Archive for July, 2008
Since When Are Buyers Entitled to Commission on Long Island, New York?
July 31st, 2008 category: Real Estate NewsNo Comments »
With my entrance into the NY market offering a vastly different perspective from “whence I came” (out of state), it has been confounding to me, particularly after reading this featured post: http://activerain.com/blogsview/549893/Educating-consumers-on-how to understand how it is that NY consumers seem so confused over the commission concept, and who gets what.
In my real estate history, there was the sellers agent, and the buyers agent. Something like 95% of sold homes were co-ops, with the commission being split and designated. They’re called “co-brokes” here.
In Long Island, however, I’ve come to understand the there is a large contingent of the real estate community that views the commission this way: an agreement between the seller and the listing agent.
The result of this thought process is problematic to the consumer for the following reason: buyers are becoming aware in New York that there is commission “built in the price” for a buyer’s agent on mls listed properties. Sellers don’t care who gets the money in a “split” situation, as long as the house is competently closed.
If listing appointments were handled with this assumption (a split fee) by the listing Realtors (more importantly, by their Long Island brokers), it would loosen up the atmosphere. I am certain that this is not the comprehension here, because there are still signs that go up regularly, not put into the mls for a week-or month- after the sign is up. If a seller understood that the objective is a sale, from whomever may bring a buyer, they would surely eschew a “pocket” listing.
To hang on to an outdated notion that permits exclusivity and limited exposure for sellers who receive NO BENEFIT from this practice seems dicey in a market of properties sitting. It’s unethical in a good market- pick your poison.
If a Long Island agent who is involved in this type of listing effort would explain the benefit, perhaps it would clarify this issue for other agents that are part of the MLSLI, in addition to buyers who believe that the agreed to commission in the form of the advertised mls rate is “theirs”- to the extent that it pays for their representation (and is funded by them, as it’s in the price of the house as an expense to sell).
Until then, I’m sticking with the philosophy that commission offered in the MLS to the buyers “side” is money well spent by BOTH seller and buyer as it offers a “fair” transaction. Whether it’s good for the li$ting broker, from where I stand, is irrelevant.
To see industry comments on this post, Click Here.
Photos: Copyright 2008 OptionsRealty
On the North fork of Long Island, It Gets Me Every Time…
July 29th, 2008 category: People and Places, Southold Real EstateNo Comments »
We were heading to the annual Clambake courtesy of the Flanders Men’s Club. While there were a few errands to run, the day was interrupted when that magnet sucked my car into a parked position.
As happens so often on the North Fork of Long Island in the summer, locals and vendors pick a sunny day, and the race is on for those looking for that SOMETHING. Or ten. Below are a few photos of the ultimate tag sale experience on the North Fork of Long Island. Until next weekend.
The coke machine worked perfectly, and was priced at 20.00. Had the seller not offered to plug it in and demonstrate, he’d have missed out on the quarters that ejected en masse. And we left without them.
Satisfied that all had been viewed, considered, and explored, it was off to the clambake.
The wonderful thing about living on the North Fork of Long Island is that the unexpected events provide the most memorable experiences. 
Whether it’s corn that has a sweetness that defies qualities inherent in a vegetable, or a coke machine that dumps a small fortune into the lap of a surprised seller, it’s just, well…FUN. And next weekend is just around the corner…
If you’re unaware of our beautiful area, the tag sale map below offers a view: we’re on the top fork. The other “fork” at the tip of Long Island is the Hamptons. Visit www.optionsrealty.com for more North fork “stuff”.
Numbers on the North Fork
July 26th, 2008 category: Real Estate News3 Comments »
North Fork, Long Island Market Update
The following information is offered in order to provide some insight into a disorderly market. With the abundance of 
news that those of us in the industry follow daily, percentages have become muddled- sometimes, breaking it down and offering the insight without the vague percentages helps to at least get closer in comprehension from one town/village on the North Fork to the next.
The following updates include the towns of Riverhead, Calverton, Baiting Hollow, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point.
The first figure indicates all single family properties that went under contract (some have closed) between the months of April, 2008 through July 25, 2008 by town.
TOTAL UNDER CONTRACT BETWEEN APRIL 1, 2008 AND JULY 25, 2008
TOTAL HOMES UNDER CONTRACT ON THE NORTH FORK: 128
TOTAL HOMES AVAILABLE FOR SALE ON THE NORTH FORK AS OF JULY 25, 2008:
TOTAL HOMES AVAILABLE FOR SALE ON THE NORTH FORK: 706
If you are thinking about selling your home in any of the above areas, give us a call if you’d like help in your fact-finding mission.
