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

Archive for March, 2009

A Link to Good News for the East End of Long Island

March 29th, 2009 category: UncategorizedNo Comments »

As people who have chosen to enter two arenas in real estate (bank owned properties, and a focus on buyers), it’s incumbent upon us to remain fixated on news- whether it’s the lis pendens (preforeclosure ) count; interest rate changes; bank issues that could create issues for everyone, homes sold (and sitting)…much of it is hardly the stuff of inspiration or good will. I’m a line-up-the-perps-for-a-mug-shot kind of person, when the headlines scream of another banking inequity, but it’s need-to-know.

Through the course of checking into various sources, a Newsweek article Selling the Silver Lining captured attention- perhaps designating a few minutes a day to a positive spin in tough times is OK. For just a few minutes. I’ll click here to remind myself to view the “good news” sites.

Without having explored the sites offering good news, I’m not yet delusional- but for a few minutes a day, am going to try out nothing but good news, and see what happens.

Our collective rough ride is presumed- a bit of good news can’t hurt.

To search available condos or homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

Lis Pendens Pre Foreclosure East End North Fork March 2009

March 29th, 2009 category: UncategorizedNo Comments »

Island Packet Rendevous Rigging

The following report contains lis pendens* by towns on the east end of Long Island/North fork, as provided by the Real Estate Report, for March, 2009:

East Hampton, NY: 9

Flanders, NY: 4

Greenport NY: 2

Hampton Bays NY: 3

Laurel, NY: 1

Quiogue, NY: 1

Remsenburg,NY: 4

Riverhead, NY: 8

Southampton, NY: 7

Wading River, NY: 1

Watermill, NY: 2

Shelter Island, NY: 1

Westhampton, NY: 1

Westhampton Beach, NY: 3

E. Quogue, NY: 1

Montauk, NY: 1

Sag Harbor, NY: 6

Wading River, NY: 3

Bridgehampton, NY: 1

Orient, NY: 1

Speonk, NY: 1

Jamesport, NY: 1 TOTAL LIS PENDENS FILED MARCH, 2009: 62

The highest number of recorded preforeclosures were reported in East Hampton, followed by Riverhead and Southampton. *Lis pendens are notification from banks to mortgage holders that foreclosure proceedings are being implemented. They are public record.

2009 North Fork East End Real Estate Jargon

March 29th, 2009 category: UncategorizedNo Comments »

The onset of a declining real estate market introduces terminology that, thrown around frequently, might be worth revisiting.

Some terms for 2009 that seem to appear frequently:

Lis Pendens. A lis pendens is an initial action of foreclosure by the lender with notification. A lis pendens generally occurs when a homeowner has missed three months of mortgage payments. Lis Pendens are reported, becoming public record, and afford future glimpse at what may be a trend worth watching in areas of interest.

Broker Price Opinion (BPO). A Broker Price Opinion is a valuation often requested by banks, and performed by a local broker, to establish market pricing for potential bank owned homes (those that have foreclosed). BPO’s are also used in short sale decisions made by the bank. While not an appraisal, BPO’s are a valuation tool used for distressed properties.* Local brokers called upon to perform BPO’s watch trends with these, as well.

“As Is”. This one needs legal input. While “as is” can be generally defined as “what you see is what you get”, building code violations and other complications (liens, for example) demonstrate the need for a good lawyer reviewing the terms of your agreement.

REO’s. REO’s are bank owned properties. Often sold “as is”, pricing is often aggressive. Selling quickly requires lower pricing.

Consumer Tax Credit. This is a tax credit offered by the government to first time home buyers. The current tax credit is $8,000., with no repayment. With…no…repayment. Depending on the purchase price and buyers income, if the full amount isn’t used, the government may refund the difference. The tax credit is implemented when you do your taxes. More here.

Loan Mods. Loan modifications are an attempt by banks to mitigate their losses by keeping another losing asset off of the books. With so many mortgages in a precarious place, banks offer varying methods of assistance, from deferral of payments, to a temporary break in the payment amount. More here.

Short Sale. A short sale is the result of a seller owing more on the house than it will sell for, and requesting that the bank accept the potential shortage, were a buyer to make a purchase at an amount lower than the mortgage. Short sale pricing is not always reflective of the banks willingness, so unlike an REO where the maximum price is set (assuming no bidding wars), short sales involve a negotiating process between the sellers and their bank.

Pre-Qual. A Pre qualification is a buyer assessment by a bank establishing parameters for a purchase based on credit score, income, job history. A typical pre qualification, offered to sellers when a property is located by the buyer, assists the seller in establishing the credibility of the buyer. Unfortunately, the issuing bank doesn’t provide its own prequal…but that’s another subject. A typical pre qualification involves pulling a credit report, and reviewing buyer data- previous years income tax, pay stubs, debt ratios.

Mortgage Contingency. A mortgage contingency is a stated “out” for a buyer, usually with time frames that must be adhered to. If the buyer is unable to obtain a mortgage commitment by x date through no fault of their own, absent a mutual extension, with timely written notification to the seller, the contract is null and void, with deposits returned. In NY, lawyers implement contingency clauses for contracts.

If you have any questions about the changing market on the East End / North fork of Long Island, we’re happy to help.

