Archive for the 'Riverhead Real Estate' Category

Get Out, Already…It’s Not Your Life, Anymore…

July 6th, 2007 category: Real Estate News, Real Estate Philosophy, Riverhead Real Estate, Southold Real Estate4 Comments »

 Having had the distinct pleasure and (let’s be real) challenge of working with the “Active Adult” set, I’ve made many observations that make me dread 55, the AGE.

HERE’S WHAT OFTEN HAPPENS TO THIS POOR CONTINGENT OF MISPLACED 55 and better NEIGHBORS IN A NOW STRANGE NEIGHBORHOOD,full of tricycles and mini basketball hoops made of gray plastic, and a strange helmet clad contingent, complete with participating parents (OUR KIDS NEVER HAD HELMETS) riding safely down the previously less traveled-by- strangers cul-de-sac…the neighborhood looks oddly the same, but different. Friends have moved, citing reasons like an out of state child or “too much yard work”…some neighbors want to travel, now that the kids are grown.

After an unnerving accident running over the neighbor’s soccer ball (good thing the pads were on the kid) the 55 and better thinks, “THAT’S annoying.” While at the same time wondering when their first grandchild will rock their world…

They start “investigating.” This is the hardest time- the exploring. As in, unload the house with memories, and lock into a “lifestyle” change. The new house is secondary to the first dilemma, by a long shot. Neighborhood of kinship is first. The kind with the clubhouse, neighbors that are on the same page (especially during cocktail hour, when recounting their own reasons for change)…and, an indoor and outdoor pool, great for the grand kids and family…and NO YARD-WORK. And often enough, LESS MONEY. But also, LESS ROOM TO BRING ALL THE STUFF. The accumulated…stuff.

This is the difficulty, the BIGGIE. Contemplating all of the accumulated stuff. But that soccer ball has made the 55 and better consider that selling all of the stuff (or giving it away) is cheaper than the subsequent lawsuit over accidentally squirting the neighbors wild toddler with a garden hose…when did kids start eating flowers? And, since when is squirting one by mistake a crime?

Landscape free, in neighborhood clubhouse, parties, new friends, or…getting rid of a few dust collectors. The progress of freedom is a long one, when a person sells new construction. Let me just say, having enjoyed the last year and a half watching all of the heartbreaking decisions, whether you bought one of the homes or not…THANK YOU! I felt your pain!

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Naughty “North Fork, Long Island” Realtors, Part 2

June 29th, 2007 category: Buyers, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real Estate2 Comments »

Ok. You understand the mls system, and you’re now clear on sign rider games that limit the exposure that your home may get as a result of the silly EXCLUSIVE sign rider practice.
Don’t believe the ads; look at it this way: if Joe Shmoe is perusing Realtor.com in Garden City, and your home is not in the mls or Realtor.com, he will not have access to it. PERIOD.

Nor will his Realtor, because there is no way for a company of any size to insure that every single listing reaches the desk of every single real estate professional without the use of the MLS system.

Let’s move on to another trick of some North Fork Realtors: some companies are not offering payment in the mls system to BUYER BROKERS. This is made clear in the mls, as illustrated below.
BEFORE YOU READ FURTHER, PLEASE READ THE DEFINITION OF FIDUCIARY.

YOUR REALTOR AGREED, WHEN JOINING THE BOARD OF REALTORS, AND THE MLS SERVICE, TO THIS EXPECTATION OF BEHAVIOR when representing you, the seller.

Buyer Brokers are now very common, and absolutely no threat to you, the seller. A buyer broker simply represents the buyer- if your buyer has an attorney (as most do) then they are already receiving the benefit of a third party watching out for them. Their Realtor has a fiduciary responsibility to their buyer, in much that same way that your listing agent has a fiduciary responsibility to you, the seller.

If you are selling your home, you don’t care where the buyer comes from, as long as he is ready, willing, and able to purchase and close on your home, right? Make certain that your listing company agrees. If they don’t, use a different listing agency. You’ve agreed to a commission amount; it will likely be split between two companies. No effect on the total amount paid out that you have accepted- just split.
Because representing the buyer has taken the place of dual agency to the extent that most conscientious agents understand the dilemma (you simply cannot represent a buyer and seller adequately and with equal fairness to both) it is now required that buyers, if they choose to, sign with their real estate salesperson or broker a buyer broker agreement.

