Archive for the 'Real Estate News' Category

North Fork Long Island Home Buyer/Seller Agency

August 18th, 2008 category: Buyers, Real Estate News, SellersNo Comments »

7 biggest home price negotiation blunders

Emotion. Ego. Not doing your homework. Don’t let these or other bogeymen derail your chance at your favorite home. Here’s how to keep them at bay.
By Luke Mullins, U.S. News & World Report

This is a very interesting article for home buyers on Long Island.

This is a more interesting article for sellers of homes on Long Island.

This is the BEST article for those home buyers or sellers that don’t believe that, if your home is for sale with a real estate agent, there is negotiation involved that would make representation (either a buyers agent, or a listing agent representing the seller) the only way to go.

This is most definitely NOT the market for dual agency.

If you are buying or selling a home on Long Island, New York, please make certain that you’ve read the disclosure.

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North Fork, Long Island Home Sellers Paying Less?

August 14th, 2008 category: Real Estate News, SellersNo Comments »

“Home sellers can haggle over commissions

Consumer Reports study showed 71 percent who bargained got lower rates”

Read the article by clicking the link below.

http://www.msnbc.msn.com/id/26014600/

As proponents of flexibility in the marketplace with regard to real estate commissions for consumers, we found this article of interest. DISCLAIMER: I’m biased; I’ve never purchased a car or appliance without input from Consumer Reports- getting info from other consumers is an impartial way to gather information that is based on consumer experience, and has kept me from making a purchase that while on the surface, offers value, doesn’t delve quite deeply enough to offer the value that hindsight from an experienced consumer does.

Photos: Copyright 2008 - OptionsRealty

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Is It Time to Look For Homes for Sale on the North Fork of Long Island?

August 5th, 2008 category: Buyers, Real Estate News4 Comments »

The North Fork of Long Island, like many communities, has felt the impact of the real estate MESS, reported with such frequency that many of potential buyers find themselves wondering, “When IS the right time to buy?”

The Vest Pocket Consultant, Rosalind Resnick says yes in her post Time to Invest in Real Estate?

“With inflation on the rise, corporate America cutting jobs and a wave of foreclosures sweeping the country, is it time to dive in and start buying real estate?

At the risk of sounding like a 2 a.m. cable pitchman, I think the answer is “yes.”

Now, hear me out. While banks are still gun-shy about making loans and vast inventories of housing stock still sit on the market, new buyers are surging in–bargain-hunting investors looking to snap up distressed properties at fire-sale prices, and first-time homeowners who couldn’t afford to buy when the market was red hot.”

The article referenced above provides an interesting perspective on the overall cyclical nature of real estate, pointing out that timing is everything-just ask those that found themselves in the unenviable position of purchasing just a few short years ago.

As lis pendens make their presence known on the North Fork, and property owners await some kind of turn in the market, there is a holding pattern that, but for the significant decrease in price indicated by closed properties, might well be a signal that things in our vacation town are ripe for a purchase.

An abundance of properties, in all price points, await a discerning buyer looking for the “right” deal, with sellers interested in hearing offers.

While it is certainly possible that pricing will continue to drop, it is also possible to locate features that were unheard of a few short years ago- waterfront can be had for under (and sometimes, well under) a million dollars; “starter” homes are seeing pricing that is attainable, and interest rates remain stable.

Beyond that, however, is the fact that a homebuyer can (finally) afford to be discriminating, taking the time needed to locate just the right property at a price that is no longer over the top, as we backtrack to pricing that makes sense.

Good interest rates, an abundance of choices, and flexibility with sellers…all indications that the fence that’s been holding up so many potential buyers might find itself with a load off sooner than later on the North Fork.

If you are seeking a North Fork vacation, retirement or waterfront on the North fork of Long Island, call us for up-to-the-minute available properties. We offer buyer agency, with the assurance that your purchase will be overseen with the utmost care and integrity.

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Long Island New York Homeowners Being Crushed by High Property Taxes

August 4th, 2008 category: Real Estate NewsNo Comments »

 

The following press release was received today from The New York State Association of Realtors.

New York REALTORS urge legislators to return to Albany; pass school tax cap

Statement from New York State Association of REALTORS President Linda J. Page

Albany – July 17, 2008 – Today, New York’s 62,000 REALTORS call upon their representatives in the state Legislature to return to Albany for the purpose of providing relief to our state’s beleaguered homeowners who are being crushed by high property taxes. We urge them to approve Gov. David Paterson’s school property tax cap proposal as an important first step toward providing New Yorker’s with a decreased tax burden.

The preliminary report from the New York State Commission on Property Tax Relief found that New York State’s local taxes are the highest in America – 79 percent above the national average. It also found: property tax levies in the Empire State are rising at more than twice the rate of inflation and salary growth; outside of New York City, 62 percent of property taxes are school taxes; and in terms of tax rate, nine of the 10 highest counties in the nation are in upstate New York.

Read the entire article by clicking here.

