Archive for April, 2008

Vacation/Retirement Condos on the North Fork of Long Island- April 2008 Report

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

Vacation/Retirement Condos on the North Fork of Long Island- April 2008 Report

The following is an update of condo sales/closings for the North Fork of Long Island April 1-April 28, 2008. Areas reported:

Aquebogue NY

• Silver Village: 0 sold; Available: 1- $429,9k

Baiting Hollow NY

• The Bluffs: 0 sold; Available: 4- $299k, $449,5k, $499k, $549,9k
• The Knolls: 0 sold; Available: 9- $359k, $369k, $375k, $375k, $399k, $399k, $439k, $449.9k, $455k

Riverhead NY

• Willow Ponds: 1 sold; Available: 14- $289,9k, $299k, $295k, $299k, $299k, $319k, $329k, $359k, $369k, $399k,$405k, $440k, $445k, $485k
• Mill Pond: 1 sold; Available: 4- $282k, $285k, $309k, $314k
• Sunken Pond: 0 sold; Available: 8- $345k, $345k, $375k, $390k, $399,9k, $399,9k, $399,9k, $429k
• Saddle Lakes:0 sold; Available: 2- $375k, $429k
• Stoneleigh Woods: 0 sold; Available: 1- $365k

Calverton NY

• Calverton Hills: 1 sold; Available: 8- $144,9k, $150k, $169k, $195k, $195k, $199k, $199k, $210k,
• Foxwood Village (age restricted manufactured homes): 0 sold; Available:13- $169k, $169k, $189k, $197,5k, $219,9k, $225k, $239,9k, $240k, $245,9k, $290k, $310k, $319k, $375k
• Windcrest East: 0 sold; Available: 3- $560,9k, $569k, $629k

Jamesport NY

• Maidstone Landing: 1 sold; 10 Available: $799k, $845k, $849k, $850k, $869k, $947,9k, $949k, $995k, $1.08m, $1.27m

Southold NY

• Founders Village: 0 sold; 1 Available: $374,9k
• Main Road coops: 0 sold; 4 Available: $187,8k, $277,6k, $2797k, $279,7k
  

East Marion NY

• Cleaves Point: 0 sold; 1 Available: $849k

Greenport NY

• Driftwood Cove (coop): 0 sold; 4 Available:$160k, $170k, $190k, $199k
• Oyster Point: 0 sold; 1 Available: $715k
• Sterling Harbor: 0 sold; 3 Available: $749k, $795k, $799k

April 1, 2008 through April 28, 2008 results:

Total condos available: 92

Total condos sold: 4

Available condos can be viewed by going to “North Fork Condos”, entering desired location, and proceeding to properties on the MLSLI (multi list service). Click on “more info”, and photographs/details will appear. To view any properties of interest, call or email us:

Options Realty: 631-727-2227

email: stark@optionsrealty.com

All information is deemed reliable, obtained from a third party (mlsli) but not guaranteed.

Photos: 2008 Options Realty - Laurie Mindnich

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Real Estate Investment Opportunities on the North Fork, Long Island

April 25th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Matt Woolsey, at Forbes.com says in his article Market looks good for landlords , that more Americans are renting as foreclosures and risky lending roil the housing market.

Whether they’re waiting out the housing storm, or smack in the middle of it, an increasing number of Americans are choosing to rent, not own. And that’s good news for landlords and investors.

Foreclosures and risky lending have dogged the housing market. As lenders have tightened their standards, attractive mortgages have grown harder to come by. Yet rental fundamentals have remained strong, especially in the 10 areas that made our list of Best Markets for Landlords.

While many potential sellers have made the decision to hold off selling their properties for now, it would appear that the blossoming opportunity to provide housing for renters may well provide some relief for a tumultuous real estate environment.

Which then compels the question: when will the investors be returning to the market?

The presence of investors snapping up distressed properties is nothing new, so with an increasing number of people unable to purchase, the financial benefit of owning a rental is becoming apparent. While many of todays renters were buyers a few years ago, they are no longer able to qualify for properties.

A new homeowner of a few years ago is a capable renter today, and with increased numbers coming from this contingent, owning a rental property is making more financial long term sense than it may have a few short years ago, at least for me.

