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Archive for December, 2008

East End Long Island Short Sales and Foreclosures

December 28th, 2008 category: East End LI Foreclosures2 Comments »

What can you expect when you make an offer for a “short sale”?

You can expect it to be anything but short.

A short sale is an offer to a lender in which the amount offered is below the amount owed to the bank by a seller. With declining market conditions, a seller who may have bought at “peak” (2005-6) on the east end of Long Island may now find themselves with a loan that exceeds the current value of the property. Add to this homeowners who improved a property by obtaining a second mortgage that is now “too much” to keep the property in line with current values, but forced to sell for whatever reason, and you’ll find yourself in the current bank abyss.

As the market becomes more focused, with the need to eliminate an excess of properties held by banks (with accompanying foreclosure costs attached) at the forefront, the hope is that banks will respond more quickly to a market that is in flux.

IF YOU ARE A SELLER on the North fork of Long Island FACING A SHORT SALE:

You’ll need to provide the bank with documentation. Here are typical requirements that will need to be provided to the bank before proceeding with a short sale request.

IF YOU ARE A BUYER on the North fork of Long Island THINKING OF ENGAGING IN A SHORT SALE OFFER:

You’ll need to provide to the bank your ability to qualify, and will be expected to WAIT. And wait some more

IT ABSOLUTELY SHOULDN’T BE LIKE THIS…BUT IT IS, FOR THE MOMENT.

For those willing to offer patience, short sales can result in closings, but anticipate a bumpy road. Often, a green light will be afforded, without mention of additional provisions/funds that will pop up before closing. Awareness that it isn’t smooth sailing is imperative- if you don’t like surprises, you might want to look at properties that have already foreclosed, or are market ready.

If you’re thinking of selling, and wondering about short sale opportunities, we’re happy to offer the answers that we have, and help you through the process.

If you’re thinking of buying a short sale, we’ll make sure that your understanding is complete.

If your interest is in bank owned properties, we stay on top of the market, and are happy to locate properties for you.

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Foreclosures and Short Sales on the East End of Long Island

December 18th, 2008 category: East End LI Foreclosures, Real Estate News2 Comments »

Thinking about buying a foreclosed property (REO) on the east end of Long Island?

Here’s some food for thought:

Bank owned properties have the potential to offer an amazing opportunity. A recent example is that of a home located in Cutchogue, New York. Originally listed in 2006 at $650k, and dropped to $520k, the home received an offer while in the foreclosure process for $505k in 2007.

The bank, the now defunct Fremont Investment decided, in it’s “wisdom”, to hold out, and attempt a break even vs. accepting a short sale situation, letting a well qualified buyer fall to the wayside.

The end result: in 2008, this same property sold for $398k.

While winterization was not accomplished, creating much in the way of repair for the new owners, the significant price drop, to the buyers, more than made up for the costs that will be incurred to get it operational.

If there is a “hidden agenda” with bank owned properties, this type of costly “as is” offering needs to be fully understood by any buyer of a bank owned property, whether it is located on the North fork,Hamptons, or anywhere else.

Buyers seeking REO’s need, also, to be fully prepared to act- “pre” qualification is no longer an accepted level of ability to Efforts go unrewarded buy. A conditional loan approval subject to an appraisal is advised- agents listing bank owned properties are not interested in offering deals to banks in which the buyer is ultimately unable, financially, to make a purchase.

There is a long list of paperwork required of a real estate agent and their buyer in order to make a purchase on a bank owned property: proof of funds, loan approval, and a long list of bank requirements including “as is” stipulations are among the differences between a “normal” sale, and a bank owned property.

While “short sales” (getting the bank to accept an amount less than the loan amount) are getting their day in the sun, the reality is that a large majority of these efforts fail, with properties ultimately going back to the bank.

Reasons are varied, but typically involve an anxious buyer being kept on the sidelines in a frustrating tug of war with the banks- paperwork submitted (and re-submitted, and RE submitted to a changing array of loss mitigation individuals, BURIED with requests) who end up giving up, and walking away. Months of effort go unrewarded for these buyers and sellers.

Understandable- short sales, while touted by some as a viable solution, offer NO GUARANTEES of a good outcome for either seller or buyer. A bandied about estimate of success is a rough one in ten.

While there is evidence that the banks are no longer seeking to hide their potential “assets” by delaying the transfer of a property into a bank owned liability, the process remains complicated.

No Guarantees As we find ourselves more involved with properties that have reached the “foreclosed” status, and into “bank owned”, there is an awareness that, on the east end of Long Island, many more properties are in a “lis pendens” position, offering a red flag that suggests that there is much more to come.

