Before you buy a Long Island Home, review
this site. Information provided on
this site was obtained from over 30 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 2011
Wow! Prices of Long Island Homes continue to decline.
According to information gathered on the internet, the
mean selling price for a Nassau
County home has declined
to $400k which is 2.4% lower than a year earlier. Also in Nassau County
experienced 13.7% less home sales than the same period last year.
In Suffolk
County the news was
not any better. The mean selling price for a Suffolk County
home has declined to $325k which is 4.9% lower than a year earlier. Also in Suffolk County
experienced a 7.8% drop in home sales than the same period last year.
It is
definitely a home buyer’s market on Long
Island. 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;
Do not be afraid to make a low offer on a house.
Nassau
County Home Sales Data
2nd Quarter 2011
|
Nassau
|
|
Median Price
|
Sales Volume
|
|
Town
|
Zip
|
2Q2011
|
% Chg*
|
|
2Q2011
|
% Chg*
|
|
All homes
|
|
$400,000
|
-2.4%
|
|
2,090
|
-13.7%
|
|
FLORAL
PARK
|
11001
|
$442,500
|
-2.0%
|
|
23
|
-39.5%
|
|
ELMONT
|
11003
|
$295,000
|
7.0%
|
|
33
|
-28.3%
|
|
FRANKLIN SQUARE
|
11010
|
$350,000
|
-9.8%
|
|
43
|
4.9%
|
|
GREAT
NECK
|
11020
|
$822,500
|
-6.8%
|
|
12
|
-36.8%
|
|
GREAT
NECK
|
11021
|
$880,000
|
-18.9%
|
|
27
|
35.0%
|
|
GREAT
NECK
|
11023
|
$722,500
|
-9.7%
|
|
22
|
22.2%
|
|
GREAT
NECK
|
11024
|
$1,875,000
|
-3.8%
|
|
13
|
-18.8%
|
|
MANHASSET
|
11030
|
$990,000
|
-21.2%
|
|
51
|
18.6%
|
|
NEW
HYDE PARK
|
11040
|
$450,000
|
-7.8%
|
|
75
|
-2.6%
|
|
PORT WASHINGTON
|
11050
|
$725,000
|
8.2%
|
|
55
|
-1.8%
|
|
MINEOLA
|
11501
|
$380,000
|
-7.3%
|
|
25
|
-13.8%
|
|
ALBERTSON
|
11507
|
$458,500
|
-25.7%
|
|
13
|
-7.1%
|
|
ATLANTIC BEACH
|
11509
|
$530,000
|
-46.9%
|
|
9
|
-10.0%
|
|
BALDWIN
|
11510
|
$290,000
|
-12.8%
|
|
44
|
-37.1%
|
|
CEDARHURST
|
11516
|
$475,000
|
-12.4%
|
|
12
|
20.0%
|
|
EAST
ROCKAWAY
|
11518
|
$381,500
|
15.6%
|
|
21
|
23.5%
|
|
FREEPORT
|
11520
|
$257,205
|
-2.0%
|
|
43
|
-38.6%
|
|
GARDEN
CITY
|
11530
|
$710,000
|
0.0%
|
|
64
|
3.2%
|
|
GLEN
COVE
|
11542
|
$380,000
|
-7.3%
|
|
45
|
21.6%
|
|
GLEN
HEAD
|
11545
|
$1,297,500
|
107.6%
|
|
28
|
86.7%
|
|
HEMPSTEAD
|
11550
|
$190,000
|
-8.7%
|
|
57
|
-1.7%
|
|
WEST HEMPSTEAD
|
11552
|
$327,600
|
-10.9%
|
|
37
|
-14.0%
|
|
UNIONDALE
|
11553
|
$255,000
|
-6.4%
|
|
31
|
-11.4%
|
|
EAST MEADOW
|
11554
|
$335,000
|
-12.7%
|
|
61
|
-37.8%
|
|
HEWLETT
|
11557
|
$449,500
|
-9.2%
|
|
13
|
