Archive for October, 2008

Loose Mountain Lion in Southold, Long Island

October 24th, 2008 category: North Fork Neighborhoods, People and Places33 Comments »

Oh- and by the way- did you know that there’s a mountain lion running around in the Bayview neighborhood of Southold, New York?

If you’re going to make a “mountain lion sighting” checklist, it might be good to start off by letting someone know that there is a mountain lion hanging around in your back yard, or sunning in a driveway. A neighbor, relative, police…someone.

Evidently, this cat has been around for more than three months. It would seem odd enough with the first sighting, wouldn’t one think, that alerting people with small children, pets, selves, etc. would be AN ACTION TO TAKE (but evidently wasn’t)???

I guess that a trap that won’t fit the lion, even with “smelly catfood” in it, can be eliminated- it’s been tried.
Our waitress at lunch today was amazed that a side of beef was passed over as bait in favor of a can of nine lives!

If anyone feels the need to let someone know that they’ve seen the mountain lion in MY NEIGHBORHOOD, a few streets away- we couldn’t find the trap but wanted a photo of it- feel free to leave a comment, or photo of the mountain lion. I’ll forward it to someone sometime before it KILLS my small child, relative, pet…?????????????

yikes.

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Now, Say You’re Sorry!

October 20th, 2008 category: Real Estate NewsNo Comments »

Of course, the “never apologize, never explain” dictum is not restricted to bankers. But few expect the current crisis to usher in a new dawn of humility in financial services.

Read the entire article by Reuters by clicking the link below.

http://www.reuters.com/article/ousiv/idUSTRE49J01U20081020?pageNumber=4&virtualBrandChannel=0

I certainly think, after a line up, mug shots, and fingerprints, that an apology before their jury trials would be helpful. What? No trials?

An apology would mean absolutely NOTHING to this average joe without an orange jumpsuit on the horizon.

As far as foregoing obscene bonuses that were pretty incomprehensible to most people, anyway (bonuses were better when everyone thought that these people were smart- clearly, they’re not) I liken it to giving up seconds on dessert- not a big deal, unless you’re a pig.

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General Wayne Inn in Southold on the North Fork

October 19th, 2008 category: North Fork Neighborhoods, People and Places, Southold Real EstateNo Comments »

When we first moved to Southold, New York in 2002, there was a structure in our neighborhood called the General Wayne Inn.

Situated oddly, Sean’s father explained that he had in fact dined at this opulent eatery located in the residential area of Bayview- it was a destination spot often navigated on foot, as those in the area were able to combine a nice walk with a fine meal.

The building was abandoned when we viewed it, but still intact- clearly devastated by a fire of some sort, it was destined to deteriorate without immediate intervention.

Below are photos of this once-grand establishment, along with a recent town meeting addressing the uncertain future of this once glorious structure.

http://southoldtown.iqm2.com/citizens/Detail_PublicHearing.aspx?Frame=&MeetingID=1106&MediaPosition=&ID=1150&CssClass=

It has increasingly become an eyesore, due to the lack of maintenance and preservation that the owner was unable to provide for it.

I’d love to see it purchased and restored, but as the years go by, all elements worthy of restoration seemingly grow legs- where a sign once proclaimed it’s identity, there is now simply an empty and rotting post.

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SONYMA for First Time Buyers and Remodelers

October 17th, 2008 category: BuyersNo Comments »

First time buyers (as well as home buyers seeking a second property*) might want to look into the SONYMA Remodel New York loan program.

With an increase in potential repairs sometimes present in homes being sold in a distressed market, this program has some highlights that could make sense to homebuyers on the east end (North fork and Hamptons) of Long Island. The following requirements are present with the Remodel New York program:

Ratios:

33-38%

40-45% with 3% down or more;

Income:

$97,100-$111,665 in non target areas

$116,250-$135,940 in target areas

*Target areas can be clarified when calling SONYMA directly at 1-800-382-HOME. Have the property address ready.

Purchase Price Limits:

            $550k in non target area

$671k in a target area

Good credit is required, and the site offers a list of designated lenders ( although there seem to be some…missing lately).

* This program is not available to owners of residential investment property, or vacation property. A “first time buyer” will not have owned a home in the past three years; this program IS available to non-first time buyers in Federally designated target areas, with the above limitations.

Check out some of the other loan programs available, and keep a copy of this glossary handy!

This appears to be a great loan program for first time buyers seeking a good “buy”- as properties that need a bit of work often are.

