North Fork, Long Island Real Estate

We Got Nailed By Your Photos!

Laurie Mindnich at Options Realty — Sat, 05 Dec 2009 18:47:27 -0600

No one appreciates an IDX feed more than I do (OK- maybe you do).

As a small company, it's fantastic to have shared data, and we return the favor in kind- albeit, perhaps, with fewer, but with an attempt to present NUMEROUS photos, with some clarity provided- consumers seek a good "feel" for a property, and we do our best, with improvement always at the forefront.

Back to IDX feeds: this week we received an inquiry seeking sufficient and appropriate photos, from a consumer who made the assumption that the property in question was "ours", and wondering why the presentation was so lacking.

HOW TO RESPOND WITHOUT AFFORDING AN INSULT TO A COMPADRE WHO ADDS VALUE TO OUR SITE?

At least here in NY, it's touchy. The explanation offered was that in fact, the IDX feed is a cooperative effort to provide AS MUCH IN THE WAY OF PROPERTY INFO AS POSSIBLE, and that perhaps XYZ company had additional photos on their website- worth checking out- here is their site.

A trip to the property to provide additional photos was not requested by this person; the question was:

"Why is this property presented in an un-appealing way?"....

Hard to respond to, in a spirit of true cooperation, but worth considering when the camera is ready to roll, but perhaps the listing agent isn't?

We're in this together, as Realtors- let's get some amazing feedback, whether it's "our" buyer, or yours?

Our sellers deserve it.

Open on Thanksgiving? Say it Ain't So!

Laurie Mindnich at Options Realty — Tue, 24 Nov 2009 20:16:42 -0600

When I worked on site for a few different national builders, an up front understanding was this:

You can be assured of two company closed days: Thanksgiving Day in November, and December 25th.

In order to accomodate other days of importance, often team members took dibs, and the other would remain to maintain business. Not a problem, but those two days of NOTHING were amazing. In the resale environment, establishing the boundary of T-Giving off is simple- far be it for me to interrupt a gathering in order to provide a showing for someone THAT anxious. Sorry- being civil matters.

Nowhere to go; no banks open; no creditors open; no stock exchange open; no stores open (they'd open at 4 a.m.- but hey- Turkey day ends at midnight).

The only store that I recall being open on Thanksgiving was 7-11. Their whole concept screamed, "24/7", and they've been successful following that agenda. They can be counted on to be open when no one else is, and certainly have earned their success with employees that know, going in, that 24/7 is the gig- and hopefully, double time for those available to us on days where the rest of the country is at rest.

On one Thanksgiving, my daughter was eight, and at the tail end of chicken pox. Our family gathering had carefully checked with all members to establish that they had, indeed, already been afflicted. At the last minute, there was one member who had not yet experienced the contagious and uncomfortable affliction, and out of consideration, we stayed home- no notice, food-less on Thanksgiving. 7-11 was open, and Andrea got her hotdog and candy; I seem to recall Cheez Doodles (in my 20's, they still tasted good). It was a great day.

I digress. It was so disheartening tonight to see an ad for Wal Mart (will correct if it's KMart) sharing that they'd be OPEN on Thanksgiving. The one day where having the country SHUT DOWN, except for 7-11, is something to RELISH. Especially NOW.

In the spirit of this being a time of "thanks", frankly, commerce participants being at home (not deciding whether my interest rate on a perfect pay credit card should be at loan shark level) or other annoyance is a GOOD THING- JUST ONE OR TWO DAYS A YEAR, for everyone. The store opens at 4 a.m.- WHAT ON EARTH ARE THEY OPEN ON THANKSGIVING FOR?

Maybe I'm old fashioned. I'm certainly getting cranky.

I'll be completely cheered up if the toll booth guys/gals are "off" on T-Giving (forgot about them) as I drive down to NJ to visit my mom- and we will NOT decide to "shop early", before black Friday, at a store unwilling to respect that there is peace in CLOSURE- no pressure to grab that deal, no pressure, period.

