Archive for the 'East End LI Foreclosures' Category

Pre-Foreclosure Report on the East End of Long Island

July 17th, 2008 category: East End LI ForeclosuresNo Comments »

The following figures represent the number of lis pendens filed on the east end, by towns reporting from March 14, 2008 through July 16, 2008, as reported to Options Realty:*

The purpose of sharing this report is to inform both sellers and buyers of the “behind the foreclosure process” potential for properties that might become available in the form of anREO. It is important to note that there are a number of these properties that will not culminate into a home owned by the bank (REO)- some may have been listed and sold; some owners may get the property current, and eliminate the possibility, and still others may find that their lender is anxious to work out a plan to have the owners remain in the property.

Irrespective of the final count on those properties that hit the market, awareness (as both a seller and a buyer) is offered in order to assist a very complicated selling/buying decision in the current market.

March 14 through March 31,2008: 41

**Aquebogue: 1, **Calverton: 1, East Hampton:1, East Quogue:1, **East Marion:1, East Quogue:2, Eastport:1, Flanders:2, **Greenport Village:2, Hampton Bays:10, **Riverhead:7, Southampton:5, **Southold:1, Speonk: 1, Westhampton:4

April 1-April 30, 2008: 59

Amagansett: 1, **Aquebogue: 1, Bridgehampton: 2, **Cutchogue: 2, East Hampton: 10, Flanders: 5, Hampton Bays:4, East Quogue: 1, **East Marion: 1, Quogue: 1, **Mattituck: 2, **Orient: 2, **Riverhead: 13, **Sag Harbor: 1, Southampton: 4, Westhampton:4, Wading River:5

May 1- May 31, 2008: 73

**Aquebogue: 1, Bridgehampton: 1, **Calverton: 1, East Hampton:7, East Marion:2, **Greenport: 5, Hampton Bays: 9, Flanders: 3, Montauk: 2, **Orient: 1, Quogue: 1, East Quogue: 2, Remsenberg: 1, **Riverhead: 14, Sag Harbor: 1, Shelter Island: 1, Southampton: 4, **Southold: 2, Wading River: 9, Water Mill: 3, Westhampton: 3

June 1-June 30, 2008: 49

**Baiting Hollow:1, Bridgehampton: 2, **Calverton: 1, **Cutchogue:1, East Hampton: 7, Flanders: 2, **Greenport:2, Hampton Bays: 6, **Mattituck:3, Quogue: 1, East Quoge: 1, Remsenburg:1, **Riverhead: 5, Southhampton: 5, Sag Harbor: 3, **Southold: 2, Westhampton: 1, Westhampton Beach: 3, Wading River: 1, Water Mill:1

July 1, 2008- July 16,2008: 33

Bridgehampton: 1, East Hampton: 4, **East Marion:1, East Quogue: 3, Hampton Bays: 4, **Mattituck: 1, Montauk: 1, Remsenburg: 1, **Riverhead: 7, Sag Harbor: 2, Southampton: 2, **Southold: 3, Wading River: 1, Wainscott: 1, Westhampton: 1

**these towns and villages are located on the North fork of Long Island.

Awareness of potential changes in the real estate market affecting buyers or sellers of homes on the North fork will continue to be the objective of Options Realty in a time uncertainty. For an assessment of the value of your home, please contact us. If you are thinking about purchasing on the North fork of Long Island, we offer buyer agency services, and make every effort to provide you with the current “state of the market”.

Content & Pictures: Copyright 2008 OptionsRealty!

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North Fork, Long Island Real Estate Market Update- June 2008

July 1st, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

The following market update includes properties put under contract on the North Fork of Long Island through June 30th. Please note that the pricing is asking price, not sold price.

SINGLE FAMILY HOMES

AQUEBOGUE: 4 U/C; $59k (mobile home), $449k, $449k, $599k

BAITING HOLLOW: 2 U/C; $165K*, $379,9K

CALVERTON: 1 U/C; $368,8K

CUTCHOGUE: 4 U/C; $404,9K (BANK OWNED), $475K, $799K, $498.5K

EAST MARION: 1 U/C; 599K

ORIENT: 1 U/C; 769.5K

GREENPORT: 1 U/C; $480K

JAMESPORT: 3 U/C; $295K, $880K, $1,250M

LAUREL: 2 U/C; $449K, $449K

MATTITUCK: 6 U/C; $310K*, $449K, $450K, $699K, $975K, $539k

RIVERHEAD: 9 U/C; $36K (MOBILE HOME), $117K* (MOBILE HOME), $299K, $319K, $349K, $419K, $559k, $649,9K; $675K

SOUTHOLD: 3 U/C; $375K, $449,9K, $2.9M

TOTAL UNDER CONTRACT THROUGH JUNE 30TH: 37

CONDOMINIUM/ CO-OP SALES ON THE NORTH FORK OF LONG ISLAND JUNE 1 - JUNE 30

BAITING HOLLOW- THE BLUFFS: 1 U/C; $299K

THE KNOLLS: 1 U/C; $359K

CALVERTON- FOXWOOD VILLAGE: 1 U/C $169K

WINDCREST EAST: 1 U/C $619K

RIVERHEAD- WILLOW PONDS: 1 U/C $440K

SOUTHOLD- COLONIAL VILLAGE: 1 U/C $279,7K

TOTAL UNDER CONTRACT THROUGH JUNE 30TH: 6

All figures, while deemed reliable, are obtained through the mlsli (multi list service of Long Island).

