Rebounding North Fork Homes Sales in April and May 2009! Tips for sellers on how to profit!

For all who follow my stats on contracts signed -most current, least delayed snapshot of the market on the North Fork- great news!

StatsContracts

April and May 2009 were better than April and May last year in number of homes going into contract.  May showed 4 remarkeable high end transactions on the North Fork. Yes: multiple offers are back when homes are priced right. But make no mistake – the market remains value sensitive: buyers are looking for value. And asking prices may show further adjustments down. That’s still all good news!

Overpriced homes remain on the market but priced-right properties sold quickly, days on market for contracts signed are dipping below 150 days! Overall, the damage to home prices remains very limited on the North Fork. Some of the sales over $1 Million were so quick and so good that it appears for special properties there is no recession.

But in my opinion, a lot of asking prices for inventory hanging around need to come down a bit further to be able to sell.

Buyers will come off the fence a lot easier now when a home is perceived as value as interest rates are starting to inch up. It helps that on Thursday, June 11, CNN at 10AM mentioned that it is now a great time to buy, followed by Channel 12. The market psychology is changing.

TIPS FOR SELLERS TO PROFIT FROM THIS REBOUNDING MARKET

Bidding wars again. Can you believe it? You’d better. Your home’s not selling, even now? Seller take notice:

Tip 1: when deciding on a selling price with your agent look at homes that actually sold, not at asking prices. Asking prices mean nothing. Price your home a bit -10% -below the most recent comparable sale. And I mean RECENT. Within weeks, not months. Remember what you paid for your house and do not look too much at high bank appraisals when you refinanced before September 08 for an indication of what your home is worth.You’ll be very pleasantly surprised how good your investment in real estate looks compared to any other investment over the past 5 years, even when you price it to sell. Do not be greedy in this market.

Tip 2: More important than ever now is a seller’s task to take away negatives: clean and well maintained homes sell, the discount expected by buyers even for slight imperfections and lack of maintenance is disproportionate. So give that wall a fresh coat of paint, make sure the lawn is at least mowed, and make it easy (and I mean EASY) to show the house. Rather than lower your price $20K, fix problem areas of the house for $5K if you can and take negatives away. Listen to your broker and bring in professionals where needed. Make sure your online pics are GREAT and show the special things why you bought the house originally. Same will attract today’s buyers.

Tip 3: The day of the protective broker who is not giving a home the needed exposure trying to keep the transaction in his own hands are gone. Although some agents have not yet gotten that message, they will have to. Sellers, make sure your home is all over the internet and MLS as soon as possible, and do not allow your agent to restrict exposure and/or showings. That is never in your seller’s interest.

Tip 4: Find a solution for cats and dogs so they do not impede showings. Leave your home when it is shown.  Always. Do not hang around. Your buyer will not be comfortable. Always have some fresh flowers -from the garden is fine, make sure the beds are made and laundry organized at all times for unexpected sudden showings. A bit of an effort with great profits.

Tip 5: 75% of consumers (Pew Research) say now’s a great time to buy. 85% when you add money and education to the respondents. Give the buyers what they want and are looking for, make it possible for them to buy your home. Counter aggressively and take EVERY offer seriously. Negotiate, negotiate, negotiate and be prepared to accept a lower bid than you ideally would have liked. One bird in the hand is better than ten in the sky. Be honest with your broker. Trust him or her. You will save money for every month you do not own your home anymore. Don’t ever consider offers “too far apart”.  Stress the strengths of your home, but be reasonable and open-minded. Remember that if your home does not appraise, which it might not, the bank will not give the buyer money to conclude your deal.

Any further questions: call any local area specialist at Town and Country. Or email me at jbischoff@1townandcountry.com

We will help you sell your home.

HENRY HUDSON FOUND(ED) MANHATTAN 400 YEARS AGO

image from www.OnlyinHolland.com

The Netherlands America Foundation (NAF) and the Henry Hudson 400 Foundation are preparing for a year of celebrations of Dutch American heritage, specifically surrounding the founding of Nieuw Amsterdam (AKA New York - Manhattan) by Henry Hudson for the West Indische Compagnie (WIC) from Amsterdam. As already mentioned by John Nickles (HANFRA President), the purchase of Manhattan by Peter Stuyvesant is truly one of these deals any Realtor ™ would have wanted to be a part of!

In September a visit by the the Prince of Orange, HRH Prince Willem Alexander of the Netherlands and his beautiful Argentine wife, Princess Maxima, and a flottilla with a copy of the Halve Maen, the ship commandeered by Henry Hudson in 1609, will be the crowning event for these celebrations, not to be missed.

The Dutch origins of New York,  as sometimes master paintings are also painted over other original works, still clearly show their contours in current day New York, no matter how much history has been re-writen by the English puritans of New England.

New York still stands for business, free trade, diversity, tolerance, and freedom. Just as did the original Netherlanders who founded Nieuw Amsterdam, after years of religious freedom wars against the Spanish inquisition. A great book about the early days of Manhattan and the still strongly felt Dutch influence on today’s Manhattan Island was written by Russell Shorto & my friend Charles Gehring “Manhattan, island at the center of the World” a must read for any New Yorker!

