Archive for March, 2008

Condo Sales on the North Fork of Long Island, 1st qtr. 2008

March 28th, 2008 category: Real Estate NewsNo Comments »

 

1st. Quarter 2008 Condo Sales on the North Fork of Long Island

The following condominiums were reported under contract to the MULTIPLE LISTING SERVICE OF LONG ISLAND between Jan.01, 2008 and March 29,2008: (Unless the figures include *, these are asking prices- not closed pricing).

BAITING HOLLOW, NY:

The Knolls: 2 sold. Pricing: $339k, $375k
The Bluffs: 1 sold. Pricing: $397k*

CALVERTON, NY:

Calverton Hills: 2 sold. Pricing: $110k, $125k
Foxwood Village: 1 sold. Pricing: $158k

GREENPORT, NY:

Harbor Shores: (coop): 1 sold. Pricing: $280k

RIVERHEAD, NY:

Mill Pond: 2 sold. Pricing: $295k, $349k
Willow Pond: 1 sold. Pricing: $339k

SOUTHOLD, NY:

Founders Village: 3 sold. Pricing: $345k, $347k, $349k

 

The following number of condos are currently available for sale:

BAITING HOLLOW, NY CONDOS:

The Bluffs: 2 available. Pricing: $299k, $449,5k
The Knolls: 8 available. Pricing: $359k, $369k, $375k, $375k, $399k, $439k, $449k, $470k

CALVERTON, NY CONDOS:

Calverton Hills: 5 available. Pricing: $117k, $145k, $150k, $175k, $210k
Foxwood Village: 11 available. Pricing: $169k, $189k, $189k, $219k, $219,9k, $240k, $245,9k, $298k, $310k, $319k, $375k
Windcrest East: 3 available. Pricing: $569,9k, $569k, $629k

EAST MARION, NY CONDOS:

Cleaves Point: 1 available. Pricing: $849k

GREENPORT, NY CONDOS:

Sterling Harbor: (coop) 2 available. Pricing: $449k, $749k
Driftwood Cove: (coop) 4 available. Pricing: $180k, $180k, $190k, $199k
Oyster Point: 1 available. Pricing: $715k

JAMESPORT, NY CONDOS:

Maidstone Landing: 7 available. Pricing: $845k, $869k, $947,9k, $949k, $995k, $1.275m

RIVERHEAD, NY CONDOS:

Willow Ponds: 10 available. Pricing: $290k, $299k, $299k, $318k, $329k, $369k, $369,9k, $399k, $440k, $445k
Mill Pond: 7 available. Pricing: $285k, $305k, $309k, $314k, $315k, $324,5k, $325k
Sunken Ponds: 7 available. Pricing: $345k, $350k, $390k, $399,9k, $399,9k, $429k

SOUTHOLD, NY CONDOS:

Founders Village: 1 available. Pricing: $374,9k
Colonial Village (coop): 4 available. Pricing: $187,8k, $277,6k, $279,8k, $279,8k

To view photos of the above properties, please click on North Fork Condos, click “condo”, and enter the town. For more detailed information, click on Market Snapshot. To VIEW properties, and for any other additional information, call us at 631-727-2227.

photos: OptionsRealty

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Spring is HERE on the North Fork of Long Island!

March 28th, 2008 category: Real Estate News2 Comments »

I’m working on our garden now, and am absent a “green thumb.”

Because our neighborhood is home to a herd of deer, my efforts are focused on the back yard- anything that I’ve planted in the front seems to get “gobbled up.”

In perusing the Suffolk Times, our local paper offers much in the way of expert advice- and I’m ready to be a student.

In the “coming up” section of the Suffolk Times-www.suffolktimes.com, there is a class (free) being offered in Quogue that may well assist with front yard plantings. Instructed by Beverly Rood, this class proffers advice on taming the “beast” by planting deer-resistant foliage. It will take place on April 4th at 7p.m. at the Quogue Wildlife Refuge. For further info, call 631-653-4771.

Additionally, the Riverhead Free Library will be offering a class on creating gardens in small spaces. This offering will be instructed by Lynne Thompson, who the Suffolk Times refers to as ” The Garden Lady.” This discussion takes place on April 10th, from 6-7 p.m. For info, call 631-727-3228.

While this may have more to do with my own gardening incompetence that buyers or sellers of real estate on the North Fork, if you are preparing to sell your home, the info provided may well assist you in achieving a “curb appeal” that is irresistable to potential buyers on the North Fork.

In the meantime, I’m going to go examine a little green thing that has emerged in my own garden, and hope that it’s one of the perennials that I planted last year- before Oliver (shown above last summer) steps on it!

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Buying Power on the North Fork

March 26th, 2008 category: Buyers, East End LI Foreclosures, Real Estate PhilosophyNo Comments »

Recently, we’ve received several inquiries from people interested in vacation/second/retirement homes on the North Fork of Long Island, New York.

While the majority of people are in the early stages, there is confusion- take the plunge, or wait?

