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

Archive for June, 2009

Greenport, NY Homes

June 30th, 2009 category: People and PlacesNo Comments »

Meandering in a Greenport neighborhood, Saturday morning…

Buying a Home on the East End/North Fork of Long Island

June 30th, 2009 category: Buyers, Real Estate NewsNo Comments »

http://www.bloomberg.com/apps/news?pid=20601213&sid=aedS3XGrNmSA

If you’re a first time buyer, new to the home buying game, among the many things that must be identified prior to your search is your credit score.

With lenders tightening all aspects of qualifying for a new home, the above article provides insight as to the impact that recent changes to your credit cards might have on a credit score that has always been well maintained by you.

There doesn’t seem to be a consistent method taken by banks when reducing a credit line, but clearly this arbitrary lowering of a credit limit by your credit card issuer may well damage what has always been a high score, with no missed payments or issues on your part, as a diligent consumer.

If you discover that your score has been lowered due to forces outside of your control, such as an arbitrary reduction, start by contacting the bank involved, and see if it’s possible to return your limit to the original understanding between you and your bank.

Being prepared is everything- knowing what obstacles will need to be overcome in order to achieve the best rate for your purchase is homework well worth undertaking- the results of your diligence might save you thousands of dollars over the long-term.

For additional insights on credit scores, please visit: www.myfico.com

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

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.

2012 a Reported Turning Point for Home Buyers/Owners

June 24th, 2009 category: Real Estate NewsNo Comments »

An interesting “take” on the current real estate market was reported here.

As mentioned in the article, all real estate is local. Important factors such as the unemployment rate, opportunities for job growth, interest rates remaining low, and prices finding an attainable level for buyers impact all areas; the life enhancement of owning a quiet place away from the hustle and bustle of the city will never dissipate completely. We’re experiencing the same caution from buyers as most areas, but the payoff for a quiet country home will always have cache.

As a location popular for second homes, the east end of Long Island offers a more unique aspect than most locations; second homes that were once “must have” for the NYC contingent are less of a given when so many variables are exacerbating the concerns that many potential home buyers have about the economy as a whole.

As we experience this temporary caution while pricing adjusts, summer on the east end will continue to be a magnet for those that make the decision to locate a haven.

I, for one, look forward to the “boring” real estate venue offered in the article; there is much to be said for stability vs. wild swings in one direction or the other!

For those seeking (or selling) a second home on the east end of Long Island, stay tuned- we’ll provide market updates as they become available.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

An Interesting Alternative to Selling a Home

June 18th, 2009 category: Real Estate News, Sellers2 Comments »

We found this interesting. While I’ve heard of this method before, we’re going to follow this story to see how the homeowners fare. Click here for a novel way to sell a home.

For more traditional methods to sell a home on the North fork / East end of Long Island, we’re happy to offer input. To view homes for sale on the North fork /east end of long island, click here.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

Loan Mods East End / North Fork, Long Island

June 18th, 2009 category: East End LI Foreclosures, Real Estate News1 Comment »

If you’re a homeowner seeking assistance with your mortgage due to hardship, we found the following article of interest.

http://www.nytimes.com/2009/06/14/realestate/mortgages/14cov.html?_r=1

While there are agencies available to offer help, we’d like to reiterate the advice from article sources, which make clear: DON’T PAY FOR A LOAN MODIFICATION SERVICE. IT’S FREE.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

North Fork Sales Figures Keep Pace with 2008

June 12th, 2009 category: Real Estate NewsNo Comments »

A quick update of homes under contract on the North Fork of Long Island:

For the month of June (through the 12th), homes under contract are keeping pace with sales figures last year.

The following numbers indicate reason for optimism on the North Fork of Long Island:

Total homes under contract 6/1/2009- 6/12/2009: 17*

Median listed price: $399k

Total homes under contract 6/1/2008- 6/12/2008: 17*

Median sold price: $528,700.

(we knew pricing had dropped, but the above figure is impacted by a high end sale being reported twice in 2008).