-27.8%
|
|
ISLAND PARK
|
11558
|
$406,620
|
-12.6%
|
|
16
|
23.1%
|
|
LAWRENCE
|
11559
|
$450,000
|
-37.9%
|
|
7
|
-41.7%
|
|
LOCUST VALLEY
|
11560
|
$1,100,000
|
15.2%
|
|
14
|
-22.2%
|
|
LONG BEACH
|
11561
|
$429,000
|
14.5%
|
|
59
|
3.5%
|
|
LYNBROOK
|
11563
|
$399,000
|
15.7%
|
|
31
|
3.3%
|
|
MALVERNE
|
11565
|
$375,000
|
-5.7%
|
|
14
|
-17.6%
|
|
MERRICK
|
11566
|
$474,500
|
-1.1%
|
|
62
|
-24.4%
|
|
OLD
WESTBURY
|
11568
|
$1,350,000
|
7.6%
|
|
6
|
-14.3%
|
|
ROCKVILLE CENTRE
|
11570
|
$595,750
|
5.9%
|
|
33
|
-26.7%
|
|
OCEANSIDE
|
11572
|
$397,250
|
-2.6%
|
|
51
|
-25.0%
|
|
ROOSEVELT
|
11575
|
$163,000
|
-17.3%
|
|
18
|
-41.9%
|
|
ROSLYN
|
11576
|
$759,500
|
2.8%
|
|
31
|
34.8%
|
|
ROSLYN HEIGHTS
|
11577
|
$700,000
|
-1.3%
|
|
29
|
-6.5%
|
|
SEA
CLIFF
|
11579
|
$592,500
|
107.9%
|
|
8
|
33.3%
|
|
VALLEY
STREAM
|
11580
|
$309,000
|
-11.3%
|
|
50
|
-24.2%
|
|
VALLEY
STREAM
|
11581
|
$352,250
|
-9.3%
|
|
36
|
-16.3%
|
|
WESTBURY
|
11590
|
$350,000
|
-7.9%
|
|
64
|
-22.0%
|
|
WILLISTON PARK
|
11596
|
$478,000
|
0.6%
|
|
21
|
-34.4%
|
|
WOODMERE
|
11598
|
$656,250
|
8.5%
|
|
32
|
39.1%
|
|
BAYVILLE
|
11709
|
$492,000
|
2.5%
|
|
10
|
-23.1%
|
|
BELLMORE
|
11710
|
$390,000
|
-10.3%
|
|
53
|
-28.4%
|
|
BETHPAGE
|
11714
|
$375,000
|
-5.2%
|
|
26
|
-25.7%
|
|
EAST NORWICH
|
11732
|
$570,000
|
14.0%
|
|
7
|
-12.5%
|
|
FARMINGDALE
|
11735
|
$320,000
|
-6.2%
|
|
43
|
-8.5%
|
|
JERICHO
|
11753
|
$665,000
|
5.6%
|
|
27
|
17.4%
|
|
LEVITTOWN
|
11756
|
$295,000
|
-9.2%
|
|
71
|
-9.0%
|
|
MASSAPEQUA
|
11758
|
$380,000
|
-5.4%
|
|
94
|
-25.4%
|
|
MASSAPEQUA PARK
|
11762
|
$365,000
|
-14.1%
|
|
37
|
-14.0%
|
|
OYSTER BAY
|
11771
|
$677,700
|
-21.0%
|
|
22
|
46.7%
|
|
SEAFORD
|
11783
|
$384,000
|
-2.8%
|
|
23
|
-20.7%
|
|
SYOSSET
|
11791
|
$522,500
|
-2.8%
|
|
44
|
-20.0%
|
|
WANTAGH
|
11793
|
$392,000
|
0.5%
|
|
52
|
-16.1%
|
|
WOODBURY
|
11797
|
$520,000
|
-41.6%
|
|
7
|
-50.0%
|
|
HICKSVILLE
|
11801
|
$331,000
|
-5.4%
|
|
66
|
4.8%
|
|
PLAINVIEW
|
11803
|
$440,000
|
-2.2%
|
|
48
|
-23.8%
|
|
OLD
BETHPAGE
|
11804
|
$438,500
|
-6.1%
|
|
7
|
-30.0%
|
Suffolk
County Home Sales Data
2nd Quarter 2011
|
Suffolk
|
|
Median Price
|
Sales Volume
|
|
Town
|
Zip
|
2Q2011
|
% Chg*
|
|
2Q2011
|
% Chg*
|
|
All homes
|
|
$325,000
|
-4.9%
|
|
2,755
|
-7.8%
|
|
AMITYVILLE
|
11701
|
$245,000
|
-9.3%
|
|
42
|
13.5%
|
|
BABYLON
|
11702
|
$336,200
|
-9.1%
|
|
23
|
4.5%
|
|
NORTH BABYLON
|
11703
|
$279,500
|
-14.3%
|
|
18
|
-41.9%
|
|
WEST BABYLON
|
11704
|
$284,500
|
-3.6%
|
|
51
|
-20.3%
|
|
BAYPORT
|
11705
|
