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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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