Archive for the 'Buyers' Category

Buyer Agency on The North Fork of Long Island

February 1st, 2008 category: Buyers, Real Estate PhilosophyNo Comments »

BUYER AGENCY ON THE NORTH FORK OF LONG ISLAND: DON’T LEAVE HOME WITHOUT IT!

We have posted for your review a disclosure that you will be required to acknowledge when you choose to work with a real estate agent/Realtor in the state of New York.� Please see previous blog.

At Options Realty, we offer as company policy two choices:� have us represent you as a buyer, or have us represent you as a seller, or in the event of our own internal listing, on behalf of the seller. If you care for a listing that we offer, we will offer only SELLER AGENCY representation- meaning that you’d be wise to obtain your own buyer broker to look out for your best interests. Dual agency, to us, is a very bad plan, and it undermines the integrity that we’d like to see all parties exit the transaction with, including ourselves. Many local companies do not feel as we do; that choice belongs to them. We operate on our own level of integrity, not local practice.

FREQUENTLY ASKED QUESTIONS ABOUT BUYER REPRESENTATION:

“Who pays the commission?” is a common question. Know that, if a home is presented in the MLSLI (Multi List of Long Island) the seller has indicated payment to the cooperating broker. It’s in the PRICE of the home. So- the reality is, as a buyer offering full price for a house, you pay it (from our perspective), but the listing agent compensates Options Realty OUT of the advertised fee. Offering less than full price does not negate the agreement of the seller- it simply means that they will net less due to a lower accepted offer.

“Do I have to sign a buyer agency contract in order to be represented?”- the answer is NO. The contract, if you sign it, stipulates that your will be responsible for “x” amount for the payment to your buyer agent if they locate a property that works within your parameters. At Options Realty, we choose to represent those that demonstrate a loyalty to us that matches our own loyalty to our buyer. The contract will be offered for your review; if you would prefer not to sign it, we will continue to represent you in any purchase that occurs, assuming that the relationship is working for you.

“Will I get a better price if I just call the person on the sign?” This is dangerous territory for you. What you will be relying on is that the agent on the sign, despite agreeing to represent the seller, will provide you with the “best possible price”- clearly, a HUGE CONFLICT OF INTEREST for both you and the seller. In fact, that person on the sign has likely promised the “best possible price” to the seller- it doesn’t work both ways, because it can’t. A real estate purchase is two sided: thae selling side, and the buying side. Each should have their own representation, with a promise to them alone and separately to provide the integrity needed for each to look out for the best interests of each.

“What do I do if I’ve already contacted the listing agent on the sign?” Not to worry. If you have not presented an offer that has culminated into a signed contract, simply let them know that you will be represented by a buyers agent (keep in mind their fiduciary to the seller at this point- if you encounter a problem with them, ignore it).

“What if the person on the sign tells me that they don’t offer compensation for a buyers agent?” Again, IGNORE IT. It is illegal to deny entry into a property when a buyer is represented. It is considered discriminatory to you, the buyer. While some sellers might offer “0″ to a buyers agent, payment of the fee will be presented in the offer, for the seller to decide with respect to compensation. Sellers in the MLSLI are already offering payment to cooperating brokers; it is highly unlikely that they would decline a contract based on agency representation (they are going to spend the money either way, via their listing agent).

Just as we take the notion of representing you with full fiduciary as a buyer, we also consider fiduciary a non-negotiable aspect of representing the seller. This is why, with our own listings, we encourage you to locate your own representation- and NOT within our own company. The conflict that arises here is obvious- the only way for either sellers or buyers of homes on the North Fork of Long Island to achieve fairness in the transaction, in our opinion, is to have clearly defined lines of representation.

Call us if you are seeking BUYER AGENCY on the North Fork of Long Island. It’s long overdue, and we are certain of the benefits that it will offer you. Our buyer agency is available in Riverhead, Jamesport, East Jamesport, Calverton, Baiting Hollow, Aquebogue, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, New York.

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Condos for Sale on the North Fork of Long Island

January 30th, 2008 category: Buyers, Real Estate NewsNo Comments »

Thinking of retiring to a condo on the North Fork of Long Island? Below, as of 01/29/07, the following communities have opportunities available:

BAITING HOLLOW, New York:
The Bluffs: 2 bedroom/2 bath. *HOA/Maintenance fee: $300-330. Amenities: Y; # of properties available: 5; price range: $299k-455k.

