Long Island Real Estate Blog

Susan Boyle - From Anonymity To Stardom In The Blink Of An Eye

2009-04-16T07:47:00.014-04:00

Just who is Susan Boyle? That's a question on the minds of many just days after she rose like a phoenix on Britain's Got Talent. A more unlikely star in the making would be hard to find. A middle aged woman, with no great style or distintive look, yet dressed in her Sunday best, she walked onto the stage and ultimately into the hearts of millions on that fateful Saturday April 11, 2009.

It was painful to watch the early moments of her interview with Simon Cowell as snickers and rolled eyes greeted her, from the judges and audience alike. I cringed as she stood bravely, facing the disbelief etched in the faces of the as yet uninitiated. The last time I felt this intensity of emotion was when Paul Potts metaphorically slipped out of his cell phone salesman persona and into the regalia of the anointed on his fateful night just two short years ago. I wanted her to be good. I wanted us all to be bigger than we are and not judge by appearances alone. Then the music began to swell.

As the richness of sound filled the suddenly quiet auditorium, the mellifluous tones emanating from this unlikely source at once turned a jeering crowd into wildly applauding fans and insured Susan Boyle's rise to exalted heights. There were tears in my eyes as she masterfully performed "I Dreamed A Dream" from Les Miserables. It was a defining moment, both for her and for me, though I'm not alone in this. Standing before us was "Rocky." We wanted to cheer her on. This was one of us, just an ordinary person getting a chance to live her dream . . . a one in a million chance.

But who is this person? Bits and pieces of her life begin to emerge as we search for background. She's an almost 48 year old woman from West Lothian, Scotland, who to date has lived a totally unspectacular, if sometimes painful life. She is unmarried, cared for her mother until her death and lives with a cat named Pebbles. We see the makings of a Cinderella story. There's no doubt we want more. Her YouTube video has been watched over an unbelievable 11 million times in a few short days. She's being interviewed on both sides of the Atlantic, giving an a capella rendition of I Dreamed A Dream on CBS early this morning. Without benefit of musical accompaniment one could appreciate it was no fluke, her rising to sudden fame.

I for one eagerly await her next performance as this very talented lady emerges from her chrysalis into the bright star she is destined to become.

If New Construction on Long Island Is For You . . .

2009-02-10T11:38:00.010-05:00

You've picked a great time to be shopping for a new home on Long Island. Builders, finding themselves in the same crunch as the rest of the market in much of the country have not only reduced prices to make their offerings very desirable, but the savvy ones are offering incentives to prospective buyers.

Case in point. We have a truly beautiful home currently on the market in which the contractor's attention to detail is visible at every turn. It's unlike any of the other newly built homes in the area. What makes it different? Where do I begin? Let's start at the driveway. The common treatment is blacktop, an inexpensive alternative, which looks fine at the start but begins needing maintenance before much time has passed. On this one you'll see a paver driveway framed by two pillars with lights that come on at dusk. The facade speaks volumes as well, with a stucco finish, embellished with quoined corners and framing long and elegant Pella windows and a double door entry with sidelights.

Other points of difference: 9' ceilings on both levels, a gourmet cherry kitchen w/top of the line Bosch appliances, a huge center island w/granite counters, stainless and glass adjustable hood, custom moldings, designer door handles, 2 panel solid wood doors. Typically, in new homes you'll find basic inexpensive door knobs, hollow core doors, a single door entrance, eight foot ceilings, if not on both floors, on the second level, baths with tile only in tub and shower areas, average appliances. As you approach many new homes you'll find a front porch of varying sizes, constructed of wood or engineered wood, with steps to match. The paver porch on this home, designed with pergola and custom railing is a far cry from the average.

My point here is, you'll be faced with more options than you've had in the past several years. When you look, compare apples to apples. Though two or more homes may be in a similar price range, make sure you're getting filet mignon for your money, not hamburger. And remember, you're in the envious position of being in the driver's seat, a situation not always in the purview of the buyer. So, if you find the new construction you want, at a price you can afford, try to negotiate something extra for yourself. You just might get your first year's taxes paid or alternatively an appliance package you'd be happy with.

December Doldrums -- Not This Year!

