SHELTER ISLAND; the secret of an Enchanted Island Retreat within 2 hours from Manhattan

The island’s name provides the essence of this wonderful island get-away: Shelter.

Shelter from the elements historically, Shelter to practice religion for the Methodists in the late 19th century , but nowadays more importantly Shelter from the hassle of our daily life… The island has succeeded to escape the urbanization of the rest of Long Island, and, along with the North Fork, reflects more of the lifestyle of the New Englanders who settled the place, than of the typical Urban dwellers sprawlingly urbanizing the surrounds of New York City. Locals will frown upon divulging this secret in a blog. I am counting they are not online….

So how can you become a part of this special place? Let me divulge the secret of the state of the real estate market here later in this blog: its a great time to buy a piece of paradise…

Count on getting to know the 2250 or so locals who live on this 8000 Acre island, most of which is set aside as a Nature Conservancy Preserve (and Mashomack preserve), by name: if you do it right they will know your’s. Not to worry, New England privacy -maybe reservedness-  is respected and developed into an art on Shelter Island. The island, maybe for that reason, is home to many a quiet celebrity, enjoy the natural beauty of this spectacular place.

The Ferries from Shelter Island to and from either Sag Harbor or Greenport jealously guard the privacy of Shelter Island – the only way to get on or off , protecting the likes of this golden oldie victorian overlooking Deering Harbor.

 

 

 

Summer Rentals provide a great way for people not from the island to get to spend some time. A room at the Rams Head Inn with its great lawn makes you a part of a Merchant Ivory movie scene.

In Summer you will meet Itzhak Perlman who leads a summer camp master class for the world’s most talented musicians-to-be. You can attend practice picknicking at his lawn or attend one of many regional concerts.

“Vine Cafe” and hangout for beautiful people, “Sunset Beach” at gorgeous Crescent Beach overlooking Southold Bay will provide entertainment and people watching, not quite as ostentatious as in the Hamptons, but much more refined. But do not be surprised to meet Grandma’s bridge partners having lunch while movie stars engage in romance at a table in the back….away from it all, protected from the paparazzi, the newst Shelter this Island now provides.

The town fathers have enacted laws making it very difficult to find Real Estate for sale on Shelter Island; no for sale signs can be placed by Realtors. Saturday Mornings you may be lucky to find some temporary Open House signs providing you with a glimpse of what could be your’s…before its really Beach Time.  Realtors are not listing their properties on MLS in general. Values have not suffered from these practices, until now.

I personally have not seen value such as today’s on the Island of Protection, Shelter Island. From small shacks to brand new homes, from multimillion dollar waterfronts to a piece of land overlooking small creeks, opportunity is knocking loudly……

So talk to someone who knows the Island to help unveil its secrets. Now this is enjoyable house hunting. And become a part of Shelter Island, live longer, let Town and Country help you, providing you with Concierge service!

GREENPORT: NORTH FORK BOOM-TOWN

Remember you learned about this great secret at Town & Country’s blog first: a leg up on all the people searching for fabulous real estate opportunities. One for the record books:

(And don’t forget about us when you become rich and famous…..) this is a bit of a long blog: the secret is at the end of the blog!  Shhhh don’t tell anyone…….

The charming and historic maritime village of Greenport, judged by the number and caliber of new business openings lately, this Town is booming. Without any exaggeration. Much of the news centers around the theme of what everybody loves on the North Fork: Fish(ing), Food (Agritourism) and Wine, and the places to go and stay to take it all in. Greenport is in the center of all that is happening in the North Fork, New York’s Wine Country.

Take for example the Greenport Harbor Brewing company opened this summer…just behind Front Street, next to what looks like a Wild West Jail building where Greenport’s mischievous would have been housed temporarily in the past, the hustle-bustle tourist part of the Town.

 

A bit further down Main Street, just past Frank Purita’s  D’Latte (where you will enjoy the best Italian Gelato West of Rome) Nello Balan, culinary celebrity in Manhattan and South Hampton, is re-opening the former “Isle de Beaute” restaurant as “Seaweed”.  Construction is underway there, and ground was broken for the large scale renovation at the site just accross the street where Nello will open a Hotel

 One of my favorite restaurateur’s on the North Fork, Dennis McDermott (FOH) and Hank Tomashevski (who scored a 7 year hit with the Frisky Oyster Restaurant ) opened Frisky Oyster Bar on Front Street…. with dining “al fresco” finally on Front Street overlooking the Carroussel and Souhold Bay/Greenport Harbor.

 

Mayor Kapell oversaw years of redevelopment of the Greenport Waterfront resulting in a quite attractive and family friendly down town in this spectacular yet cozy Maritime Town.

Family style “This little Italian Place” opened this week on Front Street with Southold’s favourite Italian Son, Joe Pagano returning to cooking family style Italian food and again, finally al fresco dining! And all these great places from simple to expensive are all walking distance in a 3 or 4 block area of Greenport’swaterfront Down-town. And don’t forget the welcome additions from previous years: (without getting into the Starbucks love-it or hate-it discussion) : The Loft (& Harborfront Deli), BarbequeBill’s,and if you didn’t bring somethingappropriate to wear -whatever that means on the North Fork- ladies visit Mint Boutique!!!

So now the catch-all secret: Greenport Real Estate, with the most charming fixer uppers on quiet, tree-lined avenues looking for tender love and restoring care, galant Victorians entirely restored, or glorious waterfronts, Greenport real estate has never been more affordable, is basically “ON SALE”.

Check out also the special incentives for First Time Home Buyers, which bring these fixer uppers entirely within financial reach – you may be very pleasantly surprised! Call Town and Country’s family of local Real Estate professionals for more information, or email me at jbischoff@1townandcountry.com.

Buy a home now in Greenport. You’ll be glad you did. Before anyone else finds out what’s been happening!

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.

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

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

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…

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

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…

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!

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.