FOR THE MONTH OF JUNE, THE FOLLOWING LIS PENDEN FIGURES WERE PROVIDED BY THE REAL ESTATE REPORT: FOR THE NORTH AND SOUTH FORKS OF LONG ISLAND, THROUGH JUNE 20TH, 31 BANK ACTIONS (LIS PENDENS) WERE RECORDED.

*INDICATES CLOSED PRICING

photos- Copyright 2008- Options Realty & stock.xchng

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Can You Say, “BUSTED”??

June 23rd, 2008 category: East End LI Foreclosures, Real Estate News, Real Estate PhilosophyNo Comments »

As a Southold, New York local, it was with interest that I observed the closure of several mortgage brokers- here one day, gone the next.

Having viewed the mortgage debacle as it roared through the little area known as the North Fork, it is with great pleasure (having seen the ravaged remains of those who bought into fraudulent loan practices that were ill explained to borrowers) to see that the Feds are FINALLY demonstrating the clout that had appeared missing during the “boom” years.

Evidently, according to the following article, those consumers taken by the banks (that are now taking their homes) will get the pleasure of viewing a white collar line-up.

Do you suppose that we’ll get to see mug shots? I hope so.

photo: Lance Kidwell - stock.xchng

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Commit to Localism on The North Fork

June 9th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

For local businesses on the North Fork of Long Island, having a “bad season” is surmountable. A combination of elements, however, make it more important than ever to support local business on the North Fork.

Gas at over $4.00 a gallon, hasn’t been present. Worse things? Certainly. But this is a “new” thing.

For those business owners and their employees relying on the summer crowd to fill the halls (whether it be a farm stand, local clothing store, hardware store, art gallery, vineyard, liquor store, antique shop, among others) rising expenses threaten to impact the volume of visitors, in turn impacting employees and owners as living and operating costs escalate.

Some local homeowners, once secure, are experiencing the loss of their safety net- reasonable traveling expenses are compromised daily, home equity loss is evident, rising food costs evoke surprise at the checkout

Unlike the heady foreclosures visible in the Hamptons, the choice for most North Fork homeowners isn’t “this” or “that” house (first or second vacation retreat). Threatened is the ability to make a house payment along with escalating daily expenses, absent the availability of equity as a last resort.

For landscapers, painters, remodelers, handymen, and other service jobs, many local homeowners are cutting back, deciding to delay improvements until the market steadies. In all, a hit on the community as a whole- if you haven’t been affected with your home equity position, you’ve been horrified at the pump.

In a service/vacation community, as well as an artistic community, every “visitor” counts.

While the situation in numbers doesn’t compare to the real losers of the current economic crisis (California, Nevada, etc) it is surely dire for the individual North Fork homeowner dealing with the loss of a property.

We received our “lis pendens” list this week, as we do every week. According to the Real Estate Report, the total lis pendens for the east end (Hamptons and North Fork) totaled 83 in May.

Those are 83 situations that but for a huge turn of events both in real estate, and the general economy, will ultimately affect us all before it’s over, whether through knowing a friend encountering foreclosure, or having a neighbor lose a home that is now considered a “comp” (at a foreclosure price) for our own.

While “this, too, shall pass”, I’m making it a habit, without hesitation, to buy local at every possible opportunity- in all seasons.

How about you?

Committing to local business makes sense. Without local businesses, local flavor disappears.

photos: Copyright 2008 - iStockPhoto & OptionsRealty

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East End Foreclosures on Long Island

June 4th, 2008 category: East End LI Foreclosures, Real Estate News2 Comments »

By now you’ve likely come across this article from Tuesday’s Newsday.
Newsday Columnist Randi F. Marshall gives us a glimpse into Mega-Foreclosures
on the South Fork and North Fork on the East End of Long Island, NY in her article
“Foreclosures taking Hamptons by surprise”

photo Copyright: Lilli Day & iStockPhoto

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BPO’S in Real Estate- What’s a BPO?