2006-12-13T22:00:00.000-05:00

It's the middle of December, with the holidays looming large on the horizon. The business of real estate is supposed to be in the doldrums by now, just ask anyone. Surprisingly, in my world it's exactly the opposite. If it were not for television shopping channels and the Internet, my family would have been unhappily searching for some indication that the holidays had not completely passed me by.

With a new listing in tow and a surprising number of offers coming in on another property I represent, I'd have to say the local market, like the weather on Long Island is uncharacteristically warm for this time of year. It's a boon for homeowners who've done everything right, only to be forced into a state of limbo, their future plans on hold while their houses vie for attention as the market sorts itself out. As the year comes to a close I'm happy to see more of a balance, with buyers in increasing numbers inviting sellers to dance. Whichever side of the transaction you find yourself on, enjoy this moment of sanity.

Staging Hits The News

2006-12-05T18:20:00.000-05:00

The mass media is finally picking up the "news" that staging can help homes sell faster . . . especially in slower markets. To those of us in the trenches, there's nothing new about it. In most of the country staging is a viable marketing tool and one that's been used successfully for years. Admittedly, New York is often late to the party when it comes to innovation in real estate sales.

For years, long before it had a name, I've been "staging" homes to get my sellers top dollar in any given market. For most people, walking into a warm and lovely space excites their emotions and keeps that property top of mind. Builders have known this all along. That's why most developments have model homes, beautifully decorated, maximizing the space and characteristics of that particular architectural design.

Let me show you a recent, yet modified update I did to a space to make it competitive in today's market. Without changing the homeowner's furniture, I removed 40 year old flocked wallpaper, old carpet, worn down to the floor in the high traffic areas and replaced the equally worn kitchen floor. We painted the walls Linen White (not usually my first choice), had the floors scraped and polyurethaned and I brought in accessories to bring the house into the twenty-first century. Does it make a difference? You bet it does! Though this home is not yet sold, we've had two offers on it and positive feedback from buyers and Realtors alike.

Happy Thanksgiving!

2006-11-22T21:46:00.000-05:00

Tomorrow is Thanksgiving, probably my favorite holiday of the year. My early memories play like an 8 millimeter movie with my mother in the lead role as she valiantly carried the enormous turkey to an overcrowded table. The cast remained the same over the years, revealing style changes and age as it crept up on mom and all the supporting players.

For me it was a gift since time couldn't pass fast enough to make me believable as I lied about my age. In those days I could often get away with adding four or five years if I sported the right clothes and hairstyle. Needless to say, I'd willingly give those back now, but without benefit of a plastic surgeon's knife, the only person I'd be likely to fool these days would be me.

My mother, weary from the burden of producing a huge meal for extended family and friends without any help, was exhausted and it showed on her face as she placed and replaced serving dishes to make room for the mountain of food we consumed as a group. My father stood at the head of the table sharpening his carving knife and grinning from ear to ear as he prepared to perform surgery of his own on the poor departed turkey.

I remember animated conversation, laughter and the clanking of glasses as toasts were made, one after the other. And though it's been many years since the family gathered, disappearing one by one, they remain with me today in the theater of my mind. I warm in the glow of the love shared at that table and I'm grateful for the many gifts in my life.

Tomorrow, when I join my own family at an overcrowded table I'll smile and I'm sure my mother will be there to see us, even if just for a moment. For those of you spending this special day with your loved ones, enjoy it all, and for all of you who are less fortunate, I'll hold you in my thoughts.

Happy Thanksgiving!

A Gift From The Blogosphere

2006-11-21T20:07:00.000-05:00

Even though Thanksgiving looms large on the horizon, I suddenly find myself busier in my real estate practice than I have been for awhile. Buyers and sellers are picking up the phone and calling, or emailing me to get information and begin the process. This at a time when I'm doing my best to gear up for the holiday. So imagine my surprise when I sat down tonight to do a quick check on my stats for this blog. Lo and behold, the numbers are way up. Why?

Never one to accept a gift horse without staring it straight in the face I found, to my great surprise, a link from Hanan Levin's famed Grow-A-Brain blog. I'm honored by the notice and hope this is one of the "unique and mostly intelligent sites" to which he refers.