It really is true- ride out the cycles, and locate opportunity in real estate regardless of the market- for a long term investment, real estate offers an upside even in a downswing.

Call us if you are interested in an investment property on the North Fork of Long Island, and check out this great opportunity at 7720 Soundview Ave. in Southold, New York: 7720 Soundview Ave. V-Flyer

flower photo : copyright Maria Andersson

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Buyer Agency In New York Is The Only Way To Go

April 21st, 2008 category: Buyers1 Comment »

 

I’ve been asked before why I hate sub agency in real estate, and why I appreciate buyer agency.

When my real estate addiction began, it was a time of certainty for me- 24 years old, a two year old, and a mortgage. There was no question, at that age, that this was it- the “job” that worked for me. I realized that combining a genuine interest in houses with a genuine interest in sharing the “pride of ownership” with my prospective home owners was exactly where passions intertwined- I got my real estate license.

Because buyer agency was not yet available to the real estate community in Denver at that time (1980’s), it was with no existence of an alternative that I presented my ” agency status” to my first buyers- they were clear that I represented the seller in any home purchase that I might locate for them- disclosure was required.

We looked at many homes, laughed a lot, and developed rapport, culminating in a view (from their eyes) that was exactly in tandem with how I viewed my contribution: home locator, advisor, participant in a very important mission. We connected, these buyers and I.

Out of the blue, they called me to let me know that they had attended an open house, and it was “the one.” They followed this news up with: “But you’re our Realtor, so we told the guy that we want to buy it with you- we would never leave you out, Laurie.” The listing agent, being an agent of integrity, honored their request to have “their Realtor” involved. As “their Realtor”, I had never crossed paths with the seller or the listing agent, but the listing agent knew that he had a sale for his sellers, and wasn’t going to screw it up in an effort to get paid the full listing commission as opposed to splitting it with me.

He demonstrated ethical fiduciary to his seller; now it was my turn to provide my fiduciary duty to the seller.

Except, I’d never met them. I was, in the eyes of the buyers, “their Realtor.”

The market was good- the buyers offered the full price of $90,000. Upon the inspection, items of substance (if not expensive, annoying repairs) arose, and very cognizant of the fact that “fairness” to the buyers was also a requirement, I added an addendum to the contract stipulating very specifically what was to be repaired before closing (people didn’t, and generally still don’t, use attorneys for closings or advice or paperwork in Denver, Co. or the majority of States).

The items were not completed at the walk through, but the buyers wanted to move in (they knew that they had the items agreed to by the seller, in writing) so proceeded to close. A week later, nothing repaired.

When the sellers ultimately refused to do the agreed to repairs, the buyers called me, and let me know that they had a small claims court date- could I make it? I had, after all, facilitated the addendum.

I was horrified (really) when my broker reminded me that no, attending was not possible, because my fiduciary responsibility was to the seller, not the buyers.

 

While my awareness of my status with the sellers had compelled me to get advice from the broker (ultimately liable were I to appear in court on behalf of the buyers, at least, in his estimation) it took that murky, convoluted term “seller agency” to a level that was, bottom line, unfair to the buyers.

Because the items had been recorded and signed off by the sellers, the buyers won monetary compensation from the court, and all ended up even for them. They called to let me know, saying with legitimate sarcasm,

“We won the case, NO THANKS TO YOU.” We didn’t speak at all after that call.

Even in a situation in which it was possible to support the notion of “seller agency” when working with buyers, STUFF HAPPENS. Clearly, there was enough confusion in Denver to eliminate seller agency altogether- buyer agency permitted, for BOTH parties, a defined line by which their expectations could be met- it started very shortly thereafter (late ’80’s) and continues today as the way to conduct real estate.

Sellers, by the very nature of their listing agreement, receive full fiduciary out of the gate from their listing broker in NY (and elsewhere). When a seller of a home in NY commits to a real estate individual (and brokerage), they choose that person for many reasons, among them a awareness that they’re receiving fiduciary representation (and they are, or should be).

Sellers don’t NEED two agents, one who has listed the home, and one bringing a buyer, in order to receive double fiduciary. If a home seller feels that the listing agent isn’t enough protection, they picked the wrong agent.

