You are currently browsing the tag archive for the ‘Eastport’ tag.
Newsday April 1 2009
http://www.newsday.com/classified/realestate/ny-re-pittfallsforbuyers,0,4746811.photogallery
You’ve found the house of your dreams. Now get practical and examine the building and the financial obligation you will take on. It’s time to decide if this house and this dream will make you or break you. (Photos.com Photo)
1. Start with a list
If you don’t figure out just what you want, you might just buy the wrong house.
“I always say this to all the young buyers: They have to decide where they want to live and what they’re looking for in a home,” says Michelle Cohen, associate broker and executive vice president for Century 21 Laffey Associates in Greenvale.
“Does it have the proximity to your job? Especially now, with the cost of transportation so high, it might make more sense to look for a house close to your place of business.”
You also have to look at the cost of owning a home — again, with fuel costs high, how much will heating it run you? If it has a large piece of property, keeping it up costs either time (if you do it) or money (if others do), she says.
How is the school district? Can you afford
2. Get your finances in order
Avoid a nasty financial surprise that could ruin a deal.
“I think education is extremely important right now,” says Jeff Barker, Bank of America’s regional executive for consumer banking. “The buyer should fully understand what will be asked of him or her when they are ready to apply for the mortgage.”
It’s important to check your credit reports to see if you can fix any mistakes, he says. And be sure to figure out how much house you can afford — most lenders, including Bank of America, have online tables that will help you figure it out.
You’ll need to get your financial records in order — proof of income, tax records, a solid source for a down payment and the like, he says. Then, get prequalified so you can show a seller you’re a serious buyer who’s ready to go.
Barker says that even though lenders may be taking more care than in the past, “it’s not a difficult process for people who can afford a mortgage.”
(Newsday Illustration / Tim Berry)
3. Hire a lawyer
You might think you can wait until the closing to hire an attorney — but things can go wrong, so it’s a good idea “from the get-go” to find a good lawyer, says Elysia Prinz, manager of Coach Realtors’ Northport office.
And they’re surprisingly affordable — most attorneys charge a flat fee for the entire real estate transaction, and you’ll probably pay somewhere between $1,000 and $1,500 locally, experts say.
It’s a good idea to have your lawyer look over any legal document before you sign it — no matter how boilerplate it might look, including an agreement with a broker, says David Sappé, a Huntington attorney with a practice concentrating in real estate law. “As soon as they’re out in the market and serious about buying or selling, they should have an attorney — from that first binder handshake,” he says. “There’s no premium that you have to pay for lining up an attorney before or after.” If you don’t have recommendations, he says, you can check with the state or local bar association.
Look at it this way, he says: When else would you get involved in “a half-million-dollar transaction” without protecting yourself legally? (Photos.com Photo)
4. Going for brokers
Not all real estate brokers are alike — and remember, most of them represent the homeowner. Not you, the buyer.
Ask friends, neighbors and relatives for recommendations, and find an experienced person who makes you feel comfortable.
Especially if you’re a first-time buyer, you might want to consider hiring a buyers’ broker to represent your interests. (It won’t cost you any more — their fees are split with the seller’s agent, as in any real estate transaction.)
Even brokers who take you around are working for the seller (which is their legal obligation), not for you, unless they’re specifically a buyers’ broker — a concept more common elsewhere in the country, but catching on here.
A buyers’ broker “might be able to do a little better job negotiating,” says Prinz of Coach Realtors. Plus, she adds, a broker representing a seller is not required to reveal things or find things out about the property or neighborhood that might be negative — for example, if a local planning committee is considering an action that would mean “that lovely piece of land that you’ve been looking at, that greenbelt, is going to be an industrial park,” she says.
A buyers’ broker, on the other hand, should do that kind of research for you.
(Newsday Illustration / Tim Berry)
5. Pick your finance service carefully
No one who’s followed the news in recent months about failing mortgage companies — and even banks — should take the prospect of financing a house lightly.
