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Archive for January, 2010

Changes to FHA Loan Guidelines

January 27th, 2010 category: Buyers, Real Estate NewsNo Comments »

Weather Vane FHA has made some recent changes to their lending policies.

In Suffolk County, New York the FHA loan limit is $729,750. While that remains intact, some changes have been made with other policies. One of those is the amount of seller concession permitted (it’s been reduced); the other is the amount that FHA will require for their mortgage insurance premium (MIP).

Changes can be found by clicking here, along with links to other questions that you might have regarding an FHA loan.

With many North fork and Hamptons properties falling into the FHA range, those with credit scores below 600, or limited funds for a down payment might want to check out the HUD site above.

If you have any questions, we’re happy to help.

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Pre Foreclosure Filings East End, Long Island

January 23rd, 2010 category: East End LI Foreclosures, Real Estate NewsNo Comments »

With east end, Long Island lis pendens reports that have conflicting data, we thought we’d present both for the purpose of deciding just how much trouble the east end of Long Island faces with respect to a potential increase in REO properties, and short sales.

This is need-to-know for sellers of homes on the east end, and equally important information for those considering the purchase of a home in the Hamptons, NY area.

Property Shark has provided a report which can be located here.

The Long Island Real Estate Report had provided a report that can be found here.

Because we’re aware of the moratoriums presented in the LI Real Estate Report, their reported (less dramatic) increase makes sense, creating a much lower increase in activity when viewing the months in which lis pendens were prohibited.

One thing’s for sure: there has been a significant uptick in pre foreclosure activity in the Hamptons. While it’s quite possible that some will find a way to maintain ownership of their property, some will elect to walk away, while others are forced. Not pretty, but this market has not pretended to be more than that over the last few years.

Interest rates for mortgages, on the other hand, continue to provide a compelling reason to explore home ownership. The bright spot!

Time will tell. In the meantime, Suffolk Research has provided year over year figures for the east end of Long Island- comparisons are month over month for 2009, as well as a five year look back.

All of the data can be found by clicking here.

*Single Family Homes*
*All Five Towns* 4^th Qtr Market Comparisons - 5 years *Single Family Residences* (Land Use: 210)
Year 4^th Qtr	Median Price $	Dollar Sales ($Millions)	Unit Sales	Percent Increase in Med Price	Percent Increase in $ Sales
2005	664,000	1,103	1,036	-	-
2006	700,000	862	692	5.4	-21.8
2007	750,000	952	642	7.1	10.4
2008	665,000	511	423	-11.3	-46.3
2009	630,700	790	618	-5.2	54.7

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.

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.

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A Four Minute East End, Long Island Property Search Break!

January 15th, 2010 category: Real Estate NewsNo Comments »

Ok- nothing to do with east end, LI homes for sale, sold homes, homes for rent, or second homes…but fun to watch!

For the “other stuff”, click on the homes tab, and get your search started…

http://www.youtube.com/watch?v=7EYAUazLI9k

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Tax Credit for Homebuyers on East End of Long Island

January 15th, 2010 category: Buyers, Real Estate News2 Comments »

For those seeking a home on the North fork or Hamptons, Long Island NY, the homebuyer tax credit has been extended, and modified.

Details on the tax credit can be found on the IRS website, or just click here.

Added to the initial tax credit opportunity is a credit for any homebuyer meeting the stated criteria- it is no longer an offering limited to the first time buyer.

Check it out; the credit, along with low, low interest rates, make for a compelling opportunity to explore a home purchase on the North fork or East end of Long Island- pricing in the Hamptons has dropped along with the North fork, creating some interesting possibilities.

For a recent update on how to file for your credit, click here.

For additional info, call us- we’re happy to help!

Start your search by clicking on the “homes” tab- you will be gaining access to MLSLI property listings on the North fork and in the Hamptons. With an increased number of homes for sale on the east end, the choices are better than ever!

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.

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Year Over Year Home Pricing on the North fork of Long Island

January 2nd, 2010 category: Real Estate NewsNo Comments »

OLD LOCK For those seeking a second home on the North fork of Long Island, it appears that East end pricing is reaching levels of attainability, with sellers understanding the impact of recent market changes…and there have been changes!

No longer is waterfront stratospheric; to the contrary, locating a wonderful water view home for a figure below the $1,000,000. range is becoming a reality. For those seeking a simple cottage, or small get away, it will no longer force that “half a million dollars” figure.

What goes up…must come down, and that reality is being visited in this bucolic, idyllic community. Combine that with record low interest rates, and your property search in 2010 might well provide just the home that you seek!

Below, figures taken from 2009 are compared with closed pricing in 2008- whether the slide will continue is anyone’s guess, but perhaps with interest rates at current levels, it’s worth revisiting that second home dream…

Figures are taken from MLSLI; while deemed accurate, no guarantee. Call us if you’d like a comprehensive look at your area of choice.

EAST END, LONG ISLAND CLOSED HOME SAMPLE COMPARISON 2008-2009, BY TOWN/VILLAGE:

Laurel, NY: 2008
Homes sold: 15
Average sold price:$874,967
Median sold price: $460,000

Laurel, NY: 2009
Homes sold: 9
Average sold price: $629,167.
Median sold price: $465,000

East Marion, NY: 2008
Homes sold: 21
Average sold price: $689,559
Median sold price: $545,000

East Marion, NY: 2009
Homes sold: 11
Average sold price: $661,591
Median sold price: $462,500

Greenport, NY: 2008
Homes sold: 22
Average sold price: $460,382
Median sold price: $417,500

Greenport, NY: 2009
Homes sold: 36
Average sold price: $469,200
Median sold price: $363,750

Mattituck, NY: 2008
Homes sold: 27
Average sold price: $713,688
Median sold price: $569,000

Mattituck, NY: 2009
Homes sold: 37
Average sold price: $538,814
Median sold price: $394,800

Cutchogue, NY: 2008
Homes sold: 43
Average sold price: $861,518
Median sold price: $600,000

Cutchogue, NY: 2009
Homes sold: 26
Average sold price: $787,015
Median sold price: $507,500

Southold, NY: 2008
Homes sold: 66
Average sold price: $985,114
Median sold price: $587,500

Southold, NY: 2009
Homes sold: 62
Average sold price: $581,011
Median sold price: $473,500

*The average pricing is arrived at by taking the total dollar volume of sales, and dividing them by the number of sales to arrive at an average.

The median sold price is arrived at by taking the number right in the middle of solds, with 50% above that figure, and 50% below that figure.

When averaging, if there are a disproportionate number of higher end sales- or lower end sales- the numbers will vary significantly from the median.

We offer opinions on our website; seek a detailed look at your area of choice to establish accurate figures. The above figures are provided as a gauge of market changes…and this real estate market has afforded much it the way of ongoing change!

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