I thank you sir for the nod. The ripples created by your significant presence in the blogosphere have been felt in my little corner of the universe.

How Fitting Just Before Thanksgiving!

2006-11-17T18:19:00.000-05:00

There's a lot of love to go around today and the lucky recipients are two three week old mixed breed puppies rescued from a New York City shelter by a worker at Little Shelter Animal Adoption Center on Long Island. About to be euthanized, these miracle pups, Magic & Merlin have many benefactors in their corner, from Plastic Surgeons to Veterinarians to folk just like you or me offering help to give them a chance at life. Read the story in Newsday.

We tend to forget in our every day lives how willing we are as a society to step up and lend a helping hand. No one can convince me that there wasn't some divine guidance in this one.

Another of Life's Lessons

2006-11-09T22:38:00.000-05:00

Just as I was about to log off last night I took one last quick glance at my email, just in case there was anything needing my immediate attention. One of my favorite colleagues sent a video with a strong suggestion to watch it and to have tissues handy. Every instinct told me to just go to bed, yet something made me click on the link. He was right, of course. He always is.

So I offer it to you too. It just might make you see someone in your life in a different light, maybe even yourself. Enjoy!

Modern Design, Or Is It?

2006-11-08T19:30:00.000-05:00

In the category of everything old is new again is the resurgence of "contemporary furniture," once again finding favor in the Long Island market. The last incarnation of this style came at an early and impressionable time in my life, somewhere in the 1960s. Offering an option at the time that was a far cry from the traditional furnishings in our parents' homes, the straight lined minimalistic approach to design was a natural choice for many.

The problem with the style, at least for me, was it just didn't stand the test of time. I tired quickly of the unadorned pieces that decorated my home, garnering admiring glances from everyone else. They wound up within a few years in my mother's house while I searched for something that better expressed my developing taste. As I look at the furnishings now, adorning the pages of stylish magazines and this issue of Newsday, I am as unmoved as I was back then.

Alzheimer's -- The Journey

2006-11-02T23:10:00.000-05:00

Every now and then something I read has such a profound effect on me that I feel a need to share it. Although I missed the piece written in the Times, while out in the blogosphere this morning I came across this touching article, "Self-Portraits Chronicle a Descent Into Alzheimer’s."

Upon his discovery that he was suffering from Alzheimer's disease, an American artist, William Utermohlen, did what he knew best. He painted self portraits that clearly show the deterioration he experienced as the disease progressed, forcing him ever deeper into dementia. These poignant paintings were exhibited at the New York Academy of Medicine in Manhattan, by the Alzheimer’s Association.

In the early stages of the disease the most obvious symptom is short term memory loss, which can be attributed to so many other things -- absent mindedness or simple forgetfulness. But a more pervasive loss of short term memory follows, with an eventual inability to complete even the most familiar tasks, along with disorientation and often behavioral changes. The average duration of the disease is 7-10 years during which both patient and loved ones watch as the person they knew slips into a nether world from which they cannot escape.

Stages and symptoms

Mild — At the early stage of the disease, patients have a tendency to become less energetic or spontaneous, though changes in their behaviour often goes unnoticed even by the patients' immediate family.
Moderate — As the disease progresses to the middle stage, the patient might still be able to perform tasks independently, but may need assistance with more complicated activities.
Severe — As the disease progresses from the middle to late stage, the patient will undoubtedly not be able to perform even the simplest of tasks on their own and will need constant supervision. They may even lose the ability to walk or eat without assistance.

If you think someone in your life might be headed down this road, here are some resources:

http://www.alzheimer.ca/english/society/intro.htm
http://en.wikipedia.org/wiki/Alzheimers
http://www.healingwell.com/alzheimers/
http://www.alzheimersdisease.com/index.jsp
http://www.ahaf.org/alzdis/about/adabout.htm

And just remember you're not alone in this fight.

It Worked For Bill Clinton, K.I.S.S. -- Just Price It Right!

2006-10-28T10:39:00.000-04:00

This is a topic I've been meaning to address for a long time, but reading Bonnie Erickson's take on it this morning made me decide to put it off no longer. In the real estate industry, as in many others, when the tried and true is no longer working we look for a new road to travel. Value range marketing is not new. It's been around for years, but with waning sales and unhappy sellers this marketing device, unnecessary in our area of Long Island during the boon years, has been taken out, dusted off and is in reruns in your local real estate theater.