Buyers, on the other hand, are equal participants, and when confusion about who represents whom disturbs the purchase, the feeling of getting “taken” or “lied to” is a possible (and unacceptable) result when they are without a buyers agent. Both the buyer and the seller (by extension- they’re dealing with an uncertain buyer) pay the piper in aggravation, if not money. Just ask any seller who has struggled with “concessions” from a wary buyer.

BUYERS: You Are Better Off Going It Alone Than Accepting Sub Agency (or broker agency) from “Your” Realtor. Anything that you disclose to your sub agency Realtor that benefits the seller will be relayed to the seller, as required. If you aren’t clear on this, your transaction will likely be sour for both you and the seller.

So, with an ongoing agenda of promoting buyer agency for sellers and buyers, just a cautionary tale to Realtors that might (as I did) find themselves wondering if real estate works from an ethical perspective- being called “their Realtor” and having it rescinded is a devastatingly AVOIDABLE event with buyers or sellers of real estate. It wasn’t avoidable in the 1980’s; IT IS AVOIDABLE NOW, New York.

Buyers agents, you are welcome to view our listings- we have our sellers covered. If your buyer wants to buy, we have sellers that want to sell. We’ll make certain that we watch every move; you do the same for your buyer. Getting houses sold with happy clients reaps rewards for all.

*A footnote: buyer agency is established via the NYDOS required disclosure at the time of your first substantive meeting with any Realtor. It is NOT required that you sign a contract. Call if you have any questions.

We also refuse to engage in “dual agency”, but that’s another blog…

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55+ Retirement Community? Try 70+ Wants a Home, Not a “home”

April 19th, 2008 category: Real Estate Philosophy1 Comment »

Recently, Sean and I (I’m Laurie) had back-to-back visits from our mothers, who both happen to be in their 70’s. As very different people, they bring MUCH to the ” what the he*% am I supposed to do now” dilemma facing so many pre baby boomers (pre-booms)- people in their 70’s, incredibly healthy- with most beginning the thought process in their 40’s, the future is always in the present.

Except that perhaps healthy 70-somethings have a lesson to impart.

They’re our mothers; of course this assessment is notwithstanding the ongoing-I-remember-when-I-was-six underscore- but overall, the primary objective is their own (with ours coinciding) happiness.

I should state: I am a real estate agent in NY who enjoyed success in a “55+ Community” with a builder focused on lifestyle, which resulted in a two year experience in which to engage hundreds of thinkers in this sensitive part of life.

AND, OUR MOTHERS DESCENDED, ON BACK-TO-BACK VISITS. Within a few days of one another.

Rosemary arrived, having completed an odyssey in Hawaii that culminated (after seven years) into a move of “open-mindedness”- the east coast makes sense, as the grandchildren line the east coast. With much experience in a head chef capacity, Rosemary visited a training institute with whom she’d been an active participant years earlier, with the subject being sophisticated health food (which I don’t like, but Sean does). A “thought” destination, if you will- a place of comfort, to cook and eat health food with other enthusiasts, after visits with the family. Relaxing with like-thinking enthusiasts in a bucolic setting, particularly soothing during a life change.

The result of this time of solstice (after visiting family) was to accept an offer, provided by a couple visiting this health food culinary place in the woods, for Rosemary to bring her incredible cooking expertise in order to assist this couple in their US Virgin Islands home with the benefit of her participation, all expenses and pay. Did I mention the US Virgin Islands? I guess the tropics work for her- she sounds ecstatic about the opportunity. So much for “Retirement”!

She leaves Saturday, That’s TODAY!

Judy visited in the week following Rosemary. She is in equal contemplation. Her story (she and Rosemary are very close in age) involves an inexplicable health complication that made Judy a lacrosse coach one day, and a patient experiencing seizures one day later. A few years later, to the astonishment of the medical field - Columbia Presbyterian Hospital in NYC, she is no longer a “patient”. She has returned to decision maker.

The problem with a brain issue is that just as it perplexes doctors with the magnitude of potential diagnoses, so it does to family, in the same overwhelmingly unclear way. A “HOME”, decided Judy, was best- meals provided, hospital nearby, unload the house, and calm the kids.

