Archive for June, 2008

What’s A Grandma To Do?

June 29th, 2008 category: Real Estate News3 Comments »

As a very recent member of the gramma “club”, I’ve been searching out activities for children (grandchildren) on the North Fork of Long Island.

Whether you live on the North Fork, simply vacation here, or are like many, considering retirement here, my new perspective on this area is full of possibilities. Quite frankly, short of owning a property in an amusement park, this is truly a spectacular place in which to enjoy the experiences offered to our beloved “little ones.”

As people who love sailing, Callie’s first visit (OK- she’ll need to be more than the day old that she currently is) will be to the Southold sailing club for kids. Learning to handle a boat, and all of the safety rules, will be imperative for her when she’s old enough to participate, and the Southold Yacht Club offers just such an experience.

The Southold Indian Museum, located on Main Bayview recently offered a “crafts for kids” afternoon, and often has events specifically tailored for the younger crowd. 631-765-5577. www.southoldindianmuseum.org will provide details.

Located immediately across the street is a fascinating building offering views of the stars- when events occur at the Custer Institute, parking gets crazy, so arrive early. For star gazers, this is a top notch experience for all ages. www.custerobservatory.org will provide you with scheduled events.

If the kids are a bit older, the water park located in Calverton called Splish Splash provides the “juice” that some kids crave- the website provides details at www.splishsplashlongisland.com. I hope, when Callie reaches an age that permits a trip to the park, that I’m still nimble enough to make it up (and down) that HUGE water slide!

This is a very small offering of activities for kids on the North Fork- the bustling farm stands, with offers of strawberry picking, roasted corn, and the occasional quartet fill many afternoons for our visitors. Once corn season is really here, you’ll find that the crowds are full of little faces, with butter dripping, enjoying the magic of the North Fork.

Really- as a Gramma now, living here is exactly the type of location that I relish sharing with my new little granddaughter- what a fantastic place to be!

Now, if I can just convince my daughter and her husband to MOVE HERE…

All Photos & Content Copyright 2008 - Options Realty

 

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Can You Say, “BUSTED”??

June 23rd, 2008 category: East End LI Foreclosures, Real Estate News, Real Estate PhilosophyNo Comments »

As a Southold, New York local, it was with interest that I observed the closure of several mortgage brokers- here one day, gone the next.

Having viewed the mortgage debacle as it roared through the little area known as the North Fork, it is with great pleasure (having seen the ravaged remains of those who bought into fraudulent loan practices that were ill explained to borrowers) to see that the Feds are FINALLY demonstrating the clout that had appeared missing during the “boom” years.

Evidently, according to the following article, those consumers taken by the banks (that are now taking their homes) will get the pleasure of viewing a white collar line-up.

Do you suppose that we’ll get to see mug shots? I hope so.

photo: Lance Kidwell - stock.xchng

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Love North Fork Antiques? Welcome to Nirvana!

June 18th, 2008 category: People and PlacesNo Comments »

OK, the store isn’t called “nirvana”, but it could be for those of us that are enamored of items from days gone by.

The store being profiled is owned by David Markel, and is called Mel’s Antiques/Market Estate Liquidator.

Located in a barn like structure (with it’s own remarkable Southold history), Dave often liquidates estates, bringing the treasures to his own venue.

Dave is remarkable in that, as both an artist and thespian, he has that “critical eye” affording him the ability to recognize antiques of value and quality. Despite this knowledge, the items found in his shop are not only reasonable, but often, STEALS!

If you enjoy tag sales on the North Fork of Long Island, some weekends find Dave hosting events. On Sundays, he is often found in his shop, with directionals advertising a tag sale. The items that he brings to his shop are displayed both outside and inside- a veritable treasure chest!

To request Dave’s input on a tag sale of your own, he can be reached at davidjmarkel123456@yahoo.com, or you can call him at 631-765-1973.

If you are planning a trip to the North Fork, Dave’s shop is located at the Landing- Hortons Lane just north of the North road/Horton’s Lane intersection, behind Eric’s cafe.

