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Archive for April, 2009

North Fork/East End Long Island Home Sales UP

April 30th, 2009 category: Real Estate NewsNo Comments »

With all of the negative media assaulting the Hamptons market, the North fork of Long Island has seen an increase in sales volume from April 2009 over April 2008.

Statistics provided by the MLSLI* offer the following numbers for under contract properties on the North fork of Long Island:

Homes under contract from April 1- April 30, 2009: 41
Homes under contract from April 1- April 30, 2008: 40

Median listed price, April 2009: $399k
Median listed price, April 2008: $404,950.k

While the volume of new contracts is encouraging, the comparison for closed properties offers a reflection of the slowing market:

Homes closed April 1- April 30, 2009: 27
Homes closed April 1- April 30, 2008: 55

Towns/villages/hamlets included in this report are Aquebogue, Baiting Hollow, Calverton, Cutchogue, East Marion, Jamesport, S. Jamesport, Greenport, Laurel, Mattituck, New Suffolk, Peconic, Orient, Riverhead, and Southold.

With summer fast approaching, perhaps we’ll continue to see an uptick over 2008 volume in under contract properties throughout the spring. Once things begin to green up on the North fork, a vacation, retirement, or permanent move to the North fork offers an amazing spot in which to get away from it all!

To view available properties on the North fork of Long Island, click here.

*Figures obtained from MLSLI. While deemed reliable, no guarantees. Single family homes/mobile homes included in the report.

To search available 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, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, 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.

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Short Sale or Foreclosure on the East End, North Fork Long Island

April 28th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Zach Fox at North County Times writes that foreclosure may be a better option for some struggling homeowners.

http://nctimes.com/articles/2009/04/25/business/z096c1b1a5c67baac8825759a00757a6f.txt?ref=patrick.net

Short Sale? Selling with a loan balance that is above market value? Get a lawyer.

Real estate agents that have taken a vested interest in short sales are few and far between, because short sales offer a minor return to participants (sellers, buyers, real estate agents) if the facts are laid out in way that’s thorough andknowledgeable - some home sellers will read the fine print, and make their decision based on a lawyers recommendation (and fiduciary responsibility). It’s so new that it’s not a science, and shouldn’t be in an area without clinical real estate trials, be considered one.

Your credit will be dinged. Find out by how much- if it’s equal to foreclosures, as suggested above, you need legal advice. There is no link that has been located that will provide a definitive answer.

Optimism? Banks are going to have to provide some kind of credit score “credit” to those engaging in a distressed sale; it might not have the negative “cache” in downturns past.

Mainstream real estate has eclipsed (at least, in NY) the ability of real estate agents to offer simple advice; get a lawyer for any distressed situation before engaging.

And, in NY (we operate on the east end of Long Island- North fork, Hamptons) make sure that your lawyer understands short sales, and the ramifications, so that you’re aware- there’s too much uncertainty occurring that could jeopardize a “clean break”, as promised, without future hassles. Who needs ‘em.

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East End North Fork Long Island Loan Modification Programs

April 21st, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

As a relocated real estate person who arrived from a state (Colorado) that did NOT utilize lawyers in a real estate transaction (real estate agents took it from start to closing with few incidents), the current environment with loan modifications/short sales/foreclosures has me eating my words.

In the current venue, particularly with loan modifications: GET A LAWYER! FACILITATE YOUR MODIFICATION WITH A LAWYER ASSISTING YOU!

There- it’s been said.

As is no surprise, loan modification companies are sprouting up all over, requesting an “up front” fee in order to facilitate/oversee your process. As is an unfortunate non surprise in a predatory environment, many of these companies seek one thing: the up front fee. Upon receipt of your trust (and your check), enough of these companies are abandoning the effort to instigate the following reports worth perusing:
http://www.chs-law.com/2009/03/avoiding-loan-modification-scams.html

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/06/AR2009040601725.html

http://www.msnbc.msn.com/id/30070197/

After reading some of these stories, I contacted a loan modification company, and input pretend info. The company got back to me immediately via email (wrong home phone provided; cell to take messages) and when I got the email response, I politely told them, “thanks, but no thanks.”

There were EIGHT messages left on the cell phone that isn’t used. EIGHT IN FOUR HOURS, after having told them, ‘NO THANKS.”

This appears to be a thriving, and highly aggressive, opportunity for some companies.

Talk with your own attorney before considering any assistance that originates from anyone outside of your own lender- and even then, your lawyer will likely have more to offer in the way of solutions.

Opinion, hoping that those in a bind aren’t projected further into the current abyss.

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Condos for Sale North Fork / East End, Long Island

April 20th, 2009 category: Buyers, Real Estate PhilosophyNo Comments »

Below, please find an update on condos, both 55 and better, and family condominiums. Included are estimates for taxes and HOA dues, subject to verification.

