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Archive for the 'East End LI Foreclosures' Category

East End, Long Island Home Sales Articles of Interest

July 15th, 2009 category: East End LI Foreclosures, Real Estate News, SellersNo Comments »

Erasing the thought that we’re experiencing a market “blip”, and encountering a situation that requires diligent attention on the part of real estate agents, home sellers and home buyers, is a recent Wall Street Journal update on East End, Long Island home sales that we found interesting:

Hamptons Home Sales Plunge as Wall Street Cuts Jobs

Wishful thinking won’t sell homes; correctly priced properties are the only solution.

Now, for some GOOD news from a source that provides real numbers, specific to East End Long Island Real Estate, with a realistic approach to data:

Long Island Home Sales Median Price Rises by 3.29% in Second Quarter

News, and more news…we tend to be data-oriented, so hope that assimilating provided sources offers some insight into a very perplexing market!

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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Loan Mods East End / North Fork, Long Island

June 18th, 2009 category: East End LI Foreclosures, Real Estate News1 Comment »

If you’re a homeowner seeking assistance with your mortgage due to hardship, we found the following article of interest.

http://www.nytimes.com/2009/06/14/realestate/mortgages/14cov.html?_r=1

While there are agencies available to offer help, we’d like to reiterate the advice from article sources, which make clear: DON’T PAY FOR A LOAN MODIFICATION SERVICE. IT’S FREE.

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

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Pre-Foreclosure Activity East End, Long Island

June 7th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

This weeks report from the LI Real Estate Report was a bit of a jolt. Where we’ve come to expect pre-foreclosure / lis pendens numbers to be in the high teens/low 20’s weekly; the first five days of June demonstrate that as the market remains stagnant, home owners unable to make payments are rising. This week presented 31 lis pendens.

Bridgehampton, NY: 2
$850k; $500k*

East Hampton, NY: 4
$581,250.; $433k; $427k; $405k

East Quogue, NY: 1
$438,360k

Eastport, NY: 1
$800k

Flanders, NY: 1
$268k

Greenport, NY: 1
$340k

Jamesport, NY: 2
$387k; $367,5k

Montauk, NY: 1
$540k

North Haven, NY: 1
$1.3m

Riverhead, NY: 1
$385,840k

Sag Harbor, NY: 2
$1.84m; $890k

Sagaponack: 1
$457,5k

Southampton, NY: 5
$980k; $575k; $500k; $376k; $62k; $1.8m

Southold, NY: 1
$875k

Wading River: 2
$495k; $370,8k

Watermill: 1
$95k

Westhampton: 1
$474k

Westhampton Beach: 1
$664k

As it has been in the past, Southampton and East Hampton lead the pack, with 5 and 4 filings respectively.

*figures represent a balance that is sometimes without second mortgages/bank fees included

The LI Real Estate Report provided us with the following press release, pertaining to Long Island as a whole:

West Islip, New York, June 4, 2009

The number of weekly closings on private homes and condos on Long Island has fallen by 39.5% during the 28 month period beginning January 1, 2007. During the same period, the number of weekly foreclosure auction sales has risen by 161%.

In January 2007, the average number of closings per week was 643, as opposed to 389 in April 2009. The average number of foreclosure auction sales per week was 17, rising to 43 in April 2009.

Over 88% of the foreclosure homes were taken over by the holders of the mortgage, indicating that the amount due on the mortgage was greater than the value of the property.

For more information and details on the individual counties, visit
The Long Island Real Estate Report
at www.lirealestatereport.com.

Click on the individual graphs below (provided by the LI Real Esate Report) for a larger version.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

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How Can There Be Foreclosures on the East End of Long Island?

May 22nd, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

There has been much in the way of sandbagging done by banks as we navigate a market rife with distress- the less we know the better? The less the entities forcing stress tests are aware of, the better? Conjecture, of course, but an increasingly obvious question.

The east end of Long Island (particularly the Hamptons) have been sitting in a la-la land of misinformation- while the community shudders at the slowing of sales, often, nothing is provided to sellers that explains the “how” and “why” of the current mess.

The following article is perhaps the finest that I’ve read with respect to explanation, and how it is that well educated, articulate and respected people find themselves in a financial abyss right now- no one is immune.

Maintaining awareness that second homes are going to be surrendered before a primary residence is quite important for those selling homes on the east end of Long Island, wondering, “What the hell happened?”- this article is provided for the purpose of insight.

http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=1&pagewanted=1&em

As an articulate potential seller on the east end mentioned, this, too, shall pass- but for now, awareness is key to an outcome that is absent a lack of current information, and thus, a total surprise, for some considering selling their property on the East end.

