Archive for August, 2008

Lis Pendens Report North Fork and East End of Long Island

August 31st, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

If you’re thinking of selling or buying a property on the east end of Long Island, awareness of the undercurrent in distressed properties is provided in order to offer a realistic picture of the prevalence of the pre-foreclosure impact possible.

LIS PENDENS FILED IN AUGUST 2008, EAST END OF LONG ISLAND

TOTAL: 57

East Hampton, NY: 9

Cutchogue, NY: 1

Bridgehampton, NY: 3

East Quogue, NY: 3

Flanders, NY: 4

Calverton, NY: 1

Eastport, NY: 1

Hampton Bays, NY: 5

Sag Harbor: 3

Southampton: 5

Westhampton: 6

Quogue: 2

Southold: 4

Riverhead: 7

Montauk: 1

Speonk: 1

Watermill: 1

Information provided by third parties (the Real Estate Report). Options Realty makes no representation to accuracy of data reported.

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HOMES FOR SALE. HOMES SOLD. NORTH FORK LONG ISLAND.

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

The following information, obtained from the MLSLI, is provided to offer insight into homes sold during the month of August, 2008, on the North Fork of Long Island (towns included: Riverhead, Jamesport, Aquebogue, Baiting Hollow, Calverton, Laurel, Peconic, Cutchogue, Mattituck, Southold, Greenport, East Marion, Orient, and Orient Point, New York). Pricing below is listed pricing, not contract pricing, unless indicated with *.

AQUEBOGUE, NY
Sold: 4
$238,5k, $275k, $379k, $2,499m

BAITING HOLLOW, NY
Sold: 2
$549,9k, $549,9k*

CALVERTON, NY
Sold: 2
$25k (mobile home), $310k

CUTCHOGUE, NY
Sold: 6
$349k, $499,9k, $595k, $799k, $2,450m, $2,250m*

EAST MARION, NY
Sold: 3
$395k, $479k, $729k

GREENPORT, NY
Sold: 3
$399k, $459k, $709k

JAMESPORT, NY
Sold: 4
$525k, $529k, $725k, $995k

LAUREL, NY
Sold: 2
$529k; $2,950m

MATTITUCK, NY
Sold: 2
$379k, $1,850m

ORIENT, NY
Sold: 2
$929k, $1,250m

PECONIC, NY
Sold: 2
$799k, $2,275m

RIVERHEAD, NY
Sold: 7
$31k (mobile home), $239k, $275k, $319k, $399k, $599k, $1.1m

SOUTHOLD, NY
Sold: 11
$399k, $435, $457k, $535k, $575k*, $785K, $849K, $924K, $959K, $999,9K, $1,995K

Options Realty deems figures reliable, but accepts no responsibility for the numbers provided from an outside source. These figures do not include for sale by owner properties; all info gathered from the mlsli.

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Home Sellers and Home Buyers on the North Fork of Long Island…Read This

August 23rd, 2008 category: Buyers, SellersNo Comments »

For those interested in purchasing a home on the North Fork of Long Island, but unsure about eligibility for a loan, a great place to begin is at the New York State Mortgage Agency.

As prices come down, reaching levels of attainability for more buyers, awareness of state sponsored mortgage loan programs bear watching.

For example: For VA purchasers, up to $5000.00 is available toward closing cost assistance .

That’s a nice incentive for VA qualified purchasers.

If you are selling a home on the North Fork of Long Island, and have a prospective buyer that might fall into the parameters of any NYSMA program, understand it to develop a selling strategy.

The website www.nyhomes.org provides time frames for buyer qualification. Knowing how long a program takes might offer a bit more clarity for a move in date. And a move out date. Having a good feel for a closing date works for all involved.

If you are buying a home on the North Fork of Long Island, awareness of loan programs provides an edge, and possibly more buying power.

For example: For a first time buyer seeking a “fix up” property, check out the Remodel New York term sheet.

 

The site provides all income level requirements, purchase price requirements, and parameters, as well as all lenders that are participants.

As many eye a fix up property as an opportunity, a loan program like the above might be interesting.

Options Realty. Your Source for a North Fork Buyers Agent. Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York.

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North Fork Long Island Home Buyer/Seller Agency

August 18th, 2008 category: Buyers, Real Estate News, SellersNo Comments »

7 biggest home price negotiation blunders

Emotion. Ego. Not doing your homework. Don’t let these or other bogeymen derail your chance at your favorite home. Here’s how to keep them at bay.
By Luke Mullins, U.S. News & World Report

This is a very interesting article for home buyers on Long Island.

This is a more interesting article for sellers of homes on Long Island.