The theory, flawed at best, was if you couldn't get homeowners to come down to a price at which their home would actually sell, you could cajole them into what seemed like a more minor adjustment, hence the "range." An example: home was listed at $699,000, going nowhere. You make the adjustment to $599,000-$659,000 -- believing the lower end is where it's more likely to go, but making it more palatable to owner. If you truly believe it might sell at the high end of the range, why not just price it there. The problem as I see it is that any buyers (or their agents) seeing the range is looking at the low end, while sellers are anticipating offers at the high end. I think this one is a lose/lose for everyone.

Long Island's Town of Southampton Gambling on Court Decision

2006-10-26T21:16:00.000-04:00

At odds are the Shinnecock Indian nation and several state agencies joined by the Town of Southampton. The focus of their fight, now in federal court is a 79 acre parcel of land in Hampton Bays known as Westwood. Although there is no question the Shinnecock tribe inhabited the land, at issue is whether or not they sold it in the 1600s to pay a fine for allegedly burning settlers' homes.

The greater battle, however, is over the proposed use of the land if the Shinnecocks win. The lawsuit is an attempt to block the construction of a casino on the site. For more information, read Newsday's article.

Botox -- The Latest Selling Incentive

2006-10-23T20:47:00.000-04:00

Talk about creative marketing. It's one thing to offer cars, vacations or diamonds to get your home sold in a sluggish market, but one plastic surgeon offered free Botox injections to the Realtor who sold his property. Though ingenious, it begs the question, "what if the selling agent doesn't need it . . . yet? Is it bankable . . . or giftable? "Hi mom, happy birthday!" Perhaps one could trade it in for a down payment on a tummy tuck.

The trend of setting one's home apart from all the competition has taken on a whole new dimension and I suspect, before this market turns we'll see a whole lot more ingenuity out there.

Fake Stone -- A Very Real Alternative

2006-10-22T22:14:00.000-04:00

Stone faced homes are nothing new to the Long Island landscape. They populate towns from the north to the south shores, conjuring up life as it was in this developing area earlier in the twentieth century. Except for a very few newly constructed houses in recent history going against popular style choices, stone as a facade has long been out of favor in this part of New York.

With choices very limited for manufactured stone, and unacceptably high prices for the real thing, the few properties that chose "stone" of a sort often looked remarkably like the Flintstones were moving into town. You know the kind, they stick out like a sore thumb, much like a six carat synthetic diamond. Well, happily there are impressive alternatives now. According to The Washington Post, with prices in the area running from $15 to $35 a square foot, it comes in mid point between vinyl siding and natural stone, making it a viable alternative.

One of the newly constructed homes I'm representing right now has stone as an alternative to the brick face on the other. It makes for an very attractive look.

Dealing With The Tough Ones

2006-10-20T22:29:00.000-04:00

I find myself faced with a dilemma. I'm preparing a house for sale that in the end has to hurt someone. There is valid reason for the decision to put this property on the market and I'm bound by my fiduciary responsibility and my wish to ease the latter years of the owner who is no longer able to function completely on her own. By selling the house we can create the cushion she requires to enjoy comfortable surroundings and give her family the peace of mind to accommodate her changing needs.

The other side of the coin unfortunately involves one of her children still living in the home who has to be uprooted by the process. If life were perfect, I'd split the house down the middle and sell the part that would ease her burden and keep the part that would make her child's life easier at a time when life has thrown him a few curves. It's never easy in these circumstances. As the days go by and the home takes on new life I see his sadness ever increasing. We're inching closer to presenting a desirable property to a diminished buying population and possibly rendering him, temporarily homeless.

I'd Like A House And . . .

2006-10-19T19:09:00.000-04:00

In the Long Island real estate market, with buyers playing hide and seek and new sellers joining the fray every week, builders, sellers and real estate agents alike are getting very creative in their marketing of homes. The boom years for building, recent enough in our memory to almost reach out and touch, have given way to unsold homes in significant numbers, prodding developers to come up with ingenious ways to set their properties apart. As reported by Newsday, Steven Klar is offering a $52,000 Mercedes as an inducement to buyers, hoping they'll choose one of his model homes in Locust Valley, Manorville or Huntington.

