long island real estate: No Strong Finish for Long Island Real Estate in 2011 - 12/09/11 11:26 AM
When real estate sales in Nassau County went up 2.5% over last year in our third quarter, I thought there was a good chance that we would match or slightly exceed last year's production. Unfortunately both October and November have been a bit down from last year's numbers and the chance to show improvement in activity by the end of the year has faded. It's not all bad news since some local markets are thriving. Our own town of Plainview is up 9% over last year. Levittown a very big market in Central Nassau County is up 6%. Wantagh which has been … (3 comments)
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long island real estate: Long Island Real Estate Market October 2011 - Muddling Along - 11/04/11 11:22 AM
Nassau County is on pace to sell 9400 homes this year about 4% less than last year's 9750. A couple of months ago it looked like we might break with last year's sales. Sales would have to be too much improved in the traditionally slow months of November and December for that to be a reality now. But considering and artificial stimulus of the buyer's tax credit last year and the slow growth in employment on Long Island the picture could be much worse and that is cause for some hope. The story in our sister county Suffolk is not as … (0 comments)
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long island real estate: Real Estate Sales on Long Island Tale of 2 Counties - 10/07/11 10:21 AM
While Nassau County real estate is holding it's own, Suffolk County is still struggling. Last September there were 698 homes put under contract in Nassau County, this September 691 - that's a 1% drop. On the other hand our sister County Suffolk had 851 homes sold last September and only 780 this year - an 8% drop. Real estate is local and different towns in Nassau are doing better than others. While year to date Nassau has 5% less under contract activity than last year - there are some towns that handsomely beat that record. All year long the town of Wantagh has … (0 comments)
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long island real estate: Long Island August Sales - An Optimistic View - 09/07/11 04:16 PM
As we finished the 8th month of 2011 things look brighter for Long Island Real Estate - Not that sales are going through the roof - it was pretty much a flat month but considering the fact that we lost the whole last weekend - the under contract numbers look pretty good for 3/4 of a month. July 2011 there were 1708 sides or 854 houses put in contract in Nassau County NY. In August 2011 there were 1718 sides or 859 homes under contract. In August 2010 there were 1680 sides or 840 homes put under contract. In our local … (0 comments)
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long island real estate: Long Island Real Estate at the Half Way Mark for 2011 - 07/14/11 03:03 PM
We have had six months of activity for 2011. Considering the economic climate, it has been a gutsy performance from the real estate market on Long Island. Over 900 homes a month have been put in contract in Nassau County since March. Year to date sales are down only 9% over last year. Considering the artificial boost from the tax credits last year and the poor January weather, it is the best one could expect. On the other hand inventory has crept to record levels with over 10,000 homes available for the past 3 months. We know there are many others … (0 comments)
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long island real estate: Long Island Real Estate Market 1st Quarter 2011 - 04/07/11 04:46 PM
Although real estate was sluggish in Long Island during the stormy period of January and early February since then market activity has picked up. More houses are coming out on the market and more buyers are showing up at those houses. We are going to have a tough time comparing this March and April with last year's March & April since last year we had the tax credit to stimulate the market. But looking back over the past 3 year this March holds up pretty well. Nassau county under contracts totaled 1820 this year vs 1984 last year. But in 2008 … (0 comments)
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long island real estate: Plainview NY Real Estate 2010 - 01/07/11 03:47 PM
The story of Plainview real estate is similar to the story of the rest of Long Island and many parts of the country. The year can be divided into 2 parts- before the tax credit deadline of April 30, 2010 and from May 1st until the end of the year. From January to April 30th under contracts were up 21%. After the tax credit deadline under contracts were down 33% from the previous year. The whole year finished down 17% from last years under contract figures. 204 houses were sold in Plainview in 2010 at an average price of $515,000. 227 … (0 comments)
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long island real estate: Same market since May - 11/05/10 03:57 PM