Except that, through the course of Judy’s recovery, all initial day-to-day minimum standards required of a person “of a certain age”, returned to her in astonishing, almost enhanced, completeness- cured.

Having been diagnosed with little clarity, her choice at the time of concern initiated a purchase relative to the situation. It’s not that situation anymore, and being one of only a few mobile individuals at “home” is disheartening for an active adult. Judy has outgrown her “retirement home”, and is seeking to return to a bit more in the way of personal choice, which for her is an environment of bike riding, walking, and shopping.

Rosemary is going to the US Virgin Islands, and at the conclusion of that adventure, we will continue to remain on her radar.

Judy will locate a house that has her current basics: access to the water, and personality. Or, a cool condo near the beach.

MANY people are seeking the condo route, and there are numerous opportunities for retirement condos on the North Fork. Our favorites include Windcrest East, Sunken Ponds, Mill Pond, Founders Village, and Silver Village, (among others).

Downsizing, as opposed to leaving yard work for others, also offers amazing opportunities on the North Fork of Long Island. There is a small home in the mid-400’s in a quiet neighborhood offering a rear second story deck overlooking woods, with little to maintenance in the front yard- small, and easy.

Sometimes, it takes looking at properties in order to make that decision.

We’d love to help.

For info on condominiums, fill out the info below for a report.

CONTACT FORM 

For info on downsize properties, fill out the info below for a report.

CONTACT FORM

For info on both, call us between 8-8 daily, at 631-727-2227.

If you are considering selling a condo in Riverhead, we are opening a website soon: Riverheadcondos.com, showcasing only condominiums in Riverhead and Calverton. For additional info, email or call for updates on the site.

All Images Copyright 2008 Options Realty.

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The MLS on the North Fork of Long Island

April 17th, 2008 category: Real Estate News, Real Estate PhilosophyNo Comments »

What is the MLS (MULTI LIST SERVICE), and what does it offer you, the seller of a home on the North Fork of Long Island?

The Multiple Listing Service of Long Island (MLSli) is a service that provides sellers with the opportunity to “share” their property with all MLSli Realtor participants. It is an elective service, meaning that real estate companies can utilize it to expand the reach of your property to all participating agents, or they can decline the service.

There are costs associated with joining the system, and brokers pay fees to join, as well as monthly fees to maintain the service. The price is small, relative to the exposure: the MLSli, and it’s partner site, Realtor.com, have higher site visits by a large margin than any New York real estate brokerage.*

The advantage for LISTING BROKERS is that they know that they are enlisting the help of ALL Long Island Realtors, not just the group in their office, creating a huge advantage for sellers. Knowing that an important Realtor/buyer venue is part of the marketing plan can make the difference between a house that sells, and one that sits.

In addition to reaching local buyers, the MLSli reaches all Long Island buyers, and national buyers. Realtor.com is a national reach, with buyers able to access North Fork properties from anywhere in the country, with photos and details. A great combination- the local MLS and Realtor.com.

 

When you list your home, your listing agent will likely mention that you will be on the MLSli. You will both decide, with this exposure, what amount, out of the total fee charged by the listing company, you would like to pay a “cooperating broker”. This amount is published in the MLSli for Realtors to view.

The MLSli is often a first stop for real estate agents seeking properties for buyers, and it is possible to email listings, offer MLSli updates, and provide market updates for buyers seeking properties (yours?). For sellers, information regarding sold properties is available in order to correctly price your home relative to market conditions. Daily updates are provided to Realtors, offering them a chance to share both new and existing listings with their buying client/customer. That’s the important part, to the real estate contingent.

While some areas (NYC, the Hamptons) are fighting the inevitable by not viewing real estate as a fully cooperative effort, many sellers are demanding this service due to the huge Internet presence afforded. I’d have to agree. It’s less about “why”, and a whole lot more about “why NOT”? Until a better venue comes along, it’s got the largest reach for sellers, and current info for both Realtors and buyers.

To view MLSli properties, click on the “homes” button, and enter your parameters. To view properties listed on Realtor.com, go to www.realtor.com, and enter the area that has captured your interest.