$330,000
|
-15.9%
|
|
18
|
100.0%
|
|
BAY SHORE
|
11706
|
$234,300
|
-0.7%
|
|
97
|
-1.0%
|
|
BELLPORT
|
11713
|
$167,425
|
-33.3%
|
|
18
|
63.6%
|
|
BLUE
POINT
|
11715
|
$343,750
|
-9.1%
|
|
10
|
11.1%
|
|
BOHEMIA
|
11716
|
$327,500
|
-18.8%
|
|
16
|
33.3%
|
|
BRENTWOOD
|
11717
|
$160,000
|
-26.4%
|
|
70
|
12.9%
|
|
BRIGHTWATERS
|
11718
|
$452,500
|
74.0%
|
|
9
|
50.0%
|
|
CENTEREACH
|
11720
|
$289,500
|
2.5%
|
|
48
|
-7.7%
|
|
CENTERPORT
|
11721
|
$586,250
|
6.6%
|
|
14
|
27.3%
|
|
CENTRAL ISLIP
|
11722
|
$170,000
|
-3.4%
|
|
71
|
7.6%
|
|
COLD SPRING
HARBOR
|
11724
|
$980,000
|
-32.4%
|
|
5
|
-44.4%
|
|
COMMACK
|
11725
|
$367,500
|
-12.4%
|
|
38
|
-5.0%
|
|
COPIAGUE
|
11726
|
$219,500
|
-21.6%
|
|
31
|
0.0%
|
|
CORAM
|
11727
|
$218,500
|
-8.2%
|
|
54
|
-16.9%
|
|
DEER PARK
|
11729
|
$292,250
|
-5.3%
|
|
36
|
-28.0%
|
|
EAST ISLIP
|
11730
|
$349,250
|
-0.9%
|
|
20
|
-9.1%
|
|
EAST NORTHPORT
|
11731
|
$385,100
|
-6.6%
|
|
45
|
0.0%
|
|
EAST SETAUKET
|
11733
|
$406,250
|
-13.6%
|
|
30
|
-30.2%
|
|
FARMINGVILLE
|
11738
|
$288,000
|
-11.7%
|
|
20
|
-20.0%
|
|
GREENLAWN
|
11740
|
$429,000
|
7.5%
|
|
9
|
-59.1%
|
|
HOLBROOK
|
11741
|
$305,000
|
-11.4%
|
|
30
|
-14.3%
|
|
HOLTSVILLE
|
11742
|
$291,750
|
-13.8%
|
|
23
|
43.8%
|
|
HUNTINGTON
|
11743
|
$473,500
|
-9.6%
|
|
68
|
-37.6%
|
|
HUNTINGTON STATION
|
11746
|
$358,000
|
-14.8%
|
|
105
|
-8.7%
|
|
MELVILLE
|
11747
|
$475,000
|
-26.9%
|
|
31
|
-22.5%
|
|
ISLANDIA
|
11749
|
$243,000
|
-1.3%
|
|
10
|
-9.1%
|
|
ISLIP
|
11751
|
$317,000
|
-9.4%
|
|
23
|
9.5%
|
|
ISLIP TERRACE
|
11752
|
$295,500
|
-6.2%
|
|
17
|
13.3%
|
|
KINGS PARK
|
11754
|
$382,000
|
0.5%
|
|
30
|
0.0%
|
|
LAKE
GROVE
|
11755
|
$331,000
|
2.2%
|
|
28
|
75.0%
|
|
LINDENHURST
|
11757
|
$259,500
|
-13.5%
|
|
68
|
-9.3%
|
|
MEDFORD
|
11763
|
$250,000
|
2.9%
|
|
53
|
-27.4%
|
|
MILLER PLACE
|
11764
|
$371,000
|
-2.4%
|
|
21
|
-8.7%
|
|
MOUNT SINAI
|
11766
|
$355,250
|
-9.5%
|
|
20
|
-25.9%
|
|
NESCONSET
|
11767
|
$371,000
|
-12.7%
|
|
16
|
-54.3%
|
|
NORTHPORT
|
11768
|
$665,000
|
17.7%
|
|
33
|
-29.8%
|
|
OAKDALE
|
11769
|
$369,000
|
-12.1%
|
|
25
|
38.9%
|
|
OCEAN BEACH
|
11770
|
$785,000
|
42.7%
|
|
5
|
400.0%
|
|
PATCHOGUE
|
11772
|
$251,900
|
-5.7%
|
|
62
|
-13.9%
|
|
PORT
JEFFERSON STATION
|
11776
|
$300,900
|
8.8%
|
|
40
|
-2.4%
|
|
PORT
JEFFERSON
|
11777
|
$374,500
|
-16.8%
|
|
17
|
-5.6%
|
|
ROCKY
POINT
|
11778
|
$272,000
|
7.7%
|
|
20
|
-25.9%
|
|
RONKONKOMA
|
11779
|
$275,000
|
-5.2%
|
|
62
|
-6.1%
|
|
SAINT
JAMES
|
11780
|
$390,000
|
-29.3%
|
|
31
|
-20.5%
|
|
