Archive for the 'Real Estate News' Category

East End of Long Island Lis Pendens Report

November 2nd, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

The following are lis pendens (pre-foreclosure) filings on the east end of Long island- Hamptons / North Fork entered from Oct. 1, 2008 through October 31, 2008. Information is provided by Long Island Real Estate Report.

East Hampton: 9

East Quogue: 3

Montauk: 1

Riverhead: 3

Westhampton: 1

Baiting Hollow: 3

North Sea: 1

Southold: 1

Bridgehampton: 1

Mattituck: 3

Quogue: 1

Sag Harbor: 1

Calverton: 1

Flanders: 1

Hampton Bays: 1

TOTAL PRE-FORECLOSURE / LIS PENDENS ON THE EAST END FOR THE MONTH OF OCTOBER: 31

This information is being provided for the purpose of assisting sellers / buyers a good look at potential market conditions on the east end of Long Island. For additional information, including foreclosed properties on the east end of Long Island, contact Options Realty

www.optionsrealty.com

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Now, Say You’re Sorry!

October 20th, 2008 category: Real Estate NewsNo Comments »

Of course, the “never apologize, never explain” dictum is not restricted to bankers. But few expect the current crisis to usher in a new dawn of humility in financial services.

Read the entire article by Reuters by clicking the link below.

http://www.reuters.com/article/ousiv/idUSTRE49J01U20081020?pageNumber=4&virtualBrandChannel=0

I certainly think, after a line up, mug shots, and fingerprints, that an apology before their jury trials would be helpful. What? No trials?

An apology would mean absolutely NOTHING to this average joe without an orange jumpsuit on the horizon.

As far as foregoing obscene bonuses that were pretty incomprehensible to most people, anyway (bonuses were better when everyone thought that these people were smart- clearly, they’re not) I liken it to giving up seconds on dessert- not a big deal, unless you’re a pig.

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Pre Foreclosure Report East End of Long Island

October 14th, 2008 category: East End LI Foreclosures, Real Estate NewsNo Comments »

The following data has been recorded for Lis Pendens filings between September 1, 2008 through October 10, 2008 on the east end of Long Island (North fork and Hamptons, New York):

NORTH FORK, LONG ISLAND LIS PENDENS REPORT:

BAITING HOLLOW, NEW YORK- 1

CALVERTON, NEW YORK- 2

CUTCHOGUE, NEW YORK- 1

LAUREL, NEW YORK- 1

MATTITUCK, NEW YORK- 4

PECONIC, NEW YORK- 1

GREENPORT, NEW YORK- 2

RIVERHEAD, NEW YORK- 6

SOUTHOLD, NEW YORK- 1

TOTAL NORTH FORK, NEW YORK: 19

SOUTH FORK (HAMPTONS) LONG ISLAND LIS PENDENS REPORT:

EAST HAMPTON, NEW YORK- 8

EAST QUOGUE, NEW YORK- 1

HAMPTON BAYS, NEW YORK- 6

SAG HARBOR, NEW YORK- 6

SOUTHAMPTON, NEW YORK- 4

WESTHAMPTON, NEW YORK- 1

BRIDGEHAMPTON, NEW YORK- 2

WATERMILL, NEW YORK- 1

MONTAUK, NEW YORK- 1

TOTAL HAMPTONS, NEW YORK: 29

figures obtained from the Long Island Real Estate report.  

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Credit Kink on The North Fork of Long Island

October 6th, 2008 category: Real Estate NewsNo Comments »

http://money.cnn.com/2008/09/25/pf/credit_limit_pullback/index.htm?postversion=2008092612

There’s a new kink for home sellers and home buyers on the North Fork of Long Island.

Not unlike frozen HELOCS, banks are reducing the credit lines offered to consumers.

While it may appear as simple as reducing a credit limit on credit cards, home buyers need to be aware of the potential impact on credit scores, in the event that your credit limit is reduced.

