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First Quarter 2011 Home Sales/Under Contract North fork, Long Island

April 4th, 2011 category: Real Estate NewsNo Comments »

The following report reflects sales activity from January 1, 2011 through March 31, 2011. All data was gathered from MLSLI (Multi List of Long Island) and while deemed reliable, no guarantees. Closed homes do not include all activity recorded at the county, because those records are usually 30-90 days behind actual activity.

With the large majority of homes sold and homes for sale on the the North fork of Long Island listed and reported sold via the MLS, with immediate posting of sold pricing, all are included in this report (single family only).

While offering an average sales price, or median sales price is typical of market reports (our own included) providing actual property addresses and the closed pricing seems to offer a better snapshot in an uncertain market.

With the return of mid/upper range buyers, and the emergence of realistic sellers, determining exactly what the market is doing can be offered only by providing exactly the properties that closed. Does a higher year-over-year median price indicate that prices are rising, or is it simply a function of higher end buyers purchasing homes offered by realistic sellers, with pricing down from a year ago for a “like” house?

Below, closed homes by town or village (Aquebogue, Baiting Hollow, Calverton, Cutchogue, East Marion, Greenport, Jamesport, Laurel, Mattituck, New Suffolk, Peconic, Orient, Riverhead, South Jamesport, and Southold, NY).

AQUEBOGUE, NY
Total sold: 3
96 Shade Tree Lane: $315,000
533 Peconic Bay Blvd: $350,000
258 Grant Drive: $375,000
Average sold price: $346,000

BAITING HOLLOW, NY
Total sold: 6
29 Harper Road: $182,000
1532 Middle Road: $324,000
181 Baywood Drive: $330,750
213 Southfield Rd: $354,000
1830 Edwards Ave: $632,000
89 Founders Path: $671,500
Average sold price: $ 415,708

CALVERTON, NY
Total sold: 1
303 Highview Drive: $136,000

CUTCHOGUE, NY
Total sold: 11
775 Skunk Lane: $319,000
1295 Little Neck Rd: $350,000
5405 Pequash: $375,000
26405 Main Road: $420,000
1335 New Suffolk Road: $430,000
3950 Pequash Ave: $750,000
854 Bridle Lane: $995,000
220 Broadwaters Rd: $999,990
60 Fishermans: $1,200,000
9202 Bridge Lane: $1,750,000
7825 Nassau Point Rd: $2,200,000
Average sold price: $889,908.00

East Marion, NY
Total sold: 1
635 The Crossway: $455,000

GREENPORT, NY
Total sold: 2
855 Shore Road: $207,000
3650 Bay Shore Road: $425,000
Average sold price: $316,000

JAMESPORT, NY
Total sold: 3
1825 Main Road: $225,000
135 Timothy Lane: $411,000
54 Henry Lewis Lane: $500,000
Average sold price: $378,660

LAUREL, NY
Total sold: 2
25 Cedar Ct: $385,000
660 Laurelwood Drive: $400,000
Average sold price: $392,500

MATTITUCK, NY
Total sold: 5
4550 Deep Hole Road: $339,000
2000 Pike St: $410,000
1020 New Suffolk Ave: $450,000
2555 Kirkup Ln: $621,000
790 Willis Creek: $1,425,000
Average sold price: $649,000

ORIENT:
Total sold: 1
235 Douglass St: $435,000

RIVERHEAD, NY
Total sold: 14
56 Ellen St.: $200,000
123 Duryea St: $233,600
175 Ackerly St: $235,000
32 Pine Ct: $240,000
162 Kings Dr.: $262,500
39 Linda Ln: $290,000
284 Old Farm Rd: $306,000
Lot 8 Honey Ln: $400,000
703 Doctors Path: $470,000
79 Star Flower: $457,400
59 Star Flower: $459,900
49 Star Flower: $584,900
27 Chris Sundrop: $527,500
1012 Middle Rd.: $2,200,000
Average sold price: 490,485

SOUTH JAMESPORT, NY
Total sold: 1
33 West St.: $368,500

SOUTHOLD, NY
Total sold: 8
55370 County Rd 48: $372,750
12995 Soundview Ave: $406,500
650 Brigantine Dr.: $440,000
770 Kenneys Rd.: $499,000
215 Northfield Ln: $425,000
660 Topsail Ln: $500,000
25 Lighthouse Rd.: $650,000
325 Willow Point Rd: $1,162,500
Average sold price: $ 556,875