For any information call me at 631 765 0500 or email jbischoff@1townancountry.com

 

55th annual North Fork Strawberry Festival – Mattituck

One of the signs that Summer’s almost here: the 55th annual Mattituck Strawberry Festival which will be held June 19-21 at Strawberry Fields in Mattituck: take a drive with the kids – they will love it! A uniquely North Fork event!

While you are out :check out what your Real Estate dollar can buy on the North Fork and let us show you some homes before the Fireworks at Strawberry Field… call our North fork offices in Mattituck (631 298 0600) or Southold (631 765 0500) or visit www.1townandcountry.com

Hyatt, Indigo Hotels coming to the East End

Newsflash: even a last remaining hurdle for the economy on the East End to thrive -not enough places to stay-  seems to lessen as the summer heat is about to arrive; a few great hospitality companies are now discovering the East End and North Fork Wine Country:

Bryan de Luca of the Atlantis Aquarium -co-founder of the new East End Tourism Alliance, bridging the North and South Forks, and its  East End Getaways website   told me that HYATT (appearing before the Riverhead planning board today for final approvals for parking requirements) is opening up next door to Atlantis Aquarium, giving the Riverhead Down Town a needed shot in the arm! Another part of this needed Down-Town development is a hall for expositions similar to South Street Seaport, certain to reinvigorate Down Town Riverhead, and to attract people to the East End alongside a fabulous plan to allow better access to the beautiful Riverhead river-water-frontage behind Main Street. Almost the only thing left would be the re-opening of the Riverhead theater!

The Atlanta based luxury hotel chain INDIGO is also planning a new Riverhead property coming soon. This all is added to the recent Best Western, Hilton Gardens (opening soon) and Holiday Inn Hotels in Riverhead. (see Long Island Business News)

The hotels that are coming will help enormously as part of the needed improvements in tourism infrastructure, necessary for an economy that can sustain our North Fork Wine Country, while maintaining the nature and character of our hamlets, and protecting a fragile environment of our waterfront communities. It is also important for everyone to know how much the families who brought these hotels to Riverhead have become a beneficial part of our communities, they have proven to be great corporate citizens for our towns and hamlets, contributing generously to our communities.

The implications for Real Estate on the North Fork are obvious: development is going to be carefully managed, increasing desirability of existing housing. The more people come to visit, te more people will experience that sad Sunday-night feeling of “gotta go”. Renting for the summer, or a purchase of a second home are the solution to preventing that feeling -that’s how I ended up here myself- and : we can help you find a rental or home ideally suited for your needs and budgets: call Town and Country in Mattituck at 631 298 0600 or in Southold 631 765 0500, or email joan@1townandcountry.com

Theater and the Arts on the North Fork – May

The Season’s of to a great start for the arts on the North Fork: the North Fork Community Theater is getting rave reviews for its new production of the Sound of Music; May 14-31st in Mattituck, for more infomation click below:

Get your first look at the new ownership of the Jedediah Hawkins Inn and Restaurant 

while visiting the opening of the art show of 30 brand new and never seen before works by Max Moran, one of the East End/North Fork’s most celebrated artists: Opening May 24th, 4-8pm, show ends July 5th, 2009, 400 South Jamesport Ave, Jamesport, NY 722 – 2900

For more information call Town And Country Real Estate or email jbischoff@1townandcountry.com

North Fork: Health, Exercise and good causes: “Walk for Health” and “Relay for Life”

Write these dates in your calendar, come to the North Fork, walk a bit and feel better about yourself:

Saturday, May 16, 2009 (8AM) , Peconic Landing, Greenport – 4th Annual May Mile and Peconic Landing 5K,

Saturday and Sunday May 30-31 “Relay for Life” in Jean Cochran Park , Peconic Lane, Peconic, team walking event to celebrate the hope for a cancer free America.

“The 4th Annual May Mile and Peconic Landing 5K”
Celebrate Older Americans Month at this community fitness event and BBQ with Caribbean music. Net proceeds benefit the Greenport Fire Department. Registration form and flyer featured on this website. Check out Newsday’s Peter King’s Column and Peconic Landing’s calendar about this event: http://www.peconiclanding.org/calendar.htm

 

“RELAY FOR LIFE, SOUTHOLD”

These links can explain better what this is all about than I can: we all know cancer survivors, and we can now do something about it we always postponed before: join this moving and effective event!

RELAY FOR LIFE, SOUTHOLD

Suffolk Times Article

Relay For Life Website

Any questions: email me at jbischoff@1townandcountry.com!

REAL ESTATE ON THE NORTH FORK REBOUNDS STRONGLY IN APRIL

People who have followed my blog and the statistics I keep on the most current Real Estate Data on the North Fork RE Activity were already aware, but, honestly, I am glad that the facts are now supporting my optimism since February: the number of days homes sit on the market before they sell fell, median price rebounded a bit, and April of 2009 beat April of 2008 hands down in number of transactions, number of transactions above $1 million, although total salesvolume in dollars still fell a bit behind (a lot of lower priced sales of attractively priced homes – value – the year of the deal!)