Let us know when you’re ready to look!

 www.optionsrealty.com

THESE PURCHASE PRICE LIMITS ARE ONLY AVAILABLE FOR LOANS RESERVED ON OR AFTER MAY 20,2008 AND APPROVED BY SONYMA BY DECEMBER 15, 2008.

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Pre Foreclosure Report East End of Long Island

October 14th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

The following data has been recorded for Lis Pendens filings between September 1, 2008 through October 10, 2008 on the east end of Long Island (North fork and Hamptons, New York):

NORTH FORK, LONG ISLAND LIS PENDENS REPORT:

BAITING HOLLOW, NEW YORK- 1

CALVERTON, NEW YORK- 2

CUTCHOGUE, NEW YORK- 1

LAUREL, NEW YORK- 1

MATTITUCK, NEW YORK- 4

PECONIC, NEW YORK- 1

GREENPORT, NEW YORK- 2

RIVERHEAD, NEW YORK- 6

SOUTHOLD, NEW YORK- 1

TOTAL NORTH FORK, NEW YORK: 19

SOUTH FORK (HAMPTONS) LONG ISLAND LIS PENDENS REPORT:

EAST HAMPTON, NEW YORK- 8

EAST QUOGUE, NEW YORK- 1

HAMPTON BAYS, NEW YORK- 6

SAG HARBOR, NEW YORK- 6

SOUTHAMPTON, NEW YORK- 4

WESTHAMPTON, NEW YORK- 1

BRIDGEHAMPTON, NEW YORK- 2

WATERMILL, NEW YORK- 1

MONTAUK, NEW YORK- 1

TOTAL HAMPTONS, NEW YORK: 29

figures obtained from the Long Island Real Estate report.  

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Home Buyers: Are You Letting Time Pass You By?

October 12th, 2008 category: BuyersNo Comments »

To those seeking either a permanent home or a vacation/retirement home on the North Fork of Long Island…here’s a glimpse of our landscape in the fall.

With so much being generated- legitimately- about the caution needed when entering a declining home market, there is no question but that a focus on pricing (and the deterioration thereof) is a short term issue worthy of serious consideration.  With the possible exception of waterfront (fundamentally limited), there is no telling what will occur with pricing over the next year. Or quite possibly, the year after that.

In the meantime, things go on- this weekend was one of pumpkins and sailing. The weather was extraordinary, and offered an opportunity to enter quiet waters (NO WIND today) and escape the onslaught of bad news, at least for a few hours.

For some, jumping on board and making a decision is fairly easy; buying a “lifestyle” is part of the package. On the North fork of Long Island, the abundance of open space, water and charm beckon those seeking to begin each day in a casual, yet spectacularly beautiful location.

Fall festivals and farm-stands dot the way home, with happy kids in Pumpkin nirvana.

Pricing has returned to levels of attainability, having soared upward only to spiral downward. The question remains: how much lower will they go? Further, is waiting to find out worth missing what can be achieved, at adjusted pricing and low interest rates, right now?

I’m not sure. What is certain, however, is that when you visit the North fork, you may not want to leave. That alone is something, isn’t it?

We’re here to assist you with your dream. Offering buyer agency, we’ll make every effort to get you the best possible price on your home of choice on the North fork, as well as provide you with all of the ammunition you need to determine if “now” is the right time for you, and for your life. Pressure doesn’t fit with the North fork lifestyle, so we’ll leave that at the door.

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Credit Kink on The North Fork of Long Island

October 6th, 2008 category: Real Estate NewsNo Comments »

http://money.cnn.com/2008/09/25/pf/credit_limit_pullback/index.htm?postversion=2008092612

There’s a new kink for home sellers and home buyers on the North Fork of Long Island.

Not unlike frozen HELOCS, banks are reducing the credit lines offered to consumers.

While it may appear as simple as reducing a credit limit on credit cards, home buyers need to be aware of the potential impact on credit scores, in the event that your credit limit is reduced.

Credit reports, when a credit reduction takes place, may well reflect an unexpected negative aspect: what was indicated as a consumer conservatively using credit vis-a-vis maintaining an available balance will now reflect a borrower who has maxed out their credit limit.

This isn’t being activated solely to those who might find themselves behind on credit cards; to the contrary, even those with perfect payment histories may well find themselves in the maxed out category, despite maintaining an impeccable repayment history.

Don’t get shocked at the counter when your card is inexplicably declined; check your statements monthly, and stay on top of any changes that your credit card company might implement with respect to your available credit by examining your monthly bill.