If you have any questions, please call us at: 631-727-2227 daily, 8-8.

*per stats from Alexa rankings

image “Concert crowd”: Copyright: Milan Klusacek & iStockphoto

image “apple computer”: Copyright © 2008 Apple Inc.

image “Southold Beach”: Copyright 2008 Options Realty

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Working with Buyers on the North Fork of Long Island

April 11th, 2008 category: Buyers, SellersNo Comments »

SELLERS OF HOMES ON THE NORTH FORK OF LONG ISLAND: YOUR BUYER IS OUT THERE.

 

While frustration has been, of late, the order of the day for home sellers in general, there are homes going under contract, and there are buyers looking for properties.

The homes that go “quickly” are priced in such a way as to get the buyer to land, with a bit of negotiating on occasion, and a willingness on the part of both buyers and sellers to compromise.

Nationally, we are in a precarious place- with the recent down payment increases becoming common, buyers are educating themselves in impressive numbers, as they decide if things are close to “hitting bottom” in a declining market.

Presentation of your home on the Internet is critical- a single photo on Realtor.com (a spin off of the MLSLI) doesn’t cut it with today’s home buying contingent. Additionally, while exposure on numerous websites has gained ground, there are still hold outs that are not maximizing the exposure needed for your home.

Pricing is tantamount to success- with buyers deciding that a fence upon which to sit is a safe route, offering a home that is accurately priced is still the best formula. Determining this can be tricky, but there are several ways in which to approach the dilemma- not the least of which is to take a hard look at your competition.

While ignoring the headlines in favor of local results is difficult for both sellers and buyers, the fact remains that real estate is LOCAL, and our area appeals to many outside of the North Fork. A home priced within the range of recently closed properties is far more practical than pulling up properties that closed more than a few months ago- while we haven’t seen NEARLY the disastrous market in evidence in other states, there is a knowledge among buyers that things have dropped from the highs of a few years ago.

Viewing the entire process as one in which cooperation is essential will provide sellers with able buyers, and buyers with properties that don’t run the risk of being “under” appraised- starting out with accuracy is, and always has been, a key component.

CALL US FOR AN ACCURATE ESTIMATION OF THE VALUE OF YOUR HOME. GETTING BUYERS TO LAND ON YOUR HOME IS OUR PRIORITY.

(PHOTO OF OSPREY AND A VISITOR- Options Realty)

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A Good Sign?

April 8th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

For buyers and sellers of homes on the North Fork of Long Island, the current market woes nationally have created an uncertainty- sell? Buy? Wait it out?

This article in the Houston Chronicle, offers a glimmer of reality for all following the market. While certainly not a guarantee of improved conditions, the search for some kind of historical data that might offer a time-target has been conveyed here.

While the indicator is that we are likely nine months from tangible evidence of a turn-around, keeping an eye on builder stocks as a conduit for the thought process of investors is a key element when making a decision to buy, sell, or wait.

I, for one, will be watching closely- and reporting back!

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A NON Vacation Home on the North fork of Long Island

April 7th, 2008 category: Buyers, North Fork NeighborhoodsNo Comments »

The North Fork of Long Island- Vacation Homes for the Non-Vacation Home Minded…

Let’s face it- the thought of a retreat is appealing to everyone. I’ve visited friends at their “retreats” in Connecticut, or upstate NY, and the homes are made for relaxation- woods, lakes, deer…the whole serene dream.

Until it’s time to pick up the milk that was forgotten on the way up- how far back was that little grocery store??

On the North Fork of Long Island, amidst the beaches, woods, deer and open spaces, the grocery stores are conveniently close.

While this may seem trivial when making up a checklist of second home requirements, it only takes one absent carton of milk to interrupt a day designed for sleeping in, exploring, and relaxing.

Especially if, like me, you have a child that has one absolute requirement of their own: a bowl of Cap’n Crunch in the morning. Ok- I like Lucky Charms in the morning.

Southold, in addition to a new Starbucks, is also home to the IGA on Main Street- while we live in a “house in the woods”, the store is five driving minutes away. As a “guest-ination”, summer provokes visitors, and trips to the store are a daily routine.