Statistics North Fork Real Estate – Contracts Signed

This is truly good news for the North Fork and signals a great buying opportunity! As Barbara Corcoran mentioned during a Wells Fargo Event in Aquebogue (WWW.VineyardCaterers.COM – a great venue for events), it is for the historic first time in a very long time that home prices and interest rates are extremely low at the same time; normally if one of the two were lower, the other was not. And of course the Government stimulus and first time Home Buyer benefits ($8,000, Federal, and maybe coming from NYS -it’s already int he State Senate- another $7,000 tac deduction) make this a great market for first time home buyers – for now, this will not last.

Contact jbischoff@1townandcountry.com for more information or visit www.buyersconnections.com

Is it a good time to buy a home on the North Fork?

With all the turmoil in the credit markets, following the stock market’s wild gyrations, people are still buying and selling homes on the North Fork. I give you that it was a little slow transaction-wise, but the transactions I saw were good ones by smart sellers and even smarter buyers.

Investing wisely and making money require -besides spreading risk- common sense and thinking just  a little bit ahead of the others: and don’t forget to step aside while the lemmings jump off the cliff.

And make no mistake: people are still making a lot of money even in today’s stock market, also when its going down: it’s the movement that creates opportunities…..  Following the principle of buying low and selling high -although it may seem like gambling- the enormous volatility provides for lots of daily highs and lows, with 1000 point swings in the Dow and many opportunites to make money and contrary to conventional wisdom it is not as risky as you may think.

101 in Economics: The only way to make money in any market is to sell high and buy low. And price is determined by supply and demand.

Is now the time to buy real estate? How to time this market? When’s the low and how are supply and demand faring?

I find this interesting: weren’t people buying like madmen and women at the height of all the markets? How come nobody remarked how high the market was then? Weren’t they massively violating the principle of selling high and buying low , by buying at the top of the market without hesitation? Why did that not feel like extremely risky?

It appears people in general are only thinking linear, they can only extrapolate a line going straight up when the markets are getting higher and higher, not recognizing this line could break, and keep buying without stopping; and now can only understand the downside when the line points straight down. People obviously do not extrapolate in curves. But markets work with curves, not straight lines. It amazes me how even very sophisticated and seemingly smart people are who fall in that trap of thinking. The way out of the economic mess is to teach curves!.So aren’t we all violating the principle of buying low and selling high again by not buying under today’s circumstances?

So it’s all psychology maybe? Hyped by the Presidential elections ? Well listen up: these elections are over in about two weeks, T. Boone Pickens is saying: buy stocks and put his actions where his mouth was. Self fulfilling prophecies.

I know what homes looked like in the 400K range on the North Fork some two years ago, and there weren’t that many, virtually nothing . Look at the availability of homes a little over the 300ks right now! And look at what you can now buy for between 400K and 500K on the North Fork! Not a low yet? You must be kidding.

Steve Harney (www.steveharney.com) spoke at the MLSLI tech fair this month: When looking at the value of real estate for the past fourty years or so, at 5 year intervals, values grew some 25-29%, except for the last 5-year period with a whopping almost 90%. So be the world’s most persistent pessimist and say we lost some 30% in the recent turmoil, the only thing that points to is that we’re still ahead, well above the preceding 5 year intervals. Try give me an example of a safer, better investment than real estate so measured.

So now, maybe we are not buying because all these foreclosures are coming? Maybe we’ll even get a check if we wait long enough when we buy a home? Not so. Banks on the North Fork are not accepting lower offers on short sales -ask any of the many frustrated brokers in such transactions. A few auctions I saw had such high reserves that the auction failed to sell. Banks know a good thing when they have it, like real estate on the North Fork, even if their clients defaulted.

The same greed leading to the excesses that made a few lucky cheats so rich, is now preventing buyers from buying at the low; and the low will at some point -and we may be there already- certainly pass them by recognized too late. In order to make money, you have to be ahead of the curve,  ahead of the wave of buyers coming. Don’t be too late…

The North Fork is a tiny region, and all real estate is local. There’s lots of pressure on our market, lots of people would love to be here, to escape the overpriced and overpopulated Hamptons, to get a way from the City, many, many reasons. There’s lots of people who want to be on the North Fork, as second homers, weekenders, or to live a dream come true. Whatever excess inventory we may have today in our tiny region, is minute compared to the enormous pent-up demand that exists in potential buyers in a 100 mile radius around Love Lane… This excess will be gone in a blink and you will find yourself feeling like you felt like last year, sorry not to have bought more.

Let me know what you think!

Buyer representation on the North Fork: Something Home Buyers need to know about!

It seems a no brain-er: when you are buying real estate you should have a broker who works for you, not for the seller.

