Archive for July, 2009

NY Foreclosures to Double…

July 29th, 2009 category: East End LI ForeclosuresNo Comments »

As always, offering the latest in updates. The following article by Aaron Elstein found at Crain’s New York Business has us shuddering.

Prepare for more foreclosures … many more

Sellers: awareness is key.
Buyers: awareness is key.

Click here for an interesting article.

Whether you’re thinking of selling, or considering a purchase, awareness of things to come from all sources is key.

Our last post included an indication of an uptick; other sources differ.

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.

Condos For Sale, North Fork, Long Island

July 23rd, 2009 category: Real Estate NewsNo Comments »

The following is an update on the number of condos for sale on the North fork of Long Island. All information is gathered from the MLSLI, and offered for the purpose of general information. While deemed reliable, figures are subject to change.

By town:

Aquebogue, NY:

SILVER VILLAGE:
Available: 1 $329,000.
HOA dues: $245.
Taxes: $6030.

Baiting Hollow, NY:

THE BLUFFS:
Available: 3; $349,999; $419,000.; $428,888.
HOA dues: $326.
Taxes: $ 4847-$ 5581.

Calverton, NY:

FOXWOOD VILLAGE:
Available: 17 Range: $75,000-$360,000.
HOA dues: $450.
Taxes: $ 3435.- $6097.

CALVERTON HILLS:
Available: 13 Range: $109,990.- $197,500.
HOA dues: $275.
Taxes: $ 1850- $2093.

WINDCREST EAST:
Available: 4 Range: $489,990-$559k
HOA dues: $300
Taxes: $5043-$5700

East Marion, NY:

CLEAVES POINT:
Available: 2 $785k-$799K
HOA dues: $568-$575
Taxes: $ 2865- $3069.

Greenport, NY:

PHEASANT RUN:
Available: 2 $379k, $419k
HOA dues: $350-$375
Taxes: $3300.

OYSTER POINT:
Available: 1 $595k
HOA dues: $425
Taxes: $2132

Jamesport, NY:

MAIDSTONE LANDING:
Available: 8 Range: $619k-$1.275m
HOA dues: $535
Taxes: $6601-$7519

Riverhead, NY:

WILLOW POND:
Available: 9 Range: $234,900.-$389,500.
HOA dues: $273
Taxes: $4129-$5033

MILL POND:
Available: 3 Range: $282-$295k
HOA dues: $210
Taxes: $2455-$2575.

SADDLE LAKES:
Available: 4 Range: $460k-$625k
HOA dues: $293
Taxes: $3500-$4600

Southold, NY:

COLONIAL VILLAGE:
Available: 7 Range: $172,200.- $280,450
HOA dues: $365
Taxes: $170

FOUNDERS VILLAGE:

Available: 2 $329k-$330k
HOA dues: $240
Taxes: $2575.

THE COVE:

Available: 1 $950,000.
HOA dues: $n/available
Taxes: $2870.

We also had the pleasure of visiting a community in Eastport. Atlantic Shores is in their final build out phase, with several amazing opportunities currently available. Pricing for completed homes begin in the low $400’s.

East End, Long Island Home Sales Articles of Interest

July 15th, 2009 category: East End LI Foreclosures, Real Estate News, SellersNo Comments »

Erasing the thought that we’re experiencing a market “blip”, and encountering a situation that requires diligent attention on the part of real estate agents, home sellers and home buyers, is a recent Wall Street Journal update on East End, Long Island home sales that we found interesting:

Hamptons Home Sales Plunge as Wall Street Cuts Jobs

Wishful thinking won’t sell homes; correctly priced properties are the only solution.

Now, for some GOOD news from a source that provides real numbers, specific to East End Long Island Real Estate, with a realistic approach to data:

Long Island Home Sales Median Price Rises by 3.29% in Second Quarter

News, and more news…we tend to be data-oriented, so hope that assimilating provided sources offers some insight into a very perplexing market!

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

Second Quarter Home Sales North fork, Long Island

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

The following data was collected from the MLSLI of Long Island. While deemed reliable, no guarantees.

Comparisons are offered from the second quarter of 2008.

SECOND QUARTER UNDER CONTRACT ACTIVITY, 2009: 130

Median Listed Price: $385,750.00

SECOND QUARTER UNDER CONTRACT ACTIVITY, 2008: 118

Median Closed Price: $430,000.00

The North fork of Long Island saw an increase in under contract properties over 2008.

SECOND QUARTER CLOSED HOMES ACTIVITY, 2009:100

Median Closed Price: $364,500.00

SECOND QUARTER CLOSED HOMES ACTIVITY, 2008: 129

Median Closed Price: $448,000.00

While the North fork saw the anticipated decrease in median pricing, along with the decrease in activity, much in closed activity can be attributed to the very slow period experienced in the first quarter for under contract homes that reached closing in the second quarter.

Based on the activity reported for under contract activity, this number may reflect positive volume, despite lower pricing, in the third quarter closed results.

For the second quarter, 2009, Riverhead lead the pack with 28 properties under contract, followed by Southold (17), Calverton (15), Baiting Hollow (14) and Cutchogue (13). Greenport rounded out the top 6 with 10 properties put under contract.

For the second quarter, 2009, CLOSED volume, Riverhead again lead the pack with 22, followed by Southold (18), Baiting Hollow (10), Cutchogue and Mattituck (8 and 8).Greenport once again arrived in the top 6 with 7 closed contracts.

Data includes the towns of Riverhead, Baiting Hollow, Calverton, Aquebogue, Jamesport, S. Jamesport, Laurel, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point.

Statistics include manufactured homes.

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

Sold Homes North fork / East end Long Island, June 2009

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

Once again (time flies), it’s time for an update on homes sold/homes under contract on the North fork of Long Island for June 2009. All info is obtained from MLSLI, and while deemed reliable, no guarantees.

Homes Under Contract June 1- June 30, 2009: 43

Median Listing Price: $358,296.00

Leading the pack for contracts was Calverton (9), followed by Riverhead (8) and Southold (7).

Homes Under Contract June 1- June 30, 2008: 44

Median Listing Price: $477,500.00

Homes CLOSED, June 1- June 30, 2009: 31

Median closed price: $385,000.00

Leading the pack for closed homes on North fork of Long Island was Southold (8), followed by Calverton (6) and Cutchogue (6).

Homes CLOSED, June 1- June 30, 2008: 34

Median closed price: $418,500.00

Little unexpected with the June results; prices have declined, but sellers providing lower prices are getting their homes sold at a pace comparable to last year.

Another element to add to the assessment are the lis pendens figures for the east end of Long Island (Hamptons/North fork).

While the North fork has significantly fewer lis pendens relative to the Hamptons, the numbers have increased over the course of the last month in total for both areas.

Reported lis pendens filings for the East end of Long Island, June 2009: 107

Reported lis pendens filings for the East end of Long Island, June 2008: 53

As has been the norm, the areas reporting the highest lis pendens actions are in Southampton and East Hampton, NY.

The number of sales is remaining consistent; the number of preforeclosure/ lis pendens actions reported has doubled.

Government mandated moratoriums that delay pre-foreclosure actions may well have impacted the lower 2008 figure.

*Lis pendens data courtesy The Long Island Real Estate Report

*Sales data courtesy MLSLI

Areas included in the under contract/sold statistics include Aquebogue, Baiting Hollow, Calverton, Cutchogue,

East Marion, Jamesport, Greenport, Peconic, New Suffolk, Laurel, Mattituck, Southold, Riverhead, and Orient, New York. Statistics include manufactured housing as reported to MLSLI.

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