TOTAL REPORTED CLOSED 1/1/2011-3/31/2011 58
TOTAL REPORTED CLOSED 1/1/2010-3/31/2010: 77

In order to see how contract activity is faring year over year, the following are the figures reported for homes under contract on the North fork for the first quarter of 2011:

Aquebogue: 10
Baiting Hollow: 5
Cutchogue: 6
East Marion: 1
Greenport: 3
Jamesport: 2
Laurel: 4
Mattituck: 9
New Suffolk: 1
Orient: 3
Peconic: 1
Riverhead: 13
South Jamesport: 3
Southold: 12

Total reported under contract from 1/1/2011 through 3/31/2011: 75
Total reported under contract from 1/1/2010 through 3/31/2010: 102

Activity has dropped year over year.

While under contract volume is down year over year, average price is up for the North fork overall. In 2011, the average reported is $532,179, which exceeds the average of $480,730 in 2010.

If you are thinking of selling your home on the North fork of Long Island, awareness of “gap” areas in under contract and solds is worth noting- an interesting area appears to be in the mid range overall, with more activity occurring in both the high and low end of pricing.

If your home is valued between $500,000 and $800,000, a close look at your competition should be a regular practice throughout the process, as that segment appears to be undergoing challenges. Pricing properly will be key.

If you’d like to view all MLSLI homes for sale on the east end of Long Island (Hamptons, North fork) click here.

Home Sales, From Riverhead to Orient, New York

March 3rd, 2011 category: Real Estate NewsNo Comments »

Homes Sold, Under Contract North fork, NY- February 2011
The following data was gathered from MLSLI (Multiple Listing Service of Long Island). While deemed reliable, no guarantees.

HOMES REPORTED UNDER CONTRACT FROM FEB. 1, 2011 THROUGH FEB. 28, 2011
*ALL PRICING REFLECTS LISTED PRICE, NOT CLOSED PRICE

AQUEBOGUE, NY: TOTAL- 2
4 GATZ ROAD $449,000*
31 WAKE ROBIN LN $595,000*

BAITING HOLLOW, NY: TOTAL- 1
2100 SOUND AVE. $325,000

EAST MARION, NY: TOTAL- 1
530 OLD ORCHARD LN $248,000

GREENPORT, NY: TOTAL- 2
3650 BAY SHORE ROAD $480,000
1045 TASKER LANE $559,000

JAMESPORT, NY: TOTAL-1
78 S. 6TH ST $449,000

LAUREL, NY: TOTAL- 1
6205 GREAT PECONIC BLVD $489,000

MATTITUCK, NY: TOTAL- 3
3725 WICKHAM AVE $459,000
1165 SALTAIRE WAY $575,000
155 HALLS CREEK DR. $1,499,000

ORIENT, NY: TOTAL- 1
1095 VILLAGE LANE $2,245,000

RIVERHEAD, NY: TOTAL- 5
437 RIVERLEIGH AVE $105,000
104 FLANDERS RD $109,000
123 DURYEA ST. $235,000
284 OLD FARM RD. $334,000
39 STAR FLOWER $509,000

SOUTHOLD, NY: TOTAL- 2
900 GARDINERS LANE $379,000
150 STERLING WOODS RD $799,000

A year ago, in February 2010, under contract figures weren’t significantly different in volume- 17 u/c vs. 2011’s 19. What is interesting is that Southold in 2010 had 10 properties u/c, leading the pack; in 2011, Riverhead saw the most activity.