Yet, in our area, most deals are done with real estate agents all working for the sellers. And buyers are left in the cold, working with sellers agents. In my experience, consumers are not clearly aware of the important ramifications of the fact they are working with a sellers agent when they make what often is one of the most important purchases in a life time.

It has happened so often to me, while working as a sellers agent, that a customer would say “I know you work for the seller, but could you tell me….”.  Clearly indicating they do not comprehend the consequences  of agency law in New York, no matter how many times explained. And it makes sense given the human relationship and friendship that follows spending time with people.

When people are kidnapped or taken hostage, it is described that many times, a much more friendly relationship forms between captor and captive than one would expect. And when a buyer drives around with a real estate agent, a feeling of trust and friendship ensues that completely belies the true nature of the relationship between buyers and sellers agents. How could this person who is so nice, knowledgeable and professional do something bad to you?

Fact is, this agent for the seller is bound by law and protect the sellers interests, and to say it in plain English: sell the house to you, the buyer, at the highest price he can get from you. And this agent is not telling you “buyer beware” as would behoove you, instead is a well trained sales professional presenting homes to you in the best possible light. As long as he is not lying to you, and remains “fair” in his dealing with you.

So you would be better of with a knowledgeable agent who works for you as the buyer. Now, who is going to pay the commission? That seller’s agent is not charging me at all driving me around, no?

The true answer is that the sellers agent is not working for free: and since all money to buy a house typically comes from the buyer: most real estate agent’s commissions are paid out of the proceeds at the closing table. So the Buyer in effect is paying the commission for the agent who is doing the seller’s work…

If you would like to be represented by a buyers agent when you buy a house, it is important to clarify what your mutual expectations are. And to put these expectations in writing is the best way to ensure that in the future there will not be any misunderstandings. That agreement in writing is the Buyers Agency agreement.

If you still ahve any questions, or remarks, let me know!

What’s really going on in Real Estate Sales on the North Fork?

The Real Estate Market -and this should not come to any serious Real Estate Professional’s , buyer’s or seller’s  surprise- has slowed down. This slow down has two components, each with its own dynamics, but one influencing the other:

1. volume of transactions
2. price levels.

It is important and necessary to get a grip on what is really going on, for sellers to see what their properties realistically are worth in today’s market, and for buyers to see where the value lies. And look at the facts to discover the positive side of this market.

A good measure of what is really happening in terms of activity in (residential) Real Estate Sales on the North Fork is is what is happening with contracts to purchase residential RE on the North Fork as registered on MLS. Click this link for detailed graphs:

Residential Real Estate Market stats of the North Fork

A series of charts and graphs show the detailed activity and the price trends on the North Fork as reflected by MLS. It shows transactions are slowing down, and it shows what is happening in terms of sales over $1 Million, Median and Average Prices, Days on the Market, and total sales volume.

In Plain English:

A) The NoFo market typically seasonally slows down in volume -not price- between Thanksgiving and February, with a low in December / January. It appears that the seasonal dip started earlier this year, and is now markedly noticeable in November. The number of transactions in November 08, depending on the how the last few days of this month make up, may well show a drastic slowdown.  No surprise given the news on the economy of late.

B) MLS shows contract transactions over 1 Million are showing a marked slowdown in 2008 over 2007… Year to date  show 31 transactions, with December to go, vs. 52 in entire 2007.  Add some 3 or 4 transactions for the rest of the year if we are lucky, and we’ll be down some 30% in transactions! How do we reconcile that with conventional wisdom: that the the market is driven by wealthy second homers who remain able buyers for spectacular properties? We can no longer take that adagium for granted and extrapolate brisk transactions in the multimillion market of the past into the near future. It may be argued that this segment previously impervious to cyclical slowdowns may now be especially affected given our proximity and dependence on the NYC economy, the nature of the downturn in especially Wall Street and the Banking/Financial/Insurance Industry comprising most buyers in this upscale segment of the market.

In 2007 MLS shows some $240 Million in contracts signed east of Riverhead, in 2008 to date we are at app. $175 Million, a distinct decrease we are not likely going to make up in the rest of the year. This is a very marked change, reflecting a change in the ability of sellers to meet buyers expectations, mostly so far in terms of number of transactions. Pricing always is determined by demand and supply: it appears that both supply and demand are showing lower trends. A 30% decrease in sales-volume has to date resulted in a modest decrease in pricing trends as shown in moving averages of average and median pricing of contracts.

It is particularly interesting to see some marked changes taking place more significantly between 2006 and 2007 than from 2007 to 2008.

C) Average Contract prices in 2008 generally are below 2007 (except for an jump in April of 2008 because of a few very large sales ) hovering around 600K, down from app. 800K.

D) Median Pricing, a measure of the distribution of the price-points between high and low contract prices in a particular period,  only really started declining over the past eight weeks, were actually higher in the third Quarter of 08. The biggest decreases in Median Contract Pricing are shown between 2006 and 2007/8, not between 2007/8.

The “Days on Market”, a measure of how quickly properties go into contract, rose in November of 2008 to app. 175 days. Again, marked differences show mostly between 2006 and 2007/8, not as much between 2007/8.

