORY:8
RANCH:6
“OTHER”:3
# OF HOMES CURRENTLY FOR SALE: 38

Price range: $451,000 TO $550,000
Number SOLD:10
Days on the market average:218
2 STORY:8
RANCH:2
#OF HOMES CURRENTLY FOR SALE:36

Price range: $551,000 TO $700,000
Number SOLD:6
Days on the market average:214
2 STORY:6
RANCH:0
# OF HOMES CURRENTLY FOR SALE:28

Price range: $701,000 AND ABOVE
Number SOLD:1
2 STORY:0

RANCH:1
# OF HOMES CURRENTLY FOR SALE: 5

*statistics gathered from the MLSLI.

This report is intended as a “snapshot” of 2007 results for those considering selling or buying in Riverhead, New York. To receive updates, return to our home page, and view the “market snapshot” on the right lower side. You will be provided with the most current information. Or, call us at 631-727-2227 to get a specific price range for your home. We’re happy to help!

Stay tuned in the next few days for updates on: CALVERTON, BAITING HOLLOW, AQUEBOGUE RESULTS. They will be posted shortly for your review. Greenport, Southold, Cutchogue, Mattituck, Laurel, Peconic, and Jamesport to follow. If you’d like an early copy, email us, and we’ll email the results, or call today: 631-727-2227.

Share This

TO SELLERS OF HOMES ON THE NORTH FORK…

January 15th, 2008 category: Buyers, Real Estate Philosophy, SellersNo Comments »

AN EAST END OF THE NORTH FORK, LONG ISLAND NEW YORK REAL ESTATE PHENOMENON

We’ve been noticing a very interesting pattern with respect to sellers and their understanding of buyer agency. The pattern appears to convey a lack of understanding.

When you list your home for sale, one of several things may occur. This segment deals with the real estate agent that shows your home, representing the BUYER, not you, the SELLER.

The MLSLI service on Long Island shows the commission being paid by the seller to potential real estate agents with buyers. With alarming frequency, there is a “O” or reduced amount offered in the MLSLI to the agents that represent buyers. By reduced, I don’t mean that it’s “too low”. What is seen is an amount paid to a real estate agent that brings a buyer, but agrees to REPRESENT THE SELLER- this amount- is often higher than the amount offered to the agent that provides a buyer, but REPRESENTS THE BUYER. In too many cases, the amount paid is “0″.

The MLSLI, and REALTOR.COM, is viewed nationally, both by real estate agents and consumers. This is a huge tool in selling your home.

In a typical buyer agency agreement, the buyer has an understanding that is COMMON PRACTICE: the costs to sell the home are reflected when pricing the home by the seller. All sellers build in the amount of payment to the real estate contingent (as well as other potential costs) that are involved in the sale- there is no secret here. If a seller has priced the home to include real estate agents that represent the seller only, the SAME DOLLAR AMOUNT IS TYPICALLY PAID out of the seller’s pocket.

Think you’ll get offered less, when a buyer is represented by a real estate agent? THINK AGAIN. If a home is priced correctly, based on market conditions, the fiduciary required on the part of a buyers agent is not compromised by offering fair market value, for a home that buyers really want. To the contrary; despite possible haggling, the end result is often no different than dealing with a real estate agent that “represents” you, the seller. BOTTOM LINE: getting the house sold should be at the top of the agenda for your listing agent, which would include ALL avenues of marketing exposure and reach.

With much of the buying agenda focused on home BUYERS (the investors aren’t the majority anymore), the game has changed.

Buyers Agency has been in place in most parts of the country for 15 YEARS or more. While initially balked at (the reaction was “why should I, as a seller, pay for the buyer to be represented”) it became clear that in most cases, good market or bad, buyer agency better protects both the buyer AND the seller.

SHOULD BUYERS HAVE TO PAY THE REAL ESTATE AGENTS? They do- it’s in the price of the home.

PRICING COMPROMISES OCCUR IN A SLOW MARKET. IT DOESN’T MATTER WHETHER THE BUYER IS REPRESENTED BY BUYER AGENCY. AS A SELLER, YOU CONTROL THE “SOLD” PRICE. Your listing agent should be competent enough to handle all offers, regardless of the source. The key is to GET OFFERS.

Consider this: if an agent (other than your listing agent ) shows your home (representing you, the seller) and makes an error in some form, YOU, as the seller, are accepting this representation (despite not having chosen the cooperating broker ). You, as a seller, already have representation, via your listing agent, and typically, your attorney. It became evident, in most parts of the country, that sellers didn’t need the potential liability of two representatives; buyers, on the other hand, needed representation.

