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Archive for March, 2010

FIRST QUARTER NORTH FORK, LONG ISLAND HOME SALES

March 30th, 2010 category: Real Estate NewsNo Comments »

In like a lion, out like a lion- let’s hope that home sales on the East End / North Fork of Long Island continue to roar back to life!

The first quarter of homes sold on the north fork (Riverhead, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Laurel, New Suffolk, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient point) increased in volume over the first quarter of 2009 by 25%. In 2009, there were a total of 54 homes closed. This is eclipsed by a total lf 68 for the first quarter of 2010.

Want more good news? The mean, or average sales price in 2009 for first quarter closings stands at $469,746. The mean sales price in 2010 is $495,931.

The median sales price for 2009 was $392,495. The median sales price for 2010 in the first quarter is $402,500.

Recovery? Bottom hit? Time will tell, but signs point to a far healthier real estate environment than was found in 2009. Increased activity and an increase in closed pricing is a sign that buyers are out, and if they’re finding value, are taking action. What must be noted is that the North fork of Long Island has seen a drop of significance in overall pricing, so east end home buyers are getting more for $402,500 than could be had in the past. Home sellers on the North fork are pricing properties RIGHT, as can be found in the decrease of discount from listed price to closed pricing. In 2009, the difference was 10.17% on average; the average for 2010 in the first quarter is 7.6%.

Below, a rundown of closed properties on the North fork.

AQUEBOGUE, NY JANUARY 1-MARCH 31, 2010:

1 CLOSED: 116 SHADE TREE LANE $239,000

AVERAGE CLOSED PRICING AQUEBOGUE: $239,000

BAITING HOLLOW, NY JANUARY1-MARCH 31, 2010

2 CLOSED: 96 EAST MEADOW ROAD $420,000; 1849 SOUND AVENUE $515,000

AVERAGE CLOSED PRICING BAITING HOLLOW: $467,500

CUTCHOGUE, NY JANUARY 1-MARCH 31, 2010

10 CLOSED: 16495 COUNTY RD $225,000; 4520 PEQUASH AVE $365,000; 110 OAK DRIVE $410,000; 4030 STILLWATER AVE $490,000; 1530 S. NEW SUFFOLK ROAD $540,000; 2650 NASSAU POINT ROAD $628,000; 2410 BRIDGE LANE $750,000; 3850 NASSAU POINT ROAD $740,000; 800 DEPOT LANE $750,000; 4875 WUNNEWETA RD $755,500

AVERAGE CLOSED PRICING CUTCHOGUE: $565,350

EAST MARION, NY JANUARY 1-MARCH 31, 2010

1 CLOSED: 275 MARINA LANE $592,000

AVERAGE CLOSED PRICING EAST MARION: $592,000

GREENPORT, NY JANUARY 1-MARCH 31, 2010

5 CLOSED: 73355 MAIN ROAD $190,000; 535 3RD ST. $329,600; 506 WIGGINS ST. $350,000; 2405 BAY SHORE $680,000; 2500 SOUND DRIVE $1,450,000

AVERAGE CLOSED PRICING GREENPORT: $599,920

JAMESPORT, NY JANUARY 1-MARCH 31, 2010

5 CLOSED: 2 6TH ST. $185,000; 18 ZIEMACKI LN $250,000; 34 TUTHILLS LN $345,000; 703 HERRICKS LANE $695,000; 23 PHYLLIS LANE $1,170,000

AVERAGE CLOSED PRICING JAMESPORT: $529,000

LAUREL, NY JANUARY 1-MARCH 31, 2010

1 CLOSED: 2074 MAIN ROAD $335,000

AVERAGE CLOSED PRICING LAUREL: $335,000

MATTITUCK, NY JANUARY 1-MARCH 31, 2010

7 CLOSED: 1570 FACTORY AVE $200,000; 2740 SOUNDVIEW AVE $340,000; 610 STANLEY RD $350,000; 2350 REEVES RD $380,000; 5750 ALDRICH LN $479,000; 4205 BREAKWATER RD $640,000; 140 BAILIE BEACH RD $790,000

AVERAGE CLOSED PRICING MATTITUCK: $454,142

NEW SUFFOLK, NY JANUARY 1- MARCH 31, 2010

2 CLOSED: 430 OAK RD. $579,500; 145 FRED ST. $629,000

AVERAGE CLOSED PRICING NEW SUFFOLK: $604,250

RIVERHEAD, NY JANUARY 1- MARCH 31, 2010

15 CLOSED: 33 OSPREY AVE $59,900; 47 SIGAL AVE $72,000; 420 FLANDERS RD $95,000; 27 EIGHT BELLS RD $90,000; 32 GROVE ST $120,000; 40 SIGAL AVE $152,000; 147 LAKE AVE $190,000; 215 EAST AVE $210,000; 16 PINE CT $230,000; 1661-5 OLD COUNTRY RD $259,700; 897 POND VIEW RD $254,000; 446 MARCY AVE $247,500; 1070 OSTRANDER $295,000; 61 KINGS DRIVE $335,000; 375 SOUND SHORE RD $426,000