An example of the old days, without agency disclosure:
A buyer expresses an interest in your property, and calls. Your listing agent takes them through your home, and the buyer decides to make an offer. The offer includes a price lower than your listing agent understands to be your minimum, but the buyer makes it clear that this is as high as he will go. Your listing agent now faces a dilemma-encourage you to go lower than planned, or let the buyer look elsewhere.

Walk away from the full commission, or encourage you to rethink your price. A conflict of interest for you, the seller, to have representation for a buyer through your listing agent. Serving two masters rarely works.
SITUATIONS LIKE THIS OCCURRED FREQUENTLY ENOUGH THAT THE LAWS WERE CHANGED IN ORDER TO PROTECT BOTH YOU, THE SELLER, AND YOUR BUYER. The result was a disclosure of exactly who represents whom. As a buyer representative, the second buyer now has an agent that will diligently pursue obtaining the property for their buyer without compromising your position, as a seller. No temptations.

If your listing company declines to compensate a buyer broker through the commission that YOU, the seller, are paying, via the mls, then you are losing out on additional traffic and buyers to your home. Simple.

What is the reason for buyer broker exclusion, in light of the fact that it is very, very common? Once again, GREED, in this writers opinion. Why on earth limit prospective buyers, and try to force them to call the listing agency directly? It’s that pesky GET BOTH ENDS OF THE COMMISSION thing again. At your expense.

The problem is, if a buyer has signed a buyer broker agreement, they’ve demonstrated a commitment to having their interests watched out for, so they will likely pass on your house. While opinion may not count for much, it’s not rocket science- a pretty obvious elimination of prospective buyers.

If all of this was explained to you at the time of your listing agreement, and you made the decision to eliminate the buyer broker prospect, it is this writers opinion that a) you were not clear on the detrimental nature of losing out on buyers for your home or b) you are not motivated to have your home available to the buying public. This is your choice; your Realtor accommodated you.

This decision, as the consumer, is YOURS TO MAKE. At Options Realty, due to our fiduciary responsibility to you, the seller, we cannot in good conscience eliminate buyers for your home, and as a result, do not participate in this kind of exclusion. As experienced professionals, we know that it is a detriment to you, the seller.

Changes in real estate practices are upon us. Old school mentality of “get both ends” has no place in the current environment of real estate sales. It never did; but we’ll defer to local customs and ignorance as an excuse. There are no excuses, in a tougher market or ANY market, for not adhering to FIDUCIARY to the letter. Insist on it- you’re the consumer, and YOU CALL THE SHOTS. Just our opinion…

RANDOM EXAMPLES OF MLS INCONSISTENCY- AS OF JUNE 20, 2007 12:32 PM:

ML#1906189
SA (selling agency): commission amount indicated.
BA (buyer agency): 0
Br A (broker agency): 0

ML#1961151
SA:commission amount indicated.
BA:0
Br A:commission amount indicated.

ML#1907274
SA: 0
BA: 0
Br A:commission amount indicated.

ML#1941164
SA:commission amount indicated, followed by an (A)
BA: TBD
Br A: commission amount indicated

I clicked on six RANDOM mls listings; FOUR OUT OF SIX came up with problems for you, the seller. Four out of six. Frankly, if I were an out of town Realtor, I wouldn’t bother showing any of these properties. The fourth one made me laugh- who is going to show a property with “TBD”? If I wanted to show it, my offer would be a tongue in cheek 20% commission request- does “TO BE DETERMINED” mean that I can submit whatever I’d like, as the buyer broker? RIDICULOUS, in this writer’s opinion.

LET’S KEEP IT SIMPLE. OFFER TO PAY ALL PARTIES INVOLVED IN THE SUCCESSFUL SALE OF YOUR HOME; MAKE IT EASY FOR ALL BUYERS TO ACCESS YOUR PROPERTY, AND DON’T GET INVOLVED, AS A SELLER, WITH ANY EXCLUSIONS TO YOUR TRANSACTIONS THAT ARE A DETRIMENT TO YOU.

A “Whale of a Tale” (true story): a buyer in the North Fork recently wanted to buy a house through his buyer broker, all agency paperwork signed. The conversation to the listing “professional” went like this:
Buyer broker: “We have an offer on your property at ——. It’s a buyer agency offer.”
Greedy listing agent: “That property doesn’t offer buyer broker agency.”
Buyer broker: “Well, the mls states that it does.”