Credit reports, when a credit reduction takes place, may well reflect an unexpected negative aspect: what was indicated as a consumer conservatively using credit vis-a-vis maintaining an available balance will now reflect a borrower who has maxed out their credit limit.

This isn’t being activated solely to those who might find themselves behind on credit cards; to the contrary, even those with perfect payment histories may well find themselves in the maxed out category, despite maintaining an impeccable repayment history.

Don’t get shocked at the counter when your card is inexplicably declined; check your statements monthly, and stay on top of any changes that your credit card company might implement with respect to your available credit by examining your monthly bill.

Be aware, as well, that an unexpected decrease in your credit limit (creating a maxed out card) may well impact your credit score, initiating an opportunity for banks to increase your interest rate on other cards- and create an unexpected  issue with a home purchase. If you’re thinking of buying a house, be diligent.

“This, too, shall pass…”

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Third Quarter Home Sales North Fork, Long Island

October 2nd, 2008 category: Real Estate NewsNo Comments »

The following report provides all CLOSED properties in selected areas of the North Fork of Long Island from July 1, 2008 through September 30,2008, as reported to the MLSLI.  Asking price is in regular font, closed price is in bold.

This report does not contain condos/mobile home sales.

AQUEBOGUE, NY HOMES CLOSED

Closed: 6

$379k/$350k;  $449k/$435k;  $569,9k/$469,9k;  $599k/$525k;  $699k/$572,9k; $2,499m/$2,180m

Homes currently available for sale in Aquebogue, NY: 72

BAITING HOLLOW, NY HOMES CLOSED

Closed: 6

$409,9k/$390k;  $479,9k/$450k;  $519,9k/$519,9k;  $534,9k/$540k;  $549,9k/$549,9k  $849,9k/$825k

Homes currently available for sale in Baiting Hollow, NY: 57

CALVERTON, NY HOMES CLOSED

Closed: 2

$339k/$334k; $499k/$350k

Homes currently available for sale in Calverton, NY: 17

CUTCHOGUE, NY HOMES CLOSED

Closed: 9

$399k/$365k; $475k/$437k; $498,5k/$492,5k; $595k/$560k; $799k/$700k; $799k/$735k; $1,099m/$970k; $2.149m/$1.650m; $2.888m/$2.225m

Homes currently available for sale in Cutchogue, NY: 48

EAST MARION, NY HOMES CLOSED

Closed: 6

$395k/$395k; $399k/$370k; $550k/$545k; $729k/$729k; $1.395m/$1.275m; $1.9m/$1.9m

Homes currently available for sale in East Marion, NY: 17

GREENPORT, NY HOMES CLOSED

Closed: 5

$379k/$370k; $480k/$460k; $499k/$460k; $650k/$625k; $675k/$630k

Homes currently available for sale in Greenport, NY: 46

JAMESPORT, NY HOMES CLOSED

Closed: 5

$369k/$340k; $619k/$619k; $619k/$580k; $880k/$865k; $995k/$933k; $1.250m/$1.07m

Homes currently available for sale in Jamesport, NY: 29

MATTITUCK, NY HOMES CLOSED

Closed: 12

$379K/$352,3K; $415K/378,5K; $449K/$409K; $449,9K/$425K; $450K/$430K; $539K/$517,5K; $579K/$565K; $645K/$625K; $699K/$612,5k; $975k/$750k; $1.85m/$1.85m; $2.35m/$2m

Homes currently available for sale in Mattituck, NY: 76

ORIENT, NY HOMES CLOSED

Closed: 6

$769,5k/$755k; $900k/$900k; $929k/$915k; $950k/$900k; $975k/$975k; $1.45m/$1.35m

Homes currently available for sale in Orient, NY: 21

LAUREL, NY HOMES CLOSED

Closed: 3

$449k/$407k; $739k/$642,5k; $2.95m/$2.7m

Homes currently for sale in Laurel, NY: 16

RIVERHEAD, NY HOMES CLOSED

Closed: 15

$180k/$180k; $239k/$225k; $253k/$264,5k; $279k/$260k; $299k/$288k; $299k/$230k; $299k/$275k; $329,9k/$292k; $349k/$310k; $350k/$340k; $399k/$395k; $419k/$365k; $459k/$380k; $499k/$399k; $674,9k/$559,9k; $674,9k/$590k

