Archive for September, 2008

3rd Quarter Condos For Sale/Sold North Fork, Long Island

September 29th, 2008 category: Real Estate NewsNo Comments »

The following information was gathered from the MLSLI in order to provide an update on sales activity for North Fork,
Long Island retirement/vacation/55 and better condominiums.
*is closed pricing. All other pricing is list price.

UNDER CONTRACT/AVAILABLE FROM 07/01/2008 THROUGH 09/30/2008:

AQUEBOGUE, NY:

Silver Village
1 sold. $340k*
1 available. $389,9k.

BAITING HOLLOW,NY:

The Knolls
1 sold. $359k
6 available. $375k;$380k;$385k;$399k;$439k;$439k

The Bluffs
0 sold.
3 available. $449k;$498,8k;$549,9k

CALVERTON, NY:

Calverton Hills
1 sold. $159k*
10 available. $144,9K;$149K;$165K;$170K;$174,9K;$179K;
$189K;$189K;$189K$199K

Foxwood Village
1 sold. $165k.
18 available. $153,5k;$159k;$168k;$179k;$185,9k;
$199,5k;$219,9k;$220k;$225k;$225k;$229,9k;$239,9k;
$240k;$249,9k;$270k;$310k;$319k;$349,9k

Windcrest East
0 sold.
2 available. $589,9k; 589,9k

GREENPORT, NY

Driftwood cove (co-op)
0 sold
2 available. $180k; $199k

Breezy Shores (co-op)
0 sold
2 available. $369k;$369k

Pheasant Run Estates
1 sold. $320k*
1 available. $459k

Sterling Harbor (co-op)
1 sold. $765k
1 available. $695k

Oyster Point
0 sold.
1 available. $725k

JAMESPORT, NY

Maidstone Landing
0 sold.
9 available. $699k;$799k;$845k;$849k;$850k;$879k;$895k;$947,9k;$1,275m

RIVERHEAD, NY

Mill Pond
3 sold. $294k;$299k;$299K
4 available: $269,9K; $295K;$299K;310K

Willow Pond
1 sold. $298,888k
10 available. $269,9k;$295k;$299k;$314,9k;
$334k;$389k;$389k;$395k;$406,5k;$485k

Sunken Pond
0 sold.
7 available. $329k;$375k;$382k;$390k;$399,9k$399,9k;$429k

Saddle Lakes
0 sold.
5 available. $389,9k;$399k;$399k;$349k;$532,5k

The Highlands
0 sold.
1 available. $574,9k

SOUTHOLD, NY

Founders Village
0 sold.
0 available.

Colonial Village
1 sold. $160k
2 available. $187,8k;$279,7k

The Cove
0 sold.
1 available. $899k

For additional details, click on North Fork Condos, and enter “condo”, and towns of interest. For any questions regarding association dues, age restrictions, and taxes, call Options Realty at 631-727-2227 or email laurie@optionsrealty.com

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Integrity in Hamptons, NY Real Estate- Arriving NOW!

September 25th, 2008 category: Buyers, Real Estate NewsNo Comments »

Great news for the Hamptons, New York Home Buyer: INTEGRITY HAS ARRIVED!

It was with enthusiasm that I read the recent news offered by Michael Daly, owner of True North Realty Associates  in the Hamptons- buyers are now going to be able to navigate the Hamptons and North Fork market with a TRUE ADVOCATE, coming in the form of an exclusive buyers agent.

While Options Realty has been a loud-mouthed proponent of a practice that covers both buyers and sellers on the North Fork, the advent of a long-time (and highly respected)Hamptons broker entering this arena is truly great news.

While this news may be less than exciting for large brokerages focused on scooping up listings (buyer agency is not possible when a buyer purchases a property “in house”- limiting that sought after “double end” for large brokers that choose the buyer agency opportunity), it is, for consumers, a HUGE change in the Hamptons that will likely change the way that business is conducted.

That buyers now have an alternative to sub agency and dual agency in the Hamptons is overdue.

Quite simply, it presents an opportunity for buyers and sellers to proceed in a purchase without that “muddy” who-represents-ME scenario. In the past, it has been as clear as, well, MUD.

To Michael Daly of True North Realty Associates, congratulations on a decision that might (FINALLY) add some consistent clarity and integrity to a transaction on the east end, usurping the often confusing transaction in which a buyer, in hindsight, understands that that “really nice agent” in fact represented the seller all along…leaving the buyer with a sense of unease (and a purchase price dictated by both the listing AND selling agent).

