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

Archive for April, 2009

Blogger Tells it Like it Feels with Credit Card Companies

April 11th, 2009 category: People and Places, Real Estate News, Real Estate PhilosophyNo Comments »

Frustrated with the shenanigans of credit card companies seeking to raise your rate? We loved this blog, but be aware that it’s pretty blunt, before clicking!

Today’s post comes to us from an Active Rain participant in Melbourne, Fla., Laraine Shape. Her post titled, Bank of America can Just Kiss My Ass raised a laugh.

To get the whole “Poop” [pun intended], Click Here to read Laraine’s entire post on Active Rain.

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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.

East End, Long Island Jumbo Mortgages Return

April 7th, 2009 category: Real Estate NewsNo Comments »

Whale Tale As jumbo mortgage opportunities return to the marketplace on the east end of Long Island (North fork, Hamptons), coupled with low interest rates, perhaps we’ll see a kick start with some upper end properties that have remained available, yet offer a better value than in years past:

http://www.marketwatch.com

While this is great news, discussing with your lawyer verbiage in any offer that permits an “out” in the event that a lender is unable to close the loan is worth pursuing. Mortgage contingencies are standard fare in many states; no reason to gamble with events outside of your control.

East End, Long Island Real Estate…in 2006.

April 5th, 2009 category: Real Estate PhilosophyNo Comments »

http://www.nytimes.com/2006/04/23/nyregion/nyregionspecial2/23lijour.html

While downward pricing in homes under contract presents uncertainty, the upside is demonstrated in the article above. It’s interesting to revisit the downside of the “up” market- and if there’s a silver lining, perhaps it includes the notion that the younger contingent on Long Island will have the ability to remain here!

While I don’t speak for many, knowing that my own daughter would have the opportunity to live on Long Island, should she so choose, surely offers many parents an opportunity to rethink the “bubble”, and it’s ramifications.

First Quarter Home Sales North Fork and East End Long Island

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

The following information is obtained from the MLSLI. While deemed reliable, no guarantees.

The following figures represent homes CLOSED on the North fork of Long Island from Jan. 1, 2009 through March 31, 2009.

For purposes of comparison, statistics from the same period in 2008 are included.

The second set of figures is for homes put under contract in the same time frame.

HOMES CLOSED, NORTH FORK LONG ISLAND
JAN 1-MARCH 31 2009: 62
JAN 1-MARCH 31 2008: 73

MEDIAN CLOSED PRICING
JAN 1-MARCH 31 2009: $375K
JAN 1-MARCH 31 2008: $435K

HOMES UNDER CONTRACT, NORTH FORK OF LONG ISLAND
JAN 1-MARCH 31 2009: 75
JAN 1-MARCH 31 2008: 120

MEDIAN LISTING PRICE JAN 1- MARCH 31 2009: $399K (closed pricing for all properties is unavailable, as some haven’t closed).

MEDIAN LISTING PRICE JAN 1- MARCH 31 2008: $482,438K

We are not including days on market- because enough agencies let a listing expire, to be re-entered, the days on market offer little insight. It’s called “refreshing” listings. While outside of the rules of MLSLI, it happens often enough to deem days on market unreliable.

Clearly, sales activity is down for 2009.
The difference in contracts written shows a drop of 42%.

While spring is a “selling season”, buyers appear to be seeking out properties under $400k; the median pricing for the first quarter on closed contracts (while absent all closings) shows a preliminary median price point of $ $337,750.

This figure will change as first quarter contracts close in the coming months; nonetheless, those that have closed are pricing out at roughly 12% below 2008 figures.

Tight lending restrictions continue to wreak havoc with buyers that might buy, but are lacking a sufficient down payment/credit score. Until pricing reaches a level of attainability for “regular” buyers, we may well see continuing price drops. When affordability matches the income of buyers who will qualify under strict guidelines, the “bottom” will be visible. Until then, it’s a moving target.

A “recovery” is not a return to bubble pricing; a “recovery” is a return to conservative lending, with properties that are attainable under these guidelines, with buyers able to purchase under the “new” (old) parameters. While likely frustrating for many sellers intent on higher pricing,

there will not be a return to the bubble pricing anytime soon.

If you don’t have to sell…this market provides a compelling reason to stay put.

If you do need to sell, price it right- it’s the only way that your property is going to be appealing (and attainable) for buyers seeking a home on the North fork.

There are currently 761 homes available (excluding mobile homes) on the North fork of Long Island.

*This blog offers opinions only. Content is subjective.

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.

March Real Estate Homes Sold North Fork East End, Long Island NY

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

The following information includes reported home sales (closed) on the North fork of Long Island, NY for March, 2009. All information obtained from MLSLI, and while deemed reliable, is not guaranteed. The type in bold indicates sold pricing- first # is listed price.

Aquebogue, NY:
Sold: 1
$399k-$337.5k

Baiting Hollow, NY:
Sold: 2
$449k, $435k; $549k, $470k

Calverton, NY:
Sold: 1
$72.5k, $63k

East Marion, NY:
Sold: 1
$479,9k, $460k

Greenport, NY:
Sold: 4
$239,9k, $235,9k; $295k, $255k; $599k, $450k; $795k, $690k

Laurel, NY:
Sold: 1
$1.99m, $950k

Mattituck, NY:
Sold: 3
$349,9k, $310k; $549k, $530k; $995k, $895k

Peconic, NY:
Sold: 1
$399k, $375k

Riverhead, NY:
Sold: 5
$120k, $105k; $134k, $134k; $149,9k,$100k; $319,9k, $278k; $649k, $554,9k

South Jamesport
Sold: 1
$399k, $330k

Southold, NY:
Sold: 3
$349,9k, $352k; $417,4k, $399k; $685k, $655k

Using the same criteria (towns), below is a comparison of March, 2009 to March 2008:

Total sold, March 2009: 23
Total sold, March 2008: 31

Median sold price March, 2009: $375k
Median sold price March, 2008: $430k

Median % difference from asking to sold price, March 2009: -12.5%
Median % difference from asking to sold price, March 2008: -7.4 %

Sold differential: volume is down approx 22.5% from 2008
Sold median pricing differential: down approx. 11% from 2008

There were 4 bank owned (REO) properties closed in March, 2009 on the North fork of Long Island, which is

17% of the total number of properties reported closed.

UNDER CONTRACT/NOT CLOSED PROPERTIES MARCH 1 THROUGH MARCH 31, 2009: 30
UNDER CONTRACT PROPERTIES MARCH 1 THROUGH MARCH 31, 2008: 51

Under contract activity differential: – approx. -39.8%

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