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Sold Homes North fork / East end Long Island, June 2009

July 1st, 2009 category: Real Estate NewsNo Comments »

Once again (time flies), it’s time for an update on homes sold/homes under contract on the North fork of Long Island for June 2009. All info is obtained from MLSLI, and while deemed reliable, no guarantees.

Homes Under Contract June 1- June 30, 2009: 43

Median Listing Price: $358,296.00

Leading the pack for contracts was Calverton (9), followed by Riverhead (8) and Southold (7).

Homes Under Contract June 1- June 30, 2008: 44

Median Listing Price: $477,500.00

Homes CLOSED, June 1- June 30, 2009: 31

Median closed price: $385,000.00

Leading the pack for closed homes on North fork of Long Island was Southold (8), followed by Calverton (6) and Cutchogue (6).

Homes CLOSED, June 1- June 30, 2008: 34

Median closed price: $418,500.00

Little unexpected with the June results; prices have declined, but sellers providing lower prices are getting their homes sold at a pace comparable to last year.

Another element to add to the assessment are the lis pendens figures for the east end of Long Island (Hamptons/North fork).

While the North fork has significantly fewer lis pendens relative to the Hamptons, the numbers have increased over the course of the last month in total for both areas.

Reported lis pendens filings for the East end of Long Island, June 2009: 107

Reported lis pendens filings for the East end of Long Island, June 2008: 53

As has been the norm, the areas reporting the highest lis pendens actions are in Southampton and East Hampton, NY.

The number of sales is remaining consistent; the number of preforeclosure/ lis pendens actions reported has doubled.

Government mandated moratoriums that delay pre-foreclosure actions may well have impacted the lower 2008 figure.

*Lis pendens data courtesy The Long Island Real Estate Report

*Sales data courtesy MLSLI

Areas included in the under contract/sold statistics include Aquebogue, Baiting Hollow, Calverton, Cutchogue,

East Marion, Jamesport, Greenport, Peconic, New Suffolk, Laurel, Mattituck, Southold, Riverhead, and Orient, New York. Statistics include manufactured housing as reported to MLSLI.

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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Buying a Home on the East End/North Fork of Long Island

June 30th, 2009 category: Buyers, Real Estate NewsNo Comments »

http://www.bloomberg.com/apps/news?pid=20601213&sid=aedS3XGrNmSA

If you’re a first time buyer, new to the home buying game, among the many things that must be identified prior to your search is your credit score.

With lenders tightening all aspects of qualifying for a new home, the above article provides insight as to the impact that recent changes to your credit cards might have on a credit score that has always been well maintained by you.

There doesn’t seem to be a consistent method taken by banks when reducing a credit line, but clearly this arbitrary lowering of a credit limit by your credit card issuer may well damage what has always been a high score, with no missed payments or issues on your part, as a diligent consumer.

If you discover that your score has been lowered due to forces outside of your control, such as an arbitrary reduction, start by contacting the bank involved, and see if it’s possible to return your limit to the original understanding between you and your bank.

Being prepared is everything- knowing what obstacles will need to be overcome in order to achieve the best rate for your purchase is homework well worth undertaking- the results of your diligence might save you thousands of dollars over the long-term.

For additional insights on credit scores, please visit: www.myfico.com

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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2012 a Reported Turning Point for Home Buyers/Owners

June 24th, 2009 category: Real Estate NewsNo Comments »

An interesting “take” on the current real estate market was reported here.

As mentioned in the article, all real estate is local. Important factors such as the unemployment rate, opportunities for job growth, interest rates remaining low, and prices finding an attainable level for buyers impact all areas; the life enhancement of owning a quiet place away from the hustle and bustle of the city will never dissipate completely. We’re experiencing the same caution from buyers as most areas, but the payoff for a quiet country home will always have cache.

As a location popular for second homes, the east end of Long Island offers a more unique aspect than most locations; second homes that were once “must have” for the NYC contingent are less of a given when so many variables are exacerbating the concerns that many potential home buyers have about the economy as a whole.

As we experience this temporary caution while pricing adjusts, summer on the east end will continue to be a magnet for those that make the decision to locate a haven.

I, for one, look forward to the “boring” real estate venue offered in the article; there is much to be said for stability vs. wild swings in one direction or the other!

For those seeking (or selling) a second home on the east end of Long Island, stay tuned- we’ll provide market updates as they become available.

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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An Interesting Alternative to Selling a Home

June 18th, 2009 category: Real Estate News, Sellers2 Comments »

We found this interesting. While I’ve heard of this method before, we’re going to follow this story to see how the homeowners fare. Click here for a novel way to sell a home.

For more traditional methods to sell a home on the North fork / East end of Long Island, we’re happy to offer input. To view homes for sale on the North fork /east end of long island, click here.

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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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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North Fork Sales Figures Keep Pace with 2008

June 12th, 2009 category: Real Estate NewsNo Comments »

A quick update of homes under contract on the North Fork of Long Island:

For the month of June (through the 12th), homes under contract are keeping pace with sales figures last year.

The following numbers indicate reason for optimism on the North Fork of Long Island:

Total homes under contract 6/1/2009- 6/12/2009: 17*

Median listed price: $399k

Total homes under contract 6/1/2008- 6/12/2008: 17*

Median sold price: $528,700.

(we knew pricing had dropped, but the above figure is impacted by a high end sale being reported twice in 2008).

