North Fork, NY Real Estate Blog OptionsRealty.com

Archive for the 'Real Estate News' Category

North Fork, Long Island Available Retirement/Vacation Condominiums

July 23rd, 2008 category: Real Estate NewsNo Comments »

The following report is a list of all available condos/coops listed in the mlsli as of July 20, 2008:

AQUEBOGUE, NY

Silver Village: 1; $369,900.

BAITING HOLLOW, NY

The Knolls/ The Knolls at Fox Hill: 10; $359k, $375k, $375k, $380k, $385k, $390k, $399k, $439k, $449,9k, $549,9k

The Bluffs: 4; $449k, $519,9k, $469k, $498,8k

CALVERTON, NY

Calverton Hills: 7; $144,9k, $170k, $174,9k, $195k, $199k, $199k, $210k

Foxwood Village: 11; $159k, $164,1k, $165k, $183,9k, $225k, $229,9k, $239,9k, $240k, $245k, $245,9k, $270k, $310k, $319k, $375k

Windcrest East: 2; $589,9k, $589,9k

GREENPORT, NY

Driftwood Cove (co-op): 3; $170k, $190k, $199k

Sterling Harbor (co-op): 2; $696k, $329k

Sterling Cove: 1 $850k

JAMESPORT, NY

Maidstone Landing: 8; $775k; $799k, $845k, $850k, $879k, $899k, $947,9k; $1,275m

RIVERHEAD, NY

Willow Ponds: 9: $298,8k; $299k, $319k, $339k, $369k, $395k, $399k, $432,5k, $485k

Sunken Pond: 8: $335k, $339k, $375k, $382k, $399k, $399,9k, $399,9k $429k

Mill Pond: 6: $295k, $298,8k, $299k, $299k, $278k, $294k

Saddle Lakes: 2: $375k, $535,5k

The Highlands: 1: $574,9k

SOUTHOLD, NY

Colonial Village (co-ops): $187,8k; $187,8k $277,6k, $277,6k; 279,7k

The Cove: $929k

Any of the above condos can be located on our MLSLI search tool- please click to view, or call us for a showing/details.

Share This

East End of Long Island Foreclosure Update

July 18th, 2008 category: Real Estate NewsNo Comments »

I meant to link to this on my Pre-Foreclosure blog yesterday.

It’s a pretty good article that is fairly on target regarding the current foreclosure market here on the East End of Long Island.

The title of the post is,

Hamptons House Prices Fall Amid Wall Street’s Decline
By Sharon L. Lynch and Laura Marcinek

July 16 (Bloomberg)

“Second-quarter sales volume dropped 29 percent and the median price fell 11 percent to $735,000 from a year earlier in the resort communities on the East End of New York’s Long Island …”

“In Southold, prices fell 8 percent to $507,500 and sales dropped 19 percent.”

Read the entire article by Sharon L. Lynch and Laura Marcinek here.

Share This

How DARE You Waste My Gas!!!!!

July 18th, 2008 category: Buyers, Real Estate NewsNo Comments »

I read something today in which a buyer wondered if they would have the ability, after viewing a house with a listing agent, to get their own representation for the purchase.

A response from some in the real estate contingent brought up “procuring cause”, “ethics to the agent”, and wasted time and gas on the part of the agent, at the behest of the buyer.

Additionally, there were responses indicating that, without fail, the listing agents ALWAYS ask of buyers if they “have a Realtor”, or if they’re “working with anyone.”

For consumers, THAT’S NOT SPECIFIC ENOUGH. At least in New York, and a number of other states that permit dual agency- not by a long shot.

The question isn’t “are you working with someone.” If a real estate agent has made it to the appointment with the buyer, the conversation should go more like this:

(after niceties): “I am obligated by law to disclose to you that I, and all in my firm, are working at this point for the seller in this transaction- this home is represented by xyz firm. What that means is that it is my responsibility to watch out for the interests of the SELLER. Anything that you share with me, if it advances the end result for the seller, will be Island Packet Rendevous Rigging shared with them.

If you would like to move forward with an offer at any time, it might be possible to offer you a dual agency situation, in which I can facilitate the transaction. I am available to do that at your discretion, subject to seller approval. Just initial here- the one that reads: enter into this agency with caution.

In the event that you’d like your own representation, it will not be possible if you make the purchase through our firm, however that option is available to you under buyer agency.”

Sometimes, as happened to us, a buyer will say, “I like the house, and don’t need a Realtor. I’m offering x amount, and if your seller won’t take it, I’m not taking the house.” In this case, we represented the seller only, advocating for the seller only.

Sometimes, too, a blank stare with silence will follow your explanation. This is not good, because it means that despite looking at potentially numerous houses, they have not once had the required NYDOS disclosure explained to them.

When I worked on site for a builder, I routinely asked customers that came in if they “had a Realtor”. I did this because I wanted to protect the real estate agent that had likely taken the prospects to numerous places, and I wanted to see them get paid- often, trips to a model home were impromptu. Consumers didn’t “get it.”

The NYDOS “spiel” is not about real estate agents getting paid. It’s about following a law enacted to protect consumers that are entitled to a fair transaction out of the gate. They are entitled to “get it”.

