2008 November | North Fork, Long Island, NY Real Estate Blog OptionsRealty.com

Archive for November, 2008

Buyer Agency on the East End of Long Island

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

While it would appear that an increasing number of real estate agents are understanding the need for representation on both sides of a real estate transaction, I heard the following comment recently:

“Why do there have to be ‘two sides’ to a transaction? This isn’t a battle, it’s a cooperative effort.”

Exactly.

Wondering why a cooperative effort, in the presence of two separate parties, should be challenging is the bigger question for those considering the jump to buyer agency.

There is no dismissing the fact that when there is a seller seeking the best possible price, and a buyer seeking the best possible price, there are by the nature of the transaction, “two sides.” It’s unavoidable, and etched in stone. Acknowledging the needs of each side, independent of one another, permit an ethical real estate agent to participate with a client-level (as opposed to customer level) focus- whichever side is their responsibility affords an opportunity to create a loyal and ethical transaction for their client.

Rather than viewing it as a detriment to one side or the other, perhaps it should be viewed as a benefit to both- a two sided situation is exactly that. Ignoring one side in favor of the other serves no one; providing both with an integrous experience offers much value to a transaction.

BUYERS WILL EVENTUALLY BE SELLERS- buyers deserve an experience that provides transparency, not a hidden agenda.

Questioning the NEEDS of each side would seem a more appropriate thought process- the suggestion that both sides should ignore the obvious (that there are two sides to a transaction) is of zero value to one, the other, or both.

In order for a real estate agent to remain (or become, on the east end) of value to a transaction, the recipient of their services must take away tangible evidence that focus was offered, along with clarity.

If you are a buyer seeking a home on the east end of Long Island, buyer agency is available- don’t make a home purchase without exploring this opportunity to provide a balanced transaction for all involved.

TO CHECK OUT AVAILABLE HOMES ON THE NORTH FORK, CLICK “NORTH FORK HOMES” (top right) to access MLSLI.

Good News for New York Homeowners

November 22nd, 2008 category: Real Estate NewsNo Comments »

If the current real estate market in New York has you wondering WHAT to do, and when, this article indicates that the wait for a seller friendly market may be sooner than later. Home buyers considering the east end of Long Island, it’s worth a glance.

While not offering much in the way of the immediate future, we’re fortunate to reside in a state that offers much in the way of positive indicators. Imagine what potential home sellers are feeling in Miami…

At this juncture, it’s difficult to imagine a “good” selling environment, but knowing that it will arrive sooner than later offers hope for home sellers that aren’t quite ready to shelve that planned move.

Another interesting take on current real estate events impacting east end, Long Island home sellers and buyers can be found here.

Why Did the Chicken Cross the Road?

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

We found this to be humorous. Hope you do as well.

Click Here to find out why the Chicken crossed the road.

EXCLUSIVES on East End, Long Island Real Estate

November 18th, 2008 category: Real Estate News, Real Estate PhilosophyNo Comments »

I recently read an interesting article in Hamptons real estate that can be found here.

Any person selling real estate outside of the east end of Long Island knows something: the word EXCLUSIVE in real estate, when used outside of a listing agreement permitting a company to list a house, and offer cooperation to all participating brokers, is a BAD WORD.

“Exclusive” used to mean that an agency would finagle a seller into using only the real estate salespeople and brokers IN THAT OFFICE in order to sell a house. That the listing company would limit exposure by “EXCLUSION” was clearly bad for sellers.

“EXCLUSIVE” in real estate jargon was eliminated in the majority of the united states 20 plus years ago, when multi-list information became the “norm” for exposure, and accepting and encouraging a cooperative broker to provide a good buyer for a seller became the expectation of Realtors. The “good guys” got RID of “EXCLUSIVE”.

More offers from more sources provided more “net” potential for the seller, so the Realtor community, bound by a membership requirement to cooperate*, accepted this additional exposure, understanding that it merged quite nicely with the state mandated “fiduciary” relationship that listing brokers pledged to home sellers.

HERE’S THE ODDITY: Also part of an east end attic mentality is the notion of an “open listing.” When I first arrived on the North fork of Long Island in 2002, I’d see a yard with three real estate signs on it. HUH????

An “open listing” is now called a FSBO, or for sale by owner, everywhere but on the east end. The majority of FSBO’S are willing to offer cooperation to a broker that might provide a buyer; the difference is, there isn’t a listing agreement, there is a selling agent fee (likely half of what an “open listing” seller might unknowingly offer).

