Before you buy a Long Island Home, review
this site. Information
provided on this site was obtained from over 20 years of meeting Long
Island homebuyers, Long Island home sellers, Long Island real estate
agents and attorneys as part of evaluating and inspecting Long Island
homes for potential buyers.
The information of this site is the opinion of its author.
Sales of Long
Island Real Estate Decline in 2nd Quarter. Summer 2008
Sales of homes in Long Island and Queens, New York,
declined in the second quarter as mortgage companies tightened lending
standards according to Bloomberg.
The number of sales fell 5.3 percent to 8,694 from a
year earlier. The median
price in Queens, and in Nassau County and parts of Suffolk County
excluding the East End of Long Island rose 0.1 percent to $445,450. The
number of sales in Queens alone fell almost 24 percent to 2,363.
Lenders are imposing higher borrowing standards and
charging more for credit, creating a bigger hurdle for average home
buyers in Long Island. About
60 percent of lenders made it more difficult for the most qualified
applicants to secure financing in the first quarter, a Federal Reserve
survey shows.
Nationally, sales of previously owned homes in the
U.S. rose in May from a record low. Resales increased 2 percent to a 4.99
million annual rate, higher than forecast, from a 4.89 million pace in
April according to the NRA (National Association of Realtors). In Nassau County, on western Long
Island, the median remained exactly $485,000, and in the sections of
Suffolk County surveyed it declined 0.6 percent to $396,550.
The number of sales in Nassau rose 5.3 percent to
2,875 homes. In Suffolk, the increase was 4.6 percent to 2,999
properties. Luxury
prices in the area, defined as the top 10 percent of sales, rose 7.4
percent to a median of $1.02 million. The number of sales fell 11 percent
for the sector.
The beachside vacation haven of the Hamptons second-quarter
sales volume dropped 29 percent and the median price fell 11 percent to
$735,000 from a year earlier.
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Long Island
Real Estate Foreclosures on the rise. Spring 2008
There
is no doubt about it.
Foreclosed Real Estate on Long Island are stacking up. It appears the majority of houses
we are inspecting are vacant.
One company is capitalizing by taking potential buyers around the
empty homes.
Foreclosure
tours have sprung up around the United States as more overextended
borrowers fail to make monthly payments.
U.S.
home foreclosure filings jumped 23 percent in the first quarter from the
prior quarter, according to real estate data firm RealtyTrac.
One
way to sell properties is to make life easier for potential buyers by
ferrying them around in a tour bus. That's hard for people who had
properties foreclosed, David Farrell, director of tourism of the Long
Island Foreclosure Tours told Reuters TV, but banks need to get the
assets off their books.
"People
have been evicted, it's a terrible thing," he said. "But for
the most part people have been out of their homes for six months, a year.
The people who lost, lost a long time ago. Banks lost, homeowners lost.
Now what we have are two people who can win."
Banks
benefit from getting homes off their books and buyers can purchase homes
at a substantially reduced rate, he said.
Long
Island Foreclosure Tours, a division of Foreclosure Tours International,
took three buses of prospective buyers to about 10 homes each on
Saturday.
"This
is devastating to see how these beautiful houses, and up and coming
neighborhoods can be so dilapidated, so gutted," said prospective
buyer Cathy Germaine from Franklin Square, Long Island, who was on one of
the tours.
But
she said she was "sick and tired of renting" and was looking
for a property to buy with her fiancee.
For
sure, buyers can get a bargain compared with some of the prices paid in
better economic times.
Among
houses on the tree-lined tour was a $372,500 four-bedroom property in New
Hyde Park which the previous buyer paid $475,000 for a few years ago,
according to Farrell. Another with three bedrooms in the same
neighborhood which went for $550,000 in 2006 is now on the market for
$324,900.
Tour-goers
pay $50 each and get a $500 refund if they buy any of the houses they
view, according to the company's website.
Farrell
said he looks for properties which are bank owned and have been vacant
for some time. He said of the properties he was showing on Saturday the
majority could be purchased for less than the cost to rent.
"To
me, that's intrinsic value in real estate -- when you can live in a house
and every month your bills are lower than they'd be as a rental. It's
hard to lose if you're a long-term purchaser and it costs less every
month to buy than to rent."
Long Island
Real Estate Prices are Still Dipping - Winter 2008
Long Island home prices continue to sink and sales
continue to ebb.
The contracted median home price for Long Island
dropped by $25,000 last month, an overall decrease of about 6.5 percent
from November 2006, according to the Multiple Listing Service of Long
Island.
This November’s contracted median home price in Nassau
County was $439,000 and $370,000 in Suffolk compared to $465,000 in
Nassau and $395,000 in Suffolk one year earlier.
In Suffolk, 28 percent fewer contracts were written in
November, as compared to November 2006. In Nassau, contracts declined by
18 percent.
The number of houses for sale in Nassau and Suffolk
increased last month, according to MLS. The inventory of residential
properties for sale last month was 24,329, an increase of 1,559 from the
same time in 2006, but a slight decline from the October 2007 supply.
Long Island Real Estate has Taken a Recent
Dip in Prices –
Fall 2007
Long Island hot Real Estate Market that has been on
fire for a decade from 1995 to 2005 is going through a much-needed value
correction.
Many Long Island homes have experience as much as a
20% drop in value in the past 2 years.
Long Island homebuyers for the first time (in a long
time) have the opportunity to leisurely shop and compare from a larger
than usual inventory of available Long Island homes.
Some data indicates that the average price of Long
Island homes have only dipped 1 % in the past year, however this
information is misleading because of the sales of very expensive homes
such as in the Hamptons.
Extremely expensive homes have not been impacted by the recent dip
in prices.
If shopping for a Long Island home, we suggest you
take your time and see as many homes as possible. You want to be fully educated on
the Long Island homes market before you make an offer.
Certain items people consider before they make an offer
usually include:
·
Home condition
·
Home values;
·
Home location;
·
Home amenities;
·
School District
·
Distance to shopping and highways;
It is strongly recommended that you look at as many
homes as possible before you make an offer.
COPYRIGHT AL Triolo, PE 1-800-ENGINEER
www.1800engineer.com
We
Won’t let you buy a lemon!
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