Tire Dock @ Claudio’s If you are a consumer seeking to purchase a home, and the real estate agent that you’ve selected has collected any information from you without having the NYDOS disclosure explained and signed by you at your first “substantive” contact (read: ANY info collected from you), it would behoove you to request it.

The exception to this requirement (in New York) is a home that is a fourplex or more.

If you are a Realtor meeting a prospective customer at a home listed by you or your company in a dual agency state, do NOT complain about the gas and time unless the person with whom you are showing your listing has reviewed (to full comprehension) the agency disclosure.

For a link to industry comments, click here.

Share This

Play Ball! A Farewell to Yankee Stadium

July 15th, 2008 category: People and Places, Real Estate NewsNo Comments »

I know this is a Real Estate Blog-(here comes the “but”)- but…allow me to ramble on a bit about America’s Game.

We are fortunate to have Mark Stark on our real estate team- he gets us into Yankee Stadium. As an esteemed umpire with years of Little League experience, Mark was chosen in one of these final “hurrahs” for Yankee stadium to attend a Little League game sponsored by, and for, White & Case, llp.

I tagged along with Mark to this event- an afternoon of baseball played by just, well, us and others, on the magic grass of Yankee Stadium- the shadow of “greats” encompassing us in awe. Their “dirt”.

Little did I know that the 1978 World Series MVP, Bucky Dent, was to be there also.

Well, we ended up having Bucky Dent pitch for us.

I was catcher and Mark called the balls & strikes. A “picnic” pick up game of all ages and skill levels. Just like that.

I never thought that I would be standing on the field of Yankee Stadium having a catch with one of my baseball heroes- only in a dream.

http://www.youtube.com/watch?v=LbjT8RcOeEU

I have been to watch many games in Yankee Stadium. I’ve sat in the bleachers; nose bleed seats, and even behind the plate in the front row.

I’ve dined on both Filet Mignon at The Yankee Club and also polished off a quick dog under the bat before the first pitch. Many more dogs than steaks, relished.

I found myself standing with others in the flashing eclipse that contained bright lights that could be celebrated- where both giants & Giants have stood and played.

If there is any building that has a spirit to it, it is Yankee Stadium.

I only hope that some of the kids we were playing with appreciate the day as much as I did, now and as they grow older enjoying the fun and lessons that baseball and being a witness to greatness can offer. I don’t believe that there will ever be a stadium built again that has been host to so many historical and memorable moments. And yet…I look forward to the moment of being proven wrong.

I’d love to hear Yankee Stadium stories- this is it, folks~

Rest in Peace, Bobby Murcer.

Thinking of buying or selling real estate on the North Fork of Long Island? Contact us!

Share This

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

Share This

What’s A Grandma To Do?

June 29th, 2008 category: Real Estate News3 Comments »

As a very recent member of the gramma “club”, I’ve been searching out activities for children (grandchildren) on the North Fork of Long Island.

Whether you live on the North Fork, simply vacation here, or are like many, considering retirement here, my new perspective on this area is full of possibilities. Quite frankly, short of owning a property in an amusement park, this is truly a spectacular place in which to enjoy the experiences offered to our beloved “little ones.”

As people who love sailing, Callie’s first visit (OK- she’ll need to be more than the day old that she currently is) will be to the Southold sailing club for kids. Learning to handle a boat, and all of the safety rules, will be imperative for her when she’s old enough to participate, and the Southold Yacht Club offers just such an experience.

The Southold Indian Museum, located on Main Bayview recently offered a “crafts for kids” afternoon, and often has events specifically tailored for the younger crowd. 631-765-5577. www.southoldindianmuseum.org will provide details.

Located immediately across the street is a fascinating building offering views of the stars- when events occur at the Custer Institute, parking gets crazy, so arrive early. For star gazers, this is a top notch experience for all ages. www.custerobservatory.org will provide you with scheduled events.

If the kids are a bit older, the water park located in Calverton called Splish Splash provides the “juice” that some kids crave- the website provides details at www.splishsplashlongisland.com. I hope, when Callie reaches an age that permits a trip to the park, that I’m still nimble enough to make it up (and down) that HUGE water slide!

This is a very small offering of activities for kids on the North Fork- the bustling farm stands, with offers of strawberry picking, roasted corn, and the occasional quartet fill many afternoons for our visitors. Once corn season is really here, you’ll find that the crowds are full of little faces, with butter dripping, enjoying the magic of the North Fork.

Really- as a Gramma now, living here is exactly the type of location that I relish sharing with my new little granddaughter- what a fantastic place to be!

Now, if I can just convince my daughter and her husband to MOVE HERE…

Share This

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

Share This

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.
Fuel Prices Climb

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.

Sinking House 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. oOF! - May Lis Pendens

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.

Share This

The Cutchogue Lions Club - Classic Car Show

June 8th, 2008 category: People and Places, Real Estate NewsNo Comments »

The Cutchogue Lions Club will be hosting a HUGE LOCAL EVENT, the Classic Car Show.

ccs

For car lovers all over Long Island, this event brings the best of the best, and offers classic car lovers the opportunity to appreciate the work and dedication present with Classic Car Restoration.

The event will take place on Sunday, July 6th. Please visit the above site for additional details/directions- it’s certain to be a fun day for all.

Denise and Greg say, “Hope to see you there!”

Options Realty: Proudly serving the North Fork of Long Island.

Share This

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”