Archive for May, 2008

North Fork Home Sales, Real Estate Market Update - May 2008

May 31st, 2008 category: Real Estate NewsNo Comments »

Market update: homes under contract on the North fork of Long Island MAY, 2008

From May 01, 2008 through May 31, 2008, homes UNDER CONTRACT. Pricing reflects asking price, not final sales price. Statistics were obtained from the MLSLI, and as such, are not guaranteed, but considered accurate.

AQUEBOGUE: 1 $499K

BAITING HOLLOW: 3 $479,9K; $534,990K; $849,9K

CALVERTON: 2 $339K; $499K

CUTCHOGUE: 2 $425K; $480K*closed price

EAST MARION: 1 $550K

GREENPORT: 1 $395K

LAUREL: 1 $449K

MATTITUCK: 1 $459k

ORIENT: 3 $429k; $950k; $1.45m

RIVERHEAD: 7 $40K (described as “other); $40k*closed price- mobile home; $253k; $329,9k; $329,9k; $350k; $399k

SOUTHOLD: 5 $429,9K (bank owned); $529k; $599k; $699k; $1,15m

If you are thinking about selling a home in the mid-range, check out your competition by clicking on “homes”.

HOMES AVAILABLE on the North fork of Long Island:

All villages/towns/hamlets:

AQUEBOGUE: 74

BAITING HOLLOW: 67

CALVERTON: 23 S.F.; 39 mobile homes

CUTCHOGUE: 54

EAST MARION: 20

GREENPORT: 45

JAMESPORT: 37

LAUREL: 16

MATTITUCK: 59

ORIENT: 23

PECONIC: 7

RIVERHEAD: 148

SOUTHOLD: 107

For a tailored report on price ranges available, please leave us an email, or call 631-727-2227.

If you are thinking about selling your home, please click “homes” above, right, and enter a price range in your town/village. Or, just browse properties available in all areas in order to get familiar with the market.

contract photo: courtesy Steve Woods & stock.xchng 

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BPO’S in Real Estate- What’s a BPO?

May 21st, 2008 category: East End LI Foreclosures, Real Estate News5 Comments »

Recently, we were contacted by an intermediary between a bank and ourselves to conduct a BPO (Broker Price Opinion) on a house that appears to be well into the throes of foreclosure.

BPO’S do not replace appraisals, but they do permit banks to comprehend the market from the perspective of the real estate contingent, as opposed to an appraiser that is (in our area) often “out of area”. The North fork of Long Island, while less affected than some areas, is still affected.

An example of this: we had the unfortunate experience of working with a pre-foreclosure, with the bank operating out of state. We received an offer that was in line with current pricing, and submitted this “short sale” scenario to the lender.

After accepting the contract “subject to the appraisal”, the bank established that they’d prefer to foreclose, as the amount that the appraiser came up with (significantly higher than the offer) would permit them to sell the property without paying a minor shortfall of funds (less than 1%) to them. This, despite correspondence and documentation that clearly demonstrated that the offer was as good as the bank would receive.

The result? The property did not sell at the foreclosure auction; it is now listed at a price that is 20% BELOW the offer that was rejected less than nine months ago. And, well below the amount owed by the consumer of this property. We are still livid. The buyer of the property closed on a comparably priced home within a few weeks of getting completely frustrated with a bank that just didn’t GET IT.

WHAT GIVES?

While we are going to pass on this particular request, we have aligned ourselves with a company in good standing that regularly requests BPO’S for properties in jeopardy.

We’re doing this not because we care to participate in a foreclosure scenario (one was more than plenty) but in order to remain on top of potential short-sale/foreclosure properties in the area that may well be upcoming.

Frankly, the prospect of dealing with a “bank owned” over a pre-foreclosure is preferable- the pricing is more in line with market (and minus any second lien holders, etc).

If you are interested in bank owned properties, email us to become part of a list- we’ll share what we know. The sooner properties move, the sooner the market can operate without the damaging effects of pricing that is simply too low in some cases.

If you are a seller in jeopardy, there are avenues available to you right now- FINALLY, banks are viewing the disastrous real estate market as REAL, not imagined- and becoming very consumer friendly. They don’t want your house, and we don’t want to sell it- we’d rather see you IN IT.

Now, if we can just get BPO opportunities BEFORE the foreclosure…I know of one former homeowner who would likely have had a successful short sale.

Photos/Content Copyright 2008 OptionsRealty

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Great News for Home Buyers on the North Fork of Long Island, New York

May 19th, 2008 category: Buyers, Real Estate News3 Comments »

FINALLY- and end to “declining market status”, which forced an additional 5% down from home buyers.

That this policy was enacted at all is really troublesome, in this writer’s opinion- since when, in any downswing, has it been OK for Fannie Mae to jeopardize the abilities of the buying public by “hedging bets” on how the real estate market will perform?