Homes currently for sale in Riverhead, NY: 145

SOUTHOLD, NY HOMES CLOSED

Closed: 13

$375k/$344k; $449,9k/$435k; $449,9k/$447,5k; $529k/$465k; $535k/$480k; $599k/$599k; $599k/$575k; $649k/$605k; $785k/$730k; $800k/$785k;$897,9k/$800k; $1,150m/$1.06m; $1.995m/$1.710m

Homes currently for sale in Southold, NY: 119

To view homes currently for sale in all North Fork, Long Island villages, click on the “north fork homes” tab and begin your search.

For information on closed properties in any North Fork village, please contact Options Realty 631-727-2227

www.optionsrealty.com

All information, while deemed reliable, may contain errors. Options Realty is not responsible for information incorrectly recorded in the MLSLI. The above information is provided as a tool; contact a real estate professional for specifics on your own property, or a property of interest.

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3rd Quarter Condos For Sale/Sold North Fork, Long Island

September 29th, 2008 category: Real Estate NewsNo Comments »

The following information was gathered from the MLSLI in order to provide an update on sales activity for North Fork,
Long Island retirement/vacation/55 and better condominiums.
*is closed pricing. All other pricing is list price.

UNDER CONTRACT/AVAILABLE FROM 07/01/2008 THROUGH 09/30/2008:

AQUEBOGUE, NY:

Silver Village
1 sold. $340k*
1 available. $389,9k.

BAITING HOLLOW,NY:

The Knolls
1 sold. $359k
6 available. $375k;$380k;$385k;$399k;$439k;$439k

The Bluffs
0 sold.
3 available. $449k;$498,8k;$549,9k

CALVERTON, NY:

Calverton Hills
1 sold. $159k*
10 available. $144,9K;$149K;$165K;$170K;$174,9K;$179K;
$189K;$189K;$189K$199K

Foxwood Village
1 sold. $165k.
18 available. $153,5k;$159k;$168k;$179k;$185,9k;
$199,5k;$219,9k;$220k;$225k;$225k;$229,9k;$239,9k;
$240k;$249,9k;$270k;$310k;$319k;$349,9k

Windcrest East
0 sold.
2 available. $589,9k; 589,9k

GREENPORT, NY

Driftwood cove (co-op)
0 sold
2 available. $180k; $199k

Breezy Shores (co-op)
0 sold
2 available. $369k;$369k

Pheasant Run Estates
1 sold. $320k*
1 available. $459k

Sterling Harbor (co-op)
1 sold. $765k
1 available. $695k

Oyster Point
0 sold.
1 available. $725k

JAMESPORT, NY

Maidstone Landing
0 sold.
9 available. $699k;$799k;$845k;$849k;$850k;$879k;$895k;$947,9k;$1,275m

RIVERHEAD, NY

Mill Pond
3 sold. $294k;$299k;$299K
4 available: $269,9K; $295K;$299K;310K

Willow Pond
1 sold. $298,888k
10 available. $269,9k;$295k;$299k;$314,9k;
$334k;$389k;$389k;$395k;$406,5k;$485k

Sunken Pond
0 sold.
7 available. $329k;$375k;$382k;$390k;$399,9k$399,9k;$429k

Saddle Lakes
0 sold.
5 available. $389,9k;$399k;$399k;$349k;$532,5k

The Highlands
0 sold.
1 available. $574,9k

SOUTHOLD, NY

Founders Village
0 sold.
0 available.