Homeowners have offered to pay for one year's mortgage payments, or vacations, or even package deals. Buy the house and get . . . In the last major downturn we often had sellers contributing to closing costs or absorbing points to pay down the purchaser's mortgage but more aggressive tactics are called for in these times.

Agents, accustomed to providing lunch, lottery tickets or theater tickets to their peers at Broker Open Houses before the market went crazy, are now having to come up with far more exciting fare, especially if they represent higher priced houses. The events they sponsor are costly, but the hoped for reward of a viable buyer spurs them on.

In Nassau County, as of August 2006 there were 10,041 homes for sale, up almost 67% from the same time last year. Suffolk County's statistics are similar with 13,999 homes on the market, up over 59%. So if you want it sold this year, you'd better get your creative juices flowing.

MetLife Sale of Stuyvesant Town/Peter Cooper Village

2006-10-17T19:41:00.000-04:00

Stuyvesant Town along with it's sister complex, Peter Cooper Village were sold by MetLife to Tishman Speyer and the real estate arm of Black Rock for $5.4 billion dollars, more than the highest estimates would have suggested. A mega residential real estate deal, involving over 11,000 units on the East Side of Manhattan, this is the third largest transaction of it's kind for New York City, and affects over 25,000 residents in 110 buildings.

Originally constructed to provide affordable housing for returning veterans of World War II, in the sixty years of it's existence, Stuvesant Town has always been an easy choice for young families wanting to make Manhattan home. With spacious layouts, reasonable rents and 12 neighborhood parks, residents have the best of two worlds. They're a short ride from everything New York is famous for, at the same time allowing them to live within an enclave that brings a little bit of the country to them.

As it changes over time, and you can be sure it will, the old Peter Cooper Village/Stuyvesant Town will be missed.

The Carnival Challenge

2006-10-16T22:47:00.000-04:00

In a challenge to the real estate blogging community, Greg Swann, host of the 13th Edition of The Carnival of Real Estate dared future hosts to demand the best from entrants. In an unprecedented move he suggested poor writing or worse, plagiarized text warranted no serious consideration in what should be "a celebration of weblogging excellence."

Taking up the cause in this week's contest, Inman Blog challenged "our industry bloggers to write consistently compelling copy," and limited exposure to the ten top posts in a week in which he stated there were "a ton of good submissions." His criteria for the competition was the ability to find "a compelling subject appealing to a wide audience, clarity of writing" and in some cases reader discussion. The top three blogs honored this week were Greg's discussion of Buyer Brokerage, Mike Simonsen of Altos Research and his observations of Yahoo Losing Online Real Estate Market Share and The Matrix (Jonathan Miller's) thoughtful piece on The Law of Thirds.

With the competition heating up from week to week and entries increasing exponentially, the gauntlet has indeed been thrown down. If you want to compete in this arena, your post had better be well thought out, irresistibly written and original, because in this venue good just isn't good enough.

Giving It Away? I Don't Think So.

2006-10-15T20:25:00.000-04:00

With all the talk about a declining market and a glut of inventory it's a wonder that some homeowners simply haven't gotten the message. Sitting defiantly at prices well above the average and hoping for a miracle, they spend many months, sometimes longer in a market that is passing them by. There is nothing more important than straight talk when taking a listing or explaining to sellers why their property is not getting the attention they think it should. It's not magic. There are two places to be when prices are coming down, at or below recent sales to generate a lot of interest and to sell in a timely fashion or above them playing catch-up, which is tantamount to chasing a snowball down a hill. You can't run fast enough.

Buyers are not plentiful. You no longer have the luxury of sitting back and waiting for the one person who might recognize the intrinsic value in your home. Buyers are out there doing their homework. They're using sites like Zillow and PropertyShark to put them on a level playing field. Though Zillow's numbers are way off in many areas, buyers believe them because they see it in print.

With inventory presenting buyers lots of options, if you have one interested in your home, you would be wise to take them seriously. The days of bidding wars are over and if you think you're giving your house away this year, just wait for 2007. You might find yourself pining for the one that got away.