CLOSED HOMES FEBRUARY 1, 2011 THROUGH FEBRUARY 28, 2011:
PRICING SHOWN IS REPORTED LIST/ CLOSED PRICE

AQUEBOGUE, NY: TOTAL- 1
96 SHADE TREE LANE LIST PRICE: $329,960 CLOSED PRICE: $315,000

BAITING HOLLOW, NY: TOTAL-1
1532 MIDDLE ROAD LIST PRICE: $319,000 CLOSED PRICE: $324,000

LAUREL, NY: TOTAL- 1
660 LAURELWOOD DRIVE LIST PRICE: $450,000 CLOSED PRICE: $400,000

MATTITUCK, NY: TOTAL- 1
4550 DEEP HOLE DRIVE LIST PRICE: $364,999 CLOSED PRICE: $339,000

RIVERHEAD, NY: TOTAL- 2
79 STAR FLOWER LIST PRICE: $499,900 CLOSED PRICE: $457,400
59 STAR FLOWER LIST PRICE: $499,900 CLOSED PRICE: $459,900

SOUTHOLD, NY: TOTAL- 3
650 BRIGANTINE DRIVE LIST PRICE: $475,000 CLOSED PRICE: $440,000
215 NORTHFIELD LN LIST PRICE: $499,000 CLOSED PRICE: $425,000
622 LIGHTHOUSE RD LIST PRICE: $699,000 CLOSED PRICE: $630,000

In 2010 for the same period, there were 15 reported closed properties on the North fork vs. 9 for 2011.

March ends the first quarter of 2011, so we’ll update you then…

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The following towns/villages have been included in this report detailing homes sold/under contract on the east end of Long Island: Riverhead, NY; Jamesport, NY; South Jamesport, NY; Aquebogue, NY; Baiting Hollow, NY; Calverton, NY; Mattituck, NY; Laurel, NY; New Suffolk, NY; Cutchogue, NY; Peconic, NY; Southold, NY; Greenport, NY; East Marion, NY; Orient/Orient Point, NY

Why Won’t You Tell Me What the Accepted Offer Was?

February 20th, 2011 category: Real Estate NewsNo Comments »

CHESS PIECES PICNIK 1 We’ve been fortunate to have some listings that generate multiple offers. While that phrase tends to conjure up a property stampede, often, it’s simply two individuals deciding, on the same weekend, to submit offers on a house for sale at the same time.

From a buyer perspective, providing the amount of the competing offer makes sense- “let me know how much it is, and I’ll beat it.”

Unless, of course, you are the buyer whose offer is being “beat.”

We often provide a “highest and best” disclosure form (the groans from cooperating real estate agents have merit) in order to make certain that interested buyers understand that this offer could well be the last- so, come in at a price/terms that provides this: the certainty that your offer is the highest you’re willing to pay, and if someone else offers more, you wouldn’t have been willing to pay that much, anyway.

With respect to “terms”, cash is king- so, it’s possible that a seller will accept a lower offer with the certainty that cash provides. If you are a buyer making a financed offer, there is nothing that can be done about this advantage, short of finding a way to pay cash.

NOT ALL OFFERS CONVERT TO CONTRACTS.

And, therein lies a truth about premature offer disclosures: if you are made aware of the accepted offer, that information can be used against the seller, should the offer not work out for any reason. You’ve been given access to their “bottom line”- and frankly, that information is reserved for the recipient of the accepted offer only, with the seller unharmed should the offer not convert to a contract.

It’s nothing personal; rather, it’s the responsibility to make certain that a seller’s position remains uncompromised.

Who Does Your Realtor Represent on Long Island?

February 19th, 2011 category: Real Estate NewsNo Comments »

819290_lifeguard Thinking of buying or selling a home on the East end (Hamptons, North fork, Long Island)?

Something all sellers and buyers should be aware of is the required New York Agency Disclosure. New York State requires that a real estate agent, at first substantive contact, provide ALL buyers and sellers of property with a form that alerts them right up front the person to whom the Realtor has fiduciary (of equal importance, to whom they don’t).

In simple terms pertaining to a real estate transaction, fiduciary includes undivided loyalty, confidentiality, reasonable care, full disclosure, obedience, and duty to account.

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If you are a seller, you will be provided this form at your listing appointment, and signatures will be required. A home seller will engage a Realtor who is a SELLERS AGENT.
The verbiage is as follows:
“A sellers agent is an agent who is engaged by a seller to represent the seller’s interests. The sellers 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”. Click here to view the disclosure in its entirety.

For a seller, this provides full fiduciary during (and beyond) the transaction, and this is the normal agency relationship afforded sellers by their listing company at the time that a seller entrusts their property with a listing company.