For buyers, when I arrived on the North Fork seven years ago, the market was substantially different. Now, it’s actually possible to calmly assess value, locate the home you’ve been waiting for, and decide just exactly what makes sense 
for you right now.
Owning a home is about more than percentages. Buying a home is about understanding the market before making the decision.
North Fork, Long Island Available Retirement/Vacation Condominiums
July 23rd, 2008 category: Real Estate NewsNo Comments »
The following report is a list of all available condos/coops listed in the mlsli as of July 20, 2008:
AQUEBOGUE, NY
Silver Village: 1; $369,900.
BAITING HOLLOW, NY
The Knolls/ The Knolls at Fox Hill: 10; $359k, $375k, $375k, $380k, $385k, $390k, $399k, $439k, $449,9k, $549,9k
The Bluffs: 4; $449k, $519,9k, $469k, $498,8k
CALVERTON, NY
Calverton Hills: 7; $144,9k, $170k, $174,9k, $195k, $199k, $199k, $210k
Foxwood Village: 11; $159k, $164,1k, $165k, $183,9k, $225k, $229,9k, $239,9k, $240k, $245k, $245,9k, $270k, $310k, $319k, $375k
Windcrest East: 2; $589,9k, $589,9k
GREENPORT, NY
Driftwood Cove (co-op): 3; $170k, $190k, $199k
Sterling Harbor (co-op): 2; $696k, $329k
Sterling Cove: 1 $850k
JAMESPORT, NY
Maidstone Landing: 8; $775k; $799k, $845k, $850k, $879k, $899k, $947,9k; $1,275m
RIVERHEAD, NY
Willow Ponds: 9: $298,8k; $299k, $319k, $339k, $369k, $395k, $399k, $432,5k, $485k
Sunken Pond: 8: $335k, $339k, $375k, $382k, $399k, $399,9k, $399,9k $429k
Mill Pond: 6: $295k, $298,8k, $299k, $299k, $278k, $294k
Saddle Lakes: 2: $375k, $535,5k
The Highlands: 1: $574,9k
SOUTHOLD, NY
Colonial Village (co-ops): $187,8k; $187,8k $277,6k, $277,6k; 279,7k
The Cove: $929k
Any of the above condos can be located on our MLSLI search tool- please click to view, or call us for a showing/details.
East End of Long Island Foreclosure Update
July 18th, 2008 category: Real Estate NewsNo Comments »
I meant to link to this on my Pre-Foreclosure blog yesterday.
It’s a pretty good article that is fairly on target regarding the current foreclosure market here on the East End of Long Island.
The title of the post is,
Hamptons House Prices Fall Amid Wall Street’s Decline
By Sharon L. Lynch and Laura Marcinek
July 16 (Bloomberg)
“Second-quarter sales volume dropped 29 percent and the median price fell 11 percent to $735,000 from a year earlier in the resort communities on the East End of New York’s Long Island …”
“In Southold, prices fell 8 percent to $507,500 and sales dropped 19 percent.”
Read the entire article by Sharon L. Lynch and Laura Marcinek here.
How DARE You Waste My Gas!!!!!
July 18th, 2008 category: Buyers, Real Estate NewsNo Comments »
I read something today in which a buyer wondered if they would have the ability, after viewing a house with a listing agent, to get their own representation for the purchase.
A response from some in the real estate contingent brought up “procuring cause”, “ethics to the agent”, and wasted time and gas on the part of the agent, at the behest of the buyer.
Additionally, there were responses indicating that, without fail, the listing agents ALWAYS ask of buyers if they “have a Realtor”, or if they’re “working with anyone.”
For consumers, THAT’S NOT SPECIFIC ENOUGH. At least in New York, and a number of other states that permit dual agency- not by a long shot.
The question isn’t “are you working with someone.” If a real estate agent has made it to the appointment with the buyer, the conversation should go more like this:
(after niceties): “I am obligated by law to disclose to you that I, and all in my firm, are working at this point for the seller in this transaction- this home is represented by xyz firm. What that means is that it is my responsibility to watch out for the interests of the SELLER. Anything that you share with me, if it advances the end result for the seller, will be 
shared with them.
If you would like to move forward with an offer at any time, it might be possible to offer you a dual agency situation, in which I can facilitate the transaction. I am available to do that at your discretion, subject to seller approval. Just initial here- the one that reads: enter into this agency with caution.
In the event that you’d like your own representation, it will not be possible if you make the purchase through our firm, however that option is available to you under buyer agency.”