While we may well find ourselves with regret that competition in the form of an exceptional company with experience has nudged into (understatement) a territory in which we’ve found ourselves quite alone in promoting, the end result is a benefit to ALL real estate companies on the east end of Long Island- when consumers are treated with professionalism and honesty, real estate agents benefit. Inherent integrity.

CONGRATULATIONS, MICHAEL, ON YOUR DECISION TO INTRODUCE INTEGRITY TO HAMPTONS AND NORTH FORK REAL ESTATE TRANSACTIONS!

Thank you for recognizing that consumers on the east end have, for too long, encountered too often a “ME, FIRST” attitude from many brokers operating on both the North and South forks of Long Island, when with consumers buying or selling a home.

If you are looking for a home on the North Fork of Long Island, and seeking buyer agency in its least complicated form (no in-house listing issues), call either Options Realty or True North Realty Associates for information:

Options Realty: 631-727-2227 (hey- it’s my blog. I go first) serving the North Fork of Long Island
OR
True North Realty Associates- Michael Daly: 631-725-0554, serving both the Hamptons and North Fork of Long Island

www.beachamptons.com

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East End, Long Island…WHAT’S GOING ON?

September 23rd, 2008 category: Real Estate NewsNo Comments »

PR.com reports here that

• Long Island foreclosures in August remain higher than last year: The number of new foreclosures in Long Island was 32% higher than in August 2007. Suffolk County was up 19%, while Nassau County recorded a 41% increase over the same time period.

Without INCLUDING todays news regarding the fed takeover (and “be quick about it” attitude) makes things very difficult for consumers to navigate at this juncture. Important to know is that, according to a rep from Freddie Mac at the Five Star REO conference in Dallas, Texas last week, we have only seen an estimated 25% of the anticipated foreclosures nationwide. TWENTY FIVE PERCENT…leaving 75% to arrive.

This knowledge drives home the all important reality that if you need to sell, you MUST price your home in accordance with what is certainly a declining market- most likely receiving less than you had anticipated. That your home will be priced usingcomparables that INCLUDE foreclosed properties leaves little choice- better to wrap up your sale before the competition from bank owned properties REALLY skews the numbers.

While an attitude of, “Not here, on the beautiful east end of Long Island” persists…it’s time to take a good look at what IS, and act accordingly.

If you’re seeking a realistic look at the market, don’t hesitate to call. You may not like what we offer in the way of pricing, but you’ll like LESS the pricing that you’re stuck with, should you choose to believe that we are “unaffected” by the coming decline in home values.

Buyers seeking property on the North Fork of Long Island are well aware of the market upheaval. While it may seem prudent to add a “buffer” for offers, the bottom line is the bottom line. While “games” in pricing may have worked in the past, that is no longer a wise course of action. If your house isn’t shown, it won’t sell. There will be no offers to “counter”.

While the real estate market will certainly look very different five years from now, if you have to move your property NOW, make it happen by insisting that your agent offer it at your bottom line. Holding firm is better than holding on. Buyers aren’t looking to play games- a well priced property holds much more allure than an overpriced property with “room to negotiate.”

Options Realty: providing opinions.

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Brooklyn Ocean Challenge Cup

September 11th, 2008 category: People and PlacesNo Comments »

I want to help promote this great effort by a great few in celebrating and taking part in this local sailing event. As you may or may not know, we are avid sailors here in our local waters of Eastern Long Island and the Peconics. So it is of great interest to see something from former sailing generations being polished up for us today. The Brooklyn Ocean Challenge Cup, 2008.

FOR IMMEDIATE RELEASE:

Chinese Y.C. and Old Cove Y.C. to host centennial
Brooklyn Ocean Challenge Cup – October 3rd, 2008

Greenport, New York, September 8th, 2008 – The Chinese Y.C. and Old Cove Y.C. will host the centennial Brooklyn Ocean Challenge Cup on October 3, 2008. The race originating in Greenport Harbor and around Block Island will revive the historic CYC perpetual Brooklyn Ocean Challenge Cup, first contested in 1905.

The Cup is recognized as one of contemporary yachting’s inaugural ocean challenges and regarded amongst the most prized Long Island yachting trophies. An account of the 1909 race deemed the race “the blue ribbon of the sea for small sailboat ocean racing”. In 1922 the New York Times described the cup as “one of the most sought for of the metropolitan trophies”.

