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

Archive for October, 2009

East End Second Home Tax Info

October 27th, 2009 category: Real Estate NewsNo Comments »

On the east end of Long Island (North fork, Hamptons) a good percentage of homes are second homes.

Because some sellers are weighing out the benefit of continuing to rent, vs. selling, we thought we’d put up a link that defines second home sales tax ramifications for those weighing out options.

If you’re thinking of selling your second home on the East end of Long Island (Hamptons, North fork), it’s worth a look.

We are not dispensing tax advice; please consult your accountant for clarification on all scenarios.

http://www.bankrate.com/finance/debt/new-tax-rules-could-cost-second-homeowners-1.aspx

For those looking to buy a second home for future retirement, we hope that the above article sheds some light on ever changing tax rules!

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.

East End LI Foreclosures/REO’s Found Easily

October 25th, 2009 category: East End LI Foreclosures, Real Estate News4 Comments »

For those unfamiliar with a MULTIPLE LISTING service, it’s a real estate listing website normally inclusive of all area listings, provided by all local MLSLI member real estate agents. On Long Island, the multi list is called MLSLI (Multiple Listing Service of Long Island).

Part of membership is the ability to provide all homes for sale for those seeking real estate information, with those listings entered into the MLSLI by cooperating companies. This is called an IDX feed, and allows a property to find exposure on ALL MLSLI member real estate websites, as well as on the MLSLI and listing company website. The idea behind this cooperation is that it will increase exposure for sellers, and provide multiple venues for buyers.

BANKS WANT THEIR REO’S ON AN MLS.

When bank owned properties began appearing with more quantity on the East end of Long Island (Hamptons, North fork), these listings were entered into the MLSLI. As a company that is involved in listing REO’s, it’s not negotiable: BANKS WANT FULL EXPOSURE FOR THEIR PROPERTIES, and listing agreements with their broker of choice requires input into the MLSLI system.

While it’s been possible for us, as a real estate company, to locate bank owned and REO properties for potential clients, it has NOT been possible for those interested in bank owned to view them all in one place, at one location, absent a real estate agent providing the data. The IDX systems are set up to show ALL properties, but not specifically bank owned, or short sales.

AS OF MONDAY, Oct. 26, 2009, OUR IDX PROVIDER IS CHANGING OUR SEARCH OPTIONS. Included in the search will now be an option to seek out foreclosures ONLY, without having to search through all listings to locate an reo. These will include not only our REO listings, but ALL listings.

It will work like this: when you go to the blue button for “north fork homes” (BLUE TAB ON THE RIGHT) you’ll be brought to the regular MLSLI IDX feed. What will be different is that when you view property “type”, the additional choice of “foreclosures” will be available to click on. This will bring you ALL currently listed REO properties on the east end of Long Island.

At this juncture, we are uncertain as to whether or not it will have the capability to search outside of the east end, but we hope so- a simple choice of towns will bring to you all of the foreclosures available in that town.

Give it a try. Signing up is easy, and free- no hassles, and no phone calls. You can even have REO’s delivered to you as they appear on the MLSLI.

If you’d like more information on REO listings, we’re here to help. If you’d simply like to check out what’s available, it’s right there for you- just click the blue tab “north fork 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.

Living on the North Fork Promotes Good Health?

October 19th, 2009 category: North Fork NeighborhoodsNo Comments »

Think that a move to an area known for bucolic landscape is simply “nice”? We found the following article of interest- a scientific study that living near open spaces is good for your heart, and mind.

It makes sense, this lack of urgency- perhaps being a tiny bit late for a meeting in order to see just how many hummingbirds will hit the feeder is a good thing. And who can resist walking for just a little bit longer along the shorelines of the North fork?

With homes available that offer the pleasant sounds of bird songs, leaves rustling, and an occasional visiting deer as part of the package, hoping that overall health is an added bonus might well be the reality!

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

Is Your East End, Long Island Rental in Lis Pendens?

October 12th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Having seen firsthand the devastation that an unsuspecting renter faces when being served eviction papers at their rental home, we thought that the site found here at RentalForeclosures.com might provide a heads up.

While it remains possible that a Hamptons / North fork rental property owner is behind in payments, but not yet on file with a lis pendens (preforeclosure) notice, the ability to look up properties that you’re considering for a rental might head future problems off at the pass.