AVERAGE CLOSED PRICING RIVERHEAD: $202,406

S. JAMESPORT, NY JANUARY 1-MARCH 31, 2010

2 CLOSED: 127 GREEN ST. $385,000; 44 WILLOW ST. $395,000

AVERAGE CLOSED PRICING S. JAMESPORT: $390,000

SOUTHOLD, NY JANUARY 1-MARCH 31,2010

17 CLOSED: 46660 MAIN ROAD $325,000; 8150 SOUNDVIEW AVE $330,000; 750 LIBERTY LANE $370,000; 345 BUDDS POND RD $377,000; 1065 JASMINE LANE $350,000; 1720 LEEWARD DRIVE $460,000; 13530 SOUNDVIEW AVE $515,000; 400 TOWN CREEK LANE $600,000; 1300 GIN LANE $465,000; 665 GOOSE CREEK LANE $575,000; 800 MID FARM RD $620,000; 915 RUCH LANE $610,000; 2575 GLENN ROAD $670,000; 275 SLEEPY HOLLOW LN $703,000; 1255 WATERVIEW DRIVE $720,000; 3400 LIGHTHOUSE ROAD $1,475,000; 290 RED FAWN RD $1,500,000; 275 WATERSEDGE WAY $1,510,000

AVERAGE CLOSED PRICING SOUTHOLD: $716,176.

ORIENT, NY JANUARY 1-MARCH 31, 2010

1 CLOSED: 2605 ORCHARD STREET $937,500

AVERAGE CLOSED PRICING: $937,500

IT GETS EVEN BETTER… the under contract figures for the first quarter of 2010 total 95; the under contract figure for 2009 stood at 60. That’s a 30% increase in contract activity year over year.

A NOTE ABOUT “AVERAGE PRICING”: AS YOU CAN SEE FROM THE DATA GATHERED, AN “AVERAGE” IS OFTEN IRRELEVANT, TO THE EXTENT THAT A FEW LARGE CLOSINGS ALTER THE TYPICAL VALUE IN A GIVEN AREA. WE PROVIDE IT FOR THE PURPOSE OF INFORMATION, BUT NOT FOR A COMPARATIVE ELEMENT. ALL NORTH FORK VILLAGES OFFER A WIDE VARIETY OF PRICING LEVELS; TO SEE THE AVAILABLE HOMES ON THE NORTH FORK, CLICK HERE.

Are we out of the woods? It’s all relative- relative to 2009, we can certainly enjoy the fact that lower pricing, along with available mortgage opportunities, has created a far better real estate environment for both buyers and sellers.

ALL INFORMATION GATHERED FOR THIS REPORTS WAS OBTAINED FROM THE MULTI LIST SERVICE OF LONG ISLAND. MLSLI DATA IS DEEMED RELIABLE, BUT NOT GUARANTEED. FOR FURTHER INFORMATION, CONTACT YOUR REALTOR.

Another picture of the beach

iPhone Property Search

March 19th, 2010 category: Buyers, Real Estate News2 Comments »

MLSLI has recently announced a great new way to access all MLSLI property listings on the East end of Long Island (homes for sale in the Hamptons, NY, and on the North fork of Long Island) with their new IPhone application.If you’re driving the area and see a home for sale, you can now access the property on your Blackberry or iPhone- just visit http://mlsli.mobi for details.

Searching properties has never been easier, right from your phone, anywhere, any time!

To search homes for sale on the North fork of Long Island, and the Hamptons, click here- or, use your phone!

Above, garden pictures from last year…with this weather, I’m outside hurrying up the now bare garden, anxiously checking on what’s popping up…

East End, Long Island Short Sales

March 14th, 2010 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Corey Creek With homeowners having a need to sell, but a mortgage balance in excess of an amount that buyers are willing to pay (based on current home values), short sales are becoming more common on the North fork, and Hamptons, NY.

While complicated, short sales allow a seller to exit their mortgage obligation in favor of an offer acceptable to the bank, which may include a cash amount due at closing, and/or (unless provided as a contingency in the contract)

an amount due for a percentage of the difference between the amount owed, and the final selling price, often in the form of a promissory note.

SELLER HARDSHIP is a key element to a home purchase being permitted after a short sale has been initiated.

There has been much confusion regarding the credit ramifications of a short sale, but the Federal Housing Authority (FHA) has released their own guidelines with respect to the ability of sellers to buy another home, and the news is good.

The use of FHA loans on properties below the $720,000 limit (see parameters) have become increasingly popular, due to a lower down payment requirement, and qualifications that are often more lax than those of a conventional loan. The link that can be found HERE provides an answer for those selling “short”, with an eye toward another home purchase in the future.

To view homes for sale on the east end/North fork of Long Island, click HERE.