The Knolls: 2-3 bedroom/2-2.5 bath. HOA/Maintenance fee:$260-440. Amenities: Y; # of properties available: 5; price range:$369k-649k.

CALVERTON, New York:
Windcrest East: 3 bedroom/3 bath. HOA/Maintenance fee: $220-270. Amenities: Y; # of properties available: 2; price range:$589k-629k.

EAST MARION, NEW YORK:
Cleaves Point: 2 bedroom/2.5 bath. HOA/Maintenance fee: $568. Amenities: Y; # of properties for available: 1; price range: $865k.

JAMESPORT, NEW YORK:
Maidstone Landing: 2-3 bedroom/2.5-3.5 bath. HOA/Maintenance fee: $482-500. Amenities:Y; # of properties available:6; price range: $835k-1,275,000.

RIVERHEAD, NEW YORK:
Mill Pond: 2 bedroom/1.5-2 bath. HOA/Maintenance fee: $187-200. Amenities: Y; # of properties available:6; price range: $285k-349k.

Willow Ponds: 2 bedroom/2-2.5 bath. HOA/Maintenance fee:$200. Amenities: Y; # of properties available:10; price range: $285k-525k.

Sunken Ponds: 2 bedroom/2 bath. HOA/Maintenance fee:$248-280. Amenities: Y; # of properties available:5; price range:$350k-410k.

Saddle Lakes:2 bedroom/2 bath. HOA/Maintenance fee:$350. Amenities: Y; # of properties available: 1; price range: $395k.

Stoneleigh Woods: 2 bedroom/2.5 bath. HOA/Maintenance fee:$251. Amenities: Y; # of properties available: 2; price range:$358k-369k.

SOUTHOLD, NEW YORK:

Founders Village: 2 bedroom/2 bath. HOA/Maintenance fee:$240. Amenities: Y; # of properties available: 3; price range: $345k-349k.

Amenities vary- while some offer a clubhouse and pool, others include tennis courts. To get a full rundown and current availability, call or email us for a market report. Please include those amenities that are important to you (proximity to bus-lines and town, available clubhouse, 55 and better, pets accepted, etc).

All info obtained from mlsli, so while the information is deemed reliable, confirmation is recommended- as things change daily, call or email for updates: 631-727-2227 or laurie@optionsrealty.com

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Real Estate Agency, North Fork, Long Island

January 25th, 2008 category: Buyers, East End LI Foreclosures, Real Estate News, Real Estate Philosophy, Sellers1 Comment »

If you are thinking about selling or buying a home on the North Fork of Long Island, New York, real estate companies have a revised document for you to sign with regard to AGENCY RELATIONSHIPS.

Acknowledgement of agency laws is required by the New York Department of State in order to encourage all consumers to understand what role a Realtor will play in the way of representation to each party- the seller and the buyer. In our opinion, the bold-ed verbiage is worth note. In that way, it differs from the form that you will be signing. THIS FORM IS NOT A CONTRACT.

The following is taken directly from the New York Disclosure Form for Buyers and Sellers, and will be presented to you, with an explanation of each representation so that you are able to determine who is on your “side”, once the agency relationship has been determined. As offered by the DOS, “this disclosure will help you to make informed choices about your relationship with the real estate broker and its sales associates.”

Sellers Agent: A sellers agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should a) exercise reasonable skill and care in performance of the agent’s duties; b) deal honestly, fairly, and in good faith; and c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
Buyer’s Agent: A buyer’s agent is an agent who is engaged by the buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care,undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyers agent does not represent the interests of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should a) exercise reasonable skill and care in performance of the agent’s duties; b) deal honestly, fairly, and in good faith;and c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.

Broker’s Agent: A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyers agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyers agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer’s agent’s buyer. The broker’s agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the broker’s agent. The buyer and the seller therefore do not have vicarious liability for the acts of the broker’s agent. The listing agent or buyers agent do provide direction and instruction to the broker’s agent, and therefore the listing agent or buyer’s agent will have liability for the acts of the broker’s agent.

Dual Agent: A real estate agent may represent both the buyer and the seller if both the buyer and the seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, the buyer and the seller. An agent acting as a dual agent must explain carefully both the buyer and the seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.

