North Fork, Long Island, NY Real Estate Blog OptionsRealty.com

Home Sales Volume on the North Fork of Long Island DOUBLES in Oct. 2009 over Oct. 2008

Laurie Mindnich — Wed, 04 Nov 2009 02:26:37 +0000

The following statistics were taken from MLSLI (the Multiple listing service of Long Island). While imperfect, an obvious improvement has emerged over October 2008 in purchase activity for 2009:

Under contract properties on the North fork of Long Island, October 2008: 25

Median closed pricing: $424,450.

The median listed price in 2008 was $439,000.

Under contract properties on the North fork of Long Island, October 2009: 50

Median list price at time of contract: $424,990.*

*until properties close, contracted pricing is unavailable.

Towns included for this activity, and sold activity found below: Riverhead, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Laurel, New Suffolk, Mattituck, Cutchogue, Southold, Peconic, Greenport, E. Marion, Orient.

That is double the number of contracts written over 2008. Before a celebration, however, it must be noted that October of 2008 (along with it’s September preface) was a “frozen” market- the true measure of how dire the banking industry had become was in evidence, with buyers scurrying to the sidelines in hopes of waiting things out to see exactly how the real estate market was going to react (or, COULD react) under such dire circumstances. So, the fantastic news is that we are no longer in that dreadful, shell shocked time, and buyers are responding to the resultant price drops afforded by forward thinking sellers. May we NEVER (at least, in our lifetimes) see such a truly horrific banking month…

Closed properties on the North fork of Long Island, October 2008: 46

Median closed pricing: $514,950.

Closed properties on the North fork of Long Island, October 2009: 39

Median closed pricing: $387,000.

Reality check: buyers are completing transactions, but they are seeking lower pricing. Sellers providing this bit of realistic pricing are seeing a sale come to fruition. Prices remain in a declining position, but buyers are willing to purchase if the price is right!

Congratulations to all sellers/ new homeowners on the North fork of Long island in October, 2009!

**while deemed a great gauge of trends, please consult your Realtor for a full market analysis.

To search available homes for sale, foreclosures, bank owned, REO 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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East End Second Home Tax Info

Laurie Mindnich — Wed, 28 Oct 2009 00:40:53 +0000

On the east end of Long Island (North fork, Hamptons) a good percentage of homes are second homes.

Because some sellers are weighing out the benefit of continuing to rent, vs. selling, we thought we’d put up a link that defines second home sales tax ramifications for those weighing out options.

If you’re thinking of selling your second home on the East end of Long Island (Hamptons, North fork), it’s worth a look.

We are not dispensing tax advice; please consult your accountant for clarification on all scenarios.

http://www.bankrate.com/finance/debt/new-tax-rules-could-cost-second-homeowners-1.aspx

For those looking to buy a second home for future retirement, we hope that the above article sheds some light on ever changing tax rules!

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

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East End LI Foreclosures/REO’s Found Easily

Laurie Mindnich — Sun, 25 Oct 2009 16:07:42 +0000

For those unfamiliar with a MULTIPLE LISTING service, it’s a real estate listing website normally inclusive of all area listings, provided by all local MLSLI member real estate agents. On Long Island, the multi list is called MLSLI (Multiple Listing Service of Long Island).

Part of membership is the ability to provide all homes for sale for those seeking real estate information, with those listings entered into the MLSLI by cooperating companies. This is called an IDX feed, and allows a property to find exposure on ALL MLSLI member real estate websites, as well as on the MLSLI and listing company website. The idea behind this cooperation is that it will increase exposure for sellers, and provide multiple venues for buyers.

BANKS WANT THEIR REO’S ON AN MLS.

When bank owned properties began appearing with more quantity on the East end of Long Island (Hamptons, North fork), these listings were entered into the MLSLI. As a company that is involved in listing REO’s, it’s not negotiable: BANKS WANT FULL EXPOSURE FOR THEIR PROPERTIES, and listing agreements with their broker of choice requires input into the MLSLI system.