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Homes for Sale, Homes Under Contract, Homes Sold, Pre Foreclosure

August 3rd, 2008 category: Real Estate NewsNo Comments »

The following is an update on homes for sale, homes under contract, homes closed, and lis pendens filings on the North fork of Long Island for the month of July, 2008:*

Towns, hamlets and/or villages include: Riverhead, Baiting Hollow, Calverton, Jamesport, Aquebogue, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and New Suffolk.

Total Available Homes, July 2008: 702
Total Homes Under Contract, July 2008: 22
Total July 2008 lis pendens on the East End (including the Hamptons): 56

*All figures, while deemed reliable, are obtained from outside sources; Options Realty accepts no liability for figures that are inaccurate.

Photos: Copyright 2008 Options Realty

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Since When Are Buyers Entitled to Commission on Long Island, New York?

July 31st, 2008 category: Real Estate NewsNo Comments »

With my entrance into the NY market offering a vastly different perspective from “whence I came” (out of state), it has been confounding to me, particularly after reading this featured post: http://activerain.com/blogsview/549893/Educating-consumers-on-how to understand how it is that NY consumers seem so confused over the commission concept, and who gets what.

In my real estate history, there was the sellers agent, and the buyers agent. Something like 95% of sold homes were co-ops, with the commission being split and designated. They’re called “co-brokes” here.

In Long Island, however, I’ve come to understand the there is a large contingent of the real estate community that views the commission this way: an agreement between the seller and the listing agent.

The result of this thought process is problematic to the consumer for the following reason: buyers are becoming aware in New York that there is commission “built in the price” for a buyer’s agent on mls listed properties. Sellers don’t care who gets the money in a “split” situation, as long as the house is competently closed.

If listing appointments were handled with this assumption (a split fee) by the listing Realtors (more importantly, by their Long Island brokers), it would loosen up the atmosphere. I am certain that this is not the comprehension here, because there are still signs that go up regularly, not put into the mls for a week-or month- after the sign is up. If a seller understood that the objective is a sale, from whomever may bring a buyer, they would surely eschew a “pocket” listing.

To hang on to an outdated notion that permits exclusivity and limited exposure for sellers who receive NO BENEFIT from this practice seems dicey in a market of properties sitting. It’s unethical in a good market- pick your poison.

If a Long Island agent who is involved in this type of listing effort would explain the benefit, perhaps it would clarify this issue for other agents that are part of the MLSLI, in addition to buyers who believe that the agreed to commission in the form of the advertised mls rate is “theirs”- to the extent that it pays for their representation (and is funded by them, as it’s in the price of the house as an expense to sell).

Until then, I’m sticking with the philosophy that commission offered in the MLS to the buyers “side” is money well spent by BOTH seller and buyer as it offers a “fair” transaction. Whether it’s good for the li$ting broker, from where I stand, is irrelevant.

To see industry comments on this post, Click Here.

Photos: Copyright 2008 OptionsRealty

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Numbers on the North Fork

July 26th, 2008 category: Real Estate News3 Comments »

North Fork, Long Island Market Update

The following information is offered in order to provide some insight into a disorderly market. With the abundance of news that those of us in the industry follow daily, percentages have become muddled- sometimes, breaking it down and offering the insight without the vague percentages helps to at least get closer in comprehension from one town/village on the North Fork to the next.

The following updates include the towns of Riverhead, Calverton, Baiting Hollow, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point.

The first figure indicates all single family properties that went under contract (some have closed) between the months of April, 2008 through July 25, 2008 by town.

TOTAL UNDER CONTRACT BETWEEN APRIL 1, 2008 AND JULY 25, 2008

TOTAL HOMES UNDER CONTRACT ON THE NORTH FORK: 128

TOTAL HOMES AVAILABLE FOR SALE ON THE NORTH FORK AS OF JULY 25, 2008:

TOTAL HOMES AVAILABLE FOR SALE ON THE NORTH FORK: 706

If you are thinking about selling your home in any of the above areas, give us a call if you’d like help in your fact-finding mission.

For buyers, when I arrived on the North Fork seven years ago, the market was substantially different. Now, it’s actually possible to calmly assess value, locate the home you’ve been waiting for, and decide just exactly what makes sense for you right now.

Owning a home is about more than percentages. Buying a home is about understanding the market before making the decision.

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North Fork, Long Island Available Retirement/Vacation Condominiums

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

The following report is a list of all available condos/coops listed in the mlsli as of July 20, 2008:

AQUEBOGUE, NY

Silver Village: 1; $369,900.