Recently, I offered a blog, predicated on a real consumer of east end real estate, that can be found here. The comments exceed in quality the post itself. Open listings went away for a reason.

In conclusion: if you read the article found in the Independent, the verbiage could have been adjusted to fit this decade of positive changes:

Replace the word EXCLUSIVE with listing, or LISTED property.

Replace the words “OPEN LISTING” with FSBO, (offering a co-broke that reflects a fee one half of the norm, because they will be paying commission to a selling agent only- not a listing agent).

One last odd phenomenon has been that of “co” exclusives. A new one for an experienced outsider. As a listing broker, this practice would concern me because “co” doesn’t exist- it’s a non-existent agency relationship with the seller of a home. I’d wonder, at the end, if I’d be paid- or, if I should, not having been granted a legal definition of a “co”, “tri” or “quad” exclusive. Nonexistent.

While you’re at it? Remove the “exclusive” sign riders located on properties listed with full cooperation on the mlsli. It’s inappropriate, and misleading in this decade of seeking the best for both sellers and buyers- a “MUST SEE INSIDE”, or “BEAUTIFUL HOME” sign rider would serve both consumers better.

Just an opinion on east end, long island real estate challenges from a newer person who loves the “antiquity” out here- when it’s an amazing vintage lamp, or perhaps a fabulous old bracelet.

*COOPERATION IS THE DECISION OF THE SELLER/owner OF THE HOME. If a seller has had an issue with a particular real estate company, they are permitted to instruct their listing company to eliminate that company(ies).

First 90 Day Foreclosure Protection Ends December 2nd.

November 14th, 2008 category: East End LI ForeclosuresNo Comments »

New York, in an effort to mitigate the standard foreclosure procedure in the state, added 90 days to the process, effective Sept. 2.

All homeowners MUST receive a letter of an intent to foreclose 90 days before official procedures begin (including notice of a lis pendens), adding three months to the typical 444 days (on average) that a typical NY foreclosure consumes.

December 2nd will mark the end of the respite for properties provided this notice on September 2nd, and so on.

According the this article, states one jump ahead of New York are experiencing the cycle of extended relief from foreclosure- evidently, without the hoped for results.

At some point, these extensions will work their intended outcome. Unfortunately, before we view “fewer lis pendens” reports with relief, there is a method in place reducing notices to homeowners that will resume after December 2nd, and henceforth. As noted in the above article, it’s a numbers-skewing piece of legislation, with potential good.For those looking to sell a property in New York, this is important to know, because as the distressed properties (having been delayed) enter the market, pricing will be critical for your own house.

For those looking to buy a property in New York, awareness of a respite (not a market change-yet) will provide you with a feel for what’s coming, what to expect, and how to respond.

When accepting market changes with awareness of the good and bad, choosing a direction is a bit easier (if not easier to take).

Options Realty offers buyer agency, with an eye toward realistic expectations on both sides of a transaction.

Winterizing Your Vacation Home

November 11th, 2008 category: Real Estate NewsNo Comments »

A beautiful day, a bit of wind…and too cold to go sailing.

I’m convinced: summer is over on the east end of Long Island.

For those bidding a long adieu to this beautiful area, winterizing your vacation home will be on your agenda.

Some suggestions can be found on this comprehensive list.

For the rest of us, there are basics that need to be done, as well- full time residency isn’t going to eliminate the winterizing (as much as I’d rather that it did. I haven’t even gotten to the leaves yet).

Some interesting input can be found here- while the article was provided a few years ago, there’s no question but that they were right on the money regarding escalating heating costs.

Other thoughts:

As winter approaches, and it gets darker earlier, remember that kids have after school programs, and might find themselves walking/bike riding home a bit later-a reminder that keeping a sharp eye on the road when driving at dusk remains important.

With inclement weather, keeping watch over those neighbors that might have more difficulty navigating a snowfall is important. Touching base with neighbors is something that seems to go hand in hand with a decision to live in an area more remote- self reliance in winter months (and help if you need it).

And, don’t forget to winterize your car. May as well get it all over with at once!

Assuming, of course, that you’ve already winterized your boat…

As someone who hasn’t raked the leaves yet, I’d better get started.

Buying a Home on the East End of Long Island

November 10th, 2008 category: Real Estate NewsNo Comments »

From the perspective of a real estate company, the events of the last two years have been a “below the earth” phenomenon.

