East End and Hamptons Real Estate Trouble

May 7th, 2009 category: East End LI Foreclosures, Real Estate News

We received our east end of Long Island Real Estate Report.

The drop in sales volume has been noted in many publications, so is no surprise.

What’s a bit sobering is the fact that in the first quarter of 2009, Southampton had lis pendens filings that surpassed the sales- while 98 properties in the first quarter received a notice of default, there were only 87 buyers willing to make a purchase.

The lis pendens have been active for a few years now, and there are sellers reaching the end of the line, with foreclosure a near certainty.

Clearly, it’s time to get serious in the Hamptons- most notably, Southampton and East Hampton.

Buyers are not willing to pay exorbitant prices; sellers are missing payments.

To sellers that don’t need to move, take your house off of the market- save yourself the aggravation. Your real estate agent should be implementing reductions; if that isn’t happening, you don’t need to sell.

Pricing that artificially inflates the market from a buyer perspective isn’t going to offer any tangible benefit- signs dangling from houses unsold are not a promising signal.

“Sold” signs work- if the only homes selling are those of motivated sellers, the sooner a successful direction can be met, the better.

If you don’t need to sell, ask your real estate agent to come pick up the sign, and enjoy your summer without interruptions- there are too many sellers that need to move right now, and muddying the landscape is a huge detriment to the market as a whole.

This entry was posted on Thursday, May 7th, 2009 at 8:54 pm and is filed under East End LI Foreclosures, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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