The following article provides additional ammunition for those that have homes on the market, but don’t need to sell:

http://www.businessinsider.com/henry-blodget-new-york-city-real-estate-prices-to-fall-at-least-another-35-2009-5

Buyers will buy; sellers will sell, but when the very banks carrying a significant bank owned properties state potential outcomes, ignoring this insight is not advantageous to sellers entering this unusual market.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re a qualified buyer looking for a foreclosure on any part of Long Island, we’ll help you find it.

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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East End and Hamptons Real Estate Trouble

May 7th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

We received our east end of Long Island Real Estate Report.

The drop in sales volume has been noted in many publications, so is no surprise.

What’s a bit sobering is the fact that in the first quarter of 2009, Southampton had lis pendens filings that surpassed the sales- while 98 properties in the first quarter received a notice of default, there were only 87 buyers willing to make a purchase.

The lis pendens have been active for a few years now, and there are sellers reaching the end of the line, with foreclosure a near certainty.

Clearly, it’s time to get serious in the Hamptons- most notably, Southampton and East Hampton.

Buyers are not willing to pay exorbitant prices; sellers are missing payments.

To sellers that don’t need to move, take your house off of the market- save yourself the aggravation. Your real estate agent should be implementing reductions; if that isn’t happening, you don’t need to sell.

Pricing that artificially inflates the market from a buyer perspective isn’t going to offer any tangible benefit- signs dangling from houses unsold are not a promising signal.

“Sold” signs work- if the only homes selling are those of motivated sellers, the sooner a successful direction can be met, the better.

If you don’t need to sell, ask your real estate agent to come pick up the sign, and enjoy your summer without interruptions- there are too many sellers that need to move right now, and muddying the landscape is a huge detriment to the market as a whole.

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Pre foreclosure, Lis Pendens Report April 2009 East end, Long Island

May 1st, 2009 category: East End LI ForeclosuresNo Comments »

The following data was collected from The Real Estate Report, and offers a glimpse into potential distressed properties that may be upcoming:

Amagansett, NY: 1; $1.610M
Aquebogue, NY: 1; $225k
Baiting Hollow, NY: 1; $348k
Bridgehampton, NY: 4; $1M; $2.128M; $555k; $130,953k
Calverton, NY: 1; $322k
East Hampton: 13; $1.3M; $512k; $400k; $1.95M; $900k; $873,750k; $580,880k; $423.5k; $185k; $ 2.2M; $600k; $480k; $300k
East Quogue: 3; $417k; $325.6k; $$999,999k
Eastport: 1; $145k
Flanders: 5; $359,305k; $132k; $505k; $300.5k; $54.5k
Hampton Bays, NY: 8; $556.2k; $440k; $300k; $750k; $560k; $431,259k; $392.7k; $300k
Jamesport, NY: 1; $840k
Mattituck, NY: 1; $750k
North Sea: 2; $450k; $100k
Remsenberg: 2; $297.5k; $290k
Riverhead: 6; $244k; $254.6k; $95k; $336k; $296k; $417k
Sag Harbor: 4; $543.7k; $2.713M; $501k; $657.8k
Southampton: 9; $724k; $669.9k; $692k; $396k; $970k; $650k; $568k; $200k; 470k
Southold, NY: 3; $384k; $500k; $1.4M
Speonk, NY: 1; $325k
Wading River: 3; $405k; $86.4k, $350k
Westhampton Beach/Westhampton: 4; $227.5k; $739.9k; $1.657M; $663k
Watermill: 1; $150k

TOTAL LIS PENDENS REPORTED for the East End of Long Island (Hamptons, North Fork) APRIL 1- APRIL 30, 2009: 74

The highest lis pendens activity occurred in East Hampton (13) followed by Southampton (9) and Riverhead (6).

To view east end properties, click here.

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Short Sale or Foreclosure on the East End, North Fork Long Island

April 28th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Zach Fox at North County Times writes that foreclosure may be a better option for some struggling homeowners.

http://nctimes.com/articles/2009/04/25/business/z096c1b1a5c67baac8825759a00757a6f.txt?ref=patrick.net

Short Sale? Selling with a loan balance that is above market value? Get a lawyer.

Real estate agents that have taken a vested interest in short sales are few and far between, because short sales offer a minor return to participants (sellers, buyers, real estate agents) if the facts are laid out in way that’s thorough andknowledgeable - some home sellers will read the fine print, and make their decision based on a lawyers recommendation (and fiduciary responsibility). It’s so new that it’s not a science, and shouldn’t be in an area without clinical real estate trials, be considered one.

Your credit will be dinged. Find out by how much- if it’s equal to foreclosures, as suggested above, you need legal advice. There is no link that has been located that will provide a definitive answer.

Optimism? Banks are going to have to provide some kind of credit score “credit” to those engaging in a distressed sale; it might not have the negative “cache” in downturns past.

Mainstream real estate has eclipsed (at least, in NY) the ability of real estate agents to offer simple advice; get a lawyer for any distressed situation before engaging.