SAYVILLE
|
11782
|
$362,750
|
-5.5%
|
|
26
|
-10.3%
|
|
SELDEN
|
11784
|
$245,000
|
-5.7%
|
|
33
|
-8.3%
|
|
SHOREHAM
|
11786
|
$346,000
|
-1.1%
|
|
14
|
180.0%
|
|
SMITHTOWN
|
11787
|
$425,000
|
1.2%
|
|
57
|
-18.6%
|
|
HAUPPAUGE
|
11788
|
$420,000
|
2.9%
|
|
17
|
-37.0%
|
|
SOUND BEACH
|
11789
|
$226,750
|
-17.5%
|
|
26
|
23.8%
|
|
STONY
BROOK
|
11790
|
$399,950
|
-9.1%
|
|
38
|
22.6%
|
|
WADING
RIVER
|
11792
|
$420,000
|
6.3%
|
|
15
|
-16.7%
|
|
WEST ISLIP
|
11795
|
$360,000
|
-9.8%
|
|
36
|
-2.7%
|
|
WYANDANCH
|
11798
|
$80,000
|
-38.9%
|
|
21
|
-22.2%
|
|
RIVERHEAD
|
11901
|
$300,000
|
-6.0%
|
|
34
|
-33.3%
|
|
AMAGANSETT
|
11930
|
$1,675,000
|
22.2%
|
|
11
|
22.2%
|
|
BRIDGEHAMPTON
|
11932
|
$1,925,000
|
-8.3%
|
|
7
|
-22.2%
|
|
CALVERTON
|
11933
|
$327,375
|
-12.5%
|
|
12
|
-33.3%
|
|
CENTER
MORICHES
|
11934
|
$395,000
|
19.7%
|
|
20
|
81.8%
|
|
CUTCHOGUE
|
11935
|
$566,750
|
-22.4%
|
|
12
|
0.0%
|
|
EAST HAMPTON
|
11937
|
$950,000
|
9.5%
|
|
103
|
10.8%
|
|
EAST MORICHES
|
11940
|
$350,000
|
-22.0%
|
|
13
|
85.7%
|
|
EASTPORT
|
11941
|
$395,000
|
2.3%
|
|
5
|
-66.7%
|
|
EAST QUOGUE
|
11942
|
$720,000
|
-9.9%
|
|
17
|
41.7%
|
|
GREENPORT
|
11944
|
$365,000
|
-4.6%
|
|
7
|
-30.0%
|
|
HAMPTON
BAYS
|
11946
|
$345,000
|
-13.2%
|
|
47
|
17.5%
|
|
MANORVILLE
|
11949
|
$390,000
|
-5.1%
|
|
22
|
-24.1%
|
|
MASTIC
|
11950
|
$168,750
|
0.8%
|
|
29
|
-3.3%
|
|
MASTIC BEACH
|
11951
|
$126,750
|
-13.8%
|
|
35
|
0.0%
|
|
MATTITUCK
|
11952
|
$386,000
|
-7.4%
|
|
11
|
-31.3%
|
|
MIDDLE ISLAND
|
11953
|
$200,000
|
22.0%
|
|
31
|
-6.1%
|
|
MONTAUK
|
11954
|
$732,500
|
18.1%
|
|
27
|
8.0%
|
|
MORICHES
|
11955
|
$305,000
|
-9.6%
|
|
7
|
0.0%
|
|
RIDGE
|
11961
|
$185,000
|
1.4%
|
|
59
|
11.3%
|
|
SAG HARBOR
|
11963
|
$860,000
|
-7.4%
|
|
35
|
-12.5%
|
|
SHELTER ISLAND
|
11964
|
$627,000
|
4.1%
|
|
5
|
-50.0%
|
|
SHIRLEY
|
11967
|
$179,000
|
-0.6%
|
|
36
|
-41.0%
|
|
SOUTHAMPTON
|
11968
|
$950,000
|
-9.5%
|
|
78
|
-11.4%
|
|
SOUTHOLD
|
11971
|
$427,500
|
-8.1%
|
|
20
|
-13.0%
|
|
WATER
MILL
|
11976
|
$2,325,000
|
43.1%
|
|
26
|
36.8%
|
|
WESTHAMPTON
|
11977
|
$985,000
|
53.9%
|
|
11
|
-38.9%
|
|
WESTHAMPTON BEACH
|
11978
|
$796,456
|
-16.2%
|
|
33
|
37.5%
|
|
YAPHANK
|
11980
|
$260,000
|
1.0%
|
|
14
|
7.7%
|
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.
www.1800engineer.com
We
Won’t let you buy a lemon!
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 Alfred Triolo,
PE 1-800-ENGINEER
www.1800engineer.com
We
Won’t let you buy a lemon!
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