While it’s been possible for us, as a real estate company, to locate bank owned and REO properties for potential clients, it has NOT been possible for those interested in bank owned to view them all in one place, at one location, absent a real estate agent providing the data. The IDX systems are set up to show ALL properties, but not specifically bank owned, or short sales.

AS OF MONDAY, Oct. 26, 2009, OUR IDX PROVIDER IS CHANGING OUR SEARCH OPTIONS. Included in the search will now be an option to seek out foreclosures ONLY, without having to search through all listings to locate an reo. These will include not only our REO listings, but ALL listings.

It will work like this: when you go to the blue button for “north fork homes” (BLUE TAB ON THE RIGHT) you’ll be brought to the regular MLSLI IDX feed. What will be different is that when you view property “type”, the additional choice of “foreclosures” will be available to click on. This will bring you ALL currently listed REO properties on the east end of Long Island.

At this juncture, we are uncertain as to whether or not it will have the capability to search outside of the east end, but we hope so- a simple choice of towns will bring to you all of the foreclosures available in that town.

Give it a try. Signing up is easy, and free- no hassles, and no phone calls. You can even have REO’s delivered to you as they appear on the MLSLI.

If you’d like more information on REO listings, we’re here to help. If you’d simply like to check out what’s available, it’s right there for you- just click the blue tab “north fork homes”.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

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Living on the North Fork Promotes Good Health?

Laurie Mindnich — Mon, 19 Oct 2009 04:14:48 +0000

Think that a move to an area known for bucolic landscape is simply “nice”? We found the following article of interest- a scientific study that living near open spaces is good for your heart, and mind.

It makes sense, this lack of urgency- perhaps being a tiny bit late for a meeting in order to see just how many hummingbirds will hit the feeder is a good thing. And who can resist walking for just a little bit longer along the shorelines of the North fork?

With homes available that offer the pleasant sounds of bird songs, leaves rustling, and an occasional visiting deer as part of the package, hoping that overall health is an added bonus might well be the reality!

If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

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Is Your East End, Long Island Rental in Lis Pendens?

Laurie Mindnich — Mon, 12 Oct 2009 16:49:55 +0000

Having seen firsthand the devastation that an unsuspecting renter faces when being served eviction papers at their rental home, we thought that the site found here at RentalForeclosures.com might provide a heads up.

While it remains possible that a Hamptons / North fork rental property owner is behind in payments, but not yet on file with a lis pendens (preforeclosure) notice, the ability to look up properties that you’re considering for a rental might head future problems off at the pass.

The large majority of rental opportunities have no issues, but peace of mind is worth a look.

If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

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Long Island is “On Sale”…

Laurie Mindnich — Mon, 12 Oct 2009 16:22:46 +0000

I love reading stuff like this.

“The Great Recession has caused massive job losses and hardship for millions, but it has also fostered a shoppers’ paradise. Anyone who still has the means to spend can find unheard of deals.” Read it all here.

Last Christmas, shopping was a bonanza- it seemed that everything had a “real” sale. 40% off was the watermark.

Looks like this season will offer up some terrific values as well, with no reason to hit “midnight madness” or some other such inconvenience.

I’ll be heading to the Tanger Outlet early this year, to scope it out before the real shopping season begins- report to follow!

But, don’t want to leave without these…
For personalized gifts, the North fork offers some wonderful local choices. Stay tuned!

If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

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Warning for Homeowners Seeking a Reverse Mortgage

Laurie Mindnich — Fri, 09 Oct 2009 22:49:03 +0000

For those on the east end of Long Island seeking reverse mortgages, a warning has been offered here.

How it can be that subprime lenders are permitted to re-emerge in force is amazing enough- but to target seniors (one of the remaining stable forces in the housing industry) is stunning. Or is it?

One more unpleasant suprise in a market rife with the unknown- but your choice to accept a reverse mortgage doesn’t have to fall by the wayside, it just requires full comprehension.

If your home has equity, and you seek a reverse mortgage, due diligence is mandatory.

For assistance in locating a reverse mortgage that works for your situation, information can be found here.