This is the BEST article for those home buyers or sellers that don’t believe that, if your home is for sale with a real estate agent, there is negotiation involved that would make representation (either a buyers agent, or a listing agent representing the seller) the only way to go.

This is most definitely NOT the market for dual agency.

If you are buying or selling a home on Long Island, New York, please make certain that you’ve read the disclosure.

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North Fork, Long Island Home Sellers Paying Less?

August 14th, 2008 category: Real Estate News, SellersNo Comments »

“Home sellers can haggle over commissions

Consumer Reports study showed 71 percent who bargained got lower rates”

Read the article by clicking the link below.

http://www.msnbc.msn.com/id/26014600/

As proponents of flexibility in the marketplace with regard to real estate commissions for consumers, we found this article of interest. DISCLAIMER: I’m biased; I’ve never purchased a car or appliance without input from Consumer Reports- getting info from other consumers is an impartial way to gather information that is based on consumer experience, and has kept me from making a purchase that while on the surface, offers value, doesn’t delve quite deeply enough to offer the value that hindsight from an experienced consumer does.

Photos: Copyright 2008 - OptionsRealty

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Looking To Buy a Retirement Condo on the North Fork of Long Island? Go Jump in a Lake!

August 7th, 2008 category: BuyersNo Comments »

OK, not literally jump in a lake, but perhaps a toe dip in the community pool.

The decision to leave a long term family home is tough enough; the notion of “starting fresh” often adds stress to those seeking a retirement condominium. Often termed “active adult” and “55-plus” communities, the premise is to offer a home surrounded with people of like-age and life stage for those no longer in need of a larger home.

There are any number of opportunities on the North Fork of Long Island, from Riverhead to East Marion.

When looking at properties offering a “lifestyle” agenda, it’s important to look beyond the actual condo or townhome unit, or community. The majority of communities offer amenities that include a pool, tennis, bocce, and a clubhouse, which all LOOK great.

Touring these amenities (and timing the tour when residents are enjoying the benefits) is a great way to ease the anxiety of moving.

The best people to offer reassurance and guidance are those that have made the jump. It never ceases to amaze me, when viewing communities with prospective buyers, the ease with which those in the community are able to connect with those looking. Pleasantries that begin with, “we’re just looking around” turn into conversations about the angst of the move, and the resultant satisfaction with the decision-and often any downside to the move.

The best guidance a prospective homeowner can receive is generated by a homeowner who has “been there”- and arrived at the other side with hindsight often unavailable those making the decision. What’s great about the communities that I’ve visited is that the life stage shared by the residents translates into a value that can’t be matched- from recommendations of movers, to great parties that were recently enjoyed, to the pool man that should be fired because he doesn’t get ALL of the bugs out with the skimmer.

It is info that neither a real estate agent or non-resident can convey with the confidence that a resident is able to.

Next time we’re out and about with someone seeking such a change, we’ll be sure to arrive when the most important element of the community is available for consultation- the homeowner contingent.

If you’re interested in a vacation/retirement/active adult condominium on the east end of Long Island, give us a call. The choices are many, and the goal to get the best possible fit for you is the only agenda- nothing matters more in a transaction than the right outcome for you.

There are a number of available opportunities on the North Fork of Long Island- come take a look!

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Is It Time to Look For Homes for Sale on the North Fork of Long Island?

August 5th, 2008 category: Buyers, Real Estate News4 Comments »

The North Fork of Long Island, like many communities, has felt the impact of the real estate MESS, reported with such frequency that many of potential buyers find themselves wondering, “When IS the right time to buy?”

The Vest Pocket Consultant, Rosalind Resnick says yes in her post Time to Invest in Real Estate?

“With inflation on the rise, corporate America cutting jobs and a wave of foreclosures sweeping the country, is it time to dive in and start buying real estate?

At the risk of sounding like a 2 a.m. cable pitchman, I think the answer is “yes.”

Now, hear me out. While banks are still gun-shy about making loans and vast inventories of housing stock still sit on the market, new buyers are surging in–bargain-hunting investors looking to snap up distressed properties at fire-sale prices, and first-time homeowners who couldn’t afford to buy when the market was red hot.”

The article referenced above provides an interesting perspective on the overall cyclical nature of real estate, pointing out that timing is everything-just ask those that found themselves in the unenviable position of purchasing just a few short years ago.

As lis pendens make their presence known on the North Fork, and property owners await some kind of turn in the market, there is a holding pattern that, but for the significant decrease in price indicated by closed properties, might well be a signal that things in our vacation town are ripe for a purchase.

An abundance of properties, in all price points, await a discerning buyer looking for the “right” deal, with sellers interested in hearing offers.

While it is certainly possible that pricing will continue to drop, it is also possible to locate features that were unheard of a few short years ago- waterfront can be had for under (and sometimes, well under) a million dollars; “starter” homes are seeing pricing that is attainable, and interest rates remain stable.