Cutchogue and Mattituck, NY, also have their own grocery stores within a few miles of the furthest homes- both Waldbaums (Mattituck) and King Kullen (Cutchogue) provide all that is needed for a weekend retreat.

A vacation/second home does not have to mean complete isolation, and one visit to the North Fork of Long Island will have you thinking about additional trips. Call to find out more about real estate on the North Fork- the milk’s on us.

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Homes Sold on the North Fork- First Quarter 2008 Results

April 1st, 2008 category: Real Estate NewsNo Comments »

The following report, with information gathered from the MLSLI, is a look at first quarter results on the North Fork. * indicates CLOSED pricing- if not closed, the figures represent asking prices. The properties shown are single family homes; these figures do not include mobile homes, condos or seasonal cottages.

AQUEBOGUE
Sold: 3
Pricing: $300k*, $345,5k, $360k*
Average Days on Market (DOM): 254
Closed properties: 2

BAITING HOLLOW
Sold:10
Pricing: $299k, $399k, $368k*, $409k*,$439k, $449k, $449k, $485k*, $599,7k, $995k
DOM: 114.6
Closed properties: 3

CALVERTON
Sold:4
Pricing: $299k, $350k*, $389,9k, $649,9k
DOM: 107.25
Closed properties: 1

JAMESPORT
Sold:7
Pricing: $435k*, $480k*,$430k*, $599k, $599k, $800k*, $999,7k
DOM: 156.43
Closed properties:4

RIVERHEAD
Sold:23
Pricing: $150k*, $170k, $210k*, $239k, $239k, $249,9k, $275,9K, $275,9k, $310k, $324,9k, $349k, $349,9k, $349,9k, $350k, $353,9k*, $379k, $390k, $427,9k, $449,9k, $469k, $599,9k, $649,9k, $699,9k
DOM:150.04
Closed properties:3

CUTCHOGUE
Sold: 9
Pricing: $318k*,$389k, $549k, $795k, $799k, $1,099m, $1,179m*, $1,995m, $2,010m*
DOM:164.22
Closed properties:3

EAST MARION
Sold: 4
Pricing: $280k, $499k, $545k*, $848,2k*
DOM: 164
Closed properties: 2

GREENPORT
Sold: 5
Pricing: $389k, $409k, $485k, $489,9K, $939k
DOM: 161.40
Closed properties: 0

LAUREL
Sold: 3
Pricing: $440k*, $475k, $500k*
DOM: 241.67
Closed properties: 2

MATTITUCK
Sold: 8
Pricing: $349k, $449k, $495k*, $525k, $589k, $769k, $799k, $799k, $995k
DOM: 92 *(excepted: one home was on the market for 772 days. Not included in stats)
Closed properties: 1

NASSAU POINT
Sold: 1
Pricing: $1,999m
DOM: 170
Closed properties: 0

NEW SUFFOLK
Sold: 1
Pricing: $525k
DOM: 159
Closed properties: 0

ORIENT
Sold: 3
Pricing: $446k, $779k, $2,395m
DOM: 126.33
Closed properties: 0

PECONIC
Sold: 1
Pricing: $1,275m
DOM: 36
Closed properties: 0

SOUTHOLD
Sold: 24
Pricing: $435k*, $499k, $490k*, $499k, $499k, $515k, $450k*, $535k*, $525k, $535k, $599k, $599k, $625k, $649k, $675k, $699k, $699,8k, $790k, $799k, $998,8k, $1,399m, $1,995m, $1,999m, $3,300m*
DOM: 192.58
Closed properties: 5

Total North Fork closed properties from Jan.01,2008 through March 31, 2008: 26

Total North Fork under contract/not closed properties from Jan.01,2008 through March 31, 2008: 80

While the first two months of the year were relatively quiet, the market began to pick up steam in mid-February. While homes above 1 million are accumulating, the “season” has begun on the North Fork, so this inventory may well see a change of significance in the next few months.

We’ll keep you updated!

For an in-depth look at properties, please click on Homes for Sale. This will bring you to available properties on the MLSLI. If you have a property-specific curiosity, the “Market Snapshot” will provide in-depth analysis. Additionally, we are always available for your questions. 631-727-2227

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