Dual Agent with Designated Sales Agents: If the buyer and seller provide their informed consent in writing, the principals or the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase and sale of real estate. A sales agent works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyer’s agent representing the interests of and advocating on behalf of the buyer and the designated sales agent and the designated sales agent for the seller will function as the seller’s agent representing the interests of and advocating on behalf of the seller in negotiations between the buyer and the seller. A designated sales agent range of fiduciary cannot provide the full duties to the buyer or seller. The designated sales agent must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated sales agents before agreeing to such representation.

(emphasis added)

For sellers, the other consideration when reviewing agency is to make a determination as to which agency, if any, you will offer compensation, particularly if your Realtor is promoting your property on the Multi List system of Long Island (MLSLI, with the feeder to Realtor.com). Realtors utilize this system to provide exposure for your property, and your compensation is advertised to the Realtor community with the following designations defined above:

SA, or seller’s agent

BA, or buyer’s agent

Broker’s Agent

For sellers, understanding the advantages/ramifications of each agency compensated is imperative. Establish what is best for you by discussing this with a few Realtors to gain as much comprehension as possible. Full understanding on your part of each designation is the responsibility of the Realtor who lists your home, sells your home, or facilitates the purchase of a new home- clarity on the part of the Realtor involved will facilitate an easier transition for both sellers and the buyers that purchase your home. KEYWORD: FIDUCIARY.

Call us if you’d like to have a conversation about Agency relationships. While we offer opinions on all things real estate, this is a serious consideration for consumers- too much information isn’t enough.

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If I Were Selling or Buying a Home on the North Fork of Long Island

January 21st, 2008 category: Buyers, East End LI Foreclosures, Real Estate Philosophy, Sellers1 Comment »

If I were a seller on the North Fork of Long Island, New York, I would ask the following question of the Realtor offering their services: Do you understand fiduciary?

What is fiduciary, from a seller perspective? Here are some good questions:

1. Will my property be entered into the MLSLI immediately? I want all agents with buyers to know that it’s for sale; that will potentially increase the offer that is made to me.

2. Are you seeking the best offer for ME, or are you interested in excluding Realtors that may have a good offer, but will take half of the fee that I’ve offered you to sell the property, preventing you and your company from getting it ALL? I don’t want an agent or company that’s not complying with fiduciary here; what you and your company receive is what I’ve agreed to, and I don’t care who it goes to. Nor should you, if you understand your fiduciary to me.

3. Will your sign out front be welcoming to all that might have an interest, without that antiquated “exclusive” part attached to it? I don’t want to discourage anyone from seeing my house. What’s up with the “exclusive” on my sign?

4. Will you provide me with ALL binders, so that I can make the decision? I think that I deserve that- after all, I’m paying your fee. Can I trust you with this?

If I were buying a home on the North Fork of Long Island, I would demand a buyer agent. Buyers agents operate with fiduciary- that’s what the Realtor code of ethics requires.

If I want a home, the “fee” for the buyers agent is already in the price. Hey, I’m not stupid. And no, I don’t want to be a “customer” of the listing agent or anything else- my agenda is to locate the best value, and that means my own Buyers Agent. Period. If I want to make a low-ball offer through the listing company, that’s my right, too- respect that I do NOT want to buy through the selling company, but they can facilitate a low-ball. Anything else and I’m compromising my own money.

AND, I want to see ALL of the available homes. I’ve given a price range, and I want to see them all. If my buyers agent wants to show a home that I may have to “pay” him or her for, no thanks- I’d take it off of the offer price, anyway- we all KNOW that sellers have included some kind of payment if you offer it to agents that only represent sellers- “SUB-AGENTS”. What are those types of agents still doing around, anyway? If you can pay a sub-agent, you have made financial room for a buyers agent- they often have buyers. I want their offers.

What? You’ve counseled your seller to pay less to a buyers agent, or nothing to a buyers agent? Hmm. I wonder what’s wrong with the house- is there a problem that a buyers agent will uncover?

Oh- and if you want to make it difficult, so what. The market is declining anyway. Hey, I want to buy a house. You can make it easier, or I’ll just wait.

Really, it’s all so simple, this FIDUCIARY stuff. And well worth understanding.

Make sure that your Realtor “gets it”- after all, it’s required.

At Options Realty, we “get it”, whether you are selling or buying a home. Your interests come first.

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TO SELLERS OF HOMES ON THE NORTH FORK…

January 15th, 2008 category: Buyers, Real Estate Philosophy, SellersNo Comments »

AN EAST END OF THE NORTH FORK, LONG ISLAND NEW YORK REAL ESTATE PHENOMENON

We’ve been noticing a very interesting pattern with respect to sellers and their understanding of buyer agency. The pattern appears to convey a lack of understanding.