MOOOORTGAAAAGE MEEEEELTDOOOOOOOWN…

As the train approached, whistles sort of random, it was easy to hope for the best. Anyone paying attention, with much reading and fact in hand, surely saw the potential odds of a wreck both in NYC, and the east end of Long Island- theHamptons and North fork are not immune.

As “location, location” whined from optimists, the global economy countered with a roar.

Now that we’re “in it”, WHAT TO DO?

If you’re considering the prospect of putting your home on the market on the east end of Long Island, but don’t HAVE TO…wait it out. Your threshold, based on varying estimations, should be two years. Then, we’ll see.

If you MUST put your home on the market, and your loan amount is well below what the market will bear, review FACTS regarding recently closed sales, of homes in a like neighborhood, and price accordingly (grateful that, like ourselves, you bought before prices went awry).

If you MUST put your home on the market, and your loan amount is well ABOVE what the market will bear, become educated BEFORE you’ve missed more than a few payments as to what your options are. There are several, with varying ramifications, depending on your bank, loan amount, etc. LOOK INTO YOUR CHOICES, and then decide which course of action to take. It is advisable to accept input from both your real estate agent, and a real estate lawyer at this juncture.

If you are a buyer in this market able to qualify with new and improved ratios, you have the above two sellers seeking to find YOU.

Sellers, you’re seeking a buyer that is in a “buyers market”. Contrary to being vultures on a fence, people capable of restoring the market are (and always have been) the decision makers.

Buyers have gone from being viewed as enabled fools to limited (and cherished) saviors.

Our current mess demonstrates the power of buyer input in spades- without the desire for the buying contingent (having found a conduit requiring a pulse for a house), there would BE NO MESS. The “all you need is a pulse” conduit is gone.

As a qualified buyer, with choices available in reluctance, desperation, or finality (sellers who don’t need to sell; short sale opportunities; bank owned) it’s a great time to look at interest rates and the current economy with an eye toward advantage.

Interest rates are a catalyst; an increase in currently low rates will counter the effect of a great buy, with one notch upward.

Interest rates seem a convenient way to afford salvation for banks- are increases just a matter of time (and timing)?

Banks are threatened; a logical uptick would include rate increases, in this writers opinion.

An example*:

Mortgage amount: $400,000.

Principle and interest payment with a 6.5% 30 year fixed rate: $2528.

Mortgage amount: $400,000.

Principle and interest payment with a 7.5% 30 year fixed rate: $2796.

When rates increase, you’ve just lost a payment advantage (the price may as well have gone up; you’re paying more for the property monthly).

With a buyers agent in your corner on the east end of Long Island, you might find the right deal, right now.

Homes for sale are plentiful on the North fork and in the Hamptons- call or email us for opportunities.

*for example purposes only. No APR is mentioned for simplicity; contact your local mortgage company for all details on a 30 year fixed rate.

East End, North Fork, Long Island Condominium Report

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

The following report updates sales activity/closings for condominiums on the North fork of Long Island. Information, while deemed reliable, is subject to error, and obtained from the MLSLI. Bold indicates closed pricing.

BAITING HOLLOW, NY:
SOLD: 1
THE KNOLLS
$359K/$338K

RIVERHEAD, NY:
SOLD: 3
WILLOW POND
$298,888/$277,5K
Sunken Ponds SUNKEN POND
$300K/YET TO CLOSE
SADDLE LAKE
$532,5K/YET TO CLOSE

CALVERTON, NY:
SOLD: 2
FOXWOOD VILLAGE
$179K/YET TO CLOSE
$225K/YET TO CLOSE

SOUTHOLD, NY:
SOLD: 1
COLONIAL VILLAGE
$160K/$152,5K

AVAILABLE CONDOS ON THE NORTH FORK OF LONG ISLAND (TO VIEW, CLICK ON “NORTH FORK CONDOS”)

BAITING HOLLOW, NY
The Knolls:
7 available. Price range: $375k-$439k
The Bluffs: 2 available. Price range: $475k-$498,888k

CALVERTON, NY
Calverton Hills
10 available. Price range: $119k-$189k
Foxwood Village
17 available. Price range: $153,5k-349,9k
Windcrest East
3 available. Price range: $549,9k-$589,9k

EAST MARION, NY
Cleaves Point
1 available. Price range: $845k

GREENPORT, NY
Driftwood Cove (coop)
2 available. Price range: $180k-$190k
Breezy Shores (coop)
Wincrest East 08 2 available. Price range: $369k
Pheasant Run Estates
2 available. Price range: $399k-429k
Sterling Harbor (coop)
1 available. $649,5k