Be aware, as well, that an unexpected decrease in your credit limit (creating a maxed out card) may well impact your credit score, initiating an opportunity for banks to increase your interest rate on other cards- and create an unexpected  issue with a home purchase. If you’re thinking of buying a house, be diligent.

“This, too, shall pass…”

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Third Quarter Home Sales North Fork, Long Island

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

The following report provides all CLOSED properties in selected areas of the North Fork of Long Island from July 1, 2008 through September 30,2008, as reported to the MLSLI.  Asking price is in regular font, closed price is in bold.

This report does not contain condos/mobile home sales.

AQUEBOGUE, NY HOMES CLOSED

Closed: 6

$379k/$350k;  $449k/$435k;  $569,9k/$469,9k;  $599k/$525k;  $699k/$572,9k; $2,499m/$2,180m

Homes currently available for sale in Aquebogue, NY: 72

BAITING HOLLOW, NY HOMES CLOSED

Closed: 6

$409,9k/$390k;  $479,9k/$450k;  $519,9k/$519,9k;  $534,9k/$540k;  $549,9k/$549,9k  $849,9k/$825k

Homes currently available for sale in Baiting Hollow, NY: 57

CALVERTON, NY HOMES CLOSED

Closed: 2

$339k/$334k; $499k/$350k

Homes currently available for sale in Calverton, NY: 17

CUTCHOGUE, NY HOMES CLOSED

Closed: 9

$399k/$365k; $475k/$437k; $498,5k/$492,5k; $595k/$560k; $799k/$700k; $799k/$735k; $1,099m/$970k; $2.149m/$1.650m; $2.888m/$2.225m

Homes currently available for sale in Cutchogue, NY: 48

EAST MARION, NY HOMES CLOSED

Closed: 6

$395k/$395k; $399k/$370k; $550k/$545k; $729k/$729k; $1.395m/$1.275m; $1.9m/$1.9m

Homes currently available for sale in East Marion, NY: 17

GREENPORT, NY HOMES CLOSED

Closed: 5

$379k/$370k; $480k/$460k; $499k/$460k; $650k/$625k; $675k/$630k

Homes currently available for sale in Greenport, NY: 46

JAMESPORT, NY HOMES CLOSED

Closed: 5

$369k/$340k; $619k/$619k; $619k/$580k; $880k/$865k; $995k/$933k; $1.250m/$1.07m

Homes currently available for sale in Jamesport, NY: 29

MATTITUCK, NY HOMES CLOSED

Closed: 12

$379K/$352,3K; $415K/378,5K; $449K/$409K; $449,9K/$425K; $450K/$430K; $539K/$517,5K; $579K/$565K; $645K/$625K; $699K/$612,5k; $975k/$750k; $1.85m/$1.85m; $2.35m/$2m

Homes currently available for sale in Mattituck, NY: 76

ORIENT, NY HOMES CLOSED

Closed: 6

$769,5k/$755k; $900k/$900k; $929k/$915k; $950k/$900k; $975k/$975k; $1.45m/$1.35m

Homes currently available for sale in Orient, NY: 21

LAUREL, NY HOMES CLOSED

Closed: 3

$449k/$407k; $739k/$642,5k; $2.95m/$2.7m

Homes currently for sale in Laurel, NY: 16

RIVERHEAD, NY HOMES CLOSED

Closed: 15

$180k/$180k; $239k/$225k; $253k/$264,5k; $279k/$260k; $299k/$288k; $299k/$230k; $299k/$275k; $329,9k/$292k; $349k/$310k; $350k/$340k; $399k/$395k; $419k/$365k; $459k/$380k; $499k/$399k; $674,9k/$559,9k; $674,9k/$590k

Homes currently for sale in Riverhead, NY: 145

SOUTHOLD, NY HOMES CLOSED

Closed: 13

$375k/$344k; $449,9k/$435k; $449,9k/$447,5k; $529k/$465k; $535k/$480k; $599k/$599k; $599k/$575k; $649k/$605k; $785k/$730k; $800k/$785k;$897,9k/$800k; $1,150m/$1.06m; $1.995m/$1.710m

Homes currently for sale in Southold, NY: 119

To view homes currently for sale in all North Fork, Long Island villages, click on the “north fork homes” tab and begin your search.

For information on closed properties in any North Fork village, please contact Options Realty 631-727-2227

www.optionsrealty.com

All information, while deemed reliable, may contain errors. Options Realty is not responsible for information incorrectly recorded in the MLSLI. The above information is provided as a tool; contact a real estate professional for specifics on your own property, or a property of interest.

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