Make sure you deal with a reputable mortgage broker or a bank, says Robert Bram, senior loan officer for Preferred Empire Mortgage Co. of Melville, an affiliate of Prudential Douglas Elliman Real Estate. And, he says, it’s important that you have a bit of a cushion when you apply for a mortgage in case the situation changes.
If the interest rate suddenly goes up half a point, you shouldn’t be so tight that you can no longer afford the mortgage — not to mention having a fund for repairs and emergencies.
(Newsday Illustration / Tim Berry)
6. Get good advice — and listen to it
Listen to the experts, not your Aunt Bertha. Talking to relatives who don’t own houses but feel free to give advice is “a sure deal killer,” says Michael Daly, principal broker for Beach Properties of the Hamptons in North Haven and author of the Hamptons Real Estate Blog
You’ve put together a team of professionals — a broker, a financial adviser, a real estate attorney — so listen to them. That’s what you’re paying for.
(Newsday Illustration / Tim Berry)
7. Don’t skip the engineering report
By no means skip that all-important engineering report. This is where problems come to light.
The seller should handle serious issues, such as removing an underground oil tank or fixing any serious problems with plumbing or electrical systems — and these can be negotiating points. If the house has serious issues and the seller doesn’t want to address them, the best bet might be to walk away, experts say.
But something that comes up on the report could help you bargain for a lower price — that is, if it’s not something vitally important that makes buying the house questionable.
On the other hand, you’re not buying perfection. On a used house, Sappé says, “wear and tear” — say, some outside boards that have rotted, or painting that needs to be done, or the like — are not the seller’s responsibility to fix.
An engineering report can sometimes kill a deal, says Joan Silverman, a Northport attorney whose practice concentrates on real estate.
“Buyers kind of want it perfect, and sellers feel like they don’t want to give it away,” she says — adding that both buyers and sellers need to be reasonable and compromise.
(Newsday Illustration / Tim Berry)
8. Negotiate with respect
Don’t insult the sellers. A lowball offer might work — but it might bring only hostility. Let your agent guide you in negotiating a price.
Rick Hoffman, senior regional vice president of the East End for The Corcoran Group, says, “Don’t go out there and think that there’s a fire sale going on, especially on the East End. There are bargains to be had, but it’s not a fire sale.
“Everyone thinks that their house is special,” Hoffman says. “People are emotionally attached to their homes, they have memories, and they’ve raised their family there. . . . Just be sensitive to it.”
It’s important to justify your offer, he says. “You can say, ‘I’ve looked at the properties around, I love your home, but it needs this, this and this.’ If you can maintain an amiable relationship between the parties, that helps facilitate the transaction, and that’s what a good broker does.”
(Newsday Illustration / Tim Berry)
9. When considering a short sale
Don’t try to buy with a short sale — unless you don’t care about the time.
Short sales, in which a lender will agree to accept less than what the homeowner owes and thus avoid the expense of foreclosure, are becoming more common on Long Island, says Philip Tesoriero of Gelip Inc. Consulting of Amity Harbor, a broker and consultant who teaches seminars about short sales for real estate agents and brokers around the country.
But they can take much longer than the typical real estate transaction. “In this current market, you have to be prepared to be patient,” Tesoriero says. Whereas, a regular house sale could close within 30 days, a short sale could easily take eight to 12 weeks, he says.
Are they worth waiting for?
“I think they could be excellent deals for a person who could be a do-it-yourselfer or a contractor,” he says. But since these houses were owned by homeowners in financial trouble, he says, don’t underestimate necessary repairs — which could make what seems like a good deal a poor deal. Short sales, he says, “could run into a lot of money.” (Photos.com Photo)
9.2 acre equestrian property that went to contract February 2009
Their are five pending sale of homes in Manorville for the month of January 2009 . Of the five, two were condominiums in Greenwood Village, a fifty five and over community, one was a condominium in the Greens, one was a condominium in Silver Ponds and the fifth was a 9.2 acre equestrian property.
What is important to realize from this is that no “traditional” single family homes sold in January last month in Manorville.