Sometimes, as happened to us, a buyer will say, “I like the house, and don’t need a Realtor. I’m offering x amount, and if your seller won’t take it, I’m not taking the house.” In this case, we represented the seller only, advocating for the seller only.
Sometimes, too, a blank stare with silence will follow your explanation. This is not good, because it means that despite looking at potentially numerous houses, they have not once had the required NYDOS disclosure explained to them.
When I worked on site for a builder, I routinely asked customers that came in if they “had a Realtor”. I did this because I wanted to protect the real estate agent that had likely taken the prospects to numerous places, and I wanted to see them get paid- often, trips to a model home were impromptu. Consumers didn’t “get it.”
The NYDOS “spiel” is not about real estate agents getting paid. It’s about following a law enacted to protect consumers that are entitled to a fair transaction out of the gate. They are entitled to “get it”.
If you are a consumer seeking to purchase a home, and the real estate agent that you’ve selected has collected any information from you without having the NYDOS disclosure explained and signed by you at your first “substantive” contact (read: ANY info collected from you), it would behoove you to request it.
The exception to this requirement (in New York) is a home that is a fourplex or more.
If you are a Realtor meeting a prospective customer at a home listed by you or your company in a dual agency state, do NOT complain about the gas and time unless the person with whom you are showing your listing has reviewed (to full comprehension) the agency disclosure.
For a link to industry comments, click here.
The Content here and The Photos here are: Copyright 2008 Options Realty!
Pre-Foreclosure Report on the East End of Long Island
July 17th, 2008 category: East End LI ForeclosuresNo Comments »
The following figures represent the number of lis pendens filed on the east end, by towns reporting from March 14, 2008 through July 16, 2008, as reported to Options Realty:*
The purpose of sharing this report is to inform both sellers and buyers of the “behind the foreclosure process” potential for properties that might become available in the form of anREO. It is important to note that there are a number of these properties that will not culminate into a home owned by the bank (REO)- some may have been listed and sold; some owners may get the property current, and eliminate the possibility, and still others may find that their lender is anxious to work out a plan to have the owners remain in the property.
Irrespective of the final count on those properties that hit the market, awareness (as both a seller and a buyer) is offered in order to assist a very complicated selling/buying decision in the current market.
March 14 through March 31,2008: 41
**Aquebogue: 1, **Calverton: 1, East Hampton:1, East Quogue:1, **East Marion:1, East Quogue:2, Eastport:1, Flanders:2, **Greenport Village:2, Hampton Bays:10, **Riverhead:7, Southampton:5, **Southold:1, Speonk: 1, Westhampton:4
April 1-April 30, 2008: 59
Amagansett: 1, **Aquebogue: 1, Bridgehampton: 2, **Cutchogue: 2, East Hampton: 10, Flanders: 5, Hampton Bays:4, East Quogue: 1, **East Marion: 1, Quogue: 1, **Mattituck: 2, **Orient: 2, **Riverhead: 13, **Sag Harbor: 1, Southampton: 4, Westhampton:4, Wading River:5
May 1- May 31, 2008: 73
**Aquebogue: 1, Bridgehampton: 1, **Calverton: 1, East Hampton:7, East Marion:2, **Greenport: 5, Hampton Bays: 9, Flanders: 3, Montauk: 2, **Orient: 1, Quogue: 1, East Quogue: 2, Remsenberg: 1, **Riverhead: 14, Sag Harbor: 1, Shelter Island: 1, Southampton: 4, **Southold: 2, Wading River: 9, Water Mill: 3, Westhampton: 3
June 1-June 30, 2008: 49
**Baiting Hollow:1, Bridgehampton: 2, **Calverton: 1, **Cutchogue:1, East Hampton: 7, Flanders: 2, **Greenport:2, Hampton Bays: 6, **Mattituck:3, Quogue: 1, East Quoge: 1, Remsenburg:1, **Riverhead: 5, Southhampton: 5, Sag Harbor: 3, **Southold: 2, Westhampton: 1, Westhampton Beach: 3, Wading River: 1, Water Mill:1
July 1, 2008- July 16,2008: 33
Bridgehampton: 1, East Hampton: 4, **East Marion:1, East Quogue: 3, Hampton Bays: 4, **Mattituck: 1, Montauk: 1, Remsenburg: 1, **Riverhead: 7, Sag Harbor: 2, Southampton: 2, **Southold: 3, Wading River: 1, Wainscott: 1, Westhampton: 1
**these towns and villages are located on the North fork of Long Island.
Awareness of potential changes in the real estate market affecting buyers or sellers of homes on the North fork will continue to be the objective of Options Realty in a time uncertainty. For an assessment of the value of your home, please contact us. If you are thinking about purchasing on the North fork of Long Island, we offer buyer agency services, and make every effort to provide you with the current “state of the market”.