Colonial Village
1 sold. $160k
2 available. $187,8k;$279,7k

The Cove
0 sold.
1 available. $899k

For additional details, click on North Fork Condos, and enter “condo”, and towns of interest. For any questions regarding association dues, age restrictions, and taxes, call Options Realty at 631-727-2227 or email laurie@optionsrealty.com

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Integrity in Hamptons, NY Real Estate- Arriving NOW!

September 25th, 2008 category: Buyers, Real Estate NewsNo Comments »

Great news for the Hamptons, New York Home Buyer: INTEGRITY HAS ARRIVED!

It was with enthusiasm that I read the recent news offered by Michael Daly, owner of True North Realty Associates  in the Hamptons- buyers are now going to be able to navigate the Hamptons and North Fork market with a TRUE ADVOCATE, coming in the form of an exclusive buyers agent.

While Options Realty has been a loud-mouthed proponent of a practice that covers both buyers and sellers on the North Fork, the advent of a long-time (and highly respected)Hamptons broker entering this arena is truly great news.

While this news may be less than exciting for large brokerages focused on scooping up listings (buyer agency is not possible when a buyer purchases a property “in house”- limiting that sought after “double end” for large brokers that choose the buyer agency opportunity), it is, for consumers, a HUGE change in the Hamptons that will likely change the way that business is conducted.

That buyers now have an alternative to sub agency and dual agency in the Hamptons is overdue.

Quite simply, it presents an opportunity for buyers and sellers to proceed in a purchase without that “muddy” who-represents-ME scenario. In the past, it has been as clear as, well, MUD.

To Michael Daly of True North Realty Associates, congratulations on a decision that might (FINALLY) add some consistent clarity and integrity to a transaction on the east end, usurping the often confusing transaction in which a buyer, in hindsight, understands that that “really nice agent” in fact represented the seller all along…leaving the buyer with a sense of unease (and a purchase price dictated by both the listing AND selling agent).

While we may well find ourselves with regret that competition in the form of an exceptional company with experience has nudged into (understatement) a territory in which we’ve found ourselves quite alone in promoting, the end result is a benefit to ALL real estate companies on the east end of Long Island- when consumers are treated with professionalism and honesty, real estate agents benefit. Inherent integrity.

CONGRATULATIONS, MICHAEL, ON YOUR DECISION TO INTRODUCE INTEGRITY TO HAMPTONS AND NORTH FORK REAL ESTATE TRANSACTIONS!

Thank you for recognizing that consumers on the east end have, for too long, encountered too often a “ME, FIRST” attitude from many brokers operating on both the North and South forks of Long Island, when with consumers buying or selling a home.

If you are looking for a home on the North Fork of Long Island, and seeking buyer agency in its least complicated form (no in-house listing issues), call either Options Realty or True North Realty Associates for information:

Options Realty: 631-727-2227 (hey- it’s my blog. I go first) serving the North Fork of Long Island
OR
True North Realty Associates- Michael Daly: 631-725-0554, serving both the Hamptons and North Fork of Long Island

www.beachamptons.com

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East End, Long Island…WHAT’S GOING ON?

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

PR.com reports here that

• Long Island foreclosures in August remain higher than last year: The number of new foreclosures in Long Island was 32% higher than in August 2007. Suffolk County was up 19%, while Nassau County recorded a 41% increase over the same time period.

Without INCLUDING todays news regarding the fed takeover (and “be quick about it” attitude) makes things very difficult for consumers to navigate at this juncture. Important to know is that, according to a rep from Freddie Mac at the Five Star REO conference in Dallas, Texas last week, we have only seen an estimated 25% of the anticipated foreclosures nationwide. TWENTY FIVE PERCENT…leaving 75% to arrive.

This knowledge drives home the all important reality that if you need to sell, you MUST price your home in accordance with what is certainly a declining market- most likely receiving less than you had anticipated. That your home will be priced usingcomparables that INCLUDE foreclosed properties leaves little choice- better to wrap up your sale before the competition from bank owned properties REALLY skews the numbers.