Beyond that, however, is the fact that a homebuyer can (finally) afford to be discriminating, taking the time needed to locate just the right property at a price that is no longer over the top, as we backtrack to pricing that makes sense.

Good interest rates, an abundance of choices, and flexibility with sellers…all indications that the fence that’s been holding up so many potential buyers might find itself with a load off sooner than later on the North Fork.

If you are seeking a North Fork vacation, retirement or waterfront on the North fork of Long Island, call us for up-to-the-minute available properties. We offer buyer agency, with the assurance that your purchase will be overseen with the utmost care and integrity.

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Long Island New York Homeowners Being Crushed by High Property Taxes

August 4th, 2008 category: Real Estate NewsNo Comments »

 

The following press release was received today from The New York State Association of Realtors.

New York REALTORS urge legislators to return to Albany; pass school tax cap

Statement from New York State Association of REALTORS President Linda J. Page

Albany – July 17, 2008 – Today, New York’s 62,000 REALTORS call upon their representatives in the state Legislature to return to Albany for the purpose of providing relief to our state’s beleaguered homeowners who are being crushed by high property taxes. We urge them to approve Gov. David Paterson’s school property tax cap proposal as an important first step toward providing New Yorker’s with a decreased tax burden.

The preliminary report from the New York State Commission on Property Tax Relief found that New York State’s local taxes are the highest in America – 79 percent above the national average. It also found: property tax levies in the Empire State are rising at more than twice the rate of inflation and salary growth; outside of New York City, 62 percent of property taxes are school taxes; and in terms of tax rate, nine of the 10 highest counties in the nation are in upstate New York.

Read the entire article by clicking here.

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Monthly Blast From the Past…North Fork, Long Island

August 4th, 2008 category: North Fork Neighborhoods, People and PlacesNo Comments »

I read with interest the following article, published by The New York Times on June 18, 1989.

The author was Barbara Klaus. Link to the article below.

The Talk of the North Fork; Past Riverhead, Suburbia Looms Ever Closer

“At the Hargrave Vineyard here, Abigail Bakker is packaging newly bottled wine. As on other weekdays on Long Island’s North Fork, it’s quiet. The grapes are swelling on the vines and the roads are all but empty. Now in her 20’s, she remembers how it was when she moved here as a child.”

 

While there has certainly been growth in the years between 1989 and 2008, the North Fork of Long Island retains much of the charm that was present when the “locals” expressed a bit of dismay over the changing landscape.

“On Saturdays between Memorial Day and Labor Day long lines of luxury cars pull in and out at the Briermere Farms stand in Riverhead. Customers are drawn by the 18 varieties of fruit pies and fresh produce.”

Thanks to the 2% Peconic Tax, (Community Preservation Fund) many of the open farms that so many consider intrinsic to the area remain “open”. There was a recent Southold purchase that involved woods near Cedar Beach in Southold- the land will remain Evergreen woods. The Peconic Land Trust has this quote published on it’s web site -

“The 2% real estate transfer fee paid by buyers goes directly to the Town in which the property purchased is located.”

It takes living here to comprehend the importance of retaining the value in an area such as the North Fork- while the Hamptons offer their own recipe for summer living, North Fork residents have their own interpretation of “quality of life”.

“Yard sales are something that draws both local residents and the people with second homes. They rush from sale to sale, pouring over the contents of attics and basements from Riverhead to Greenport. People scoop up such treasures as wigs, circa 1962, rusted potato mashers, mosaic ashtrays and plastic Mr. Peanuts.”

For many, and I’ve come to agree, there’s nothing wrong with disliking change in the landscape of this little piece of island, and much to be said for preventing it.

If you are interested in buying or selling a home on the North Fork of Long Island, pricing has come down, and inventory is as plentiful as the sweet corn found fresh at the farmstands!

Photos: Copyright 2008 Options Realty

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Homes for Sale, Homes Under Contract, Homes Sold, Pre Foreclosure

August 3rd, 2008 category: Real Estate NewsNo Comments »

The following is an update on homes for sale, homes under contract, homes closed, and lis pendens filings on the North fork of Long Island for the month of July, 2008:*

Towns, hamlets and/or villages include: Riverhead, Baiting Hollow, Calverton, Jamesport, Aquebogue, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and New Suffolk.

Total Available Homes, July 2008: 702
Total Homes Under Contract, July 2008: 22
Total July 2008 lis pendens on the East End (including the Hamptons): 56

*All figures, while deemed reliable, are obtained from outside sources; Options Realty accepts no liability for figures that are inaccurate.

Photos: Copyright 2008 Options Realty

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