Author: Geri Sonkin
www.LongIslandsBestHomes.com
http://BloggingLongIsland.wordpress.com

Friday The Thirteenth -- Unlucky, Why?

2006-10-13T22:38:00.000-04:00

In Western culture Friday the thirteen strikes fear in the hearts of many, and Hollywood has done its fair share to exploit it. But have you ever wondered where the superstition began? What is it about this particular combination of day and date that causes us to expect trouble? If one is to go back in history there are many factors that feed into the fear, especially those deeply rooted in Christian theology.

There were 12 in attendance at the last supper until Judas appeared as the 13th.
Jesus was crucified on a Friday
Some believe that the great flood started on a Friday
It is also said by some that Adam and Eve ate from the forbidden fruit on a Friday.
Sailors, subject to the superstition would never ship out on a Friday, feeling it could only end badly. There is a legend, likely untrue, that a British ship called the H.M.S. Friday, with a captain named Friday set out on it's maiden voyage on . . . you guessed it . . .Friday only to be lost forever.
In Norse mythology, Balder was attending a dinner party with 12 guests when the mischievous god Loki appeared as a 13th and killed the beloved hero.
Then there was the flight of Apollo 13.

Interestingly Egyptians, believing that life on earth evolved in twelve stages with the happy journey into the afterlife being the thirteenth, thought of the number 13 as lucky.

Whatever bred the superstition, it has taken on a life of it's own.

A Sad Day For New York

2006-10-11T22:47:00.000-04:00

The fact that it's October 11th played no small part in the sudden fear gripping the hearts of many New Yorkers today as the first word got out about a plane striking a high rise building on the upper east side. "Not again," we gasped, almost in unison. It was sometime between 2:30 and 3:00 when one of the girls in my office got the call from her husband, an EMT in the area. "It can't be," was my first reaction. "There has to be some mistake." Much the same reaction, now that I think about it, as I had on the morning of September 11, 2001 when the first tower was hit.

We scrambled to get more information, turning on the television only to be frustrated by our inability to get any channel on the dish network other than the one explaining their service. Running back upstairs I went to the computer looking for a report, anything that would get rid of the feeling of dread, contemplating a cruel replay of 9/11. As the decibel level of her voice increased, my co worker's terror washed over us like a wave.

The facts of the case turned out to be less sinister but a tragedy indeed, albeit one of a personal nature. It was determined that a Cirrus SR 20 single engine plane owned and piloted by Yankee pitcher Cory Lidle slammed into the north side of the Belaire apartment house at 524 E. 72nd Street. Miraculously nobody in the building or on the ground below where the wreckage came to rest was killed.

Left in the wake of this tragedy, are all those who loved Cory Lidle, his wife and son, his family, team mates and all his adoring fans. To all of them I say my prayers are with you.

Author: Geri Sonkin

A Miracle In The Making on Long Island

2006-10-10T23:43:00.000-04:00

They came from everywhere, far and near to bear witness to the miracle of the undecayed heart of a parish priest who would become St. John Vianney. Born into the family of a poor farmer in 1786, he became a priest at the age of 30 after first failing the examinations necessary prior to ordination twice. In the early days he seemed destined for mediocrity as his competency came into question, requiring he be placed under the tutelage of a priest in a neighboring village.

What he lacked in book learning, he more than made up for with the many spiritual gifts he unstintingly shared with all who came to him. Best known for a gift of healing and seeing into the hearts of worshipers, his fame spread through France and crowds sought him out for his advice. He began hearing confessions in the earliest hours of the morning, sometimes spending up to 13 to 17 hours within the confines of the confessional.

In a remarkable and unprecedented act, the heart and chalice of St. John Vianney was brought to an 80 year old church in Merrick, the first of many named in his honor. For five days believers arrived in staggering numbers to experience this once in a lifetime event. They stood in long lines for the chance to pray before the relic, some in the hope of witnessing a miracle. The miracle just might be the tremendous outpouring of faith at a time when the church can use all the positive reinforcement it can get.

As the patron saint of priests, St. John Vianney would appear to be continuing in the service of mankind.