This agency does, however, create vicarious liability for the seller if they offer compensation to a cooperating broker for seller agency representation. Should the Realtor bringing the buyer intentionally misrepresent to the buyer, the seller and listing company can be held vicariously liable, because they “hired” the cooperating Realtor.

For obvious protective measures, New York state requires this disclosure to be provided by a Realtor at first substantive contact with a buyer as well as a seller, so that a buyer is aware that they are operating without representation of any kind-and in fact, are engaging a Realtor with fiduciary to the seller.

It is not uncommon on the East end of Long Island for Realtors to represent sellers, while engaging buyers. For this reason, this is a required disclosure right up front. It’s not a rule, it’s the law.

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BUYER’S AGENT:
“A buyer’s agent is an agent who is engaged by a 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 buyer’s agent does not represent the interest of the seller.” To read the full disclosure, click here.

In New York, every buyer has the right to choose their representation.
While the ideal scenario is to begin the process with a buyer’s agent if that is the preference, at the point of disclosure, decisions need to be made. Do not share pertinent information with a Realtor who has not provided the agency disclosure- if their allegiance is to the seller, such information will be shared.

It has become very common for buyers to not only have representation, but for that representation to be included in the offer of compensation provided by the listing company. So, buyers are frequently able to have representation without any out of pocket expense. The fee is included in the listing price as part of the total fee paid, as agreed to by the seller and listing company.
There is no vicarious liability for the seller. If intentional misrepresentation occurs, liability falls to the broker of the buyer’s agent.
It is not possible for a buyer to engage in buyer agency if the property of interest is listed by the company for whom their Realtor works.

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In addition to the above scenarios, New York also has an offering called “BROKER’S AGENTS.” In a nutshell, a Realtor operating under this agency with a buyer is representing the seller, having been “hired” by the listing company (as opposed to the seller) to do so. To view the convoluted mess that has been provided by New York state under Broker’s Agent’s, click here. The scenario under which a brokers agent might represent a buyer is unusual because a broker’s agent is to have no “direct relationship with the buyer or seller and the buyer or seller cannot provide instructions or direction directly to the broker’s agent.” As with Buyer’s agent, Brokers agent cannot occur if the property is listed by the buyer’s Realtor/company.

Modern Real Estate Practice in New York describes broker agency this way:
“A Broker’s Agent is a cooperating broker who is an agent of the listing broker but not strictly a sub agent of the seller. A Broker’s Agent has fiduciary duties to the seller, but the seller is not liable for acts of the Broker’s Agent unless the seller specifically authorizes those acts (although this concept came directly from the Department of State, it remains to be seen whether this limited liability will be upheld by the courts).”
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Beyond the agency offerings noted above, New York also provides a DUAL AGENT offering. Dual agency arises when a buyer elects to purchase a home offered by the same company that has the listing agreement with the seller, as when a seller receives an offer procured by a Realtor of the listing company. So, while a seller might begin the process with a “seller’s agent”, if a Realtor from the listing company procures a buyer, the agreed to fiduciary is compromised, and the relationship status becomes one of the listing company (via it’s Realtors) operating for BOTH parties, with “undivided loyalty” offered to neither the seller, or the buyer. New York state advises consumers to view this agency relationship with care before agreeing to this agency offering.
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.” To read the rest, click here.

Both seller and buyer must agree in writing to accept dual agency.

There are other scenarios in which dual agency can occur, so agreement by all parties in writing is essential (and the law).
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Finally, the last offering shown is DUAL AGENT WITH DESIGNATED SALES AGENTS.
“If the buyer and seller provide their informed consent in writing, the principals and the real estate broker (company*) who represents both parties as a dual agent may designate a sales agent to represent the buyer and another 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 seller in writing, the designated sales agent for the buyer will function as the buyers agent representing the interests of and advocating on behalf of the buyer, 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 cannot provide the full range of duties to the buyer or seller. The designated sales agent must explain that that like the dual agent under whose supervision they function, they cannot provide undivided loyalty.” To read the rest, click here.

BOTTOM LINE:
Receiving disclosure at first substantive contact is New York State law.

if you are a seller seeking full fiduciary (undivided loyalty) during your transaction from your listing company, the only offering that accomplishes this is a Seller’s Agent. It can also, with vicarious liability attached, include the cooperating broker.