For those seeking to sell a home on the North Fork of Long Island, know that the elimination of this policy will create new opportunities for buyers that (but for that pesky additional percentage down) would have considered a purchase, but found themselves short on cash.

Additionally, the requirement that appraisers maintain awareness of the declining market being eliminated takes away some of the unease that sellers faced with respect to the appraisal itself coming in low.

This move, in conjunction with the increased limits offered with FHA loans (good through Dec. ‘08) will create a nice opportunity for buyers to re-consider the benefits of this particular loan, once widely used, but abandoned when pricing exceeded the typical FHA limits imposed on home buyers. With a bit more latitude offered, I’m guessing that FHA loans are preparing for a resurgence, another positive for home sellers and buyers.

There are currently entities lobbying to make the increased limit permanent- we’ll offer an update if that occurs.

FINALLY, SOME GOOD NEWS.

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The Good Guys Wear a White Hat

May 18th, 2008 category: People and Places, Real Estate NewsNo Comments »

On an otherwise uneventful day, I happened to meet a couple visiting our area.

Through the course of our conversation, Jean mentioned that she does embroidery. Interested, because the look of embroidery for logos is so much nicer than a transfer type look, I asked about her specialties.

Mentioning that logos are one of her areas of expertise, she offered to send me a catalogue of items, in addition to a sample of the embroidery of our logo.

I was absolutely shocked when, within a few days, I received a sweatshirt in the mail, fully embroidered and beautifully done, with our logo- I was simply astonished.

THAT was Jeans “sample” for me- a sweatshirt that had PERFECT STITCHING on the flawless logo.

Now completely intrigued, I asked about baseball hats with the logo- we’re having an outdoor party, and want to make sure that the “sphere” exits with Options. Real Estate is a “remember I’m here” business, even with family.

Today, three days after our conversation, I received in the mail the hat pictured above. It’s so gorgeous that I had to photograph it in an artsy way (can you tell how thrilled that I am)?

Without quoting prices, I will mention that these hats are INEXPENSIVE, but look like a MILLION. My next order will include black hats- and there will be a “next” order.

It’s so hard today to experience a business that responds immediately; offers quality at a low price; and clearly takes pride in what they provide to the consumer- and when it happens, the individual responsible often doesn’t know how appreciated the integrity level is. JEAN, AND JV EMBROIDERY, WE APPRECIATE YOU!

If you need anything embroidered, JV Embroidery is located in Hicksville, NY (Long Island). Jean does all kinds of embroidery- it’s terrific (and terrifically inexpensive) for the real estate contingent- hats, visors, t-shirts, etc.

Quality merchandise for marketing never goes out of style.

Whether it’s a single item or a ton, check out the offerings. I can only tell you that I was amazed.

Jean and Vinny, may your business burst at the seams- just not on my orders.

JV Embroidery

45 Charles Street

Hicksville, New York 11801

1-516-827-9209

 

Oh- and if you’re looking for property in the North fork area of Long Island, give us a call- maybe you can have a hat, too!

• photos: copyright 2008 OptionsRealty

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Sound Ave. Circa 2008

May 16th, 2008 category: Southold Real EstateNo Comments »

Sound Ave. Circa 2008, we present 40135 County Rd 48, Southold, New York 11971

Newly constructed in Lineage Craftsman detail and style for the 21st. century.

With finely crafted detail evident, this home presents a wonderful opportunity in Southold on the North Fork of Long Island.

Vineyards, as far as the eye can see, provide a spectacular backdrop when relaxing on the back porch.
With a beautifully landscaped yard also comes a slate fire-pit, perfect for entertaining.

A large country kitchen awaits completion, estimated to occur over the next few months. Bright and sunny, a generous number of windows offer additional vineyard views.

The large family room, open to the kitchen, includes a beautiful brick fireplace, with large windows offering additional light and space, in a room designed for relaxation.

In addition to a formal dining room on the main floor, upstairs offers 3 bedrooms + an office, with a master suite providing additional outdoor living, while enjoying the master bedroom fireplace, located on a charming deck that overlooks the vineyard.

A full basement complements this lovely home.

Go ahead and take a look at all the craftsman details of this property, by clicking here.

Priced at $1,050,000. To see this, or any luxury property on the North fork of Long Island contact us.

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Location, Location, Location

May 14th, 2008 category: North Fork Neighborhoods, Southold Real Estate1 Comment »

This exceptional opportunity offers enormous potential in an upscale neighborhood two blocks from gorgeous Kenney’s beach. An impressively long driveway leads to this gem, offering privacy. Across the street, enjoy the peace of Great Pond, with the Long Island Sound offering summer fun, just a short walk away. The sellers have added a new garage, offering its own potential for uses- finish one area for a private study or guest area- you’ll still have the use of a full two car garage.