When you list your home for sale, one of several things may occur. This segment deals with the real estate agent that shows your home, representing the BUYER, not you, the SELLER.

The MLSLI service on Long Island shows the commission being paid by the seller to potential real estate agents with buyers. With alarming frequency, there is a “O” or reduced amount offered in the MLSLI to the agents that represent buyers. By reduced, I don’t mean that it’s “too low”. What is seen is an amount paid to a real estate agent that brings a buyer, but agrees to REPRESENT THE SELLER- this amount- is often higher than the amount offered to the agent that provides a buyer, but REPRESENTS THE BUYER. In too many cases, the amount paid is “0″.

The MLSLI, and REALTOR.COM, is viewed nationally, both by real estate agents and consumers. This is a huge tool in selling your home.

In a typical buyer agency agreement, the buyer has an understanding that is COMMON PRACTICE: the costs to sell the home are reflected when pricing the home by the seller. All sellers build in the amount of payment to the real estate contingent (as well as other potential costs) that are involved in the sale- there is no secret here. If a seller has priced the home to include real estate agents that represent the seller only, the SAME DOLLAR AMOUNT IS TYPICALLY PAID out of the seller’s pocket.

Think you’ll get offered less, when a buyer is represented by a real estate agent? THINK AGAIN. If a home is priced correctly, based on market conditions, the fiduciary required on the part of a buyers agent is not compromised by offering fair market value, for a home that buyers really want. To the contrary; despite possible haggling, the end result is often no different than dealing with a real estate agent that “represents” you, the seller. BOTTOM LINE: getting the house sold should be at the top of the agenda for your listing agent, which would include ALL avenues of marketing exposure and reach.

With much of the buying agenda focused on home BUYERS (the investors aren’t the majority anymore), the game has changed.

Buyers Agency has been in place in most parts of the country for 15 YEARS or more. While initially balked at (the reaction was “why should I, as a seller, pay for the buyer to be represented”) it became clear that in most cases, good market or bad, buyer agency better protects both the buyer AND the seller.

SHOULD BUYERS HAVE TO PAY THE REAL ESTATE AGENTS? They do- it’s in the price of the home.

PRICING COMPROMISES OCCUR IN A SLOW MARKET. IT DOESN’T MATTER WHETHER THE BUYER IS REPRESENTED BY BUYER AGENCY. AS A SELLER, YOU CONTROL THE “SOLD” PRICE. Your listing agent should be competent enough to handle all offers, regardless of the source. The key is to GET OFFERS.

Consider this: if an agent (other than your listing agent ) shows your home (representing you, the seller) and makes an error in some form, YOU, as the seller, are accepting this representation (despite not having chosen the cooperating broker ). You, as a seller, already have representation, via your listing agent, and typically, your attorney. It became evident, in most parts of the country, that sellers didn’t need the potential liability of two representatives; buyers, on the other hand, needed representation.

Additionally, buyers KNOW that the fees are included in the price of the home. Just ask anyone doing a FSBO- often, lookers expect the absent fees to be deducted, when calculating an offer.

If your real estate agent insists on representation from the cooperating broker for YOU, the SELLER, what does that say about their own competence? Frankly, I’d prefer to have a buyers agent in the equation- and counsel all sellers to include the contingent that is currently controlling the market. As a listing agent, our preference is to represent only you, and not subject you to potential errors from an agent representing you (but working with your buyer).

THINK HARD ABOUT ELIMINATING BUYERS AGENCY. THINK HARD ABOUT ANY REAL ESTATE AGENT, WITH FIDUCIARY TO YOU, THE SELLER, WHO COUNSELS AN ACTION THAT ELIMINATES BUYERS IN A MARKET BEGGING FOR BUYERS.

IN OUR OPINION, IT’S A BREACH OF FIDUCIARY TO YOU, THE SELLER, TO COMPROMISE ANY BUYER THAT MIGHT WANT YOUR HOME.

WE OFFER OPINIONS OF REAL ESTATE PRACTICES ON THE NORTH FORK THAT IMPACT SELLERS AND BUYERS.

We’d love to hear your opinions on the practice of “eliminating” some members of the home buying community by eliminating their representation. Has your listing agent explained ALL of this to you, the SELLER?