STOP RIGHT HERE, SELLERS. This individual, rather than having an interest in an offer on your property, is more interested in what, as a listing company, you, as a seller WON’T do (or pay). The commission has been agreed to; it doesn’t impact the amount that you’re paying, and yet…your listing agent is making it as hard as possible for people to make offers on your home. Unacceptable, when your best interests are supposed to be at the forefront.

NORTH FORK REALTORS: You have a great tool with the mls service. Use it responsibly, and with your sellers fiduciary outcome at the forefront. Don’t grasp at the disappearing double end. Just get the home sold. This market is no place for games. FIDUCIARY. PERIOD. Just this writer’s opinion…

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To Home Sellers on the North Fork of Long Island

June 13th, 2007 category: Buyers, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real EstateNo Comments »

We noticed recently several very late entries into the multi-list Long Island real estate service. By “late entries”, we don’t mean that your home appeared a few days, or even a week after the company that you selected listed your home- we’re talking about a few months.

For those that are unclear about the Multiple Listing Service, let us explain: while fairly new to the North Fork of Long Island, the MLS opportunity was finally embraced by the local real estate community a few years ago. A service that has been in place for over 20 years, this entity places your home in a cooperative venue, permitting access to show your home to the real estate community in all of New York (The United States & World Wide). Exposure of your home is critical in order to achieve multiple offers; in addition to exposure to the real estate community, consumers (via Realtor.com) can access your property for consideration.

As the internet continues to afford marketing possibilities for your home, the mls service remains the stable go-to for the real estate industry- particularly for those agents that have potential buyers for your home. Realtor.com permits potential buyers to browse properties in their area of choice in order to narrow down possibilities.

As a home seller in a more challenging market, to be without this service is to eliminate the majority of both real estate professionals with possible buyers, and buyers seeking to purchase a home in this area. It is a marketing avenue that should be expected from your chosen real estate professional. It involves “sharing” the commission paid for your home; it involves responding immediately to prospective buyers that contact your agent having found the property on Realtor.com.

There is only one reason that makes sense for listing companies that do not utilize this very reasonably priced service in order to provide your home with necessary exposure: GREED. If your home is not immediately presented to the real estate community, re think your choice of listing agent. Check on Realtor.com within days of your listing to make sure that your property appears.

You are paying a commission that is attached to the success of your home selling. It is likely explained to you that part of this fee is for the agent, from a different real estate company, that introduces the buyer to your home. Here’s the catch: if your listing agent locates the buyer, they receive the commission in full. No sharing. Here’s the other reality: FEWER OPPORTUNITIES TO SELL YOUR HOME.

Please don’t get caught in this trap. It’s unethical to you, the seller, and an appalling breach of ethics on the part of your listing agent. It’s called, plain and simple, greed, and your largest investment should not be subject to these kinds of games. Just our opinion…

Options Realty: selling homes on the North Fork of Long Island: Riverhead, Jamesport, Aquebogue, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York.

Technorati Tags: Southold, Long Island, MLS, New York, North Fork, Sellers, Property, Real Esate, Buyers

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Downtown Riverhead Deadline Looms

May 13th, 2007 category: Downtown Riverhead, Real Estate News, Riverhead Real Estate1 Comment »

This week I want to introduce a new topic that is a growing news story while spring has sprung here in Riverhead, New York.

Daniel Wagner at Newsday reported in his article Energizing East Main, earlier this month, about the revitalization of Downtown Riverhead. I think his article is helpful in getting things moving forward on East Main.

I want to preface his article by mentioning a few of my own thoughts.

The owners of those semi-abandoned rows of retail storefronts in Downtown Riverhead on East Main St. and The Town of Riverhead need to be held accountable for the turtle pace of advancement that is taking place in Downtown Riverhead re-development. I say, Fix Riverhead Today.

Let’s hope that the Town of Riverhead sticks to it’s guns this Tuesday, May 15, concerning the conditional deadline for Apollo to develop a land-use plan. I’l keep you posted this week if Cardinale’s demands will be met.

Wagner writes that “Cardinale said the town board has demanded that by May 15 the developer present a clearer vision for the southern part of the project, letters of intent from prospective tenants, and a letter indicating whether negotiations had failed.

If they do, that could trigger a provision in the earlier agreement mandating the town to help Apollo obtain needed properties through eminent domain - something all parties said they would like to avoid.”