If you are seeking a distressed property on the east end of Long island, email us with your request, and we’ll provide a list of expectations that must be met by banks before an offer is considered.

Additionally, as we become aware of bank owned properties, we’re happy to share this knowledge.

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Holiday Dog Tips Redux

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

Here’s a blast from Holidays past worth re-posting again this year.

North Fork Holiday Decorating Tips for Your Home

November 30th, 2007 category: Real Estate News

We are currently wondering how to erect a tree, decorate it, and find it in one piece when we return home.

Our bulldog, Oliver, is fascinated with “shiny” objects- and the notion of a big, object laden opportunity may well be more than he can handle- restraint is NOT among his admirable qualities.

While we may fore-go a standard sized tree for something smaller (and higher up) there are other holiday dangers for pets that are worth noting.

No more chocolates on the table for guests (wrapped or unwrapped)- chocolate in large enough doses can be very toxic to animals. As “one piece” is never enough, perhaps we’ll pass altogether on this treat of the season- my scale will thank me in January!

While candles are lovely at this time of year, the hot wax (not to mention singed whiskers from the flame) will bear watching- placing them on out of reach surfaces will eliminate the curiosity, at best; at worst, Oliver will simply have to observe without touching!

Tinsel is a life threatening “toy” for either a cat or a dog. The shiny, light strings can easily wrap themselves around the intestines of your pet, creating the need for surgery- not a way to spend the holidays for you or your pet!

Holiday plants, such as poinsettias, holly, and mistletoe contain toxic chemicals that can create serious illness for your pet. Out of reach locations are imperative.

AAAAhhhh…LEFTOVERS! How difficult it is to deny Oliver a treat, however the change in menu can create sickness if they are unaccustomed to the treat. Vomiting and diarrhea are the result of gastrointestinal problems. Not on the menu for the holidays!

If your home is like our own, you may have “little people” visiting over the course of the holiday season. Educating your family about the dangers will help in eliminating them, and kids love the responsibility of taking care of animals. Let them help by offering simple guidelines to follow.

These tips are courtesy of the North Fork Animal Hospital. If you find your pet in an emergency, call them at: 631-765-2400.

If you’re thinking of buying or selling a home on the North Fork of Long Island, give us a call- we love pets!

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Hampton Jitney North Fork Holiday Sale and Schedule

December 7th, 2008 category: Real Estate NewsNo Comments »

For those of you that may be using the Hampton Jitney this month, you may want to stop by Hampton Jitney’s web site.

Hampton Jitney has announced the arrival of their 2008 Value Pack Sale. The HJ site says, “Use North Fork Value Pack tickets and travel to or from the North Fork for only $17.50.”

The sale ends Christmas Eve.

For the Hampton Jitney North Fork Fall Schedule, click below.

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East Marion Spa Plans in Trouble

December 7th, 2008 category: North Fork Neighborhoods, Real Estate NewsNo Comments »

Having made the (short) drive from Southold to East Marion a few years ago on a daily basis, it’s hard to imagine the presence of the planned Shizen structure at the end of Shipyard Lane.

As reported here, at Long Island Business News, homeowners on the North Fork of Long Island are horrified at the prospect of a mega sized spa- ironically designed to offer a peaceful and relaxing experience.

“Shizen is more than 100,000 square feet of development in 28 buildings, including 114 guest rooms, plus tennis courts, a pool and a marina, all targeted for the 18.3-acre site of the former Long Island Oyster Farm on the bay in East Marion.” - Jeff Miller, LIBN

Visitors will need it, after finding themselves tied up in non-negotiable traffic in order to reach their destination. One way in…one way out.
What are they thinking??

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Mortgage Interest Rates

December 7th, 2008 category: Real Estate NewsNo Comments »

http://www.bankrate.com/brm/publ/30yrmolg.asp

Click on the link above, offered by bankrate,

to keep current on mortgage interest rates.