And, in NY (we operate on the east end of Long Island- North fork, Hamptons) make sure that your lawyer understands short sales, and the ramifications, so that you’re aware- there’s too much uncertainty occurring that could jeopardize a “clean break”, as promised, without future hassles. Who needs ‘em.

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East End North Fork Long Island Loan Modification Programs

April 21st, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

As a relocated real estate person who arrived from a state (Colorado) that did NOT utilize lawyers in a real estate transaction (real estate agents took it from start to closing with few incidents), the current environment with loan modifications/short sales/foreclosures has me eating my words.

In the current venue, particularly with loan modifications: GET A LAWYER! FACILITATE YOUR MODIFICATION WITH A LAWYER ASSISTING YOU!

There- it’s been said.

As is no surprise, loan modification companies are sprouting up all over, requesting an “up front” fee in order to facilitate/oversee your process. As is an unfortunate non surprise in a predatory environment, many of these companies seek one thing: the up front fee. Upon receipt of your trust (and your check), enough of these companies are abandoning the effort to instigate the following reports worth perusing:
http://www.chs-law.com/2009/03/avoiding-loan-modification-scams.html

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/06/AR2009040601725.html

http://www.msnbc.msn.com/id/30070197/

After reading some of these stories, I contacted a loan modification company, and input pretend info. The company got back to me immediately via email (wrong home phone provided; cell to take messages) and when I got the email response, I politely told them, “thanks, but no thanks.”

There were EIGHT messages left on the cell phone that isn’t used. EIGHT IN FOUR HOURS, after having told them, ‘NO THANKS.”

This appears to be a thriving, and highly aggressive, opportunity for some companies.

Talk with your own attorney before considering any assistance that originates from anyone outside of your own lender- and even then, your lawyer will likely have more to offer in the way of solutions.

Opinion, hoping that those in a bind aren’t projected further into the current abyss.

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Pre Foreclosure Report North Fork, Hamptons and East End, Long Island NY

April 12th, 2009 category: East End LI ForeclosuresNo Comments »

The following report, obtained from The Real Estate Report , offers lis pendens filings (pre-foreclosure) for the East end (Hamptons, North Fork) of Long Island from April 1, 2009 through April 8, 2009. We are showing mortgage amounts recorded, which do not include second mortgages or fees attached to the property.

By Town:

Aquebogue: 1; $225k
Baiting Hollow: 1; $348k
Bridgehampton: 3; $2.182 million; $1 million; $555k
Calverton: 1; $322k
East Hampton: 7; $1.95 million; $900k; $873k; $580k; $423k; $185k; $2.2 million;
East Quogue: 1; $999k
Flanders: 1; $359k
Hampton Bays: 5; $750k; $560k; $431k; $392k; $300k
Mattituck: 1; $750k
North Sea: 2; $650k; $100k
Remsenburg: 1; $297k
Riverhead: 2; $336k; $296k
Sag Harbor: 2; $2.7 million; $501k
Southampton: 6; $692k; $396k; $970k; $650k; $568k; $470k
Southold: 2; $1.4 million; $500k
Speonk: 1; $325k
Wading River: 2; $405k; $86k
Westhampton: 1; $739k
Westhampton Beach: 1; $227.5k

41 TOTAL LIS PENDENS REPORTED, EAST END LONG ISLAND, 1ST WEEK OF APRIL.

The highest lis pendens (pre-foreclosure) figures are occurring in East Hampton, followed by Southampton, Hampton Bays and Bridgehampton round out the most active areas.

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Lis Pendens Pre Foreclosure East End North Fork March 2009

March 29th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Island Packet Rendevous Rigging

The following report contains lis pendens* by towns on the east end of Long Island/North fork, as provided by the Real Estate Report, for March, 2009:

East Hampton, NY: 9

Flanders, NY: 4

Greenport NY: 2

Hampton Bays NY: 3

Laurel, NY: 1

Quiogue, NY: 1

Remsenburg,NY: 4

Riverhead, NY: 8

Southampton, NY: 7

Wading River, NY: 1

Watermill, NY: 2

Shelter Island, NY: 1

Westhampton, NY: 1

Westhampton Beach, NY: 3

E. Quogue, NY: 1

Montauk, NY: 1

Sag Harbor, NY: 6

Wading River, NY: 3

Bridgehampton, NY: 1

Orient, NY: 1

Speonk, NY: 1

Jamesport, NY: 1 TOTAL LIS PENDENS FILED MARCH, 2009: 62

The highest number of recorded preforeclosures were reported in East Hampton, followed by Riverhead and Southampton. *Lis pendens are notification from banks to mortgage holders that foreclosure proceedings are being implemented. They are public record.

To search available condos or 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, and Orient Point, NY.