The sales figures (under contracts) for the month of October 2010 in Nassau County continue the same trend that started when the tax credit expired April 30th. Comparing under contracts this October versus October 2009 sales are down 30%. There is a lot of buyer uncertainty about the market due to poor employment figures. On Long Island affordability is challenged by relatively high property taxes. We expect this trend to continue at least until the spring. Sellers need to adjust their view of the market to make their home the one out of three that actually sell. Buyers need to realize that … (0 comments)
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long island real estate: Long Island ends the 3rd Quarter of 2010 with weak sales activity - 10/04/10 01:19 PM
The numbers are in for under contracts in Long Island and the news is not encouraging for Nassau County this has been the weakest September in 3 years. Activity is down almost 30% over last year's under contract numbers. We have more inventory in Nassau County at the end of September than in June. This is the time of year where inventory should be declining. Today's jobs report shows no gain in employment and that will be the key for the real estate revival. While unemployment hangs around 10% there will be more buyer hesitancy and skittishness. Always the optimist I … (0 comments)
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long island real estate: Long Island Real Estate Market Update June 15th 2010 - 06/16/10 04:03 PM
Is the real estate market in Long Island improved or not? Depends on what town you are in -hot towns are Syosset up 29% this year over last year this time, Bethpage up 21% on relatively small inventory numbers, North & South Bellmore up 48% again on relatively small inventory numbers and Elmont up 17% - right here in Plainview the market is practically flat with a small 1% improvement so far this year. On the down side Hicksville under contracts are down 17%, Wantagh down 13% and Levittown down 9%. Overall Nassau County is up 7% over 2009 year to … (0 comments)
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long island real estate: Real Estate Team Leader - 02/06/10 08:56 AM
Many companies are springing up in our market area that speak to the phenomenon of branding the agent instead of the company. In this new age of social media, this is definitely happening. Each agent becomes his own company and the company name is just a nod to the licensing authority of NY State Department of State. These companies write a corollary to this phenomenon that the office dynamics are unimportant. It is this assertion that I take exception to. Most agents will thrive in an environment that teaches, encourages and leads them to their best potential. Although many agents feel that … (0 comments)
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long island real estate: Buying a Home on Long Island - 01/27/10 10:00 AM
The real estate picture on Long Island reflects the micro-economies that exist here. Some towns have high unemployment (9.7% in Hempstead Village) and many bank foreclosures. Others have modest unemployment (5.8 percent unemployment in North Hempstead Town) and relatively few foreclosures. The general picture for the island as a whole has improved from the dire economic conditions of the 4th quarter of 2008 with Nassau county sales contracts improving year over year (2008-2009) by 15% and Suffolk county improving 14%.
Except where bank owned homes are plentiful, the story has gone from lack of sales to lack of houses to sell. … (0 comments)
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long island real estate: Funds run out for NYS Mortgage Credit Certificate (MCC) Program - 10/21/09 12:19 PM
Just a month ago I blogged about New York State joining other states in offering a Mortgage Credit Certificate (MCC) Program. The program is administered by SONYMA. Well a month later most of the funds are spoken for and as of Monday October 19th SONYMA has restricted future applications to only targeted areas. Here's SONYMA's explanation
"Since the program's inception, the average reservation loan amount has been $5 million per day and since October 1, this amount increased to $7 million per day. Due to the overwhelming demand for MCCs, SONYMA allocated another $20 million to the program in late September. … (0 comments)
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long island real estate: Long Island Real Estate continues to improve - 09/03/09 08:59 AM
As August came to a close, under contract statistics show a continued improvment in the Long Island Real Estate market. 1910 under contracts were recorded in Aug 2009 in Nassau County vs 1676 in 2008 ans 1900 in 2007. Year to date vs 2008 under contracts are up in the county 8%. In Suffolk County 2200 under contacts in August 2009 vs 1794 in 2008. Inventory continues to drop and many agents report multiple offers on existing inventory. In the 8 towns that Century 21 Prevete does business under contract activity is up 13% vs 2008. As the window closes … (1 comments)
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