A slowdown seems remarkable especially in November, in number of transactions compared to 2006 and 2007. But also average price and median pricing of contracts are now trending downwards, and it is too early to tell if this trend will continue; typically things slow down in Winter, it seems to be more significantly so this year. This is in my opinion indicative of a market with remarkable price resistance throughout the economic slowdown until October 2008, now in search of a pricing bottom.

I have spoken to appraisers of North Fork Real Property, who in general seem to adjust down .75%/month for comps over the past year, annually representing a downward trend in pricing of approximately 9% on the North Fork. It seems likely this trend may increase to 1%/month, 12% annually for the coming year.

The record on MLS shows that for 2008 deals are done on average some 8% below asking until July, after July 2008 closings on registered contracts are too sporadic to provide an indication. Nevertheless, my instinct and knowledge of a few that closed show a trend with evidence of a willingness by sellers to accept lower offers.

It appears the wave of foreclosures has not yet reached the North Fork, they are still rather rare occurrences. Lis pendens filings (total 183 on the North Fork east of Riverhead, app 40 in 2008) trend upwards, and maybe indicative of a larger squall if not a tsunami coming our way, only mitigated by the willingness of Banks to stop foreclosing or federal/state regulations affecting the same.  Widely expected is a moratorium on foreclosures of 3 or 6 months. Mind you: the process in NY can take a while, up to three years if contested.

Concluding, there still are buyers interested in buying at the right price, and the North Fork has maintained value in Real Estate relatively well in bad economic times. NOFO RE Returns can still beat the stock market’s returns handily. People still want to be on the North Fork, and our inventory has not risen drastically; typically people put their properties on the market in Spring, not during the winter. Watch inventory activity in the Spring of 2009 indicative of pricing  to come. A trend of continued slower volume of transactions at some point needs to reverse or otherwise inevitably will lead to lower prices, the beginning of which we are starting to experience, much later and less pronounced than in other geographical regions in the US.

30 Yr fixed mortgages at 5.39%, the psychological effect of the new President taking office, the second stimulus package by Congress, and the taking hold of TARP may indicate we may indeed reach a bottom, but when? Timing always remains the big trick. A real recovery is not expected to start until the second quarter/end of 2009, end of 2009 in Europe.

Not a bad time to invest in real Estate? The 20/25% off sale on the North Fork at least some willing sellers are offering should prove attractive to value-seeking buyers.

It seems clear that the sales volume in Spring of 2009, normally resuming a brisk pace after slowing down for winter, will indicate if the market has reached a low or not. It is doubtful that the traditionally slow pace between November and March will provide any meaningful indication. So when the Economy on a national level as expected both in Europe and in the US in the second half of 2009 starts showing signs of improvement, the 25% off sale on the North Fork may be long over… remember, markets typically anticipate and predict developments.

The use of the services of a knowledgeable Buyers Agent will benefit those who are looking to buy and who are not that knowledgeable locally on the North Fork achieve the deal of a lifetime! So call Buyers Connections Realty now for a fact filled consultation! And for sellers: Buyers Connections Realty keeps track of the pulse of buyers interested in your property: let us connect you to these sellers!

Notes: This article contains forward looking statements; the importance of statistical data and trends and and their ability to forecast depend on (economic) conditions beyond the author’s control; furthermore, the size of samples of North Fork Transactions, given the smaller geographical nature of this area, may be too small in some cases to derive meaningful conclusions; the information provided, however, is a true depiction of data registered by members of MLS from September 2006 forward. Please note the data for November includes dates up to November 25.

New York housing market prices stable amid typical seasonal activity

The following article by NYSAR (NY State Realtors Association:

Albany – November 24, 2008 – Existing single-family home sales in New York State decreased by 2.4 percent in October 2008 compared to September, while the median selling price remained stable at $210,000, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

http://www.nysar.com/members/pdfs/monthmedian.pdf

http://www.nysar.com/members/pdfs/monthsales.pdf

“We know that homeowners are most concerned about the value of their property,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Home prices have been relatively steady during the past several months, which should bring some level of confidence to sellers and signal buyers that now is the time to get back into the market.” He noted that a decrease in sales from September to October is historically typical in New York’s seasonal market.

New York REALTORS sold 7,085 existing single-family homes in New York State in October 2008, a 2.4-percent decrease from the September 2008 total of 7,259, and an 11.8-percent decrease compared to the October 2007 total of 8,035. Twenty-eight counties posted sales gains from October 2007.

The October 2008 median sales price in New York State of $210,000 was identical to the median posted in September 2008. The October 2008 statewide median decreased 1.8 percent compared to the October 2007 median of $213,828. Twenty-three counties posted median sales price gains from October 2007.

“While the pace of existing single-family homes sales is expected to remain at the traditionally slower pace in the coming months, New York’s REALTORS are joining with REALTORS from across the nation in calling on Congress to make the $7,500 first-time homebuyer credit available to all buyers, eliminate the credit’s current repayment requirements, and make permanent the 2008 FHA, Fannie Mae and Freddie Mac loan limits,” said MacKenzie. “We firmly believe that incentives such as these will allow housing to take a lead role in our nation’s economic recovery.”