BAITING HOLLOW, NY CONDOS FOR SALE:

The Knolls:
Pricing between $299k-$479k
Common Charges: $257.-$335/mo
Taxes: $3879.-$4811

The Bluffs:
Pricing between $364.5k-$439k
Common Charges: $326./mo
Taxes: $5501-$5603

Golf Villas:
Pricing: $435.9k
Common Charges: $430./mo
Taxes: $4609.

CALVERTON, NY CONDOS FOR SALE:

Calverton Hills:
Pricing: $129k-$204,9k
Common Charges: $200-$275/mo
Taxes: $2045-$2093

Foxwood Village:
Pricing: $145k-$360k
Common Charges: $443
Taxes: $2212-$6097

Windcrest East
Pricing: $545k-$559k
Common Charges:$300.
Taxes: $5043-$5780

EAST MARION, NY CONDOS FOR SALE:

Cleaves Point
Pricing: $799k
Common Charges:$575
Taxes: $3069

GREENPORT, NY CONDOS FOR SALE:

Driftwood Cove
Pricing: $179k-$229k
Common Charges:$303-$400
Taxes: $n/a

Pheasant Run
Pricing: $395k
Common Charges: $350
Taxes: $3300

JAMESPORT, NY CONDOS FOR SALE:

Maidstone Landing
Pricing: $659k-$1.275m
Common Charges: $495.-$535
Taxes: $6000.-$7500.

RIVERHEAD, NY CONDOS FOR SALE:

Willow Ponds
Pricing: $269k-$479k
Common Charges: $273-$291
Taxes: $4129-$5032

Mill Pond
Pricing: $282k-$299k
Common Charges: $210
Taxes: $2574

Saddle Lakes
Pricing: $349k-$575k
Common Charges: $282-$290
Taxes: $3834-$4071

Stoneleigh Woods
Pricing: $365k-$375k
Common Charges: $263
Taxes: $4250-$4550

Sunken Ponds
Pricing: $369k-$419k
Common Charges: $290-$300
Taxes: $3413-$5400

The Highlands
Pricing: $574.9k
Common Charges: $394
Taxes: $10,112

SOUTHOLD, NY CONDOS FOR SALE

Colonial Village (co-op)
Pricing: $187,8k-$277,650
Common Charges: $355
Taxes: $150-$170

Founders Village
Pricing: $349k-current offerings are all at this price point, per MLSLI
Common Charges: $240
Taxes: $2570

The Cove
Pricing: $869k
Common Charges: $425
Taxes: $3300

CLICK HERE TO VIEW CONDOS ON THE NORTH FORK.

If you are thinking about retiring on the North Fork of Long Island, there are many possibilities!

If you are thinking about selling your condo on the North Fork of Long Island, we have buyers looking.

Call today to get updates on availability, pricing, or to ask any questions- we’re happy to help.

*all info obtained from MLSLI, and subject to change. While deemed reliable, information is subject to confirmation.

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East End, Long Island Landscaping

April 20th, 2009 category: Real Estate NewsNo Comments »

With the first warm day providing an opportunity to add a few colorful bushes to our backyard landscaping, it occurred to me (as it must to many) that our front yard looks bare.

With a herd of deer enjoying the neighboring wooded lot, our front yard is little more to them than feeding time, and feed, they do.

Fencing in the back for dog containment has provided an opportunity to purchase plantings indiscriminately; no need to worry about a planting reduced to green stubs the following morning.

Even a planter with flowers placed very close to the front door has done nothing, in past seasons, to discourage the visitors, so the contrast from front to back is quite obvious.

A search provided the following site, with recommended deer resistant plants that might offer a bit of balance between the colorful back yard and the chewed up front yard!

I’d love to see some of these plantings remain; buying “fake” flowers to put in the front window boxes is an alternative that just doesn’t appeal the way that fragrant, living plants appeal.

http://www.deerresistantplants.com/

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No Down Payment Mortgage Worth Considering

April 19th, 2009 category: Buyers, Real Estate NewsNo Comments »

With so many first time buyers exploring the possibility of home ownership on Long Island, the following link provides a way to purchase a home with no down payment if the ratio guidelines are followed, and the property falls within the boundaries offered for this financing.

Locations that offer the opportunity for a USDA Loan are provided on the USDA loan website, which can be found here.

Along with the loan parameters, also offered for home buyers are the ratios (house payment vs. pre-tax income) required, which will provide some guidance for the purchase price of a home.