North Fork – Long Island – Home Sales – February 2010

March 7th, 2010 category: Real Estate NewsNo Comments »

The following is a market update on activity being enjoyed by home sellers and home buyers on the North fork of Long Island. All data is collected from the MLSLI, and while deemed reliable, no guarantees. Towns incuded are Aquebogue, Baiting Hollow, Calverton, Cutchogue, Greenport, Jamesport, Peconic, Mattituck, New Suffolk, Orient, Riverhead, and Southold, NY.

HOMES CLOSED FEBRUARY 2010

CUTCHOGUE, NY CLOSED HOMES:

110 OAK DRIVE LIST PRICE: 429,900 CLOSED PRICE: 410,000

4030 STILLWATER AVE LIST PRICE: 525,000 CLOSED PRICE: 490,000

1530 S. NEW SUFFOLK ROAD LIST PRICE: 599,000 CLOSED PRICE: 540,000

800 DEPOT LN LIST PRICE: 799,000 CLOSED PRICE: 750,000

GREENPORT, NY CLOSED HOMES:

535 3RD ST LIST PRICE: 339,000 CLOSED PRICE: 329,600

2405 BAY SHORE LIST PRICE: 775,000 CLOSED PRICE: 680,000

MATTITUCK, NY CLOSED HOMES:

2350 REEVES ROAD LIST PRICE: 409,900 CLOSED PRICE: 380,000

4205 BREAKWATER RD LIST PRICE: 699,000 CLOSED PRICE: 640,000

140 BAILIE BEACH RD LIST PRICE: 790,000 CLOSED PRICE: 790,000

RIVERHEAD, NY CLOSED HOMES:

47 SIGAL AVE LIST PRICE: 89,900 CLOSED PRICE: 72,000

32 GROVE ST LIST PRICE: 119,900 CLOSED PRICE: 120,000

215 EAST AVE LIST PRICE: 229,000 CLOSED PRICE: 210,000

375 SOUND SHORE RD LIST PRICE: 499,000 CLOSED PRICE: 426,000

SOUTHOLD, NY CLOSED HOMES:

1065 JASMINE LANE LIST PRICE: 399,700 CLOSED PRICE: 350,00

400 TOWN CREEK LN LIST PRICE: 595,000 CLOSED PRICE: 600,000

915 RUCH LANE LIST PRICE: 699,000 CLOSED PRICE: 610,000

275 SLEEPY HOLLOW LN LIST PRICE: 703,900 CLOSED PRICE: 703,000

1255 WATERVIEW DR LIST PRICE: 750,000 CLOSED PRICE: 720,000

290 RED FAWN RD LIST PRICE: 1,699,000 CLOSED PRICE: 1,500,000

UNDER CONTRACT HOMES, FEBRUARY 2010

AQUEBOGUE, NY UNDER CONTRACT HOMES:

89 JOSICA DRIVE LISTED PRICE: $359,990

77 FOX TRAIL LISTED PRICE: $399,990

BAITING HOLLOW, NY UNDER CONTRACT HOMES:

LOT 16, ALFRED AVE LISTED PRICE: $374,900

LOT 5 ALFRED AVE LISTED PRICE: $449,900

LOT 25 ALFRED AVE LISTED PRICE: $499,990

CUTCHOGUE, NY UNDER CONTRACT HOMES:

16495 COUNTY ROAD LISTED PRICE: 240,000

4520 PEQUASH AVE LISTED PRICE: 415,000

4430 NASSAU POINT RD LISTED PRICE: 799,000

GREENPORT, NY UNDER CONTRACT HOMES:

717 FRONT STREET LISTED PRICE: 325,000

75 ROBINSON RD LISTED PRICE: 429,000

JAMESPORT, NY UNDER CONTRACT HOMES:

224 WASHINGTON AVE LISTED PRICE: 369,000

73 TIMOTHY LANE LISTED PRICE: 379,000

MATTITUCK, NY UNDER CONTRACT HOMES:

430 KRAUS RD LISTED PRICE: 499,000

140 BAILIE BEACH RD LISTED PRICE; 790,000

NEW SUFFOLK, NY UNDER CONTRACT HOMES:

145 FRED DRIVE LISTED PRICE: 649,900

ORIENT, NY UNDER CONTRACT HOMES:

1565 NORTH SEA DR. LISTED PRICE: 699,000

SOUTHOLD, NY UNDER CONTRACT HOMES:

430 GROVE RD. LIST PRICE: 299,000

8150 SOUNDVIEW LIST PRICE: 360,000

830 EDS RD LIST PRICE: 365,000

750 LIBERTY LANE LIST PRICE: 389,000

345 BUDDS POND RD LIST PRICE: 399,000

3600 PINE NECK RD LIST PRICE: 469,000

460 W. CLEARVIEW AVE LIST PRICE: 489,000

1230 OAK DRIVE LIST PRICE: 555,000

665 GOOSE CREEK LN LIST PRICE: 599,000

800 MID FARM RD LIST PRICE: 665,000

185 WILLOW POINT RD LIST PRICE: 1,299,000

TO VIEW ALL AVAILABLE HOMES ON THE NORTH FORK OF LONG ISLAND, CLICK HERE.

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