DON’T MISS THIS OPPORTUNITY- THERE ARE SOME REAL TREASURES TO BE FOUND!

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The Arcade in Greenport Just Might Have It

June 12th, 2008 category: North Fork Neighborhoods, People and Places1 Comment »

 

Profiled this week is a business in Greenport, New York celebrating it’s 80th year in operation.

The ARCADE is known to locals in the area as the “go-to” for just about anything (and more). According to Bob, who has owned the store for seven years, the philosophy of his buying department is to stock anything that a person might find useful. The result of this effort has provided the Arcade with a reputation for having it all- from candy to cotton sheets to candles- and everything in between.

In addition to school supplies, the Arcade offers yard flags, wind chimes, magnets, glasses, clothing, footwear, decorative arts, toys, kitchen appliances, towels, rugs, curtains, dog toys, beach necessities and anything else that might be more difficult to locate.

According to Bob, the most prominent visitors are the summer crowd- a longtime favorite shopping destination, the Arcade has a loyal following from seasonal visitors that call Greenport home.

I recall a similar “five and dime” when I was small, and it was a store that we relished visiting- for children, it’s a step back in time fondly recalled by parents.

These charming stores are becoming a rarity. “There are only a thousand or so remaining nationally”, states Bob, noting that the current climate of rising costs jeopardize the existence of this kind of unique retail offering.

Let’s hope that the Arcade enjoys another 80 years- and congratulations on such a significant birthday!

If you need it, they likely have it- visit the Arcade when you reach Greenport. The Arcade is located on Main street, with ample parking located behind the store.

 

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Commit to Localism on The North Fork

June 9th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

For local businesses on the North Fork of Long Island, having a “bad season” is surmountable. A combination of elements, however, make it more important than ever to support local business on the North Fork.

Gas at over $4.00 a gallon, hasn’t been present. Worse things? Certainly. But this is a “new” thing.

For those business owners and their employees relying on the summer crowd to fill the halls (whether it be a farm stand, local clothing store, hardware store, art gallery, vineyard, liquor store, antique shop, among others) rising expenses threaten to impact the volume of visitors, in turn impacting employees and owners as living and operating costs escalate.

Some local homeowners, once secure, are experiencing the loss of their safety net- reasonable traveling expenses are compromised daily, home equity loss is evident, rising food costs evoke surprise at the checkout

Unlike the heady foreclosures visible in the Hamptons, the choice for most North Fork homeowners isn’t “this” or “that” house (first or second vacation retreat). Threatened is the ability to make a house payment along with escalating daily expenses, absent the availability of equity as a last resort.

For landscapers, painters, remodelers, handymen, and other service jobs, many local homeowners are cutting back, deciding to delay improvements until the market steadies. In all, a hit on the community as a whole- if you haven’t been affected with your home equity position, you’ve been horrified at the pump.

In a service/vacation community, as well as an artistic community, every “visitor” counts.

While the situation in numbers doesn’t compare to the real losers of the current economic crisis (California, Nevada, etc) it is surely dire for the individual North Fork homeowner dealing with the loss of a property.

We received our “lis pendens” list this week, as we do every week. According to the Real Estate Report, the total lis pendens for the east end (Hamptons and North Fork) totaled 83 in May.

Those are 83 situations that but for a huge turn of events both in real estate, and the general economy, will ultimately affect us all before it’s over, whether through knowing a friend encountering foreclosure, or having a neighbor lose a home that is now considered a “comp” (at a foreclosure price) for our own.

While “this, too, shall pass”, I’m making it a habit, without hesitation, to buy local at every possible opportunity- in all seasons.

How about you?

Committing to local business makes sense. Without local businesses, local flavor disappears.

photos: Copyright 2008 - iStockPhoto & OptionsRealty

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The Cutchogue Lions Club - Classic Car Show

June 8th, 2008 category: People and Places, Real Estate NewsNo Comments »

The Cutchogue Lions Club will be hosting a HUGE LOCAL EVENT, the Classic Car Show.