The ABCs Of Buying That First Home

2006-10-08T23:44:00.000-04:00

I'm working with a young couple excitedly looking for their first home. We've been exploring the options in their price range while they try to get a handle on the process and find out about the towns they're considering. Like most of their contemporaries, they're very computer literate and on a quest to learn as much as they can before they put their hard earned dollars into an iffy real estate market on Long Island.

There are so many things we, as professionals, take for granted. The terminology of real estate, which we speak every day is as confusing to the uninitiated as learning a foreign language, and consumers have to pick it up in record time to effectively participate in their purchase or sale. With information the key to the kingdom, I have to remind myself on a daily basis to address their concerns and answer the questions I've heard so many times before, hopefully even before they ask. It occurs to me that I should probably write a primer to give them the tools they need to be partners in the process.

Today we discussed the steps they'll take to home ownership. "What happens," they asked, "if we decide to make an offer?" I explained the paperwork involved and the monetary implications. They also seemed surprised that they'll get an inspection done before going to contract. It's important to note here that real estate is area specific, and the way it works in New York is not necessarily how things are done anywhere else in the country.

Feeling a little more comfortable by the time they left, they went home to break down their information overload and determine whether or not they're ready to step up to the plate. Only they know the answer to that one.

The Sky Is Falling -- Not!

2006-10-05T22:39:00.000-04:00

I'm so tired of the media, playing catch-up in the real estate timeline, engendering fear in the heart's of a wary consumer about just what is happening in the Long Island real estate market. They were late to the party a year ago when they kept insisting prices were continuing to escalate, when even the greenest real estate agent recognized they were coming down and inventory was increasing. It was a long anticipated correction in a market that had taken prices to historic highs.

As I sat having lunch today, I heard a blurb on the news stating that prices in Nassau and Suffolk County were going to be the hardest hit in all of New York, and to expect the end of the free fall no sooner than January of 2008. Since my crystal ball is at the dry cleaner's I could neither confirm nor deny the prognostication. My experience tells me prices have indeed come down, an expected adjustment after years of an ultimately unhealthy climb to astronomical levels.

Sellers need to be realistic and they'd be wise to put their trust in a competent professional to get their homes sold in a timely fashion. They have to accede to the changing market by pricing their properties aggressively and then stepping aside to allow their representatives to market their homes in a way that sets them apart. With homes in no short supply, owners who want to make a move must, more than ever, listen to the voice of the market and make price adjustments if necessary.

Contrary to public perception and the lament of real estate agents who sit and wait for the phone to ring, there are buyers out there searching for and buying homes. Their numbers have dwindled somewhat but there are enough of them to keep our economy moving right along. Unlike the frenzy of the past several years, shoppers have a new found power and they're enjoying the view from the driver's seat. But this too comes with a warning. Enjoy it while it lasts, for the one sure thing about all of this is "this too shall pass."

Author: Geri Sonkin
http://BloggingLongIsland.wordpress.com

When The Truth Hurts

2006-10-02T21:48:00.000-04:00

Sometimes the hardest thing I have to do is tell the truth. People don't always want to hear it and I don't blame them -- often it can be painful. But I don't know any other way to be. In the world of real estate on Long Island so much has changed over the past year. The long lines of ready, willing and able buyers no longer stand, checkbook in hand, ready to outbid each other just to get their piece of the American dream. They're out there, by all means, but in smaller numbers and are much more wary about trading their security for the uncertainty of a lower market.

How do you answer "What is my house worth today," when you sold it to them at the top of the market a few short years ago and the current owner unexpectedly has to make a move? Though it pains me, I tell them the truth. They paid a fair price at the time, but conditions have changed and they're going to take a loss. Hopefully they're moving to another market in which prices have leveled off. Then at least they come out the winner on the buy side.

Probably even harder than that is walking in to a home when you don't know the sellers. They've found me on the internet, or heard of me locally. Many owners haven't caught up with the lower prices even with the media blitz, they focus instead on what their neighbor or friend got last year and have an unrealistic expectation. If I play to their belief, I'll probably get the listing, but then I would have to convince them to reduce the price I agreed was realistic, in order to get the house sold. Not fair . . . and it's a game I won't play.