If you don’t offer compensation to buyer representation, the home can be shown- but will it be purchased in an uncomfortable (and unnecessary) circumstance? Perhaps…perhaps not.

If you have authorized your real estate agent to exclude buyers, rethink it.

Just welcome buyers and their representation in, and see what happens. Remember, YOU control the accepted offer.

IT IS OUR OPINION THAT ELIMINATING BUYERS IS A VERY POOR CHOICE. We don’t want our sellers missing out on buyers, period. Buyer agency offers fairness to all, and less liability for you, the seller. Just our opinion, based on experience.

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Real Estate…It’s a Gut Feel.

November 17th, 2007 category: Buyers, Real Estate News, Sellers9 Comments »

Selling or buying real estate requires basic knowledge. A real estate agent can provide input, and both buyers and sellers can receive additional input online. The paperwork end of a transaction is NOT rocket science.

With that said, what CAN I contribute to your transaction, beyond a full understanding of the process?

The real kinks never seem to be about an uncrossed T.

The kinks often stem from the ability of the sellers and buyers, from a personality standpoint, to view the property from the same page. Much like it would be were you to enter your child in a beauty pageant (OK- I wouldn’t, but that’s another story) there is no possibility of a seller remaining DETACHED. It just isn’t possible. At least, it isn’t for me (and I’ve sold a few of my own houses). It is also unrealistic to expect that a buyer is fine with the house just as it is, at just that price, at this point in time.

Buyers, in this odd market, are looking at house pricing as the “starting point“. Rare is the buyer, anyway, who doesn’t make an offer, but offers today are often significantly under the asking price. This is tough stuff- especially in light of a market that is barely steady or has a decline. Newspapers are pounding the notion of a catastrophic price drop every other day; news shows do little to squelch the possibility.

I like to think, as a real estate agent with experience, that my input (depending on who I’m representing) will either make them money, or save them money.

SELLERS, for starters, one thing hasn’t changed: PROPERTIES THAT ARE PRICED RIGHT SELL. How to determine that, even while gazing at stats barely three months old? More important, what of your current competition? I want to know exactly what a buyer is thinking when they view the house down the street- what would I think? What do YOU think? If you don’t understand the market through the buyers eyes, you need another set of eyes. My fiduciary is yours first; that requires that your financial outcome is, in my estimation, the maximum that is realistic.

BUYERS, that home that looks overpriced? It isn’t, and here’s why: “There was an assessment indicated to the owners of the condominium association four months ago for $12,000. THIS seller paid it in full; the other homes on the market didn’t. That’s why they are $5,000.00 lower.” Or, “This house that you love is perfect, because it falls in line with all of the comps- however, as sellers are aware of the “offer” climate, let’s go under, and see what happens first. If you love it, we’ll get to full price if we HAVE to.” If you and I have signed a buyers agency, fiduciary comes before all else.

Clearly, as either a seller or a buyer, the home buying process is a task that you can accomplish without another opinion. My goal is to make my opinion WORTH IT.

If you are thinking about selling your home for top dollar permitted in the current market conditions, call us for our opinion- we’d be happy to provide it.

If you are thinking of buying a home, let’s go steal something. Or, locate something priced right, that you LOVE.

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Condo Living On The North Fork of Long Island, New York

November 5th, 2007 category: Buyers1 Comment »

For many people interested in scaling down a bit (without sacrificing too much space), opportunities abound on the North Fork of Long Island. While the narrowing down process can be challenging, it can also be a fun adventure. Below, please find condominium communities that cater to a low maintenance lifestyle!

Baiting Hollow, New York:

The Knolls is a community located on the north side of Sound Avenue. The homes located on the first floor have a basement, patio, and with location, a view of the Long Island Sound. The community boasts a pool and tennis courts, with convenient access to the LIE. The HOA dues are in the $270-$350 per month range. Offering 2 and 3 bedrooms, built in the 1990’s, and a nice getaway opportunity. Pricing ranges from the mid-300’s to the high 400’s. Call us to view this opportunity!

The Bluffs is a condominium community that can also be found on the north side of Sound Avenue. With a rustic look, these condominiums built in the 1980’s also offer the opportunity for a spectacular water view.

The community has a pastoral feel, with a large pool and tennis courts offered to the residents. The homes feature 2 bedrooms and 2 baths, with upper and lower units. The HOA dues are in the $310 per month range. Pricing ranges from the mid-$300’s. Call us to view the available opportunities!