If you are a buyer seeking full fiduciary (undivided loyalty) for your transaction from your Realtor, the only choice that accomplishes this is a Buyer’s Agent.

**This is not legal advice. For further explanation, your lawyer can provide the legal ramifications of each offering.

Searching for North fork, Long Island real estate is easy.
To view homes on the East end of Long Island in the Hamptons, or on the North fork of Long Island, click here.
To view east end reos, foreclosures in the Hamptons and on the North fork of Long Island, click here.

To receive new properties offered as they become available, don’t be shy- sign up for our property alert, and all offerings with the characteristics input by you will be automatically emailed to you.

East End of Long Island Home Sale Activity

February 5th, 2011 category: Real Estate NewsNo Comments »

We thought that checking out homes under contract in January of 2011, and comparing the activity to January of 2010 might provide some insight as to what to expect in numbers this year.
The contract figures for homes for sale on the east end of Long island / North fork are provided by MLSLI.

Homes were pulled from Aquebogue, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Laurel, New Suffolk, Cutchogue, Peconic, Southold, Greenport, Orient, Orient Point, and Riverhead, New York. A town or village / hamlet not appearing did not have contracts reported.

1218513_shlomits_eye_1__PICNIK__ It was a bit of an eye opener. Under contract properties do not reflect sold pricing, just asking price. We’ll have the sold data after they close.

In 2010, there were 29 homes for sale converted to under contract on the North fork. Because closed data has been recorded, it’s possible to provide the average sold price, which was $399,446. for all towns. Most active was Riverhead, with 11 recorded under contract, followed by Southold with 6.

In 2011, there were 22 homes for sale converted to under contract on the North fork. Interestingly, Riverhead recorded only 3 properties under contract in January, as compared to 11 in 2010. Riverhead has reported the most affordable average home price over the last few years, so the difference in reported under contracts is playing a role in the change in average price overall for the area.

The average home under contract in January 2011 had an asking price of $584,900, vs. the closed average in 2010 of $399,446.

Based on the change, it appears that the east end has encountered much of what the rest of the country encountered upon the expiration of the tax credit: first time buyers have had ground gained by those looking in the mid range price points.

So, while the number of sales is fewer in 2011 (22 in 2011 vs. 29 in 2010) there appears to be activity in the mid range, clarified by the increased average price, and decrease in under contract homes in areas with traditionally lower price points.

The following homes were reported under contract in January, 2011:

Aquebogue:
258 Grant Drive $399,900.
277 Tuthills Ln. $399,900
17 Foxglove Row $459,900
86 Foxglove Row $519,900
150 Vineyard Way $557,000
38 Hilton Court $589,000

Baiting Hollow:
181 Baywood Dr. $349,000
89 Founders Path: $725,000

Calverton:
1407 Middle Rd. $210,000

Cutchogue:
1295 Little Neck Rd. $375,000
9202 Bridge Ln. $1,995,000
7825 Nassau Point Rd. $2,350,000.

Mattituck:
10120 Sound Ave. $339,900.
1020 New Suffolk Ave. $479,000.

Peconic:
235 Smith Rd. $449,000.

Riverhead:
39 Linda Lane $299,900.
49 Star Flower $584,900. (closed pricing)

South Jamesport:
36 Brookside Ave $610,000
6 Tuts Lane $1,499,000.

Southold:
2275 Pine Neck $479,900
1345 Arshamomaque: $995,000.
325 Willow Point Rd. $1,275,000.

Activity appears up for those seeking mid and higher priced homes on the North fork, despite the volume of under contract activity decreasing.

**all information provided while reliable, is subject to error, and not guaranteed.

To view homes for sale on the East end of Long Island (North fork, Hamptons), click here.

To view East end reo and foreclosures in the Hamptons and North fork, click here.

Be sure to sign up for our convenient property e-mail alert. Just provide your parameters, and all homes.

Homes For Sale Search, East End (Hamptons, North fork) Long Island

January 27th, 2011 category: Real Estate News2 Comments »

We have added a new East End, Long Island (Hamptons, North fork) property search. The new search has some really cool features (you can still save your foreclosure & short sale search results) but we’re in the tweaking phase. If you’d like us to enter your information into the new search feature, we’re happy to help.