Content & Pictures: Copyright 2008 OptionsRealty!
Play Ball! A Farewell to Yankee Stadium
July 15th, 2008 category: People and Places, Real Estate NewsNo Comments »
I know this is a Real Estate Blog-(here comes the “but”)- but…allow me to ramble on a bit about America’s Game.
We are fortunate to have Mark Stark on our real estate team- he gets us into Yankee Stadium. As an esteemed umpire with years of Little League experience, Mark was chosen in one of these final “hurrahs” for Yankee stadium to attend a Little League game sponsored by, and for, White & Case, llp.
I tagged along with Mark to this event- an afternoon of baseball played by just, well, us and others, on the magic grass of Yankee Stadium- the shadow of “greats” encompassing us in awe. Their “dirt”.
Little did I know that the 1978 World Series MVP, Bucky Dent, was to be there also.
Well, we ended up having Bucky Dent pitch for us.
I was catcher and Mark called the balls & strikes. A “picnic” pick up game of all ages and skill levels. Just like that.
I never thought that I would be standing on the field of Yankee Stadium having a catch with one of my baseball heroes- only in a dream.
I have been to watch many games in Yankee Stadium. I’ve sat in the bleachers; nose bleed seats, and even behind the plate in the front row.
I’ve dined on both Filet Mignon at The Yankee Club and also polished off a quick dog under the bat before the first pitch. Many more dogs than steaks, relished.
I found myself standing with others in the flashing eclipse that contained bright lights that could be celebrated- where both giants & Giants have stood and played.
If there is any building that has a spirit to it, it is Yankee Stadium.
I only hope that some of the kids we were playing with appreciate the day as much as I did, now and as they grow older enjoying the fun and lessons that baseball and being a witness to greatness can offer. I don’t believe that there will ever be a stadium built again that has been host to so many historical and memorable moments. And yet…I look forward to the moment of being proven wrong.
I’d love to hear Yankee Stadium stories- this is it, folks~
Rest in Peace, Bobby Murcer.
Thinking of buying or selling real estate on the North Fork of Long Island? Contact us!
photos: Copyright 2008 - Options Realty
Lazy Day Views of Greenport
July 14th, 2008 category: North Fork NeighborhoodsNo Comments »
After having been on a long visit to the west for a VIP, it was for real estate reasons that we found ourselves relaxing in Greenport, New York, for a quick visit.
While we live close by (Southold, Long Island, New York), the summer season is upon us, and there is no place quite like Greenport for those loving both water, and sailing (not to mention shopping, but that’s another blog ).
Below, some highlights of our lazy afternoon.
For those seeking a restful vacation retreat (or lifestyle), call us to view properties for sale in Greenport, New York. Options Realty: 631-727-2227
Just What Long Island Real Estate Consumers Need…More Junk Fees
July 11th, 2008 category: Buyers, SellersNo Comments »
Bob Sullivan from MSNBC’s Red Tape Chronicles posted this today. We thought it was valuable enough to show it to you here, at least the opening paragraph. Click here to read his entire post over at the Red Tape Chronicles.
“Traditionally, buying a home has been “free,” at least with regard to real estate agents. Sellers pay steep commissions — usually around 6 percent – which are split with the shoppers’ agent. That allows home buyers to focus their energy on hunting for hidden fees from their mortgage provider.”
To home sellers and buyers on the North Fork of Long Island: Please click here to read the entire article.
While I had heard of vague “administrative fees” becoming common, it was something that seemed minor relative to the rest of certain real estate issues that occur on Long Island, in addition to an ever changing market.
Deciding, as a broker, to add fees that (if they are explained as competently as the agency disclosure often is…NOT…you will likely view this inserted creative “fee” at closing) is unacceptable, whether in a slow market or not.
Not because there are certain administrative tasks associated with a real estate transaction, but because fees charged to consumers is for the purpose of a completed transaction. Isn’t that what “commission” is supposed to cover?
Hopefully, awareness of what we concur is a sneaky and unacceptable “fee” (what- paying a real estate agent along with an attorney isn’t enough for Long Island consumers??) will eliminate it. Awareness is everything, and administrative fees coming from a real estate broker/owner are completely ridiculous. Opinion, of course…
Photo: sxc
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