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 of New York state’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

Salvatore I. Prividera Jr.
Director of Communications
and Marketing

How Short Sales can help home owners on the North Fork

Short Sales have been in the news: If you no longer can afford your mortgage, or are behind on your mortgage, maybe in foreclosure, this blog may clarify how a short sale of your home can help you take care of a problem, and end the nightmare of defaulting on your mortgage.

Some people think when they are “under water”, when their house in worth less than the mortgage, they have no option but let the mortgage company come after you and foreclose if you cannot pay for the mortgage.

A short sale is the sale of a home for less money than what you owe on the mortgage, as approved by the mortgage lender. In order to achieve a short sale of your home make sure you talk to a skilled negotiator, specialized in the field of short sales. A licensed Realtor(c) and Real Estate Broker, I also hold a short sale certificate, please call me if you have any questions at 631 298 4646!

Short sales can help many home owners who are behind in their mortgages who cannot remain in their homes, and can limit the damage to homeowners’ credit scores and facilitate getting back on their feet afterwards.

In some cases, it can be negotiated with the bank to forego a “deficiency” judgement” after a “Short Sale”. this means the bank agrees not to come after your for any amount they receive “short” of that the homeowner owes on their mortgage (s).

The nightmare scenario of not being able to pay your morgtgage requires a homeowner’s commitment to take care of a very large problem; and resume a normal life, in a way start over.

Let us help!

A wave of buyers is coming.. A great year for RE is coming…

Steve Harney, RE Guru for many years recorded this message:

Click Here

Listen to his message: price your property right and you will see a lot of buyers coming the coming 6 months!

Lower Mortgage rates and Tax Credits: time to buy into the North Fork

Historically low mortgage rates and a first time home buyer tax credit of $7,500.00 (you have to close before April 2009), and FHA loans with downpayments as low as 3% (will go up to 3 1/2% in February of 09) will provide a backdrop for a very active market on the North Fork in early 2009. We have seen a rise in activity in the lower echelon of pricing, specifically stimulated by these incredible benefits. Two years ago, barely any homes were available below $350K, today there’s a lot more to look at!

The fact that these benefits are only temporarily available, and that the activity in the market will focus on the properties that are “value” priced, means that anyone interested in buying a home on the North Fork should start looking to be able to take advantage of the worst of the market and great -truly historic- incentives.  Ask your parents if they ever had a 30yr fixed mortgage under 5%?

So let us prove this to you: we’ll connect you to the right properties and people to make being a part of the North Fork a reality!

Never a better time for savvy buyers: U.S. Nov. existing-home sales fall 8.6%

Ruth Mantell (Market Watch,The Wall Street Journal) wrote this article today:

“U.S. Nov. existing-home sales fall 8.6%

Home prices decline at fastest annual pace on record

WASHINGTON (MarketWatch) — Resales of U.S. single-family homes and condos fell a surprisingly bad 8.6% in November to a seasonally adjusted annual rate of 4.49 million, the National Association of Realtors reported Tuesday, even as home prices fell at the fastest annual pace on record.

The result is much weaker than expected, as analysts surveyed by MarketWatch were looking for sales to fall to an annual rate of 4.9 million from the prior month’s result of 4.91 million. Resales are down 10.6% in the past year.”

I have as a broker on the North Fork never seen an environment more conducive for savvy, able buyers to make deals! 

 

Sellers are at a distinct disadvantage at this moment: jumbo loans are hard to come by, so any home for sale which would require a buyer to take out a Jumbo Loan:  not impossible but highly improbable to paraphrase Sherlock Holmes!

Buyers if approved have FHA loans available to them with as little as 3% down, with a Federal Tax Credit of $7,500, and maximum loan amounts under $729,500 for 2008.  But the house needs to appraise (in what is now a high risk declining market on LI). Retail pricing may today not appraise out.

But buyers: take notice: this may be a small window of opportunity! Governments all over the world are trying to restore liquidity and credit in the financial markets and are putting their money where their words are. Jumbo Loans will be available again, and more buyers will come back into the market. How much lower will things go than today? Nobody knows. But remember: smart people like Warren Buffett decided not to try and time the market and bought. Shouldn’t you? And buyers, realize all real estate is local, and the North Fork remains desirable. We still experience bidding wars when property is priced right. Be reasonable. Talk to your mortgage professional and make sure you get a great deal. We can connect you a number of professionals to choose from.

Let a professional Buyers Agent guide you in this market, able to tell you the difference between retail pricing and great deals. Let us show you! You’ll be happy you did, before this window of opportunity is gone.