If you’ve signed up for property alerts, signing into the new system is easy- and your automatic property updates will be sent to you just as they were under the old search.

If you have any questions about navigating our new search, we’d be happy to help- just call Laurie at 631-765-6221, and we’ll make sure that you’re all set up!

To search for homes for sale (Hamptons, North fork) click here.
To view east end reo /east end foreclosure homes for sale, click here.

Options Realty
631-727-2227
laurie@optionsrealty.com

How Do New York Real Estate Agents Get Paid?

January 17th, 2011 category: Buyers, Real Estate News, Real Estate Philosophy, Sellers2 Comments »

A question that seems to come up now and then, most often from a home buyer, is “how do real estate agents get paid?”….

Nationally, and in New York, it is typical for the real estate agents fee to be paid by the seller. When a seller sits down to establish a price with their listing company, comparable properties sold are pulled and compared, and the seller and their Realtor determine a price. The price arrived at includes the real estate fee to be paid by the seller to the listing company.

Also discussed is the amount of the total fee paid by the seller to the listing company that will be offered to cooperating brokers- those bringing a buyer.

So, the total purchase price of a home typically includes the real estate fee for both the listing agent, and the selling agent.

This method has become standard largely due to the understanding on the part of home sellers that limiting out-of-pocket costs for buyers is an effective way to increase the percentage of buyers able to purchase their home. Closing costs, lawyer fees, and miscellaneous expenses are out of pocket expenses for buyers; that the fee can be financed is an advantage to sellers.

The fee is paid when the property closes.

It can be argued that while the seller is providing the check at closing, the buyer of the property is also paying the fee- if it’s included in the purchase price, they are either financing the fee, or including it in a cash offer.

If you are a buyer seeking buyer agency, the majority of listings in New York pay your buyers agent. While there are less evolved companies that lack understanding regarding buyer agency, your Realtor will let you know if a property does not include the fee.

As a buyer, just as you might request that a seller pay a percent toward closing costs, it is also possible to request of a seller that they provide the fee for your buyers agent, in situations where you are dealing with a listing that does not provide payment to a buyer’s agent.

Unless agreed to in writing beforehand, Realtors are paid when- and only when- the property closes.

Types of cooperative fees paid in New York:

Sellers agent: while still popular in areas of the Hamptons, most areas have abandoned this compensation for a cooperating Realtor bringing a buyer, because per New York State, the seller can be held liable for any intentional misrepresentations made by the selling agent.

Brokers agent: in use, this allows the cooperating broker with a buyer to work for the listing company, representing the seller, while bringing the buyer. Liability for misrepresentation on the part of the selling agent falls to the listing company.

Buyers agent: in use, this allows the buyer to have representation, and eliminates vicarious liability for both the seller, and the listing company.

For buyers seeking representation, it’s important to understand the agency offerings. For sellers, the same applies. It is the responsibility of the listing company for the seller to clarify each offering, and the buyers agent to make clear the distinction for a buyer.

A real estate transaction is a meeting of the minds between a seller and a buyer, with Realtors working to bring the two together. Real estate transactions have always had and will always have, opposing agendas from a seller perspective, and a buyer perspective, yet as long as sellers are willing to offer compensation to a buyers agent, and buyers are willing to provide a realistic price for a home, the result is the same.

For sellers: understand the agency offerings that you are deducting at closing from your net proceeds, and insist on exposure that will provide your home with cooperating brokers- every offer counts, and an MLS is viewed by all MLSLI Realtors seeking homes for their buyers.

To view the required New York agency disclosure, click here. The disclosure also covers dual agency, which may occur when a buyer views a property listed by the selling agent’s brokerage.

To view east end of Long Island (Hamptons, North fork) homes for sale on the Multiple Listing service of Long Island, click here.

To view east end reo/foreclosure homes for sale, click here.