May 21st, 2008 category: East End LI Foreclosures, Real Estate News5 Comments »

Recently, we were contacted by an intermediary between a bank and ourselves to conduct a BPO (Broker Price Opinion) on a house that appears to be well into the throes of foreclosure.

BPO’S do not replace appraisals, but they do permit banks to comprehend the market from the perspective of the real estate contingent, as opposed to an appraiser that is (in our area) often “out of area”. The North fork of Long Island, while less affected than some areas, is still affected.

An example of this: we had the unfortunate experience of working with a pre-foreclosure, with the bank operating out of state. We received an offer that was in line with current pricing, and submitted this “short sale” scenario to the lender.

After accepting the contract “subject to the appraisal”, the bank established that they’d prefer to foreclose, as the amount that the appraiser came up with (significantly higher than the offer) would permit them to sell the property without paying a minor shortfall of funds (less than 1%) to them. This, despite correspondence and documentation that clearly demonstrated that the offer was as good as the bank would receive.

The result? The property did not sell at the foreclosure auction; it is now listed at a price that is 20% BELOW the offer that was rejected less than nine months ago. And, well below the amount owed by the consumer of this property. We are still livid. The buyer of the property closed on a comparably priced home within a few weeks of getting completely frustrated with a bank that just didn’t GET IT.

WHAT GIVES?

While we are going to pass on this particular request, we have aligned ourselves with a company in good standing that regularly requests BPO’S for properties in jeopardy.

We’re doing this not because we care to participate in a foreclosure scenario (one was more than plenty) but in order to remain on top of potential short-sale/foreclosure properties in the area that may well be upcoming.

Frankly, the prospect of dealing with a “bank owned” over a pre-foreclosure is preferable- the pricing is more in line with market (and minus any second lien holders, etc).

If you are interested in bank owned properties, email us to become part of a list- we’ll share what we know. The sooner properties move, the sooner the market can operate without the damaging effects of pricing that is simply too low in some cases.

If you are a seller in jeopardy, there are avenues available to you right now- FINALLY, banks are viewing the disastrous real estate market as REAL, not imagined- and becoming very consumer friendly. They don’t want your house, and we don’t want to sell it- we’d rather see you IN IT.

Now, if we can just get BPO opportunities BEFORE the foreclosure…I know of one former homeowner who would likely have had a successful short sale.

Photos/Content Copyright 2008 OptionsRealty

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Real Estate Investment Opportunities on the North Fork, Long Island

April 25th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Matt Woolsey, at Forbes.com says in his article Market looks good for landlords , that more Americans are renting as foreclosures and risky lending roil the housing market.

Whether they’re waiting out the housing storm, or smack in the middle of it, an increasing number of Americans are choosing to rent, not own. And that’s good news for landlords and investors.

Foreclosures and risky lending have dogged the housing market. As lenders have tightened their standards, attractive mortgages have grown harder to come by. Yet rental fundamentals have remained strong, especially in the 10 areas that made our list of Best Markets for Landlords.

While many potential sellers have made the decision to hold off selling their properties for now, it would appear that the blossoming opportunity to provide housing for renters may well provide some relief for a tumultuous real estate environment.

Which then compels the question: when will the investors be returning to the market?

The presence of investors snapping up distressed properties is nothing new, so with an increasing number of people unable to purchase, the financial benefit of owning a rental is becoming apparent. While many of todays renters were buyers a few years ago, they are no longer able to qualify for properties.

A new homeowner of a few years ago is a capable renter today, and with increased numbers coming from this contingent, owning a rental property is making more financial long term sense than it may have a few short years ago, at least for me.

It really is true- ride out the cycles, and locate opportunity in real estate regardless of the market- for a long term investment, real estate offers an upside even in a downswing.

Call us if you are interested in an investment property on the North Fork of Long Island, and check out this great opportunity at 7720 Soundview Ave. in Southold, New York: 7720 Soundview Ave. V-Flyer

flower photo : copyright Maria Andersson

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A Good Sign?

April 8th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

For buyers and sellers of homes on the North Fork of Long Island, the current market woes nationally have created an uncertainty- sell? Buy? Wait it out?

This article in the Houston Chronicle, offers a glimmer of reality for all following the market. While certainly not a guarantee of improved conditions, the search for some kind of historical data that might offer a time-target has been conveyed here.

While the indicator is that we are likely nine months from tangible evidence of a turn-around, keeping an eye on builder stocks as a conduit for the thought process of investors is a key element when making a decision to buy, sell, or wait.

I, for one, will be watching closely- and reporting back!

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Buying Power on the North Fork

March 26th, 2008 category: Buyers, East End LI Foreclosures, Real Estate PhilosophyNo Comments »

Recently, we’ve received several inquiries from people interested in vacation/second/retirement homes on the North Fork of Long Island, New York.

While the majority of people are in the early stages, there is confusion- take the plunge, or wait?