Talk with your lender to see if this program might work, or view the details at:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&urlToLoad=http://www.rurdev.usda.gov/rhs/sfh/brief_rhdirect.htm&NavKey=loan@11

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Mortgage Questions North fork / East end, Long Island

April 18th, 2009 category: Real Estate NewsNo Comments »

While some homeowners on the east end of Long Island can relax through the current market climate with mortgages balances owed being far lower than declining market values, others (perhaps, having bought a home at a later date) are coping with a need to sell- or just thinking about coping with a need to sell in todays market.

For most, the very thought of losing a home strikes fear that can be paralyzing. Know this: NY has a judicial foreclosure process that, to date, takes in excess of 444 - 520 days for banks to accomplish.

This following is a helpful link to explore, as it takes property owners through the options available, and the qualification guidelines for present, or anticipated modification needs.

On the North fork/East end of Long Island, there are many small business owners eyeing the downturn with caution- don’t let your mortgage payments add to the stress without exploring options. The market will provide stability in the future; the current environment needs to be navigated with all available information. Here’s one great link; taking the time to understand what is being offered is paramount.

http://www.mortgagereliefonline.com/

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Spring Home Sales on the North Fork and East End of Long Island

April 15th, 2009 category: Real Estate NewsNo Comments »

spring 08 Not unlike the welcomed surprise of the first green thing in my garden, home sales on the North fork are popping up. While less substantive than last year at this time, signs of life are emerging. Here’s a recent look at MLSLI* numbers for the North fork of Long Island.

Homes sales (under contract reported sales, not closed) from April 1 through April 15, 2009: 18

The median listed price was $385,750.00.

Most active was Southold (4) followed by Cutchogue and Baiting Hollow (3 each).
I refrain from listing days on market due to the number of properties that get refreshed.

Home sales (under contract reported sales) from April 1 through April 15, 2008: 26

The median listed price was $399,450.00. The median sold was $370,000.00

Most active was Riverhead (11) followed by Southold (4) and Cutchogue/Baiting Hollow (2 each).

While certainly a drop in volume, encouraging is the fact that the sales reported are growing daily. The market is tentative, but there do appear to be good reasons to hold out hope that buyers will find the affordability that they seek with sellers understanding the trends.

Tightened lending restrictions have shrunk the buyer pool- and some that are buying are doing so under far more strict guidelines.

Statistics support the reality that an uptick in pricing is not a realistic expectation for the short term, and by some accounts, the long term. Whether buying or selling in this market, awareness is key.

Still, it’s hard not to imagine at least looking out this way when spring hits- it’s really something else on the East end of Long Island!
*information obtained from the MULTIPLE LISTING SERVICE OF LONG ISLAND. While deemed reliable, no guarantees!

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When Will the Housing Market Recover?

April 12th, 2009 category: Real Estate News2 Comments »

And, what constitutes a recovery?

That seems to be a question on every Long Island home seller/buyers mind, as we wind our way around the current climate of price adjustments.

Because we don’t have the answer, we’ll be offering articles that address this concern as we find them. One such prediction is offered in links attached to the the following USA Today column:

Open house, anyone? 1 in 9 homes sit empty

There may well be a contrary article located next week (or tomorrow)-we’ll keep reading.

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Pre Foreclosure Report North Fork, Hamptons and East End, Long Island NY

April 12th, 2009 category: East End LI ForeclosuresNo Comments »

The following report, obtained from The Real Estate Report , offers lis pendens filings (pre-foreclosure) for the East end (Hamptons, North Fork) of Long Island from April 1, 2009 through April 8, 2009. We are showing mortgage amounts recorded, which do not include second mortgages or fees attached to the property.

By Town:

Aquebogue: 1; $225k
Baiting Hollow: 1; $348k
Bridgehampton: 3; $2.182 million; $1 million; $555k
Calverton: 1; $322k
East Hampton: 7; $1.95 million; $900k; $873k; $580k; $423k; $185k; $2.2 million;
East Quogue: 1; $999k
Flanders: 1; $359k
Hampton Bays: 5; $750k; $560k; $431k; $392k; $300k
Mattituck: 1; $750k
North Sea: 2; $650k; $100k
Remsenburg: 1; $297k
Riverhead: 2; $336k; $296k
Sag Harbor: 2; $2.7 million; $501k
Southampton: 6; $692k; $396k; $970k; $650k; $568k; $470k
Southold: 2; $1.4 million; $500k
Speonk: 1; $325k
Wading River: 2; $405k; $86k
Westhampton: 1; $739k
Westhampton Beach: 1; $227.5k

41 TOTAL LIS PENDENS REPORTED, EAST END LONG ISLAND, 1ST WEEK OF APRIL.

The highest lis pendens (pre-foreclosure) figures are occurring in East Hampton, followed by Southampton, Hampton Bays and Bridgehampton round out the most active areas.

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