Assistance to navigate this choice is available, and certainly well worth the time invested to assure that your mortgage is “non-predatory”- we’ve all seen enough of that…

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Homes Under Contract / Homes Sold - North Fork, LI

Laurie Mindnich — Wed, 07 Oct 2009 02:34:54 +0000

The following information is gathered from the Multiple Listing Service of Long Island. While deemed worthy of trends, not all closed information is available (private, non mls sales are not included in the figures).

CLOSED HOMES, NORTH FORK LONG ISLAND SEPTEMBER 2009:
Total closed: 30
Median closed price: 402,500.
Most active towns/villages: Baiting Hollow, Riverhead, and Greenport

CLOSED HOMES, NORTH FORK LONG ISLAND SEPTEMBER 2008:
Total closed: 35
Median closed price: 605,000.
Most active towns/villages: Southold, Mattituck, Cutchogue

UNDER CONTRACT HOMES, NORTH FORK, LONG ISLAND SEPTEMBER 2009:
Total under contract: 46
Median listed price: 437,000

UNDER CONTRACT HOMES, NORTH FORK, LONG ISLAND SEPTEMBER 2008:
Total under contract: 31
Median listed price: 549,000.

Contract activity has jumped year over year, while pricing demonstrates the segment seeing the most activity- properties under $500,000 continue to lead the pack.

This has been the trend over the course of the summer, and might well provide a good foundation for an east end “starting point”, as pricing reaches levels obtainable for many shut out of the market when the under-$500k offerings were more limited.

This report includes the following towns/villages, and includes single family homes only: Riverhead, Baiting Hollow, Jamesport, S. Jamesport, Laurel, Mattituck, Peconic, Cutchogue, Southold, Greenport, E. Marion, Orient, and Orient Point, NY.

If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

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Strategic Default on Long Island’s East End / Hamptons?

Laurie Mindnich — Mon, 05 Oct 2009 01:23:18 +0000

For those seeking to sell or buy a home, it would be remiss to ignore the following article from Kenneth R. Harney…

People who default strategically and lose their houses appear to understand the consequences of what they’re doing. Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters “are clearly sophisticated,” based on the patterns of selective payments observable in their credit files. For example, they tend not to default on home equity lines of credit until after they bail out on their main mortgages, sometimes to draw down more cash on the equity line.

Strategic defaulters may know that their credit scores will be severely depressed by their mortgage abandonment, Tantia said, but they appear to look at it as a business decision: “Well, I’m $200,000 in the hole on my house, and yes, I’ll damage my credit,” he said of defaulters. But they see it as the most practical solution under the circumstances.

Read the entire article by clicking on the link below.

http://www.latimes.com/classified/realestate/news/la-fi-harney20-2009sep20,0,2560658.story

Our second home communities on the east end / hamptons of Long Island are more at risk for a strategic default than other locations- those finding a second home more difficult to afford are faced with difficult decisions.

As always, just a market gauge to keep in mind as you navigate these confusing times.

If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

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Lenn Harley on Economic Paradigms

Laurie Mindnich — Sat, 26 Sep 2009 04:00:10 +0000

This weeks post comes courtesy of Lenn Harley, Homefinders.com

HOMEFINDERS.COM - REAL ESTATE SERVICES FOR HOME BUYERS IN MARYLAND AND NORTHERN VIRGINIA.

HOW ARE ECONOMIC STATISTICS REPORTED? I BELIEVE THERE IS A NEW ECONOMIC PARADIGM.

* * * * HARD CORE REAL ESTATE TALK * * * *

I seem to recall reading somewhere about 3 months ago that the administration was forecasting growth in of the U.S. economy of 4%. Since that time, I’ve read the same predictions from several “authoritive sources”. Whenever I see such a prediction, I can merely say to myself. . how???

BE PREPARED! I also believe that a lot of folks simply believe that if we expect good things to happen, good things will happen. I believe that we real estate practitioners need to look at facts and figures and not rely on “feelings”. The Boy Scouts are the authorities here with “BE PREPARED”. In many ways, survival in the real estate business today is like wilderness survival. If real estate practitioners are prepared, we will survive this market catastrophe in far better shape than if we simply stand by and wish for the best.