JAMESPORT, NY
Maidstone Landing
9 available. Price range: $699k-$1.275m

RIVERHEAD, NY
Willow Pond
7 available. Price range: $269,9k-$479k
Sunken Ponds
6 available. Price range: $329k-$429k
Saddle Lakes
4 available. Price range: $379,8k-$399k
Mill Ponds
3 available. Price range: $295k-$318k
The Highlands
1 available. Price range: $574,9k

SOUTHOLD, NY
Colonial Village
2 available. Price range: $187,8k-$297,7k
The Cove
1 available. Price range: $929k

Call us for details on condominiums on the east end of Long Island, or email laurie@optionsrealty.com for additional info.

Reported Mountain Lion Wrecks Life

November 2nd, 2008 category: North Fork Neighborhoods, People and PlacesNo Comments »

Good for Denise Civiletti. An impressive “exchange” occurred here.

My life, living in the area where mountain lion sitings were confirmed by local residents, has changed.

Mind you, the sitings are QUITE close to our own house.

There’s a sign on the back door that reads, ”No dogs unattended”, lest I forget that with a cat that can jump 15 feet, my privacy fence is not at all that. It is unnerving to have to think about a large predatory cat, claws irrespective. Our bulldog might look VERY appetizing, with the min-pin as an appetizer.

Walking through woods recently purchased by the town is unthinkable for me. Honing in on what appears to be, at least according to sitings, the mountain lions present territory of choice is just creepy.

Would it be better to live in ignorance, assuming that two separate sitings in close proximity were an ignorable (not a word) coincidence? It would be unthinkable not to report it as a serious likelihood, the presence of this large, predatory visitor- escaped exotic pet that it surely is.

It’s also a large animal that instinctively takes advantage of those unaware.

Having just returned from a visit with my granddaughter, and awareness of very small, and small children on my street, thank you for reporting the facts as they were obtained, Denise.

According to local residents who saw the same animal type.

That’s good enough for me until the town exhausts all measures to locate a potentially dangerous animal.

Whose cat is this, anyway?

East End of Long Island – North Fork Home Sales Report

November 2nd, 2008 category: Real Estate News5 Comments »

The following is an update on North fork home sales / closings for the month of October on the North fork of Long Island. Towns include: Riverhead, Baiting Hollow, Aquebogue, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point. All info is taken from the mlsli ; while deemed reliable, no guarantee. This report does not include mobile homes.

SOLD (CLOSED) PROPERTIES ON THE NORTH FORK OF LONG ISLAND 10/01/2008-10/31/2008 (list price; sold price):

Aquebogue, NY:

sold: 1; $238,5k- $225k

Baiting Hollow, NY:

sold: 3; $175k- $165k; $379,9k-$343k; $574,9k-$510k

Calverton, NY:

sold: 2; $175k-$170k; $310k-$295k

Cutchogue, NY:

sold: 7; $349k-$290k; $510k-$485k; $549k-$510k; $579k-$552,5k; $625k-$550k; $$680k-$640k; $2,450m-2,206m
East Marion, NY:

sold: 1; $479k-$435k

Greenport, NY:

sold: 1; $709k-$660k

Jamesport, NY:

sold: 1; $699k-$635k

Laurel, NY:

sold: 2; $440k-$410k; $529k-$500k

Mattituck, NY:

sold: 2; $459k-$467,5k; $1,295m-$1,088m

Orient, NY:

sold: 3; $435k-$385k; $1.150m-$989,5k; $1,250m-$996k

Riverhead, NY:

sold:7; $191,6k-$190,8k; $239,9k-$190k; $299k-230k; $319k-$297,7k; $399k-$399k; $599k-$519,9k; $1,1m-$1,015m

Southold, NY:

sold: 9; $435k-n/a; $457k-$425k; $499,9k-$490k; $755k-$725k; $799k-$735k; $959k-$930k; $990k-$960k; $999,9k-$975k; $2.9m-$2.4m

HOMES UNDER CONTRACT/NOT CLOSED FROM OCTOBER 1, 2008- OCTOBER 31, 2008:

Aquebogue, NY: 2

Calverton, NY: 1

Cutchogue, NY: 1

East Marion, NY: 1

Greenport, NY: 1

Laurel, NY: 1

Mattituck, NY: 4

Orient, NY: 1

Peconic, NY: 1

Riverhead, NY: 7

Southold, NY: 5