2009 January | North Fork, Long Island, NY Real Estate Blog OptionsRealty.com

Archive for January, 2009

East End of Long Island Short Sale Guide

January 4th, 2009 category: East End LI Foreclosures, Real Estate News3 Comments »

Going into 2009, the following are some scenarios that may be encountered by both buyers of homes on the East End of Long Island, and sellers of homes on the East End of Long Island.

If you’re a homeowner seeking to sell your home via a short sale (if your loan amount exceeds the current market value, and you MUST move), the following are some things that you’ll be expected to provide to your bank in order to get approval for this action:

1. Considered by some the most difficult: a HARDSHIP LETTER . In this communication, you’ll provide to the lender the exact nature of your situation, accompanied with facts to demonstrate an inability to make payments. Sign and date it.

2. A financial statement, detailing your current state of affairs (including, but not limited to, all income generated; all savings account balances; any assets). Sign and date it.

3. A broker price opinion, generated by your listing agent, demonstrating the comparable properties that have sold in your area recently.

4. Last years tax returns or 1040/W-2’s.

5. Your most recent pay stubs

6. All listing activity, provided by your listing agent, showing price adjustments through the course of the listing period.

**SEEK LEGAL COUNSEL FOR ALL RECOMMENDATIONS. THIS IS STRICTLY A HEADS UP- it is very important to have legal guidance for any distressed property scenario, as can only be provided by a lawyer.**

If you’re a buyer interested in making an offer below the total amount owed by a seller, be prepared to offer a qualification letter generated by your bank, with proof of funds, to be submitted with your offer. In order for a bank to view an offer as viable, providing this proof is a non-negotiable requirement expected by most banks. Start early, by visiting a lender BEFORE you look- scrambling with the possibility of other offers could well create a lost attempt to purchase.

Another way ”out” for distressed sellers with one mortgage, no second mortgages, is a deed in-lieu-of foreclosure. One advantage to a deed in lieu of foreclosure is, among other things, a better likelihood that a deficiency judgement on the part of the bank will be reduced or waived, although this is not always the case. Your attorney needs to review all avenues with you, in order to provide you with the legal ramifications of any action that you might take to resolve a situation that is creating HUGE stress. The sample deed in lieu of link is from HUD; check with your bank to see if this is an option for you.

BANKS DON’T WANT PROPERTIES BACK, and both short sales and deed in lieu of foreclosures avoid the cost of a subsequent foreclosure process for the lender, so may well benefit both sellers, banks, and buyers.

Understanding up front requirements when dealing with your lender, or purchasing a short sale, will minimize the frustration that often accompanies any decision in the sale or purchase of a distressed property. There’s a reason for the difficulty- you are most definitely not alone. Loss mitigation departments are swamped, dealing with many, many sellers and buyers undergoing the same challenge.

North Fork, Long Island Closed Condos / Active Adult / Over 55 for 2008

January 3rd, 2009 category: Over 55 / Active Adult, Real Estate NewsNo Comments »

The following is data obtained from the multi list of Long Island. While deemed accurate, actual figures may differ- consult with your real estate agent for specific retirement/vacation condominiums on the east end of Long Island.

CLOSED NORTH FORK, LONG ISLAND CONDOS- JAN. 01, 2008- DECEMBER 31, 2008 (closed pricing):

Aquebogue, NY:

Silver Village: 2; $337,5k; $340k

Baiting Hollow, NY:

The Bluffs: 3; $279k; $397k; $311k;

The Knolls: 3; $315k; $338k; $340k

Calverton, NY:

Calverton Hills: 6; $110k; $105k; $157,5k; $159k; $160k; $176,3k

Foxwood Village: 7; $144,5k; $155k; $148k; $155k; $180k; $245k; $285k

East Marion, NY:

Cleaves Point: 1; $800k

Greenport, NY:

Driftwood Cove (co-op): 1; $147,5k

Harbor Shores (co-op): 1; $260k

Oyster Point: 2; $695k; $690k

Unknown: 1; $320k

Jamesport, NY:

Maidstone Landing: 1; $780k

Riverhead, NY:

Glenwood Village: 1; $67,5k

Mill Pond: 8; $275k; $280k; $270k; $279k; $275k; $305k; $315k; $325k

Willow Pond: 6; $277,5k; $270k; $324k; $346k; $367k; $405k

Saddle Lakes: 2; $495k; $540k

Southold, NY:

Colonial Village: 1; $160k

Founders Village: 3; $315k; $345k; $344k

COMPARISON 2008 TO 2007:

Total reported North Fork, condos closed, 2008: 55

Total reported North Fork, condos closed, 2007: 81

Median sales price, 2008: $305k

Median sales price, 2007: $350k

Days on market median, 2008: 158

Days on market median, 2007:133.5

% of asking/sold price, 2008: -6.7

% of asking/sold price, 2007: 4.8

To view all over 55 retirement condos, and all condos for sale, click on “North fork condos”, choose your town, and click GO.