Michael Mussa, senior fellow at PIIE and former chief economist at the International Monetary Fund (IMF), predicts that real GDP growth in the world will be 4.2 percent in 2010 over 2009, and real GDP growth in the United States will be 4.0 percent from the middle of 2009 through the end of next year. . . MORE. . .

These folks remind me of the real estate prognosticators who continue to claim that the real estate market has “bottomed”.

Not everyone agrees. The Congressional Budget Office, staffed by a cabal of truth seekers and radicals who continue to confound the President of the United States with facts and figures, projects a gloomy 2010.

Elizabeth Warren, Chair of the Congressional Oversight Panel, a prognostigator I greatly admire for her candor and reliance on facts and figures, stated in February 2009: What effect is this recession having on the middle class? “America’s middle class is at a turning point. The outcome of this recession will either be a significantly strengthened middle class–which has less debt and a stronger safety net, both on its own and through new government regulation–or the middle class we once knew will disappear. [In that case,] America will move to a two-class economy–a substantial upper class that’s financially secure and then a very large underclass that lives paycheck to paycheck.” . . . MORE. . .

ON FORECLOSURES, Dr. Warren has zeroed in on what I believe to be the most pernicious and generally overlooked cause of the economic decline and the likely failure of the economy to recover at the rate predicted by Congress, the White House and the NAR. Negative equity, home owners who owe more for their homes than the market value of that property has made about 20,000,000 home owners prisoners of their home mortgage and effectively removed many from the consumer market. How can the economy grow when the consumer pool is shrinking??

“Mortgage foreclosures pose a special problem. Millions of people could make market-rate payments on 30-year fixed mortgages for 100% of the current market value of their homes. But these can-pay families are driven into foreclosure because they cannot pay according to the terms of the higher-priced mortgages they now hold, and refinancing options are limited or nonexistent.”. . . . MORE. . . .

HAS THE REAL ESTATE MARKET BOTTOMED? That depends on where you are located and what highs the prognosticator is using to come to the conclusion that the real estate market has “bottomed”.

WHAT IS THE NEW PARADIGM? The real estate market has a BASE of about 80% of the numbers reported. What does that mean?

It means that:

the actual home buying pool is about 80% of what we think it is.
only about 80% of home owners are in a position to buy or sell.
only about 80% of home owners have sufficient equity to be able to sell with net proceeds.
only about 80% of the home owners who wish to MOVE UP are able to do so.
only about 20% of the homes purchased during 2004-2007 have positive equity.

It also means that agents and brokers who plan to survive the next several years in the real estate business will need about 20% more cash to fund overhead because the ROI could be about 20% less than in the past.

It also means that the market can only sustain about 80% of the real estate licensees who wish to make a living in real estate sales.

If you plan to survive as a real estate practitioner, don’t put your head in the sand and hope for the best.

Positive thoughts don’t make things happen. Hard work, planning and execution is what makes things happen.

THE NEW PARADIGM requires that real estate practitioners know the market, focus on niches that have a chance of success. If a real estate agent focuses on listing homes for sellers who desire to “move up”, be careful and make sure that they have sufficient equity to finance their plans.

THE NEW PARADIGM requires that listing agents who propose to list and sell homes for relocating home owners understand that the subject property has a far lower market value than the owner believes (or “feels”). Listing agents must be tough with unrealistic sellers who believe that they should be able to sell for more than the market will pay or that appraisers will value.

THE NEW PARADIGM requires that many prospective buyer contacts are from opportunistic consumers who believe the advertising and industry rhetoric that claims real estate is easy to by without consideration of credit, cash or investment.

THE NEW PARADIGM requires that agents stay on top of changes in their market area, plan their work schedule, continue training to know the changes in the law and real estate practices, i.e. foreclosures / short sales / appraisals and more.

THE NEW PARADIGM requires that we know our business and run our business in a business like manner.

Courtesy, Lenn Harley, Broker, Homefinders.com.

Thanks for this week’s post Lenn!

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