Graph courtesy of Bankrate.com

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North Fork Condos for Sale

December 6th, 2008 category: Real Estate News1 Comment »

The following is a list of available retirement / vacation / 55-plus condos presently available on the North fork of Long Island, NY. HOA DUES and taxes as reported in the MLSLI, for use as a guide/estimate:

we st scene AQUEBOGUE, NY CONDOS

Silver Village*
HOA DUES: $235
TAXES:$6774
Available: 1; $379,9k

BAITING HOLLOW, NY CONDOS

The Knolls
HOA DUES: $293
TAXES: $3875-$4757
Available: 5; $299k; $375k;$380k;$385k;$389k

The Bluffs
HOA DUES: $326
TAXES: $5495
Available: 3; $374.5k; $475k; $498,9k

CALVERTON, NY CONDOS

Calverton Hills
HOA DUES: $275
TAXES: $2045
Available: 12;$119,9K $144,9k; $149k; $150k; $165k; $169k; $170k; $179k; $179k; $189k; $199,k; $199,9K

Foxwood Village*
HOA DUES: $470
TAXES: $3400-6600
Available: 20; $153,5k; $159k; $165k; $168k; $169,9k; $185,9k; $185,9k; $210k; $215k;$219,9k; $220k; $220k; $225k; $240k; $249,9k; $310k; $319k; $319,7k; $343,7k; $349,9k

Windcrest East*
HOA DUES: $272-$366
TAXES:$4950-$5700
Available: 3; $549,9k;$589,9k; $589,9k

EAST MARION, NY CONDOS

Cleaves Point

HOA DUES: $568
TAXES: $2615
Available: 1; $799k

GREENPORT, NY CONDOS

Driftwood Cove (co-op)
HOA DUES: $270-$303
TAXES: $2415
Available: 2; $180k; $199k

Breezy Shores (co-op)
HOA DUES: $300
TAXES: $1261
Available: 2; $349k; $349k

Pheasant Run Estates
HOA DUES: $350
TAXES: $3200
Available: 2; $360k; $429k

JAMESPORT, NY CONDOS

Maidstone Landing
HOA DUES: $495
TAXES: $6000-$7500
Available: 6; $699k; $799k; $850k; $879k; $948k; $1.275m

RIVERHEAD, NY CONDOS:

Willow Pond
HOA DUES:$291
TAXES: $4888-$5100
Available: 5; $269k; $314,9k; $389k; $406,6k; $479k

Mill Pond
HOA DUES: $187-$250
TAXES: $2454-$4018
Available: 3; $295k; $310k; $318k

Stoneleigh Woods*
HOA DUES:$251
TAXES: $4100
Available: 2; $365k; $375k

Sunken Ponds
HOA DUES: $300.
TAXES: $5300-$6300
Available: 4; $375k; $385k; $399,9k; $429k

Saddle Lakes*
HOA DUES:$288
TAXES: $3760-$4035
Available: 2; $389,9k; $399k

The Highlands*
HOA DUES: $394
TAXES: $9918-$11,113
Available: 2; $574,9k; $609k

SOUTHOLD, NY CONDOS

Colonial Village (co-op)
HOA DUES: $247-$430
TAXES: UNAVAILABLE
Available: $187,8k; $240k; $279,7k
Founders Village*
HOA DUES: $240
TAXES: $2570
Available: 2; $349k; $359k

The Cove
HOA DUES: $374
TAXES: $3300
Available: 1; $929k

TO VIEW AVAILABLE CONDOS, CLICK ON “NORTH FORK CONDOS” BLUE TAB. ENTER YOUR TOWN(S) OF INTEREST, HIT “ADD”, AND CLICK. Call us with any of your North fork, Long Island condo questions!

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North fork, Long Island Homes for Sale

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

The following report indicates the number of homes for sale by town on the North fork of Long Island. This report includes homes for sale excluding mobile homes and condos; under contract homes for November can be found by scrolling further on this page.

All homes for sale on the North fork can be viewed by clicking on the blue ”north fork homes” tab, entering parameters, and clicking “add” to each town of interest.

AVAILABLE PROPERTIES BY TOWN North Fork:

Aquebogue, NY: 67

Baiting Hollow, NY: 59

Calverton, NY: 15

Cutchogue, NY: 51

Greenport, NY: 42

Jamesport, NY: 29

Laurel, NY: 16

Mattituck, NY: 74

Peconic, NY: 4

Orient, NY: 16

East Marion, NY: 17

Southold, NY: 126

Riverhead, NY: 146

The graph below indicates third quarter results and a comparitive view of previous results in real estate on the North fork (and east end) of Long Island, as provided by HANFRA.

http://www.hanfra.com/hanfra-3-q-report.pdf

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East End, Long Island Home Sales- North Fork, NY November

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

Hog Neck Bay, Southold, NY The following report contains information obtained from the MLSLI. The numbers in bold indicate sold pricing vs. listed pricing. While all sales reported are deemed reliable, there is no guarantee of accuracy.