Southold has lead the pack in sales, reporting 6 homes under contract for June to date, followed by Mattituck, Cutchogue, Calverton, and Aquebogue, reporting 2 each.

It will be interesting to see how the final numbers come in for June- while 2008 had a few more homes in excess of the $1 million dollar mark, Southold has actually doubled the figure of homes put under contract this year over last.

If the upper end provides a few more high end purchases, the median numbers will rise- we’ll let you know at the end of the month!

*the towns included are Riverhead, Calverton, Aquebogue, Jamesport, S. Jamesport, Laurel, Mattituck, Cutchogue, Southold, Peconic, Greenport, East Marion, Orient, Orient point. All figures provided by the MLSLI; while deemed reliable, no guarantees.

Transparency is an Over Used Term on the East End of Long Island

June 12th, 2009 category: Real Estate NewsNo Comments »

I read recently of the introduction of www.Streeteasy.com to the East end real estate venue.

The definition of “transparency” is as follows:

Lack of hidden agendas and conditions accompanied by the availability of full information required for collaboration, cooperation, and collective decision making.

StreetEasy, much like Zillow or Trulia, offers additional exposure for properties; a very good thing.

What it does NOT OFFER is oversight of its participants. Data input is arbitrary.

The only entity currently available to consumers that insists, as part of membership, that ALL properties for sale be entered; ALL properties under contract be immediately reported; and ALL closed properties be entered, is the MULTIPLE LISTING SERVICE (MLS). In our case, MLSli (Long Island). This data is immediately available.

This is considered valuable data by all areas in the country, it seems, but the Hamptons and NYC.

We don’t have to wait for quarterly reports from an outside entity to provide true market data to consumers- at least, on the North fork.

For reasons unknown to this person, the larger companies in targeted areas of the Hamptons REFUSE to offer full MLSLI participation, despite being members in other areas and complying with the requirements.

Absent under contract and closed data, the rest is pretend transparency. Unless forced to enter this data, the Hamptons will remain (much like NYC) a real estate venue deeply mistrusted by the sellers and buyers of real estate out this way. Is that a worthy aspiration?

I think not.

If another vehicle for “true transparency” enters the picture (it will clearly have to force participation from certain real estate companies in order to be acceptable) we’re on board. Until then, it’s just more of the same drivel from the companies seeking to keep under contract and sold data from a buying and selling public for reasons unknown to most of us.

I’ll say it again: an MLS is the only venue currently available to consumers that insists that members provide data intrinsic to “collaboration, cooperation, and collective decision making”, due to rules put in place to insure that outcome.

That’s why it’s the most used vehicle elsewhere by real estate companies- they welcome compliance that benefits those that write our paychecks: buyers and sellers of real estate.

An Afternoon at Raphael’s Vineyard in Peconic

June 9th, 2009 category: People and Places3 Comments »

We have a friend who happens to be, along with his band partner, an excellent musician, performing as the Earthtones on the North fork/East end of Long Island.

Armed with this information, we decided to visit one of the local vineyards on a Sunday afternoon, just to see what the Earthtones experience was about.

Weekends offer several “live music” signs in front of the numerous vineyards; we have a musical preference, and had been told that theEarthtones might fit the bill. For those seeking out an afternoon sipping wine and listening to live music, you won’t be disappointed.
We aren’t wine “tasters”- our interests might be cultivated in that direction at some point, but frankly, the notion of being very unclear as to what we were tasting (in the presence of experts) remains been a bit intimidating.

No worries- wine tasting (other than enjoying a fabulous glass offered by Raphaels) wasn’t on the menu!

Listening to classics from Bob Dylan or John Prine was a perfect complement to a great glass of wine- no comments on the texture of the vino solicited!

A few suggestions for those that haven’t yet enjoyed the vineyard experience:

Our friends Glenn and Rick are fantastic- we like classic rock, and their offerings were just perfect. The Earthtones offer really, really good listening. The local offerings vary; check ahead to see if the music being offered is in your area of preference.

One doesn’t have to be ANY kind of wine expert to enjoy the ambiance of the local vineyards- Raphaels has an interior full of tables, with a bar in the center- no reason to feel intimidated for simply purchasing a glass of wine with which to enjoy the music!