The large majority of rental opportunities have no issues, but peace of mind is worth a look.

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

Long Island is “On Sale”…

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

I love reading stuff like this.

“The Great Recession has caused massive job losses and hardship for millions, but it has also fostered a shoppers’ paradise. Anyone who still has the means to spend can find unheard of deals.” Read it all here.

Last Christmas, shopping was a bonanza- it seemed that everything had a “real” sale. 40% off was the watermark.

Looks like this season will offer up some terrific values as well, with no reason to hit “midnight madness” or some other such inconvenience.

I’ll be heading to the Tanger Outlet early this year, to scope it out before the real shopping season begins- report to follow!

But, don’t want to leave without these…
For personalized gifts, the North fork offers some wonderful local choices. Stay tuned!

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

Warning for Homeowners Seeking a Reverse Mortgage

October 9th, 2009 category: Real Estate NewsNo Comments »

retirement money For those on the east end of Long Island seeking reverse mortgages, a warning has been offered here.

How it can be that subprime lenders are permitted to re-emerge in force is amazing enough- but to target seniors (one of the remaining stable forces in the housing industry) is stunning. Or is it?

One more unpleasant suprise in a market rife with the unknown- but your choice to accept a reverse mortgage doesn’t have to fall by the wayside, it just requires full comprehension.

If your home has equity, and you seek a reverse mortgage, due diligence is mandatory.

For assistance in locating a reverse mortgage that works for your situation, information can be found here.

Assistance to navigate this choice is available, and certainly well worth the time invested to assure that your mortgage is “non-predatory”- we’ve all seen enough of that…

Homes Under Contract / Homes Sold – North Fork, LI

October 6th, 2009 category: Real Estate NewsNo Comments »

OLD LOCK The following information is gathered from the Multiple Listing Service of Long Island. While deemed worthy of trends, not all closed information is available (private, non mls sales are not included in the figures).

CLOSED HOMES, NORTH FORK LONG ISLAND SEPTEMBER 2009:
Total closed: 30
Median closed price: 402,500.
Most active towns/villages: Baiting Hollow, Riverhead, and Greenport

CLOSED HOMES, NORTH FORK LONG ISLAND SEPTEMBER 2008:
Total closed: 35
Median closed price: 605,000.
Most active towns/villages: Southold, Mattituck, Cutchogue

UNDER CONTRACT HOMES, NORTH FORK, LONG ISLAND SEPTEMBER 2009:
Total under contract: 46
Median listed price: 437,000

UNDER CONTRACT HOMES, NORTH FORK, LONG ISLAND SEPTEMBER 2008:
Total under contract: 31
Median listed price: 549,000.

Contract activity has jumped year over year, while pricing demonstrates the segment seeing the most activity- properties under $500,000 continue to lead the pack.

This has been the trend over the course of the summer, and might well provide a good foundation for an east end “starting point”, as pricing reaches levels obtainable for many shut out of the market when the under-$500k offerings were more limited.

This report includes the following towns/villages, and includes single family homes only: Riverhead, Baiting Hollow, Jamesport, S. Jamesport, Laurel, Mattituck, Peconic, Cutchogue, Southold, Greenport, E. Marion, Orient, and Orient Point, NY.

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

Strategic Default on Long Island’s East End / Hamptons?

October 4th, 2009 category: Real Estate NewsNo Comments »

king For those seeking to sell or buy a home, it would be remiss to ignore the following article from Kenneth R. Harney…

People who default strategically and lose their houses appear to understand the consequences of what they’re doing. Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters “are clearly sophisticated,” based on the patterns of selective payments observable in their credit files. For example, they tend not to default on home equity lines of credit until after they bail out on their main mortgages, sometimes to draw down more cash on the equity line.

Strategic defaulters may know that their credit scores will be severely depressed by their mortgage abandonment, Tantia said, but they appear to look at it as a business decision: “Well, I’m $200,000 in the hole on my house, and yes, I’ll damage my credit,” he said of defaulters. But they see it as the most practical solution under the circumstances.

Read the entire article by clicking on the link below.

http://www.latimes.com/classified/realestate/news/la-fi-harney20-2009sep20,0,2560658.story

Our second home communities on the east end / hamptons of Long Island are more at risk for a strategic default than other locations- those finding a second home more difficult to afford are faced with difficult decisions.

As always, just a market gauge to keep in mind as you navigate these confusing times.

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