HOMES CLOSED ON THE NORTH FORK OF LONG ISLAND NOVEMBER 2008

Cutchogue, NY: 3

$389,9k, $395k; $624,9k, $593k; $929k, $865k

East Marion, NY: 2

$400k, $346k; $1.399m, $1.265m

Greenport, NY: 1

$429k, $385k

Peconic, NY: 1

$799k, $708k

Riverhead, NY: 3

$259,9k, $175k; $319k, $295k; $363k, $340k

Southold, NY: 2

$599k, $575k; $790k, $700k

peconic river HOMES UNDER CONTRACT, NOT CLOSED, ON THE NORTH FORK OF LONG ISLAND NOVEMBER 2008

Aquebogue, NY: 1

$339k

Cutchogue, NY: 4

$260k, $499k, $525k, $599k

Greenport, NY: 2

$519k, $1.849m

Jamesport, NY: 1

$725k

Laurel, NY: 1

$295k

Options Scrabble Riverhead, NY: 3

$299k; $299k; $499k

Southold, NY: 2

$499k; $422,5k

For additional North Fork, NY market information, whether you’re thinking of selling, or thinking of buying, call Options Realty today for up to the minute resources, or email us today.

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Forty Eight and Counting- to Fifty Five and Better!

December 1st, 2008 category: BuyersNo Comments »

Fifty five and better communities are a really fun place to work.

Better still, to live (for some).

As a late forties person, a new appreciation is proffered to this special group of “tweens” that find themselves seeking to SIMPLIFY.

With children in mid-flight but tottering, and parents doing some health tottering as well, it’s no wonder that at some point, finding a like-experienced group is appealing. It has nothing to do with eliminating a bike riding crowd of little shriekers on the street- grandchildren are typically welcomed. Most in this group will find charm in the sound of little voices.

Fifty five isn’t “footloose and fancy free”. Fifty five is seeking to be found, amidst the bedlam. To navigate the double end with calm.

It does include the need, when considering neighbors, to perhaps look into eyes that have a “like” life experience. Loss of parents has quite possibly occurred; other losses felt by this contingent, less understood by most in the younger contingent, find comprehension in those neighboring eyes.

While it’s wonderful to listen to a 25 year old neighbor celebrate his promotion with a rousing (and fun) party, the connection is often more difficult to navigate, because well…we’re NOT 25.

The best communities for some seeking the fifty five and better community include REALLY GOOD amenities, offering a vacation feel for visiting family members, and the east end of Long Island has a plethora of opportunity.

A community offering just such an environment is the WCI COMMUNITIES Atlantic Shores neighborhood in Eastport, New York. While WCI Communities is making their way through a tough issue the clubhouse is FINISHED, and the community itself largely sold out. The opportunities in pricing reflect the difficulty of the market- not a bad thing at all. Pricing used to be as high as the $800’s for the largest model- their market has most definitely changed.

Wincrest East Another community offering the freedom of a single family home, within the confines of the fifty five and better group is Windcrest East . While WCI offers a duplex style, with two families in each building, Windcrest East offers a single family home- complete with yard- and like WCI, some models exceed 2000 square feet. While available in the mid $500’s, watch the market. It’s a well landscaped and (based on our last visit) maintained neighborhood, with the convenience of Riverhead a short drive away.

Pulte Homes as a builder is very cognizant of the hope for a nice sized room, while offering the Westhampton address. Known for an exceptional price per square foot, Pulte’s community in Westhampton doesn’t disappoint, with builder inventory available.

We like Foxwood Village in Riverhead, as well. Foxwood Village is a community of manufactured homes, in which the
“land tenants” pay a fee for their land, with full amenities included. The pool area is lovely; there are many north fork locals that have chosen this neighborhood, prices begin in the low $200’s, and it’s close to everything. While new construction tends to increase the cost of the home, we’ve seen several homes on the resale side that are lovely.

Southold offers a favorite in Founders Village. While the homes are attached, the property is located within walking distance to town. Very popular, offerings are limited in this $330-400k neighborhood. When an opportunity arises, it’s worth checking out.

TO VIEW CONDO OPPORTUNITIES ON THE NORTH FORK, CLICK ON THE “NORTH FORK CONDO” TAB, TOP RIGHT. Enter your parameters, and see what’s out there. With experience in new construction, we’d love to help- having a real estate agent seeking the best possible price for you, along with the right “fit”, is our goal.

There are a number of fifty five and better communities on the east end of Long Island. We’d love to assist your search, while understanding the motivation to seek out this choice. It’s all about the eyes.

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