The numbers are not very different from the same time last year. In 2008, six properties sold in January in Manorville. Of the six, five were single family homes ranging in price from $425,000 to $625,000 and the sixth was a condo in the high $400,000′s. A far cry from this years spread of $90,00 to $310,000.
In February of 2009 we have nine sales. Three are condos in Greenwood Village from $90,000 to $145,000. One is a condo in Silver Ponds that was asking $309,000, and five are single family homes ranging from $389,000 to $499,000.
- Clancy Road ~ Sold Feb 2009
In February of 2008 we had twelve sales (homes that went to contract in that month). Two were Greenwood Village condos under $100,000 and eight were single family homes ranging in price from $385,000 to $615,000.
What we see from this trend is that the upper end of the market is “missing”. Homes are selling but mostly in the lower price brackets. We will continue to track these sales for the comming months and I will also compare all of 2008 to 2007.
In January of 2009 Center Moriches had five home sales ranging in price (asking) from $225,000 to $549,000 with an average 290 days on the market. In 2008 we had four sales ranging from $300,000 to $560,000 with an average 120 days on the market. February of 2009 showes six sales. Two homes are new construction asking $399,000 and $539,000 and four are resales ranging from $199,000 to $469,000. In February of 2008 we had three sales ranging from $250,000 to $449,000. Center moriches had a very good 2009.
East Moriches had only one sale for the month of January 2009, a $280,000 ranch with 3 bedrooms and 2 baths. In 2008 we had five sales ranging in price from $379,000 to $414,000. For February 2009 we had only one sale, a contemporary home in Baywood that had an original price of $699,000 and sold for below $500,000. In February of 2008 we had three sales ranging from $330,000 to $524,000. Check back for a more detailed report on this town in the next week or so.
Lilly Pond Lane Eastport sold February 2008
Eastport had two contracts for the month of January 2009. One was a $499,000 condo in Encore, a fifty five and over community with large luxury homes and a clubhouse. The other was a single family home that was for sale for several years and was asking $599,000 at the time of the sale. In 2008 we had no contracts for January in Eastport. February shows the reverse of January with no contracts in 2009 and only one in 2008 for a single family home asking $699,000 and selling for $560,000 after 144 days on the market.
Changes in the market are the source of many articles and newscasts as well as this blog. I will be compiling a chart to compare 2009 to the last few years. Clearly homes are still selling but changes are evident. It will be interesting to track the months ahead.
Source: Multiple Listing Service of Long Island
Offered at $499,000 ~ Price Reduced
This beautiful unit offers over 2,500 sq. ft. of living space. The first floor features the Master Suite, eat-in kitchen with breakfast nook and stainless steel appliances, living room, dining room, family room and library. The second floor contains the second bedroom, full bath and a loft area that would be perfect to use as an office or den. Situated in the Town of Brookhaven, current taxes are $9,895.66. Taxes with the STAR exemption are $9,395.65
For more information and to view additional photographs, click here: 24 Concerto Court
Offered at $399,000
This charming turn of the century home is a legal two family. A great location on Main Street and close to elementary school, shopping and transportation. Each apartment has a seperate entrance. The upstairs was renovated in 2007 and features 2 bedrooms, 1 bath and finished attic. First floor apartment offers 2 bedrooms and 1 bath. Partial basement via bilco doors.
For more information and to view additional photographs, click here: 453 Montauk Highway
Offered at $289,000 ~ Price Reduced!
Spacious Lakefront Towhome in the Pepperidge Lake Development. Features include a large Master Suite with full bath, walk-in closet and enclosed sun room, upstairs laundry area. 1 car attached garage. Low monthly maintenance fees. Community Pool and Tennis.
For more information and to view additional photographs, click here: 702 Pepperidge Lake
Offered at $600 Monthly
Front Building has been rented. Back building is AVAILABLE: Free standing renovated building behind main residence offers one room plus a kitchen and bathroom. The location is unbeatable for the price! Very close proximity to shopping center and elementary school. Monthly rent of $600 excludes utilities. Two months security. Credit check and references. Immediate occupancy!
For more information and to view additional photographs, click here: 499 Montauk Highway, Eastport