Southold has lead the pack in sales, reporting 6 homes under contract for June to date, followed by Mattituck, Cutchogue, Calverton, and Aquebogue, reporting 2 each.

It will be interesting to see how the final numbers come in for June- while 2008 had a few more homes in excess of the $1 million dollar mark, Southold has actually doubled the figure of homes put under contract this year over last.

If the upper end provides a few more high end purchases, the median numbers will rise- we’ll let you know at the end of the month!

*the towns included are Riverhead, Calverton, Aquebogue, Jamesport, S. Jamesport, Laurel, Mattituck, Cutchogue, Southold, Peconic, Greenport, East Marion, Orient, Orient point. All figures provided by the MLSLI; while deemed reliable, no guarantees.

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Transparency is an Over Used Term on the East End of Long Island

June 12th, 2009 category: Real Estate NewsNo Comments »

I read recently of the introduction of www.Streeteasy.com to the East end real estate venue.

The definition of “transparency” is as follows:

Lack of hidden agendas and conditions accompanied by the availability of full information required for collaboration, cooperation, and collective decision making.

StreetEasy, much like Zillow or Trulia, offers additional exposure for properties; a very good thing.

What it does NOT OFFER is oversight of its participants. Data input is arbitrary.

The only entity currently available to consumers that insists, as part of membership, that ALL properties for sale be entered; ALL properties under contract be immediately reported; and ALL closed properties be entered, is the MULTIPLE LISTING SERVICE (MLS). In our case, MLSli (Long Island). This data is immediately available.

This is considered valuable data by all areas in the country, it seems, but the Hamptons and NYC.

We don’t have to wait for quarterly reports from an outside entity to provide true market data to consumers- at least, on the North fork.

For reasons unknown to this person, the larger companies in targeted areas of the Hamptons REFUSE to offer full MLSLI participation, despite being members in other areas and complying with the requirements.

Absent under contract and closed data, the rest is pretend transparency. Unless forced to enter this data, the Hamptons will remain (much like NYC) a real estate venue deeply mistrusted by the sellers and buyers of real estate out this way. Is that a worthy aspiration?

I think not.

If another vehicle for “true transparency” enters the picture (it will clearly have to force participation from certain real estate companies in order to be acceptable) we’re on board. Until then, it’s just more of the same drivel from the companies seeking to keep under contract and sold data from a buying and selling public for reasons unknown to most of us.

I’ll say it again: an MLS is the only venue currently available to consumers that insists that members provide data intrinsic to “collaboration, cooperation, and collective decision making”, due to rules put in place to insure that outcome.

That’s why it’s the most used vehicle elsewhere by real estate companies- they welcome compliance that benefits those that write our paychecks: buyers and sellers of real estate.

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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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Sold/Under Contract North fork Houses May 2009

May 31st, 2009 category: Real Estate NewsNo Comments »

The following information was obtained from MLSLI- while deemed accurate, no guarantees.

In order to gain a sense of the market, we bring you monthly sold/closed homes on the North fork/east end of Long Island. For sellers, it’s an opportunity to see what direction things are going; for buyers, if you’re considering a property out this way, it’s need-to-know information.

MAY, 2009 UNDER CONTRACT PROPERTIES:

Total u/c: 38

Median Listing Price: $399k (listed- does not reflect sold price)

Riverhead had the most active sales activity, with 12 contracts. This is in part because this report includes manufactured homes; Cutchogue had a total of 7 properties under contract, followed by Southold (4); Mattituck (3), and Baiting Hollow (3).

MAY, 2008 UNDER CONTRACT PROPERTIES:

Total u/c: 34

Median Listing Price: $469,450 (closed figure)

Riverhead lead the pack last year, as well, followed by Southold, Orient, and Baiting Hollow.

THE GOOD NEWS? While median pricing is lower, activity is keeping pace with last year.

MAY, 2009 CLOSED PROPERTIES:

Total closed: 31

Median Closed Pricing: 350k

Riverhead showed the highest # of closings with 9, followed by Mattituck with 4; Baiting Hollow with 4.

MAY, 2008 CLOSED PROPERTIES:

Total closed: 40

Median Closed Pricing: $475k

A lower figure with closings is reflecting the very quiet Jan/Feb/March on the east end of Long Island. These figures should see some improvement in volume (not pricing) when activity this month closes over the course of the next few months.

Clearly, prices have dropped, and the forecast doesn’t indicate that we’ll be an increase any time soon. We’ve noticed that waterfront is becoming more obtainable- with continued price drops, it will be interesting to watch the market over the coming months.

If you’re seeking property on the east end of Long Island, we represent the buying side, and will provide all data needed to make an informed decision. Do NOT buy from a listing company (or any real estate agent) representing the seller if your agenda is to uncover the best possible price- you won’t find it.

Call us if you’d like help locating a North fork/East end of Long Island home.

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East End / North Fork Home Sales / Lis Pendens Update

May 28th, 2009 category: Real Estate News2 Comments »

Click on the thumbnail to left for a larger view. Well…just reporting facts as found on The Long Island Real Estate Report for the East End / North Fork / Hamptons.

The second quarter of 2009 thus far is disheartening (sales vs. lis pendens) but is part of this market, and remains need-to-know for sellers of homes on the east end of Long island. Working with “what is” is imperative for those needing to sell now.

As the real estate market unfolds, we’ll make every effort to provide what “is”.

< < < < < < Subscribe to Options Realty now for future updates.

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.