The history of the esteemed Brooklyn Ocean Challenge Cup dates back to 1904 when the late William Randolph Hearst, then commodore of the prestigious Brooklyn Y.C., deeded a magnificent silver trophy for open ocean racing to the club. The first race, from New York to Hampton Roads, Virginia, took place in 1905 and was won by Frank Maier’s Tamerlane.

Following the Great Depression the competition landed “on the beach.” Indeed the Cup was reported lost or destroyed in the American Y.C. fire of 1952. Fortunately, the reports turned out to be groundless, but they received sufficient attention to raise the Brooklyn Ocean Challenge Cup to a somewhat legendary level. Actually it was safe in the possession of James Heatherton. Heatherton was the sole surviving member, officer and director of the Brooklyn Y.C.

In 1953 Mr. Heatherton deeded the Cup to the CYC as a perpetual trophy for long distance sailing races. The Cup returned to competition the following year. The last competition for the cup was in 1979 and was won by Pat Malloy’s Mandrake. Since 1905 the cup has been under the auspices of more than 10 yacht clubs has been contested for 26 times. A full account of the Cup’s race history is available at www.brooklyncup.com.

The centennial race is being organized by the CYC and OCYC in cooperation with Shelter Island Y.C., the Village of Greenport and the East End Museum and Maritime Foundation. In addition to the CYC perpetual Brooklyn Ocean Challenge Cup the Village of Greenport will sponsor the Greenport Perpetual Trophy, awarded to the yacht taking line honors. SIYC will sponsor a team racing trophy. The organizers are enthusiastic that the BOCC will become an annual event.

CONTACT:
CYC Perpetual Brooklyn Ocean Challenge Cup
Andrew Wolf
917.464.5724
BOCC@chineseyachtclub.com
www.brooklyncup.com

Regatta / Registration Information
Chris Dowling
917.854.5971
chris@taityachts.com
www.brooklynoceanchallengecup.com

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Selling a Home on the North Fork of Long Island

September 10th, 2008 category: SellersNo Comments »

To home sellers on the North Fork of Long Island: Agency Choices Matter!

You’ve decided to sell your home; you’ve located the perfect listing company. Pricing is established. A question remains: WHO TO COOPERATE WITH? When your agent opens up exposure by utilizing the MLSLI on your behalf, you have choices to make.

When you list your home, the agency that you “hire” will likely be signing up to be a “sellers agent.” The primary function of your listing company is to offer a transaction that covers you, the seller, in a required fiduciary capacity. You will agree to a fee for this service.

You will be making a decision  with whom to cooperate, or split the fee that you are paying to the listing company. As most properties are now in the mlsli, a “co-broke” is likely. This simply means that of the total amount that you are being charged by the listing company, a percentage (generally one half) will go the the agent that brings the buyer.

You have choices.
1. You can permit agents to view, bring buyers, and make offers on your home as your “employee.” The result of this arrangement is that while the cooperating broker has loyalty to you (seller), YOU can be held vicariously liable for anything misrepresented to the buyer by the cooperating real estate salesperson. For this reason, “sub agency” offers a gamble for you, the seller. This is shown as “seller agency” on your disclosure.

2. You can permit agents to view, bring buyers, and make offers on your home under a second agreement: broker agency. Under broker agency, the listing broker  could be held liable for the misrepresentations by the cooperating broker, to the buyer. For the same reason that sub agency is a poor choice for you, so it is for your listing company under “broker agency.”  It isn’t possible to be present for every dialogue between a real estate salesperson and their buyer. For this reason, this agency is a less preferred method of cooperation.

3. You can permit agents to view, bring buyers, and make offers on your home under a third agreement: buyer agency. Under buyer agency, neither the seller, nor the listing company is held liable for the actions of the cooperating salesperson to the buyer. While normal disclosure and ethics, as well as legal ramifications remain, you are NOT responsible for any misinformation (intentional or not) from the cooperating salesperson to the buyer, when unbeknownst to you or your listing company.

Fairness is owed the buyer from the listing company, assuring that disclosures are properly handled, and that integrity is present. That’s why you chose your listing agent- fiduciary to you; fairness to the party entering into an agreement to purchase your home.

A large majority of real estate salespeople representing buyers will do a perfectly seamless job.

In the event, however, that YOUR buyer is unfortunate enough to be misinformed by THEIR agent, let liability fall where it should: to the buyers agent.

