How Can There Be Foreclosures on the East End of Long Island?

May 22nd, 2009 category: East End LI Foreclosures, Real Estate News

There has been much in the way of sandbagging done by banks as we navigate a market rife with distress- the less we know the better? The less the entities forcing stress tests are aware of, the better? Conjecture, of course, but an increasingly obvious question.

The east end of Long Island (particularly the Hamptons) have been sitting in a la-la land of misinformation- while the community shudders at the slowing of sales, often, nothing is provided to sellers that explains the “how” and “why” of the current mess.

The following article is perhaps the finest that I’ve read with respect to explanation, and how it is that well educated, articulate and respected people find themselves in a financial abyss right now- no one is immune.

Maintaining awareness that second homes are going to be surrendered before a primary residence is quite important for those selling homes on the east end of Long Island, wondering, “What the hell happened?”- this article is provided for the purpose of insight.

http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=1&pagewanted=1&em

As an articulate potential seller on the east end mentioned, this, too, shall pass- but for now, awareness is key to an outcome that is absent a lack of current information, and thus, a total surprise, for some considering selling their property on the East end.

The following article provides additional ammunition for those that have homes on the market, but don’t need to sell:

http://www.businessinsider.com/henry-blodget-new-york-city-real-estate-prices-to-fall-at-least-another-35-2009-5

Buyers will buy; sellers will sell, but when the very banks carrying a significant bank owned properties state potential outcomes, ignoring this insight is not advantageous to sellers entering this unusual market.

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 a qualified buyer looking for a foreclosure on any part of Long Island, we’ll help you find it.

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, Montauk, NY.

This entry was posted on Friday, May 22nd, 2009 at 1:20 am 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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