To get more specific local North Fork or East End real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

Tax Credit Explanation for First Time Home Buyers on The East End & North Fork

March 23rd, 2009 category: UncategorizedNo Comments »

While much has been offered in the way of explanation for the first time home buyer tax credit, we thought we’d bring you right to the link that makes the program clear.

A “first time buyer” is a homeowner seeking a primary residence, and one who has not owned a home within the last three years.

http://www.guarantee.com/taxcredit/taxcredit_faq.pdf *

*courtesy of Susan- thank you!

As the real estate market continues to challenge the East End

March 23rd, 2009 category: UncategorizedNo Comments »

As the real estate market continues to tighten, we’re revisiting our favorite home staging site.

Check out the pics- it really is an art, and Val Allocco at Staged2Sell has it figured out for you.

Our experience with Val resulted in simple, cost effective transformations- it doesn’t have to cost a fortune (or even close) to get expert advice in order to make your home “the nicest on the block.”

Added to her site is an outside/exterior staging expert- with so many opportunities on the north fork to pick up gorgeous plantings, it makes spring a welcomed arsenal toward the goal of getting your home sold!

To see some terrific before and afters, click Staged2Sell

Thank you, Val!

Touched by Riverhead, NY…

March 20th, 2009 category: Uncategorized2 Comments »

Peconic River Totem While we follow the interminable agenda of “Riverhead Revitalization”, rarely is there a more touching glimpse of the reality that waits…and waits…FOR SOMETHING!

Nan Patience, from the local Riverhead Blog, Back at the Ranch , provides an interesting look into the current semi-abandoned state of Downtown Riverhead.
http://www.nanpatience.com/?p=399

Thank you Nan Patience for such a realistic perspective, from someone else who cares.

Homes Closing on the North fork of Long Island, NY

March 18th, 2009 category: UncategorizedNo Comments »

This is an early glimpse of what can be expected in first quarter results, obtained from the MLSLI, on closing activity for properties on the North Fork of Long Island:

2009 vs. 2008

Total homes closed, Jan.01, 2009 through March 17, 2009: 44

Total homes closed, Jan,01, 2008 through March 17, 2008: 60

Median closed price, Jan. 01 2009 through March 17, 2009: $385k

Median closed price, Jan. 01,2008 through March 17, 2008: $435k

Median days on market, 2009:173.5

Median days on market, 2008:120

Median % difference from asking price to closed pricing, 2009: -8.15%

Median % difference from asking price to closed pricing, 2008: -8.05%

Towns included in the search for sold homes: Aquebogue, Baiting Hollow, Calverton,Cutchogue,East Marion,Greenport, Jamesport, Laurel, Mattituck, Orient, Peconic,Riverhead, Southold. Search does not include private sales. All info offered, while deemed reliable, has no guarantee.

Of the figures offered for 2009, three properties closed that were either bank owned (REO), or short sale transactions.

Awareness of market conditions and changes is more important now than ever- check back to receive additional North Fork/East End of Long Island updates. While much is available in the way of market information, tracking closings as they decline will afford the opportunity to await the inevitable “bottom”- think cyclical.

Short Sale and Foreclosure Home Search on the North Fork and East End of Long Island, NY

March 15th, 2009 category: UncategorizedNo Comments »

It was with relief that a new search feature on the MLSLI (multi list service of Long Island) was discovered- it’s an REO (bank owned) and short sale search.

It’s now possible to sort properties with these buyer parameters, but is also helpful for sellers.

Knowing what’s out there, and being able to access it, is a function needed in a distressed market, and MLSLI has heeded the call.

Unfortunately, this search feature is not yet available for consumers on the MLS feed, but we’re happy to perform the search, and send properties of interest until it becomes integrated into the consumer search feed.

We’ll need parameters: towns, preferred home style, price range; once entered, we are able to implement the search, and deliver the results to your email.

Sellers, if you’re considering putting your home on the market, this is need-to-know information that we are happy to provide.

Searching for MLSLI listed properties that are foreclosures, REO, bank owned, and short sale offerings has never been easier on the North fork/East end/Hamptons, NY area, and the large majority of offerings are present in both areas- we’re happy to help!

Check back soon- we’ll be launching eastendreo.com, and well as eastendforeclosures.com. Both sites will include properties on the mls feed, making your search simple in less than simple times.

Summer Agenda on the North fork of Long Island

March 13th, 2009 category: UncategorizedNo Comments »

oliver For those people who find themselves anxiously awaiting that first warm day with a nice breeze, don’t get caught without your boat in the water.

Marinas are not lacking on the North fork, but assuring a slip is important for those that aren’t quite comfortable with a short dinghy ride.

You can find resources for your boat here, courtesy of www.northfork.org.

Happy sailing!

Summer is Coming to the East End of Long Island- Are you Ready?

March 9th, 2009 category: UncategorizedNo Comments »

In spite of the foot of snow lingering outside (ok- it’s probably down to four inches today), a visit to www.northforkparents.org has provided the opportunity to share this news: parents and grandparents might want to prepare early for the summer months. The North fork of Long Island is a veritable “s’more-gasborg” for camping opportunities that will keep the kids happy and occupied.

Click here to see a list of available camp offerings on the east end of Long Island. Don’t let your children or grandchildren miss out- call early to register! Thank you, North Fork Parents, for the heads up.

« Previous Entries