The last thing that you, as a seller, need  is an issue after closing that is outside of your control, and perpetuated by the party receiving payment from you, that ends up in YOUR lap, or that of your listing broker. Cooperating with a buyers agent is money well spent, relative to the other two options available, if it avoids a liability issue later on. Your fee provides an absence of vicarious liability for you, as a seller, in this agency. Additionally, by the nature of the diligence required, you better the odds of your cooperating salesperson providing accurate information to your buyer.

Yet another discussion that you may well have with your listing agent (and we suggest that you do) is dual agency. This scenario occurs when the listing company procures a buyer for your property. Some companies still utilize this method; many avoid this choice due to inherent conflicts of interest. If the company that you choose does not participate in the multi list service, the odds are greater that you’ll encounter this type of agency. As the NYS disclosure indicates, consider this agency carefully before engaging.

For a copy of the New York Department of State disclosure form, click here.
**AS IS REQUIRED IN THE STATE OF NEW YORK, IN MATTERS OF LEGALESE, CHECKING WITH YOUR LAWYER TO CONFIRM THE SUGGESTION ABOVE IS ENCOURAGED. THIS IS NOT TO BE CONSTRUED AS LEGAL ADVICE.

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Pumpkin Search on the North Fork of Long Island

September 5th, 2008 category: People and PlacesNo Comments »

As reluctant as many of us are to let go of summer months on the North fork of Long Island, fall brings activities that offer fun that appeal to any age level.

Not initially believing in the challenge of the corn maze (it’s tough to imagine that our corn season is coming to an end already…), last season, we took it upon ourselves to indulge the kids in the family by visiting the Harbes Family Farm.

I still laugh out loud when the memory is revisited- and going again this year with or without the kids is simply a North fork experience that is as required (by us) as hitting the beach on a gorgeous day.

In addition to the corn maze, which in and of itself provides the hokiest, most charming experience (think: friendly outdoor haunted house), hay rides on a bumpy old trailer with a host encouraging a “sing along” is a riot. Kids love it, and adults may well not get through it without one of those really healthy belly laughs.

The following link provides much in the way of resources for North fork, Long Island fall activities. See you there!

http://www.northfork.org/calendar/index.php

Options Realty: your source for buying and selling condos and homes on the North Fork of Long Island.

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Homes For Sale, North Fork Long Island

September 5th, 2008 category: Real Estate NewsNo Comments »

The following is an update on condominium/retirement/vacation homes for sale on the North Fork of Long Island. The towns include Aquebogue, Baiting Hollow, Calverton, Greenport, Jamesport, Riverhead and Southold, New York. To view available condos, click on the North fork Condos tab, and you’ll have access to all properties in detail.

AQUEBOGUE, NEW YORK
Silver Village: 2; $389,999, $449k.
HOA DUES (RANGE): $220/mo
TAXES (RANGE): $4300-6300/YR

BAITING HOLLOW, NEW YORK
The Knolls: 6; $375k; $380k;$385k;$390k; $399k;$439k
HOA DUES (RANGE):$257-$297/mo
TAXES (RANGE): $3880.-$4700/YR

The Bluffs: 3; $469k; $498,9k; 549k
HOA DUES (RANGE): $326-$330/MO
TAXES: $5200-5400/YR

CALVERTON, NEW YORK
Calverton Hills: 9; $144,9k; $165k; $169k; $170k; $174,9k, $179,9k;195k;$195k, $195k
HOA DUES (RANGE): $275/MO
TAXES (RANGE): $1722-2050/YR

Foxwood Village: 15;$179,9k;165k;$164,1k; $199,5k;$219,9k;$220k;$225k;$229,9k;$239,9k; $240k;$265k;$270k;$310k;$319k;$349,9k
HOA DUES (RANGE): $435-468/MO
TAXES (RANGE):$3500-$6800/YR

Windcrest East: 2; $589,9k;$589,9k
HOA DUES (RANGE): $272/MO
TAXES (RANGE): $4946-$5143/YR

GREENPORT, NEW YORK
Driftwood Cove (co-op): 2; $180k; $199k
HOA DUES (RANGE): $270-303/MO
TAXES (RANGE): CALL US

Breezy Shores (co-op): 2 $369k; $369k
HOA DUES (RANGE): $300/MO
TAXES (RANGE): $1261

Pheasant Run Estates: 1 $459k
HOA DUES (RANGE): $350
TAXES (RANGE): 3100/YR

Sterling Harbor (co-op) 1 $695k
HOA DUES (RANGE): CALL US
TAXES (RANGE): $3990/YR

JAMESPORT, NEW YORK
Maidstone Landing: 8; $799k;$845k;$849k;$850k;$879k;$895k;$947,9k;$1,275m
HOA DUES (RANGE): $455-500/MO
TAXES (RANGE):$6000-7500/YR