2010 Home Sales Round Up North Fork, Long Island

January 8th, 2011 category: Real Estate NewsNo Comments »

2010 picnik The following is a 2010 wrap up of home sales recorded on the east end of Long island (North fork). Figures include reported sales of single family homes on the North fork of Long Island, from Riverhead to Orient Point. All data is gathered from MLSLI, the widely used multi list system on the east end of Long island. While deemed reliable, not guaranteed. Home sales were reported closed from Jan. 1, 2010 through Dec. 31, 2010.

AQUEBOGUE, NY
total homes sold: 30
Low price: $239,000.
High price: $1,450,000.
Average sold price in 2010: $ 452,572.00

BAITING HOLLOW, NY
total homes sold: 30
Low price:$55,000.
High price: $860,000.
Average sold price in 2010: $396,736.00

CUTCHOGUE, NY
total homes sold: 37
Low price: $225,000
High price: $2,000,000.
Average sold price in 2010: $691,932.00

EAST MARION, NY
total homes sold:7
Low price: $417,500.
High price: $850,000
Average sold price: $553,071.00

GREENPORT, NY
total homes sold:26
Low price:$190,000
High price:$1,450,000.
Average sold price: $ 491,907.00

JAMESPORT, NY
total homes sold:18
Low price:$185,000
High price:$1,170,000.
Average sold price: $480,444.00

LAUREL, NY
total homes sold:7
Low price:$335,900
High price:$985,000
Average sold price: $572,128

MATTITUCK, NY
total homes sold: 51
Low price:$190,000
High price:$2,770,000.
Average sold price:$633,275.

NEW SUFFOLK, NY
total homes sold:7
Low price:$390,000
High price:$2,495,000.
Average sold price: $822,642.00

ORIENT, NY
total homes sold:14
Low price:$495,000
High price:$1,945,000
Average sold price: $843,750.00

PECONIC, NY
total homes sold:12
Low price:$344,000
High price:$2,040,000.
Average sold price:$755,853.

RIVERHEAD, NY
total homes sold: 55
Low price:$59,900
High price:$464,000.
Average sold price:$214,790.00

SOUTH JAMESPORT, NY
total homes sold:9
Low price:$210,000
High price:$842,500.
Average sold price:$485,166.00

SOUTHOLD, NY
total homes sold: 91
Low price:$220,000
High price:$2,640,000
Average sold price:$644,633

CALVERTON, NY
total homes sold:9
Low price:$205,000
High price:$369,666.
Average sold price:300,763.00

Total recorded home sales on the North fork of Long Island: 403
Total recorded home sales above $1,000,000.: 30
Total recorded home sales below $399,900: 158

To view available homes for sale on the east end of Long Island (North fork, Hamptons) click here;
To view available east end reo homes (North fork, Hamptons) click here.

North Fork / East End Long Island Real Estate Market Report Nov. ‘10

December 10th, 2010 category: Real Estate NewsNo Comments »

The following is a real estate market report for closed homes occurring on the North fork/ East end of Long Island from November 1, 2010, through November 30, 2010. All information is courtesy MLSLI, and while deemed reliable, is subject to error.

Closed homes by town/village:

AQUEBOGUE, NY: 2
740 MAIN STREET: $280,000
LOT 3 CEDAR COVE COURT: $412,000
*******
BAITING HOLLOW, NY: 5
44 BEACH HILL DRIVE: $165,000
8 CAROL: $445,000
LOT 7, DONNA DRIVE: $450,000
56 CLIFF WAY: $510,000
LOT 25, ALFRED AVE: $571,000
*******
CALVERTON, NY: 1
18 PENNY DRIVE: $290,000
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CUTCHOGUE, NY: 4
26025 MAIN ROAD: $225,000
760 HOLDEN AVE EXT: $440,000
7 COUNTRY CLUB DRIVE: $550,000
7325 NASSAU POINT RD: $1,685,000.
*******
GREENPORT, NY: 2
515 4TH STREET: $555,000
62445 COUNTY ROAD: $895,000
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JAMESPORT: 2
20 LEGEND LANE: $380,000
43 HERRICKS LANE: $795,000
*******

MATTITUCK, NY: 8
165 WICKHAM AVE: $230,000
1050 MARATOOKA RD: $319,000
3100 SOUNDVIEW: $365,000
275 CARDINAL DR: $375,000
1155 S. MARLENE LN: $475,000
640 ALOIS LN: $555,000
305 SUMMIT DR: $1,380,300
4765 MILL LN: $992,000
*******