Statistics are offering a clear indication that we are in a buyer-friendly market. As buyers, you control the market- a welcomed change from the days of frantic bidding wars, and disappointment.

Do buyers truly understand the power that they wield? I don’t think so- at least, not in New York.

And certainly, not on the North Fork. Here’s why:

The North Fork is a “last bastion” of seller-friendly real estate agents (one in which both agents operate on behalf of the seller, leaving the buyer unrepresented). While many are willing to go “out on a limb” in order to represent buyers with a broker agency capacity, few are willing to offer fiduciary (and the accompanying “liability”) to the current MVP- the BUYER.

Buyers have been forced to participate in the buying process in a two-on-one game- with both real estate agents representing the best interests of the seller. That this creates vicarious liability (not good) for sellers has gone unnoticed- or is simply misunderstood.

The resounding word used by local agents that eschew buyer agency is “liability”. Hmmm. Fear of a buyer suing an agent for violating the required fiduciary spelled out in a BUYER AGENCY AGREEMENT.

The question that I would pose is: WHAT IS TO FEAR? The notion that there is more to fear from the buyer (as opposed to the seller) is confounding to a company with buyer agency experience. Taking the same cautious steps and performing due diligence is what we are PAID FOR.

Anything contrary to what has been represented by a seller is something that a buyer is entitled to, irrespective of agency- inherent fairness is a requirement of representation for both parties. A buyer is also entitled, as the “boss”, to make an offer commensurate with their comfort level- and with the input of a Realtor that provides a comprehensive view of market conditions as a basis for that offer.

Buyers, until very recently, have been unable to secure a real estate representative that is “on their side“- and make no mistake- there are very defined lines.

Proponents of buyer agency are not the enemy of sellers. To the contrary, buyers with representation are better informed, and are working within parameters that are still set by the seller- they are simply represented. This commitment on the part of a buyers agent does, indeed, remove vicarious liability for the seller- liability falls to the buyers agent.

A real estate agent comfortable with the information provided to their buyer is as immune from legal ramifications as the agent representing the seller is- it’s all about providing ethical service, and achieving the “best possible price” for the buyer. Again: buyers control the market right now. If sellers want to sell, representation is moot. Offers are the name of the game.

PROSPECTIVE BUYERS OF HOMES ON THE NORTH FORK: You deserve- no- are ENTITLED to representation from a real estate agent that has the goal of your “best possible price” at the forefront. No games; no nonsense- just ethical, focused representation.

Call us to explore your buyer agency opportunity. Experienced with buyer agency, we view “liability” as a non-issue. I’d rather participate in a “fair” transaction than one in which a buyer is making an offer based on the input of real estate agents that have promised the seller the “best possible price.”

And that, folks, is what happens with every transaction that does not include buyer representation.

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Appraisals Change on Long Island New York?

March 8th, 2008 category: East End LI Foreclosures, Real Estate News, Real Estate Philosophy6 Comments »

The following article by Patrick Rucker-ReutersUK, found here, is a good thing for consumers in New York.

“The two largest sources of U.S. mortgage financing agreed on Monday to sponsor a new home appraisal watchdog to prevent inflated home values.”

It’s rather surprising that it’s taken this long to comprehend the obvious: that appraisers connected with banks might have an ethical dilemma to self determine. Under-appraise, and impact the loan for the buyers bank (jeopardizing the purchase agreement); over-appraise, and all is well. Until market conditions change.

While the initiation of this new law in NY appears to be largely the result of those that received over appraisals in a market that seemed limitless with the respect to increases, having this law in effect in a downswing would appear to be equally beneficial to buyers and sellers of real estate in New York.

An independent appraisal in a down market will prevent overly cautious lenders from using “their own” to make judgements that will impact the price in the lenders favor. This market is subjective, and consumers don’t need banks to establish “value”- particularly if that value has, attached to it, a huge self created “sting” due to loans provided that made little sense to the consumer and are now impacting lending institutions negatively.

Separating market value and lending companies, in hindsight, seems so, well…COMMON SENSE.

For sellers today, while “declining market status” in Suffolk County, New York, will surely impact an appraisal, there is nothing “right” about assuming that a badly burned lender (and it’s fleet of connected appraisers) will not make it worse by having their own agenda present. That agenda, by the nature of the market, is likely (opinion) err on the side of caution, irrespective of the impact on sellers and buyers.

An independent appraiser, who has no future benefits with a lender via additional business, will have the ability to appraise a property without bias (or pressure in either direction). Sellers will sell at market value; buyers will buy at market value. Now, if we can just find a consistent measure of price in an inconsistent market…

Eliminating the connection of appraisers with lending institutions eliminates a major relationship that should never have existed in the first place. Good for New York.

© 2008 OptionsRealty
Photos © iStockPhoto

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