Call or email us to view any properties of interest- the east end of Long Island is a great place to retire!

Homes Sold in 2008 North Fork, Long Island – Over $1,000,000

January 2nd, 2009 category: Real Estate NewsNo Comments »

The following data was collected from MLSLI*. While deemed reliable, figures are subject to error.

Homes sold $1,000,000 plus (asking price/sold price) on The North Fork Long Island, 2008

Aquebogue, New York homes sold: 1-$2,499M/$2.180M

Baiting Hollow, New York, homes sold: 0

Calverton, New York, homes sold: 0

Cutchogue, New York homes sold: 7- $1.19M/$1.179M; $1.399M/$1.325M; $1.995M/$1.9M; $2.149M/$1.650M; $2.195M/$2.010M; $2.450M/$2.206M; $2.888M/$2.250M

Greenport, New York, homes sold: 0

Jamesport, New York, homes sold: 2- $1.250M/$1.070M; $1.350M/$1.2M

Laurel, New York, homes sold: 3- $1.495M/$1.350M; $2.950M/$2.7M; $3.2M/$3.2M

Mattituck, New York, homes sold: 5- $1.25M/$n/a; $1.295M/$1.088M; $1.850M/$1.625M; $2.350M/$2M

New Suffolk, New York, homes sold: 0

Peconic, New York, homes sold: 4- $1.275M/$1.2M; $2.275M/$1.6M; $3.2M/$2.750M; $22M/$19.5M

Orient, New York, homes sold: 2- $1.45M/$1.35M; $2.395M/$2.075M

East Marion, New York, homes sold: 4- $1.350M/$1.225M; $1.395M/$1.275M; $1.399M/$1.265M; $1.9M/$1.9M

Southold, New York, homes sold: 10- $1.15M/$1.06M; $1.25M/$1.15M; $1.399M/$1.22M; $1.65M/$1.55M; $1.799M/$1.6M; $1.995M/$1.710M; $2.9M/$2.4M; $3.85M/$3.5M; $3.85M/$3.5M; $18.5M/$13.294M

Riverhead, New York, homes sold: 1- $1.1M/$1.

COMPARING 2008 WITH 2007, MILLION PLUS PRICE POINT:

TOTAL HOMES CLOSED WITH PRICING IN EXCESS OF $1 MILLION IN 2008: 39

TOTAL HOMES CLOSED WITH PRICING IN EXCESS OF $1 MILLION IN 2007: 65

Current # of homes for sale, $1 million plus, on the North fork of Long Island: 110

To view homes for sale on the North Fork of Long Island, click on the “north fork homes” tab (top right), enter your towns of interest, and click enter.

Report: Homes Sold in 2008 North Fork, Long Island

January 1st, 2009 category: Real Estate NewsNo Comments »

Hog Neck Bay The following data was collected from MLSLI*. While deemed reliable, figures are subject to error.

Total North Fork Real Estate SALES 2008.

Aquebogue, NY: 23

Baiting Hollow, NY: 23

Calverton, NY: 15

Cutchogue, NY: 42

Greenport, NY: 22

Jamesport, NY: 22

Mattituck, NY: 27

New Suffolk, NY: 2

Peconic, NY: 8

Orient, NY: 16

East Marion, NY: 20

Southold, NY: 66

Riverhead, NY: 98

Pine Neck Rd. - 2008 OptionsRealty.com COMPARING 2008 WITH 2007:

MEDIAN DAYS ON MARKET FOR NORTH FORK, LONG ISLAND HOMES IN 2008: 126

MEDIAN DAYS ON MARKET FOR NORTH FORK, LONG ISLAND HOMES IN 2007: 111.5

MEDIAN SALES PRICE CLOSED FOR NORTH FORK, LONG ISLAND PROPERTIES IN 2008: $460,000

MEDIAN SALES PRICE CLOSED FOR NORTH FORK, LONG ISLAND PROPERTIES IN 2007: $490,000

MEDIAN PERCENT DIFFERENTIAL FROM ASKING PRICE TO SOLD PRICE 2008: -6.7%

MEDIAN PERCENT DIFFERENTIAL FROM ASKING PRICE TO SOLD PRICE 2007: -4.9%

TOTAL CLOSED PROPERTIES, ALL TOWNS ABOVE 2008: 398

TOTAL CLOSED PROPERTIES, ALL TOWNS ABOVE 2007: 510

*INCLUDED IN THE 2008 AND 2007 TOTALS ARE MOBILE HOMES CLOSED, WHICH TOTALED 42 IN 2008.

TO VIEW AVAILABLE PROPERTIES ON THE NORTH FORK OF LONG ISLAND MLSLI, CLICK ON THE TOP RIGHT “NORTH FORK HOMES”, CLICK YOUR TOWN (S), ADD ENTER, AND CLICK GO. *Multi-list Long Island

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