North Fork Market – 37% fewer contracts signed over $1 Million in 2008

It is true that the North Fork Market held up relatively well compared to other regions… Nevertheless, the wake-up call for sellers is now: 37% fewer contracts in 2008, 26% fewer contracts signed overall, and 27% down in volume is not that great either. And this trend seems to have worsened in December with only 4 contracts signed on the real North Fork according to MLS…
What better environment to make offers and get them accepted when sellers are presented with these statistics! When sales volume slows to a tiny trickle the imbalance will only allow for more transactions with an increase in demand or a decrease in supply. Sellers need to realize that for now there is demand, but this demand will intially be satisfied by sellers who HAVE to sell. So the market will be determined by these sales, and comps for future mortgages will use these distressed sales figures to allow new mortgages. Pricing your house retail now puts properties at a distinct disadvantage for year-end buyers. These buyers are seeing competing offerings in other areas where pricing has come down substantially more severely. And make no mistake, these areas in Nassau and the rest of Suffolk ARE competition.
So a seller who wants to sell needs to price a property aggessively. Buyers are now in the market at 25-30% below “retail” prices. Grab them while you can, sellers!

Let us rent your North Fork Home for a Movie Set or Foto Shoot Location!

This creative use of your home may help pay the bills!

We have requests for homes to be rented short term (for  few days or a week or so in general, sometimes more) for use as a movie set or (fashion) foto shoot…

We are so close to New York, US Fashion Capital, and the North Fork is a movie stage extraordinaire.

If you have a (special) home on the North Fork, let us discuss if your home would work.

So talk to us and we will try and connect you. Call Nicholas at 631 948 0234 or 298 4646!

Great Deals for wine enthusiasts in Wine Country on the North Fork

North Fork Wine Country has great deals to offer in this weak economy; most vineyards are slow during the off season, and even more so now. When I drive by the vineyards I see sales and discounted wines, and some of the vineyards now have sales in  their shops as well. Beat the crowds and visit the vineyards! Also the B&Bs have specials you can enjoy.

And once you are here, you may find Real Estate on sale… your chance to get in and look around, let us help you! Visit www.buyerconnections.com or call 631 298 4646/cell 948 0234. We can help you find your way around the North Fork, and find the best deals end (our opinion) the best wines for the best prices.

Long Island Winter Fest on the North Fork – Off Season at its best

It’s after the Holidays and the snow is falling…. and the North Fork is getting busier again. The Winter Fest and its 2009 Jazz- theme are allowing daytrippers and weekenders from all over the world, from Manhattan to Tokyo, Boston to London and Munich, to come and enjoy the bountiful harvest of the North Fork, wine, seafood, local produce and potatoes, the waterfront and winter walk beaches, the ferries to shop a day in Sag Harbor or Greenport, Love Lane, Atlantis Aquarium, or just rural landscapes and nature. It’s great, the long lines and crowds are gone and all seems even more enjoyable; plus the rates are much more affordable.  Stay at a B&B or rent a home.

And while you are at it: Real Estate is on sale and who knows how long that sale will last? Join the many apartment dwellers from the city who got their feet wet as country folk on the North Fork (and got a mortgage tax deduction on their income….). A house with a dock for your boat to go fishing in some of the best fishing grounds on the East Coast (catch blues, sea bass, or out in the Ocean some of the sweetest Tuna you’ll ever taste, or just rent a boat with Captain Sloan Gurney and let him do the work while you take the credit and the fish home.

And if you are interested in being shown around and look at some homes, great deals, waterfronts, vacation cottages, weekend homes or retirement paradise are all waiting. Call Nicholas at 631 948 0143 for an appointment, he’s a licenced realtor and loves to connect you to what’s local here and talk about Real Estate…

Summer/Seasonal rentals on the North Fork are taking off for the 2009 season!

Rentals may be a great way for homeowners to make some hard cash to help defray the cost of second home ownership… We’ve started sending out the first leases and it appears to become a very strong rental season for appropriately priced rentals.
Rentals on the North Fork come in many different kinds, from luxurious Peconic Bay or LI Sound waterfronts (top rates around 30K per month, 65K for the season from Memorial Day to Labor Day), to lakeside cottages (around $1500/Wk).
It appears the life style changes dictate that people rather have shorter term leases, but are wiling to pay a little more for these shorter terms, acknowledging the extra costs and efforts associated with shorter term rentals. And for REAL short term rentals the B&Bs are very attractive alternatives. visit www.northfork.org for availability of B&Bs.
Waiting until the last minute is risky; the North Fork is a small region and the season is really not so long. The vineyards, the beaches and, more recently an impressive array of fine restaurants which are creating a following for local fare and fish, accompanied by local wines. All this creates a busy traffic during the season, and lately even during the off season!
So if you need information on sumemr rentals, visit our website or call Joan or Nicholas at 631 298 4646

Alternative (Green) Energy: Sun, Wind and Geo-thermal the trend in Real Estate in North Fork Wine Country

Alternative – green- energy is no longer just for the rich and famous, or just for the environmental elite: today most home owners can benefit from reductions in their utility bills on the North Fork and feel good about their contribution to saving the environment! And the investment needed, with the help of LIPA and other grants and rebates is now within reach of ordinary Americans!