Windcrest East a single family CONDO community- while it is fully maintained, the homes are detached. The homes are quite large, exceeding 2000 s.f. in some cases, and each plan is meticulously presented. The amenities include a pool and clubhouse. THIS IS AN OVER-55 COMMUNITY, so for those hoping to find a wonderful atmosphere with like-aged occupants, this is a winner. Pricing is currently in the mid-500’s, but homes do not come up often- a newer community, the turnover is limited. Call us if you’d like to grab one of these lovely homes as they become available. Located conveniently off of Middle Road, the LIE is very accessible. The HOA dues are in the mid $200 per month range. Call us to view any available homes!

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Riverhead, New York:

Willow Ponds is a condominium community accented by fountains and offering a very charming environment. The homes are clustered around the ponds, offering an open feel to the neighborhood. Located on the north side of Sound Avenue, these homes are two storied, with amenities that include a clubhouse, pool and tennis. The HOA dues are in the mid $200k per month. Pricing ranges from the lower 300’s to the upper 400’s. These condos were constructed in 1990. Call to see current available homes!

Sunken Ponds, similarly located to Willow Ponds, has homes constructed as late as 2005. Similarly equipped from an amenities standpoint, Sunken Ponds is AN OVER 55 COMMUNITY. Offering 2 bedrooms, these homes are located in a nicely landscaped community, complete with heated pool. Pricing for these condos range from the lower to mid 400’s. At nearly 1800 square feet, space is offered, as well as convenience. Call if you’d like view a home here!

Stoneleigh Woods, located off of Middle Road, is a community that is still constructing brand new homes. A gated community, the fresh feeling of a new condo is sweetened by being price friendly in the OVER 55 COMMUNITIES. The homes are large, with the master bedrooms located on the first floor- these are ranch plans with storage. Boasting a clubhouse and amenities, this builder is listing the HOA dues at approx. $250. per month. The homes are priced in the high $300’s. We love new construction, and working with builders on your behalf- call us today for a viewing!

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HEADING A BIT EAST ON THE ISLAND, JAMESPORT OFFERS INTERESTING OPPORTUNITIES.

Maidstone Landing is a community of note, with a breathtaking location, and luxury amenities. Located on the north side of Sound Avenue, these homes perch on the Long Island sound, and offer a clubhouse, tennis, and pool for homeowners. Additionally, there is a beach for enjoyment. Homes in Maidstone Landing begin in the $700’s, and are offered at considerably higher depending on the location. The HOA dues range from the high $400’s monthly. If you are seeking a luxury condominium, give us a call!

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TRAVEL INTO SOUTHOLD, AND THE CHOICES CONTINUE…

Founders Village, centrally located, affords residents the convenience of downtown Southold. The grocery store, the park for summer concerts, the ice cream shop, drugstore, and boutiques are all within walking distance. The community itself has beautiful landscaping, with a pastoral feel. For visiting family, a clubhouse and pool are perfect for socializing. The homes offer large rooms, and are offered in the mid-to-high $300’s. The HOA dues are $240. per month. Convenience, nice floor plans, and a friendly location in the heart of Southold. Call us to view this OVER 55 COMMUNITY today!

IF VIEWS ARE YOUR “THING”, GREENPORT OFFERS ADDITIONAL CHOICES.

Sterling Harbor is located within walking distance to town, with terrific views of Greenport Harbor. An opportunity in this community is a rarity. The last home sold was in the $600’s. There are docks adjacent to the community, in addition to views that can’t be compared. If Greenport is of interest, this community might be one which you’d like us to update you on availability.

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And, just a little bit east of Greenport is EAST MARION.

Cleaves Point offers waterfront condominiums built in the late 1980’s. With 2 bedrooms, 2.5 baths and a garage, with nearly 1800 square feet of living space this is a great opportunity for a vacation spot. A clubhouse and marina clinch it for boating enthusiasts. These condominiums are priced, when available, in the low to mid $800’s. The HOA fees are approx. $482 per month. Call us if you’re looking for a secluded, luxe environment!