If you are mechanically or artistically inclined, think dream work space for your projects. The original attached one car garage is ready for finishing, affording additional space for a separate family room, or perhaps a master suite. With enormous potential, in addition to a fabulous location, this home is expansion-ready! The sellers have added unique, high quality windows throughout, and completed the outside with vinyl siding.

This home is landscaped professionally, maintaining the “woodsy” feel in the front without obstructing the home itself. A large, sunny kitchen is part of a “great room” layout- the “hot” look of today. With all of the important factors present for someone interested in investing in potential, this home has it.

What it also has is LOCATION, LOCATION, LOCATION…making this a true gem for beach lovers seeking proximity, with an eye toward future expansion. A large deck overlooks the backyard, and the hot tub is included. If you are seeking a home to “make your own”, this may be the one- call us today!

See the website itself at www.7720Soundview.com for all the good information on this opportunity.

Stop in for our…

OPEN HOUSE - Sunday 5/18 11-2 PM

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North Fork Long Island- Spring has Arrived!

May 7th, 2008 category: People and Places2 Comments »

Has the chilly air on the North fork (despite brilliant sun) made you uncertain about the imminence of summer?

It’s greener, sure- but just a taaaad too early to buy annuals without giving them a shock.

The certainty for me that spring is here, with summer beckoning, arrives annually with a big, bold, red and white banner on the North road, that reads: STRAWBERRY FESTIVAL.

That sign starts it for me, and I become much more interested in events listed in the Suffolk Times because I can generally count on good weather.

In addition to advertised events - the North fork has an ongoing, amazing tag sale opportunity. I’ve never attended a tag sale or antique store without getting a steal. Times are listed, with a warning not to arrive early, as a courtesy to other “lookers.” The light fixture shown below was a $40. find at the Trading Post.

The sales stretch from Riverhead to Orient, and staying on Main road or North road (Sound avenue) (there and back) should allow you to hit most of them, although I love the east end- generally, I’ll start inSouthold, head to Greenport and Orient, then back to Cutchogue and Mattituck.

After tag sales (you should be finished by 9:30a.m.- they usually begin at 8:00, grab an egg sandwich at Erics, located on the North road and Hortons Rd. in Southold. I like their waffle fries, in addition to the healthy fare offered. And, they take credit cards, so if your last dollar was spent on that Limoges cup and saucer, you’re good to go.

We sail, so a day off includes a trip to the marina. When we considered marinas, we discovered that Brewer Sterling Harbor offered more than we’d hoped for. In addition to simple (and easily navigable) access to the bay, this marina will be housing a great restaurant, Porto Bello. Available to members are a pool and shower facilities, with those running the show always available, if a question arises.

Southold town offers sailing classes for those interested in learning- it’s a terrific way to enjoy the water here.

If sailing isn’t your “thing”, activities for kids (big and small) are ongoing, with everything from bird watching to basketball to bingo. The link above provides a full menu of spring and summer fun!

We’re taking some photos of the beaches this week, so will share some of our favorites then- along with some great upcoming events at the wineries. Stay tuned!

If you fall in love with the North fork (as we have), call us to schedule a time to explore calling it “home”, or fill in your info below for an update on available properties. To email directly: laurie@optionsrealty.com

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38 Home Sales on the North Fork of Long Island in April- Real Estate Market Report

May 2nd, 2008 category: Real Estate NewsNo Comments »

The following is data collected from mlsli indicating properties that have gone under contract on the North Fork from each village / town and hamlet from April 01, 2008 through April 29, 2008:

Aquebogue NY: 2 sold; $350k*, $469,9k

Baiting Hollow NY: 5 sold; $70k*, $165k*, $409,9k, $479,9k, $519,9k

Calverton NY: 1 sold; $159,9k

Cutchogue NY: 2 sold; $779,7k, $1,399m

East Marion NY: 2 sold; $399k, $449k

Greenport NY: 1 sold; $399k

Jamesport NY: 2 sold; $529,9k, $599,9k

Mattituck NY: 1 sold; $415k

New Suffolk NY: 1 sold; $749k

Riverhead NY: 16 sold; $74,9k, $82,5k, $89k, $119,9k, $155,5k, $180k, $199,9k, $199,9k, $249,9k, $279k, $299k, $299k, $299k, $350k, $379k, $609,5k

Southold NY: 5 sold; $395k, $549k, $1,650m, $13,294m*

For the purposes of this update, “sold” refers to under contract; * indicates “closed” pricing.

For condominium reports, scroll down.

If you are thinking of buying or selling a home in any village/town on the North Fork of Long Island, email us for a comprehensive look at your area- we’ll get right back with you!

images: stock.xchng

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