While an attitude of, “Not here, on the beautiful east end of Long Island” persists…it’s time to take a good look at what IS, and act accordingly.

If you’re seeking a realistic look at the market, don’t hesitate to call. You may not like what we offer in the way of pricing, but you’ll like LESS the pricing that you’re stuck with, should you choose to believe that we are “unaffected” by the coming decline in home values.

Buyers seeking property on the North Fork of Long Island are well aware of the market upheaval. While it may seem prudent to add a “buffer” for offers, the bottom line is the bottom line. While “games” in pricing may have worked in the past, that is no longer a wise course of action. If your house isn’t shown, it won’t sell. There will be no offers to “counter”.

While the real estate market will certainly look very different five years from now, if you have to move your property NOW, make it happen by insisting that your agent offer it at your bottom line. Holding firm is better than holding on. Buyers aren’t looking to play games- a well priced property holds much more allure than an overpriced property with “room to negotiate.”

Options Realty: providing opinions.

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Homes For Sale, North Fork Long Island

September 5th, 2008 category: Real Estate NewsNo Comments »

The following is an update on condominium/retirement/vacation homes for sale on the North Fork of Long Island. The towns include Aquebogue, Baiting Hollow, Calverton, Greenport, Jamesport, Riverhead and Southold, New York. To view available condos, click on the North fork Condos tab, and you’ll have access to all properties in detail.

AQUEBOGUE, NEW YORK
Silver Village: 2; $389,999, $449k.
HOA DUES (RANGE): $220/mo
TAXES (RANGE): $4300-6300/YR

BAITING HOLLOW, NEW YORK
The Knolls: 6; $375k; $380k;$385k;$390k; $399k;$439k
HOA DUES (RANGE):$257-$297/mo
TAXES (RANGE): $3880.-$4700/YR

The Bluffs: 3; $469k; $498,9k; 549k
HOA DUES (RANGE): $326-$330/MO
TAXES: $5200-5400/YR

CALVERTON, NEW YORK
Calverton Hills: 9; $144,9k; $165k; $169k; $170k; $174,9k, $179,9k;195k;$195k, $195k
HOA DUES (RANGE): $275/MO
TAXES (RANGE): $1722-2050/YR

Foxwood Village: 15;$179,9k;165k;$164,1k; $199,5k;$219,9k;$220k;$225k;$229,9k;$239,9k; $240k;$265k;$270k;$310k;$319k;$349,9k
HOA DUES (RANGE): $435-468/MO
TAXES (RANGE):$3500-$6800/YR

Windcrest East: 2; $589,9k;$589,9k
HOA DUES (RANGE): $272/MO
TAXES (RANGE): $4946-$5143/YR

GREENPORT, NEW YORK
Driftwood Cove (co-op): 2; $180k; $199k
HOA DUES (RANGE): $270-303/MO
TAXES (RANGE): CALL US

Breezy Shores (co-op): 2 $369k; $369k
HOA DUES (RANGE): $300/MO
TAXES (RANGE): $1261

Pheasant Run Estates: 1 $459k
HOA DUES (RANGE): $350
TAXES (RANGE): 3100/YR

Sterling Harbor (co-op) 1 $695k
HOA DUES (RANGE): CALL US
TAXES (RANGE): $3990/YR

JAMESPORT, NEW YORK
Maidstone Landing: 8; $799k;$845k;$849k;$850k;$879k;$895k;$947,9k;$1,275m
HOA DUES (RANGE): $455-500/MO
TAXES (RANGE):$6000-7500/YR

RIVERHEAD, NEW YORK
Mill Ponds: 3 $278k; $295k;$298,8k
HOA DUES (RANGE): $187-200/MO
TAXES (RANGE): $3072-3669/YR

Willow Ponds: 9; $298,8K;$299K;$314K;$319K;$334K;$389,9K; $395K;432,5K;$485K
HOA DUES (RANGE):$273-291/MO
TAXES: (RANGE): $4397-4700/YR