BAITING HOLLOW, NY

The Knolls/ The Knolls at Fox Hill: 10; $359k, $375k, $375k, $380k, $385k, $390k, $399k, $439k, $449,9k, $549,9k

The Bluffs: 4; $449k, $519,9k, $469k, $498,8k

CALVERTON, NY

Calverton Hills: 7; $144,9k, $170k, $174,9k, $195k, $199k, $199k, $210k

Foxwood Village: 11; $159k, $164,1k, $165k, $183,9k, $225k, $229,9k, $239,9k, $240k, $245k, $245,9k, $270k, $310k, $319k, $375k

Windcrest East: 2; $589,9k, $589,9k

GREENPORT, NY

Driftwood Cove (co-op): 3; $170k, $190k, $199k

Sterling Harbor (co-op): 2; $696k, $329k

Sterling Cove: 1 $850k

JAMESPORT, NY

Maidstone Landing: 8; $775k; $799k, $845k, $850k, $879k, $899k, $947,9k; $1,275m

RIVERHEAD, NY

Willow Ponds: 9: $298,8k; $299k, $319k, $339k, $369k, $395k, $399k, $432,5k, $485k

Sunken Pond: 8: $335k, $339k, $375k, $382k, $399k, $399,9k, $399,9k $429k

Mill Pond: 6: $295k, $298,8k, $299k, $299k, $278k, $294k

Saddle Lakes: 2: $375k, $535,5k

The Highlands: 1: $574,9k

SOUTHOLD, NY

Colonial Village (co-ops): $187,8k; $187,8k $277,6k, $277,6k; 279,7k

The Cove: $929k

Any of the above condos can be located on our MLSLI search tool- please click to view, or call us for a showing/details.

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East End of Long Island Foreclosure Update

July 18th, 2008 category: Real Estate NewsNo Comments »

I meant to link to this on my Pre-Foreclosure blog yesterday.

It’s a pretty good article that is fairly on target regarding the current foreclosure market here on the East End of Long Island.

The title of the post is,

Hamptons House Prices Fall Amid Wall Street’s Decline
By Sharon L. Lynch and Laura Marcinek

July 16 (Bloomberg)

“Second-quarter sales volume dropped 29 percent and the median price fell 11 percent to $735,000 from a year earlier in the resort communities on the East End of New York’s Long Island …”

“In Southold, prices fell 8 percent to $507,500 and sales dropped 19 percent.”

Read the entire article by Sharon L. Lynch and Laura Marcinek here.

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How DARE You Waste My Gas!!!!!

July 18th, 2008 category: Buyers, Real Estate NewsNo Comments »

I read something today in which a buyer wondered if they would have the ability, after viewing a house with a listing agent, to get their own representation for the purchase.

A response from some in the real estate contingent brought up “procuring cause”, “ethics to the agent”, and wasted time and gas on the part of the agent, at the behest of the buyer.

Additionally, there were responses indicating that, without fail, the listing agents ALWAYS ask of buyers if they “have a Realtor”, or if they’re “working with anyone.”

For consumers, THAT’S NOT SPECIFIC ENOUGH. At least in New York, and a number of other states that permit dual agency- not by a long shot.

The question isn’t “are you working with someone.” If a real estate agent has made it to the appointment with the buyer, the conversation should go more like this:

(after niceties): “I am obligated by law to disclose to you that I, and all in my firm, are working at this point for the seller in this transaction- this home is represented by xyz firm. What that means is that it is my responsibility to watch out for the interests of the SELLER. Anything that you share with me, if it advances the end result for the seller, will be shared with them.

If you would like to move forward with an offer at any time, it might be possible to offer you a dual agency situation, in which I can facilitate the transaction. I am available to do that at your discretion, subject to seller approval. Just initial here- the one that reads: enter into this agency with caution.

In the event that you’d like your own representation, it will not be possible if you make the purchase through our firm, however that option is available to you under buyer agency.”

Sometimes, as happened to us, a buyer will say, “I like the house, and don’t need a Realtor. I’m offering x amount, and if your seller won’t take it, I’m not taking the house.” In this case, we represented the seller only, advocating for the seller only.

Sometimes, too, a blank stare with silence will follow your explanation. This is not good, because it means that despite looking at potentially numerous houses, they have not once had the required NYDOS disclosure explained to them.

When I worked on site for a builder, I routinely asked customers that came in if they “had a Realtor”. I did this because I wanted to protect the real estate agent that had likely taken the prospects to numerous places, and I wanted to see them get paid- often, trips to a model home were impromptu. Consumers didn’t “get it.”

The NYDOS “spiel” is not about real estate agents getting paid. It’s about following a law enacted to protect consumers that are entitled to a fair transaction out of the gate. They are entitled to “get it”.

If you are a consumer seeking to purchase a home, and the real estate agent that you’ve selected has collected any information from you without having the NYDOS disclosure explained and signed by you at your first “substantive” contact (read: ANY info collected from you), it would behoove you to request it.

The exception to this requirement (in New York) is a home that is a fourplex or more.

If you are a Realtor meeting a prospective customer at a home listed by you or your company in a dual agency state, do NOT complain about the gas and time unless the person with whom you are showing your listing has reviewed (to full comprehension) the agency disclosure.

For a link to industry comments, click here.

The Content here and The Photos here are: Copyright 2008 Options Realty!

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