For car lovers all over Long Island, this event brings the best of the best, and offers classic car lovers the opportunity to appreciate the work and dedication present with Classic Car Restoration.

The event will take place on Sunday, July 6th. Please visit the above site for additional details/directions- it’s certain to be a fun day for all.

Denise and Greg say, “Hope to see you there!”

Options Realty: Proudly serving the North Fork of Long Island.

 

 

 

 

 

Photo: Denise & Greg - Copyright 2007 Options Realty

 

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East End Foreclosures on Long Island

June 4th, 2008 category: East End LI Foreclosures, Real Estate News2 Comments »

By now you’ve likely come across this article from Tuesday’s Newsday.
Newsday Columnist Randi F. Marshall gives us a glimpse into Mega-Foreclosures
on the South Fork and North Fork on the East End of Long Island, NY in her article
“Foreclosures taking Hamptons by surprise”

photo Copyright: Lilli Day & iStockPhoto

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Condo Sales for May on The North Fork

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

The first set of figures offer all villages/towns/hamlets in which a condo was put under contract from May 1-May 31, 2008.

The second set of figures indicate available condo properties on the North fork of Long Island, as indicated in the MLSLI.

Total Condos Under Contract: 4

Baiting Hollow: 1 Fox Hill; $345k
East Marion: 1 Cleaves Point; $849k
Riverhead: 2 Willow pond: $346k*; Sunken Pond: $399,9k

*indicates CLOSED pricing.

Total Available Condominiums: 78 (TO VIEW, CLICK ON THE NORTH FORK CONDOS TAB)

AQUEBOGUE:

Silver Village (1)- price: $389,9k

BAITING HOLLOW:

The Bluffs (5)- price range: $299k-$549k
The Knolls (9)- price range: $359k-$455k

CALVERTON:

Calverton Hills (6)- price range: $144,9k-$210k
Foxwood Village (12)- price range: $159k-$375k
Windcrest East (5)- price range: $554,9k-$619k

GREENPORT:
Driftwood Cove (co-op) (3) price range: $170k-$199k
Sterling Harbor (co-op) (2) price range: $449k-749k

 

 

JAMESPORT:

Maidstone Landing (9) price range: $775k-$1,085m

RIVERHEAD:

Mill Pond: (6) price range: $282k-$309k
Willow Ponds: (14) price range: $289,9k-$485k
The Highlands: (1) price range: $574,9k

SOUTHOLD:

Colonial Village (co-ops) (3) price range: $187,8k-279k
Founders Village: (1) price range: $369k
The Cove: (1): $1,025m

To view available properties, please go to “North fork Condos” or simply click here.

For analysis of your own property, please email us- we’ll provide any requested information as available.

On our site, we also provide a very user friendly market analysis tool that is updated every day. Try it! Market SnapShot. It’s easy. Just sign up on the right hand side of this page using the Market Snapshot Widget that looks like this picture to the right.

Sellers, many buyers looking for potential retirement properties are in the process of selling their own homes.

The frustration that they are undergoing, with a limited buyer pool themselves (largely due to lending restrictions- bad for the short term/good for the long term) is much like your own.

Buyers, there are loan programs available that offer 3% down. Interest rates are good (as of this writing, in the 6.25-6.5 range). FHA is now a viable program for most, affording some flexibility (terrific for first time buyers). Before you make the decision to wait it out, keep in mind that payments are determined through a combination of interest rate and purchase price.

An uptick in interest rates could eradicate a short term price decline by actually making the payment HIGHER, despite what appears to be a terrific price.

We need first time buyers to release retirement home buyers- until then, the condo market will remain quiet for sellers- that, or offering only priced-to-sell condos. For now.

See your lender before deciding either way- as properties remain on the market, there are opportunities.

• The information in this report was obtained from MLSLI, and while deemed accurate, is subject to error.

All Photography and Content: Copyright 2008 Options Realty.

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