Sunken Ponds: 8; $329k; $335k;$375k;$382k;$390k;$399,9k;$399,99k;$429k
HOA DUES (RANGE): $265-300/MO
TAXES (RANGE): $3731-6392/YR

Stoneleigh Woods: 2; $365k; $375k
HOA DUES (RANGE): $251
TAXES (RANGE): 4100/YR

Saddle Lakes: 2; $349k; $399K
HOA DUES (RANGE): $288- $295/MO
TAXES (RANGE): $3554-4035/YR

The Highlands: 1; $574,9k
HOA DUES (RANGE): $395/MO
TAXES (RANGE): $9919/YR

SOUTHOLD, NEW YORK
Founders Village: none available at this time

Colonial Village (co-op): 1 $279,750
HOA DUES (RANGE): 430/MO
TAXES (RANGE): CALL US

The Cove: 1; $899k
HOA DUES (RANGE): $425/MO
TAXES (RANGE): $3300/YR

All figures above are obtained from outside sources. The purpose is to provide seekers or sellers of retirement/vacation condominiums a range of costs/availability.

In order to receive the most accurate and up-to-date information, please give Options Realty a call for clarification- these figures, while deemed accurate, are subject to revision or confirmation, and should not be relied upon as a sole indicator. Please view as estimates.

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I Bought this House- Now, Who is Going to Pay for the Pool?

September 3rd, 2008 category: Real Estate News, Real Estate Philosophy2 Comments »

Perhaps it’s because I’m a partner in a real estate company; perhaps it’s because I relocated.

Either way, the practice of a real estate agent showing our listings under “seller agency” has created issues. We just don’t permit it, and our sellers know why. Permission from them case by case.

“I’ve been selling real estate here for fifteen years, and THAT’S THE WAY WE DO THINGS!” was one response from a very successful local agent wanting to bring buyers to the listing.

In an effort to quickly and (hopefully) efficiently dispel the notion that changes are for the purpose of rocking a boat, the following scenario occurred with a recent showing:

A brand new agent enthusiastically presented our listing to her buyers. Mentioning that the front yard was huge, the response to her buyer’s query about the possibility of a pool in the front yard was met with, “SURE! There’s plenty of room!”.

Coming in as a sub-agent (or, with a buyer having the “seller agency” box neatly checked on the NYDOS disclosure- same thing) creates this problem for our seller (owed fiduciary, per NYS).

New York State added to the menu of offerings “BROKER AGENCY”. While somewhat difficult to decipher, it does include the following :”  THE BUYER AND SELLER THEREFORE DO NOT HAVE VICARIOUS LIABILITY

FOR THE ACTS OF THE BROKERS AGENT”. Good for our seller.

Problematic for ourselves, as owners of a real estate company, is the last line in that agency agreement:

“THE LISTING AGENT OR BUYERS AGENT DO PROVIDE DIRECTION AND INSTRUCTION TO THE BROKERS AGENT AND THEREFORE THE LISTING AGENT OR BUYERS AGENT WILL HAVE LIABILITY FOR THE ACTS OF THE BROKERS AGENT”.

I REALLY don’t want to pay for a pool that was represented. Under either of the above scenarios, the possibility exists that either our seller, or ourselves, will be out with shovels after closing.

Bring your buyers- please. That we want to sell the house is in evidence with the integrity that we’ll bring to the table, respecting both you, and your buyers. But, let’s start the process accepting our respective responsibilities, for which your buyer is paying part of the fee that our seller is offering.

Keeping our seller “off the hook” with respect to inadvertent misrepresentations is what we agreed to do for them when we listed the house.

I’ve never been good at digging holes, and I don’t want to learn this late in the real estate game- besides, the cute shoes that the selling agent was wearing would be ruined, when I pick her up at 1 a.m and hand her a shovel! * after dark- the town will not accept this front yard pool, due to setback requirements.

To see industry comments on this blog post, please visit Active Rain Real Estate Network.

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