Additionally, buyers KNOW that the fees are included in the price of the home. Just ask anyone doing a FSBO- often, lookers expect the absent fees to be deducted, when calculating an offer.

If your real estate agent insists on representation from the cooperating broker for YOU, the SELLER, what does that say about their own competence? Frankly, I’d prefer to have a buyers agent in the equation- and counsel all sellers to include the contingent that is currently controlling the market. As a listing agent, our preference is to represent only you, and not subject you to potential errors from an agent representing you (but working with your buyer).

THINK HARD ABOUT ELIMINATING BUYERS AGENCY. THINK HARD ABOUT ANY REAL ESTATE AGENT, WITH FIDUCIARY TO YOU, THE SELLER, WHO COUNSELS AN ACTION THAT ELIMINATES BUYERS IN A MARKET BEGGING FOR BUYERS.

IN OUR OPINION, IT’S A BREACH OF FIDUCIARY TO YOU, THE SELLER, TO COMPROMISE ANY BUYER THAT MIGHT WANT YOUR HOME.

WE OFFER OPINIONS OF REAL ESTATE PRACTICES ON THE NORTH FORK THAT IMPACT SELLERS AND BUYERS.

We’d love to hear your opinions on the practice of “eliminating” some members of the home buying community by eliminating their representation. Has your listing agent explained ALL of this to you, the SELLER?

If you don’t offer compensation to buyer representation, the home can be shown- but will it be purchased in an uncomfortable (and unnecessary) circumstance? Perhaps…perhaps not.

If you have authorized your real estate agent to exclude buyers, rethink it.

Just welcome buyers and their representation in, and see what happens. Remember, YOU control the accepted offer.

IT IS OUR OPINION THAT ELIMINATING BUYERS IS A VERY POOR CHOICE. We don’t want our sellers missing out on buyers, period. Buyer agency offers fairness to all, and less liability for you, the seller. Just our opinion, based on experience.

Share This

Winter on The North Fork of Long Island

January 8th, 2008 category: North Fork Neighborhoods, People and PlacesNo Comments »

I am currently spending my sixth winter on the North Fork of Long Island. A bustling, sunny summer destination for those seeking the peace of a truly rural area, we are a vacation/second home spot for many.

Wintertime here slows what is already a desired and relaxed pace. Farm stands, once the family filled hot spots on weekends, take a winter solstice, with no produce to fill the shelves and baskets. While a few remain open, it is seasonal enjoyment.

Restaurants (one of a few exceptions is O’Mally’s ) often assume relaxed productivity by shortening hours, or days of operation. This is fine, because as locals, we expect it, and schedule our dining out accordingly. As long as hours in which to receive a great pizza remain steady (Pagano’s and Cheesy Charlies in Southold), we’re great!

Holiday weekends bustle with the return of family members lining the deli, freshly arrived from some far away college- I couldn’t help but think that it was nice to see this contingent, surely missed by the winter locals. One of my favorites, Wayside Market, recently reopened having experienced a fire. The store looks great; the crowd waiting in line over Thanksgiving seemed quite happy to wait, glad that the doors have reopened.

The Suffolk Times lists activities available for the North Fork “year rounders”, but sometimes it’s enough just to visit the empty beach, where deer are often found- their prints in the snow and sand belie their invisible presence. Owners bring their dogs to the beach, offering an off-season excuse to visit the quiet, shell-lined oasis.

This is a year round outdoor community if ever there was one- the walkers are faithful, and the reassurance that they bring is welcomed, because in the midst of the “quiet”, I’m reminded twice daily that this is, indeed, a vibrant community. Our dogs relax on the furniture awaiting an opportunity to voice their enthusiasm at anyone that happens to use the street in their world.

The North Fork of Long Island, particularly the hamlets east of Riverhead, is not for the nightlife loving crowd (although the younger set seems to enjoy Greenport ). Rather, it’s a place that has fought to retain a rural feel, offering a family oriented summer retreat, and a peaceful winter for those that call it home.

For weekend excursions to NYC, the Hampton Jitney offers ongoing opportunities for those seeking a bit of travel to one of the most amazing cities in the world- transportation in comfort provided, just a few hours away? Nice.

For anyone wondering what it might be like to spend winters in a “summer” environment, I can only offer the highest recommendations. No plane trip for world class shows-a Jitney. No flight for a beach, either Hamptons or North Fork- both within 45 minutes (or two minutes).

The ability to make “local” friends is one event (and often, less than a mile) away weekly- the offerings are ongoing, and available to all, from Scrabble to church events to charitable opportunities, to mothers with toddlers, to Bingo- it’s available.

We love it here, and would be happy to show you the opportunities that exist for you in the North Fork of Long Island. Contact Options Realty at 631-727-2227.

Share This