My feeling is that if the Town of Riverhead and Cardinale were serious, they would hang that threat over the heads of both the Appolo, and Riverhead Enterprises . Why not? Up to this point there hasn’t been any action taken on their part. The threat of eminent domain from the town could be just the fire that the two parties need to be lit under their respective hind quarters…

Read Daniel Wagner’s article, Energizing East Main in Newsday.

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North Fork Summer Repose

May 3rd, 2007 category: Buyers, North Fork Neighborhoods, People and Places, Real Estate News, Riverhead Real Estate, Southold Real Estate1 Comment »

If you are looking for a summer home, there is no better place to be than the North Fork of Long Island. Check out Southold, Greenport, Jamesport, Mattituck, Cutchogue, Orient and Riverhead, for starters. I’ve included a map to make the decision a little easier.

This is an area full of age diversity, and The Suffolk Times newspaper is constantly full of activities for everyone, whether it be a Scrabble match (National Headquarters located in Greenport NY! ), science camp for the kids, play groups, bird watching tours, sailing lessons, days at the beach, visits to local vineyards for wine tastings and an education on the process…and the list goes on. And on- tag sales with REALLY cool stuff, great local restaurants (we like O’Mally’s and Modern Snack Bar ) and a feeling that the summer was created to spend in this enclave.

With the possible exception of church on Sunday, casual is the order of the day. No pomp expected here, no worries about leaving the house without make up. Don’t even bring it. People that summer and live in the North Fork are more interested in land preservation, walking, socializing (try a Lobster Fest for fun) and playing.

Boasting a rich history, Southold and the surrounding hamlets have families that have been here since the inception of the town.
Kids love it here. In Greenport, there is a terrific skate park for the skateboard contingent- shop at unique retailers while they enjoy their “thing”. Summer creates activities for families- bands play in the central park of downtown Southold in the evenings, there are sailing clubs that encourage friendly competition, and there are events nearly every day that encourage families to spend quality time learning about nature, about arts, and about a simple life.

We’d love to assist you in the investigation of a superb summer home in the North Fork of Long Island- click on homes, call us with questions, and let us know how we can share this amazing place. If you’d like to explore by spending a weekend here, we have a number of terrific Bed and Breakfast opportunities - let us know, and we’ll spend a weekend locating your summer retreat!

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Foreclosures HERE? On The Beautiful North Fork of Long Island? Yep…

May 2nd, 2007 category: Real Estate News, Riverhead Real Estate, Sellers, Southold Real Estate1 Comment »

The North Fork of Long Island, New York, is a pristine area of vineyards, farms, hard working individuals, amazing produce…and more recently, increasing homes in pre-foreclosure status. While surprising to some, it is simply a function of better times going bad- we are no more exempt from life than anyone else.

First, let me suggest to readers that the rapid decline of markets here and elsewhere has thrown some sellers for a loop- the speed at which pricing went from astronomically high to more a more attainable level was a surprising event. While most residents of this picture perfect summer get-away are safe from harm, many individuals, for any number of legitimate reasons, find themselves unable to sell property for an amount that would permit them to escape this temporary national trend.

If you find yourself in a situation that requires immediate action, there are a number of sites from which you can obtain information. Begin with legal advice. From the privacy of your home, you can understand the process of foreclosure at www.FreeAdvice.com. While this will not replace speaking with your own attorney, you will be able to better understand what your attorney is advising with a preview of terms. Your loan amount is in direct correlation to your present situation and inability to meet the mortgage obligation. The very next call should go to your lender. Many lenders will work with you to avoid a costly foreclosure action- it is critical that you alert your attorney and your lender the minute you foresee that making that next payment isn’t going to happen.

If your home is a summer retreat, there are many people looking to the North Fork- Riverhead, Jamesport, Baiting Hollow, Mattituck, Laurel, Cutchogue, New Suffolk, Southold, Greenport, East Marion, Orient, Aquebogue- for the same reasons that you chose to either vacation or reside here full time. When looking at your situation, decide if your situation looks temporary, or if selling the property makes more financial sense for you. The sooner you contact all parties involved, the sooner you can act.

Don’t freeze. While this situation may be personally catastrophic, there are many resources available to assist you in this confusing time- take advantage.

Every situation is different, but the ramification of losing your home is the same from a credit standpoint. Remember- “this too, shall pass”, and if you surround yourself with individuals and companies that want to see you get through this and understand the difficulties that you have encountered, it will make the process much more tolerable. Contact us at Options Realty- we’ll do everything that we can to help you.

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