Eastern Energy Systems, or E2Systems is one of the most interesting young companies helping North Forkers understand the newest technology.

For home buyers on the North Fork, or for second home owners, or actually for anyone with a home or business property in Long Island it will pay to talk to E2 Systems and be as suprised as I was how far technology has come, how much you can save, and how inexpensive the installation has become, especially after rebates and grants. Wouldn’t it be a fascinating thing to start seeing your electric meter turning : IN REVERSE? Knowing that you are not being charged by LIPA? Or see your pool exactly at the right temperature – courtesy of the Sun?

Time to check things out. When you are looking to purchase a home it will pay to take into account the opportunities the particular property you are interested in might have for Solar or wind Energy, because some properties are easier to convert than others. The exposure and orientationvis a vis the Sun, trees, and other factors may inflence how easy/expensive it would be to use alternative energy.

You do need a knowleadgeable realtor to guide you and connect you to people who can advise you in alternative energy! Call Nicholas or Joan or visit our website www.buyersconnections.com for more information! Our logo is a windmill; now you know why!

North Fork Real Estate Market Report: JANUARY 09 BEATS JANUARY 08!

In terms of Contracts signed (data from MLS, Real North Fork, East of Rte 105), after a dismal fourth quarter in terms of the number of real estate transactions, January 2009 already shows better results than January of 2008! Historically Low Mortgage Rates and sellers who are willing to lower their prices a bit more are showan increase in the number of transactions in January of 2009 over January 2008:

North Fork Real Estate Market Report

Call us at 631 298 4646 to take aqdvantage of the unique buying opportunities this bottoming market is providing to smart buyers! Or email joan@buyersconnections.com

Pending Home Sales Up – 1/3 short and distressed sales: A piece of advice!

December Pending Home Sales were UP nationally 6.3%, (Northeast down 1.7%)…. roughly 1/3 distressed and short sales. http://www.realtor.org/research/research/phsdata

Sellers: your competition is selling lower… be aggressive in your pricing and do not deal with offers as you did when it was a selelrs market… Be nice to all buyers and counter aggressively.

Buyers: Indications are that we’re bouncing around the bottom, probably, great time to buy! Pull that trigger and if you think the market’s still lower than a seller’s asking price suggests, make offers now at where you think the bottom will be…and prevent the competition outbidding you once everyone knows we’re at the bottom! Especially when you need a place to live…

Canine Classic at Castello Di Borghese in Cutchogue – Today!

The annual Canine Classic is held today at Castello di Borghese today; as every year, Marco and Anne Marie Borghese host this event at their beautiful vineyard off Alvahs Lane in Cutchogue:

The ‘Cutchogue Canine Classic’ is designed as a fund-raising opportunity for:

 

 

The Guide Dog Foundation for the Blind and America’s Vet Dogs, The North Fork Animal Welfare League,  Kent Animal Shelter and SAVES, Inc.,

North Fork Wine Country and Town and Country Real Estate at the Gay Travel Expo in New York

Town and Country and the NFPC at the Gay Travel Expo

Joan and Nicholas participated on behalf of the North Fork Promotion Council in the New York Gay Travel Expo (www.gaytravelexpo.com)organised by HX Magazine. Thousands of interested Gays paraded by the 50 something booths manned by personnel of EL AL airlines, several large hotel chains, a great Luggage Transport called “LUGGAGE FREE” (www.luggagefree.com) company that allows you to travel “hands free” and makes sure your luggage will follow you!

The North Fork economy is heavily dependent on Tourism, and the GLBT community is welcome; the vineyards welcome them any time. Most visitors had heard of the Hamptons but were still unaware of the North Fork.

The North Fork Promotion Council (www.northfork.org) gave out hundreds of North Fork Guides, and many a visitor inquired about the Bed and Breakfasts and rentals available on the Nortk Fork, a great travel destination for those GLBT travelers based in and around New York.. who prefer not to fly this year until the economy gets a bit better, and love to stay within an hour and a half of NYC!

For more information on North Fork Travel and rentals contact NPLANAMENTO@1townandcountry.com or visit www.buyersconnections.com

CUTCHOGUE ST PATRICK DAY PARADE SUPPORTED BY GREEN T&C BALLOONS

Cutchogue St PAtricks Day Parade

 

 

                                                           

Town and Country balloons adorn one of the parade’s major attractions; the horse & carriage courtesy of the North Fork Horsemen’s Association…

Hundreds of people enjoyed the St Patricks Day parade in Cutchogue… the kids of the North Fork and their parents came out in full force to enjoy a very crowded Down Town where North Fork Chamber President Joe Corso announced the participants in fornt of Fisherman’s restaurant on Main Road. Recently appointed North Fork Agent Advisor for T&C, Nicholas Planamento  and his Golden Retrievers Schuyler and Fleur carried the Torch for Town and Country. The people of Cutchogue seemed ready for a celebration, reflected also in the recent uptick in Real Estate activity on the North Fork

 VISIT www.1townandcountry.com for more details