Statistics are offering a clear indication that we are in a buyer-friendly market. As buyers, you control the market- a welcomed change from the days of frantic bidding wars, and disappointment.

Do buyers truly understand the power that they wield? I don’t think so- at least, not in New York.

And certainly, not on the North Fork. Here’s why:

The North Fork is a “last bastion” of seller-friendly real estate agents (one in which both agents operate on behalf of the seller, leaving the buyer unrepresented). While many are willing to go “out on a limb” in order to represent buyers with a broker agency capacity, few are willing to offer fiduciary (and the accompanying “liability”) to the current MVP- the BUYER.

Buyers have been forced to participate in the buying process in a two-on-one game- with both real estate agents representing the best interests of the seller. That this creates vicarious liability (not good) for sellers has gone unnoticed- or is simply misunderstood.

The resounding word used by local agents that eschew buyer agency is “liability”. Hmmm. Fear of a buyer suing an agent for violating the required fiduciary spelled out in a BUYER AGENCY AGREEMENT.

The question that I would pose is: WHAT IS TO FEAR? The notion that there is more to fear from the buyer (as opposed to the seller) is confounding to a company with buyer agency experience. Taking the same cautious steps and performing due diligence is what we are PAID FOR.

Anything contrary to what has been represented by a seller is something that a buyer is entitled to, irrespective of agency- inherent fairness is a requirement of representation for both parties. A buyer is also entitled, as the “boss”, to make an offer commensurate with their comfort level- and with the input of a Realtor that provides a comprehensive view of market conditions as a basis for that offer.

Buyers, until very recently, have been unable to secure a real estate representative that is “on their side“- and make no mistake- there are very defined lines.

Proponents of buyer agency are not the enemy of sellers. To the contrary, buyers with representation are better informed, and are working within parameters that are still set by the seller- they are simply represented. This commitment on the part of a buyers agent does, indeed, remove vicarious liability for the seller- liability falls to the buyers agent.

A real estate agent comfortable with the information provided to their buyer is as immune from legal ramifications as the agent representing the seller is- it’s all about providing ethical service, and achieving the “best possible price” for the buyer. Again: buyers control the market right now. If sellers want to sell, representation is moot. Offers are the name of the game.

PROSPECTIVE BUYERS OF HOMES ON THE NORTH FORK: You deserve- no- are ENTITLED to representation from a real estate agent that has the goal of your “best possible price” at the forefront. No games; no nonsense- just ethical, focused representation.

Call us to explore your buyer agency opportunity. Experienced with buyer agency, we view “liability” as a non-issue. I’d rather participate in a “fair” transaction than one in which a buyer is making an offer based on the input of real estate agents that have promised the seller the “best possible price.”

And that, folks, is what happens with every transaction that does not include buyer representation.

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Location, Location, Location in Southold New York

March 24th, 2008 category: North Fork Neighborhoods, Southold Real EstateNo Comments »

We are featuring a home with an exceptional location, and unlimited potential in Southold, New York.

One of the most enduring characteristics of a “solid” home purchase is LOCATION. In Southold, while choices abound for opportunity, we recently listed a home that seems to have it all.

A stellar location, 7720 Soundview Avenue is set back amongst trees, with privacy afforded- “Great Pond” is directly across the street.

Surrounded by homes that are higher in asking price (currently available pricing ranges from $895k to nearly 3million), this home provides walking distance proximity to the Long Island Sound, with Kenneys Beach providing a day of fun destination for both kids and adults. An easy, tree lined walk provides the perfect opportunity for families to enjoy one of the most lovely beaches offered in the area.

Location: CHECK.

Due to the abundance of larger homes dotting Soundview Avenue, 7720 provides an entry price point well below the “norm” for this location. While the size and views justify the asking prices, purchasing in a location with properties in the “stellar” range is always a good idea.

Price: CHECK.

In keeping with age old advice to purchase potential as well as price and location, while this home is perfect as a “weekend getaway”, the presence of a newly erected, heated three car garage is food for the imagination- should the need to “expand” present itself, the structure affords additional space, with potential for finishing. A guest area,or private work space, is ripe for finishing, with privacy afforded. In addition to the three car garage, the existing one-car attached garage is waiting for finishing- asun-room, perhaps, or a master suite?

Potential: CHECK.

Additionally, the owners have lovingly engaged in their “green thumb” activities- while the trees have yet to bloom, the flowers planted over the years are starting to emerge. Coupled with a pond just outside the front door, and a hot tub in the back, this home offers a wonderful vacation feeling- “peaceful” comes to mind. Combined with the charming location of a town intent on retaining a rural feel, the opportunity is rare, indeed.

Quality of life: CHECK.

TO VIEW THIS WONDERFUL OPPORTUNITY, CALL TODAY!

Click here for the link to the detailed flyer on this home with lots more photos.

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A Roar of Home Sales on the North Fork of Long Island, NY

March 17th, 2008 category: Real Estate NewsNo Comments »

Home sales on the North Fork of Long Island are following true to the March saying- coming in like a lion!