RIVERHEAD, NEW YORK
Mill Ponds: 3 $278k; $295k;$298,8k
HOA DUES (RANGE): $187-200/MO
TAXES (RANGE): $3072-3669/YR

Willow Ponds: 9; $298,8K;$299K;$314K;$319K;$334K;$389,9K; $395K;432,5K;$485K
HOA DUES (RANGE):$273-291/MO
TAXES: (RANGE): $4397-4700/YR

Sunken Ponds: 8; $329k; $335k;$375k;$382k;$390k;$399,9k;$399,99k;$429k
HOA DUES (RANGE): $265-300/MO
TAXES (RANGE): $3731-6392/YR

Stoneleigh Woods: 2; $365k; $375k
HOA DUES (RANGE): $251
TAXES (RANGE): 4100/YR

Saddle Lakes: 2; $349k; $399K
HOA DUES (RANGE): $288- $295/MO
TAXES (RANGE): $3554-4035/YR

The Highlands: 1; $574,9k
HOA DUES (RANGE): $395/MO
TAXES (RANGE): $9919/YR

SOUTHOLD, NEW YORK
Founders Village: none available at this time

Colonial Village (co-op): 1 $279,750
HOA DUES (RANGE): 430/MO
TAXES (RANGE): CALL US

The Cove: 1; $899k
HOA DUES (RANGE): $425/MO
TAXES (RANGE): $3300/YR

All figures above are obtained from outside sources. The purpose is to provide seekers or sellers of retirement/vacation condominiums a range of costs/availability.

In order to receive the most accurate and up-to-date information, please give Options Realty a call for clarification- these figures, while deemed accurate, are subject to revision or confirmation, and should not be relied upon as a sole indicator. Please view as estimates.

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I Bought this House- Now, Who is Going to Pay for the Pool?

September 3rd, 2008 category: Real Estate News, Real Estate Philosophy2 Comments »

Perhaps it’s because I’m a partner in a real estate company; perhaps it’s because I relocated.

Either way, the practice of a real estate agent showing our listings under “seller agency” has created issues. We just don’t permit it, and our sellers know why. Permission from them case by case.

“I’ve been selling real estate here for fifteen years, and THAT’S THE WAY WE DO THINGS!” was one response from a very successful local agent wanting to bring buyers to the listing.

In an effort to quickly and (hopefully) efficiently dispel the notion that changes are for the purpose of rocking a boat, the following scenario occurred with a recent showing:

A brand new agent enthusiastically presented our listing to her buyers. Mentioning that the front yard was huge, the response to her buyer’s query about the possibility of a pool in the front yard was met with, “SURE! There’s plenty of room!”.

Coming in as a sub-agent (or, with a buyer having the “seller agency” box neatly checked on the NYDOS disclosure- same thing) creates this problem for our seller (owed fiduciary, per NYS).

New York State added to the menu of offerings “BROKER AGENCY”. While somewhat difficult to decipher, it does include the following :”  THE BUYER AND SELLER THEREFORE DO NOT HAVE VICARIOUS LIABILITY

FOR THE ACTS OF THE BROKERS AGENT”. Good for our seller.

Problematic for ourselves, as owners of a real estate company, is the last line in that agency agreement:

“THE LISTING AGENT OR BUYERS AGENT DO PROVIDE DIRECTION AND INSTRUCTION TO THE BROKERS AGENT AND THEREFORE THE LISTING AGENT OR BUYERS AGENT WILL HAVE LIABILITY FOR THE ACTS OF THE BROKERS AGENT”.

I REALLY don’t want to pay for a pool that was represented. Under either of the above scenarios, the possibility exists that either our seller, or ourselves, will be out with shovels after closing.

Bring your buyers- please. That we want to sell the house is in evidence with the integrity that we’ll bring to the table, respecting both you, and your buyers. But, let’s start the process accepting our respective responsibilities, for which your buyer is paying part of the fee that our seller is offering.

Keeping our seller “off the hook” with respect to inadvertent misrepresentations is what we agreed to do for them when we listed the house.

I’ve never been good at digging holes, and I don’t want to learn this late in the real estate game- besides, the cute shoes that the selling agent was wearing would be ruined, when I pick her up at 1 a.m and hand her a shovel! * after dark- the town will not accept this front yard pool, due to setback requirements.

To see industry comments on this blog post, please visit Active Rain Real Estate Network.

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