ORIENT: 1
1125 NAVY ST: $495,000
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RIVERHEAD, NY: 9
1661-4 OLD COUNTRY ROAD: $50,000*
1661-2 OLD COUNTRY ROAD: $38,000
5 PINE CT: $105,500
377 DOCTORS PATH: $99,900
1661-1 OLD COUNTRY ROAD: $105,000
34 WILDWOOD TRAIL: 140,000
228 FISHEL: $195,000
748 OSBORNE: $190,000
139 KINGS DRIVE: $285,000
*******
SOUTH JAMESPORT, NY: 2
84 POINT ST: $530,000
70 MORNINGSIDE AVE $842,500
*******
SOUTHOLD: 5
440 GRANGE RD: $300,000
495 JOCKEY CREEK DRIVE: $296,500
800 BAYVIEW AVE: $285,000
80 BEVERLY ROAD: $642,500
6484 SOUNDVIEW AVE: $679,000
*******
PRICING REFLECTS SOLD PRICE.

TOTAL SINGLE FAMILY HOMES CLOSED/SOLD ON THE NORTH FORK, NOVEMBER 2010: 41
MEDIAN PRICE: $380,000
AVERAGE PRICE: $422,027

Ranches were once again the choice leader for floor plans, with 12 ranches sold, followed by capes, colonials & cottages tied at 4 each.

The average discount from listed price to sold price was 7.47%.

To search homes for sale on the East end of Long Island (North fork, Hamptons), click here.
To view East end reo/bank owned/foreclosure homes (North fork, Hamptons) click here.

The Buyers Didn’t Believe Me!

December 8th, 2010 category: Buyers, Real Estate News, Real Estate Philosophy, SellersNo Comments »

While slow change is occurring, a persistent “bump” is the relationship that east end of Long Island buyers have with the Realtor that shows them homes, and the seeming acceptance on the buyers part that a major real estate purchase is without issue when they engage in a real estate agent that represents the seller.

Untitled With fiduciary to the seller.

I am not talking about a buyer that might call on a sign, and engage with the listing company (although I have wondered, being out of touch here, if the “double end” is re-emerging in areas that used to have a savvy buyer who understood the obvious pitfalls of this move).

What is perplexing to me is the Realtor who elects to engage a buyer, and represent the seller with ALL properties shown, irrespective of the agency providing the listing- in other words, the clear choice of the Realtor to take buyers around, and disclose that they will be representing the SELLER on any choice made by the buyer- no exceptions. Elective SUB AGENCY.

This has me constantly wondering. I guess I wonder because the simplicity of entering into a MAJOR purchase alongside a buyer would kick off the good angel/bad angel sitting on shoulders, and (with the presence of buyer agency- no contract neccessary) eliminate the choice that I will engage a buyers time, their confidence and their most important purchase…while required by LAW (NY agency law) to take any indicators that benefit the seller, and share that info IMMEDIATELY with the seller…as required by NY state agency laws.

Untitled 2 png Sub agency, where it exists, is a detriment to both buyers and sellers (vicarious liability)- yet, there you have it- it’s not dead yet.

Odd, with a fiduciary requirement to the seller, that a listing company would even offer payment for sub agency to a cooperating broker.

I must be missing something, and am fine with enlightenment- but when engaging buyers, there is something really FUN and comfortable with ease and trust, which is offered with buyer agency in New York, and in many, many places.

Honesty/integrity/disclosure/confidentiality with the home buying person that PAYS me (yes, yes, the seller cuts the check, but the FEE is in the price of the house) seemed so natural in my old state, and anything else is just, well…UNNATURAL.

THERE MUST BE A WAY TO GET THE WORD OUT TO NEW YORK BUYERS THAT “THEIR” TIME HAS COME… I wonder how everywhere else got their buyers and sellers CLEAR.

POST 12-7-10 I like happy transactions…with buyers that felt happily covered, and sellers who reached their own goal of a sale…home is a big deal.

Recent buyers, when buyer agency was explained, responded that they simply didn’t believe that a Realtor that would take up their own time finding the best home, and a buyers time finding the best home, would engage in sub agency.

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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