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KEEP IN MIND that all condominiums are subject to an offering plan review. Having worked with offering plans and their contents, we are familiar with “pitfalls.” While unable to dispense legal advice, we are able to assist you in doing a bit of “investigation”. Condominiums are a perfect solution- knowing exactly what by-laws you are purchasing is part of that solution. For any assistance with 55 and Better communities, or condos offering a vacation or permanent home, call us- we’d love to help! Options Realty: 631-727-2227

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6 Hints for Locating a Retirement Community-North Fork, Long Island, NY

October 31st, 2007 category: Buyers2 Comments »

If you, like so many others, are thinking that retirement in a relaxed, rural environment might be for you, the opportunities on the North Fork of Long Island, New York might offer some VERY pleasant surprises. We seek to locate the perfect “spot” for you, whether it’s a condominium or single family home
with low maintenance. The following checklist might assist you in the early stages of your search:

1. Fully maintained? If the prospect of no maintenance is for you, you’ll find opportunities.

2. Family-oriented? Despite the “over 55″ requirement in some communities, there are “family friendly” areas that welcome visitors, and offer amenities to keep them occupied (pool, tennis).

3. Prefer a low maintenance single family home? Opportunities abound, whether it’s in an over-55, or traditional neighborhood with a small home-site.

4. Love the idea of a clubhouse for social gatherings and camaraderie? We’ve got it on the North Fork.

5. Close to bus/town? Many active adult communities offer this advantage.

6. Water views? There are condominium complexes that offer gorgeous sound views- while some are not over 55, the availability for this characteristic exists on the North Fork!

IF YOU’D LIKE A SAMPLING OF COMMUNITIES ON THE NORTH FORK OF LONG ISLAND, EMAIL US WITH YOUR WISH-LIST, PRICE POINT, AND TIME FRAME- WE’LL START THE HUNT TODAY, AND EMAIL YOU WITH AVAILABLE PROPERTIES as they become available.

EMAIL LAURIE MINDNICH AT: laurie@optionsrealty.com. We look forward to starting your search! Please leave your email address, and requirements, for up to the minute availability.

OPTIONS REALTY- YOUR REAL ESTATE BLOG ON THE NORTH FORK OF LONG ISLAND

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Country Trails - New Homes in Baiting Hollow - Riverhead

October 10th, 2007 category: BuyersNo Comments »

Country Trails New Construction Homes at Baiting Hollow in Riverhead

We had the chance to visit Country Trails not too long ago. We are always interested in the new construction arena.

One particular plan offering that Country Trails offers is the Christa. The first floor layout provides the possibility for an elegant First Floor Master Bedroom Suite.

Let Options Realty in Riverhead service all your North Fork new construction interests. If the idea of a new larger home sounds interesting, gives us a call. We’d been more than happy to introduce you to some great new homes in the Riverhead Central School District. Country Trails is also very close in proximity to McGann - Mercy High School.

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Buyer Agency on the North Fork of Long Island

October 6th, 2007 category: BuyersNo Comments »

To New York Realtors, I have a question:

If you are representing the buyer as a buyer broker, who writes the contract?

Buyer agency switches the FIDUCIARY incumbent upon the salesperson (Realtor or broker) from the seller to the buyer. It becomes the responsibility of the buyers agent to make certain that the transaction occurs with the best interest of the buyer in mind. From my standpoint, this would absolutely require that: a. the Realtor writes the contract (yes, you CAN do it with attorney review) or b. the BUYERS attorney performs the contract.

With a belief (please, correct me if I’m missing something- I’m all ears) that buyer agency will require a change in standard practices, how is it being handled out there in the trenches, to those of you that represent buyers?

For those outside of NY, know that the process in NY (at least in my area, and in Long Island)is as follows: the buyer views the property. The buyers agent writes what is called a “binder”. The binder, with terms that the buyer is in agreement with, is submitted to the listing agent. If accepted by the seller, the binder then goes to the seller’s attorney to be written up.

This is done AFTER the inspection- if the inspection doesn’t work out, the buyer is simply out the money and…the house is available to other lookers throughout the process of inspections. This is not a responsible move if fiduciary on the part of the buyers agent is understood- at least, not for my buyers.

A reminder about fiduciary; the buyers interests are your responsibility.
This current process for buyers is uncomfortable, to say the least. Shouldn’t the buyers attorney (in the spirit of representing their best interest, along with our own responsibility) be the instigator of that which the buyer understands to be the offer submitted? Having the sellers attorney write up the offer is rather like having the same divorce attorney- noooooot good.

Just curious about what position may be present in light of the representation. I’ve met many great Realtors out here that just don’t quite have a grip on the process that works best for the buyer. Then again, it could be that I’m operating from a position that is equally confounded. Until clarity is provided, this renegade will simply follow what the majority of the nation offers to both buyer and seller every day- an understanding of fiduciary.

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