Some of the vineyards are venues in which it’s a “bring your snacks” environment. We entered the area to see a long table, with a group of people enjoying the fabulous music, the local wine, and a huge array of snacks that were brought by them. Call ahead to check their weekend schedule of events.

There was an outside area, along with several tables inside.

I don’t know about you, but the vineyards this year may usurp a few days out on the boat. While we love sailing, and bringing a picnic, this experience will remain a “keeper”- full enjoyment of local flavor, absent the time consuming task of getting the boat ready (and, sans our bulldog and min-pin, who force a real sense of guilt on our part if we don’t bring them along). Sorry- no dogs allowed at the vineyards!

Live music from the Earthtones, and a great glass of wine in a relaxed, fun environment were exactly what we’d hoped for.

Thanks, Glenn and Rick of the Earthtones, and Raphaels – we loved the music, the wine was wonderful, and we now have a weekend plan for guests that will most certainly include vineyard visiting.

For those interested in a fabulous afternoon, the schedule for the Earthtones can be found below.

Looks like we’ll be doing some more wine tasting!

Look for the Earthtones at the following times/locations in June and July:

Sunwaters Restaurant, Dune Road, Westhampton Beach June 20th, 7-10

Route 48 Vineyards, Cutchogue June 28, 2-6

Laurel Lakes Vineyards, Laurel, July 4, 1-5

Clovis Point Vineyards, July 5, 2-5

Laurel Lakes Vineyards, July 18, 1-5

Bedells Vineyards, Cutchogue July 19, 1-5

Will post August as the summer unwinds. Great music from Glenn and Rick of the Earthtones, and a wonderful atmosphere provided by a Raphaels- thank goodness summer is here!

To view Glenn Jochums website go to www.glennjochum.com- lots of “stuff” for music aficionados.

Pre-Foreclosure Activity East End, Long Island

June 7th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

This weeks report from the LI Real Estate Report was a bit of a jolt. Where we’ve come to expect pre-foreclosure / lis pendens numbers to be in the high teens/low 20’s weekly; the first five days of June demonstrate that as the market remains stagnant, home owners unable to make payments are rising. This week presented 31 lis pendens.

Bridgehampton, NY: 2
$850k; $500k*

East Hampton, NY: 4
$581,250.; $433k; $427k; $405k

East Quogue, NY: 1
$438,360k

Eastport, NY: 1
$800k

Flanders, NY: 1
$268k

Greenport, NY: 1
$340k

Jamesport, NY: 2
$387k; $367,5k

Montauk, NY: 1
$540k

North Haven, NY: 1
$1.3m

Riverhead, NY: 1
$385,840k

Sag Harbor, NY: 2
$1.84m; $890k

Sagaponack: 1
$457,5k

Southampton, NY: 5
$980k; $575k; $500k; $376k; $62k; $1.8m

Southold, NY: 1
$875k

Wading River: 2
$495k; $370,8k

Watermill: 1
$95k

Westhampton: 1
$474k

Westhampton Beach: 1
$664k

As it has been in the past, Southampton and East Hampton lead the pack, with 5 and 4 filings respectively.

*figures represent a balance that is sometimes without second mortgages/bank fees included

The LI Real Estate Report provided us with the following press release, pertaining to Long Island as a whole:

West Islip, New York, June 4, 2009

The number of weekly closings on private homes and condos on Long Island has fallen by 39.5% during the 28 month period beginning January 1, 2007. During the same period, the number of weekly foreclosure auction sales has risen by 161%.

In January 2007, the average number of closings per week was 643, as opposed to 389 in April 2009. The average number of foreclosure auction sales per week was 17, rising to 43 in April 2009.

Over 88% of the foreclosure homes were taken over by the holders of the mortgage, indicating that the amount due on the mortgage was greater than the value of the property.

For more information and details on the individual counties, visit
The Long Island Real Estate Report
at www.lirealestatereport.com.

Click on the individual graphs below (provided by the LI Real Esate Report) for a larger version.

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.