For the first 17 days of March, the following towns, hamlets and villages on the North Fork have enjoyed an optimistic start:

Baiting Hollow: 5 homes are under contract. Listed prices: $299k, $399k, $425k, $439k, $449k, and $995k.

Calverton: 1 under contract. Listed price: $299k

Cutchogue: 2 homes under contract. Listed prices: $795k and $799k

East Marion: 1 home under contract. Listed price: $280k

Greenport: 1 home under contract. Listed price: $389k

Mattituck: 2 homes under contract. Listed prices: $349k and $995k

Orient: 2 homes under contract. Listed prices: $446k and $2,395,000.

Riverhead: 4 homes under contract. Listed prices: $170k, $276k, $379k, $390k, and $699k

Southold: 6 homes under contract. Listed prices: $499k, $515k, $525k, $535k, $599k, and $790k.

Let’s hope that, rather than going out like a lamb, March reaches a roaring conclusion. For those seeking vacation properties, the selection is abundant- come find your home today!

Call us if you’d like to sell your home- buyers are making choices, and spring is a great time to sell.

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Before You Buy or Sell a Home on The North Fork of Long Island

March 17th, 2008 category: Buyers, Real Estate News, Real Estate Philosophy, SellersNo Comments »

Before you buy or sell a home in New York, you might want to read the article The practice of Sub-Agency is Dead. For Gosh Sakes, Let’s Bury It!
by Avery Yarbrough located here.

While we strive to provide updated market information, the above article does a better job than many others of explaining the practice of agency relationships, as presented to consumers in New York. If your listing agent is offering compensation for a “sub” agent, vicarious liability is present in the purchase. Something to think about.

Read the article Vicarious Liability
From James Kimmons here.

If you are considering a home on the North Fork of Long Island, check this out before you list your home, or purchase a home. Engaging in “dual agency” is a bad plan; better for all simply to have your real estate agent represent you, and allow the buyer’s agent to have their own representation (for whom you carry no vicarious liability).

We operate with the knowledge, having practiced Real Estate in other areas of the country, that is offered in the above article. Long Island, New York is one of only a few areas having difficulty with a transition that took place in many areas over ten years ago- don’t be behind the times!

images: Tory Byrne - stock.xchng.com

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Appraisals Change on Long Island New York?

March 8th, 2008 category: East End LI Foreclosures, Real Estate News, Real Estate Philosophy5 Comments »

The following article by Patrick Rucker-ReutersUK, found here, is a good thing for consumers in New York.

“The two largest sources of U.S. mortgage financing agreed on Monday to sponsor a new home appraisal watchdog to prevent inflated home values.”

It’s rather surprising that it’s taken this long to comprehend the obvious: that appraisers connected with banks might have an ethical dilemma to self determine. Under-appraise, and impact the loan for the buyers bank (jeopardizing the purchase agreement); over-appraise, and all is well. Until market conditions change.

While the initiation of this new law in NY appears to be largely the result of those that received over appraisals in a market that seemed limitless with the respect to increases, having this law in effect in a downswing would appear to be equally beneficial to buyers and sellers of real estate in New York.

An independent appraisal in a down market will prevent overly cautious lenders from using “their own” to make judgements that will impact the price in the lenders favor. This market is subjective, and consumers don’t need banks to establish “value”- particularly if that value has, attached to it, a huge self created “sting” due to loans provided that made little sense to the consumer and are now impacting lending institutions negatively.

Separating market value and lending companies, in hindsight, seems so, well…COMMON SENSE.

For sellers today, while “declining market status” in Suffolk County, New York, will surely impact an appraisal, there is nothing “right” about assuming that a badly burned lender (and it’s fleet of connected appraisers) will not make it worse by having their own agenda present. That agenda, by the nature of the market, is likely (opinion) err on the side of caution, irrespective of the impact on sellers and buyers.

An independent appraiser, who has no future benefits with a lender via additional business, will have the ability to appraise a property without bias (or pressure in either direction). Sellers will sell at market value; buyers will buy at market value. Now, if we can just find a consistent measure of price in an inconsistent market…

Eliminating the connection of appraisers with lending institutions eliminates a major relationship that should never have existed in the first place. Good for New York.

© 2008 OptionsRealty
Photos © iStockPhoto

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North Fork Real Estate Market Report

March 2nd, 2008 category: Real Estate News, Riverhead Real Estate, Southold Real EstateNo Comments »

HOMES UNDER CONTRACT ON THE NORTH FORK OF LONG ISLAND, NEW YORK FROM JANUARY 1, 2008 THROUGH MARCH 1, 2008: *THESE FIGURES DO NOT INCLUDE CONDOS/MOBILE HOMES/SEASONAL COTTAGES.

The following information was obtained from MLSli. While deemed accurate, entries are provided by outside participants.

Want a whole lot more info? Click to our homepage, and then click on the MARKET SNAPSHOT (lower right). Graphs, colors, and information providing a detailed view of the North Fork.

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