I'd rather watch the Giants and the Broncos (although it was much more intriguing, that match up, four weeks ago). I hope that your day is relaxing, and shut down (save for enjoying your family, friends, or great pet)- and that you're at home, or on a walk that doesn't include an aisle of "specials."

Ham and Swiss on Rye- the Sandwich Generation

Laurie Mindnich at Options Realty — Sun, 15 Nov 2009 19:41:58 -0600

I like extra mayo and maybe even some slaw on my sandwich.

A bit overwhelming for many is the TEEN/aging parent, on TOP- hold the tomato.

It's amazing to me that so many in our (and ALL) professions deal with not only the significance of our own business, but the value of life as a requirement. I love life some days; some days, it's not so easy. Less easy is easier to share.

My own (only) child reached maturity at just about the time that my own parents began a decline. Ages are irrelevant, as some weather life better than others. but it certainly provoked a respect for those of us in real estate, or any other endeavor, that take their own business seriously...along with the personal aspects that make life LIFE.

I cannot imagine, having escaped the dual responsibility by a tiny margin, how it is for those of us saddled with a business to run in a hostile environment (short sales et al), aging parents, along with children to educate...Main Street, HELLO?

Not for nothing, but when I get a somewhat cranky cooperating broker on the phone of "a certain age" (mine), I might just try to be nice. If they end up not having aging parents in a tough environment, and kids for whom educational expectations exceed income levels that are realistic, return rudeness might be OK- not sure. Never sure about return rudeness in a professional environment.

It's a tough place we might find ourselves in right now- gentle digging might be OK.

Fannie the Landlord

Laurie Mindnich at Options Realty — Sat, 07 Nov 2009 07:58:41 -0600

Cooome on now, just give us the house back, keep it occupied, and you'll have plenty of time to find new digs. Oh- and your rent will be reasonable.

I can't come to a conclusion on this new program. In a nutshell, Fannie Mae accepts a deed in lieu of (read article for limitations) and the homeowner-now-renter is able to remain in the home for a period of a year, subject to a month-to-month following that agreement.

Of course, it won't work for the unemployed or under employed, because "market rent" may well eclipse their means.

The plusses: those with children in school may qualify, preventing the shock of a forced move. Those that do love their homes will have the opportunity to remain for a longer period of time. Neighborhoods that might get a blighted appearance will (presumably) remain less so, with occupants in the house.

The "asset" will be better preserved.

The downside: the seller is accepting a deed-in-lieu of foreclosure, and the credit ramifications of such create a near-equal ding as a foreclosure might. There might be less incentive to work toward a short sale solution, with it's potential for less of a credit hit (along with a personal sense on the part of some sellers that they did, indeed, inject some integrity into a bad situation. Subjective, but surely many sellers walk away with a better self perception). It would appear that the program is not applicable to those with second mortgages/liens on the property, knocking out huge numbers of people that are in trouble for exactly that reason. A deed-in-lieu of has no guarantee that there won't be some kind of shortage expected of the homeowner upon surrender.

It's common sense to presume that all homeowners should have at their disposal every avenue available to them, and the current arsenal appears to provide yet another outlet for consideration. Will it be a well-run resource that improves the experience of those losing their homes?

Guess time will tell.

Do You Have Open Listings In Your Area?

Laurie Mindnich at Options Realty — Sat, 17 Oct 2009 20:10:05 -0500

An "OPEN LISTING" is a listing in which a seller decides to list/ cooperate with several real estate companies, maintaining the ability to locate their own buyer, thus paying a lesser fee, or avoiding fees altogether in the event that they locate their own buyer.

Fine. Our location is a vacation area for second homes- NYC people.

Except, I find myself in an "OPEN LISTING" environment that proffers the following to sellers silly enough to engage: provide your property listing agreement to multiple real estate companies (they all enter listing data, non MLS, but site wide), AND IF AN AGENT FINDS A BUYER, THE FEE IS FULL. X percent- whatever that may be- for both the listing and selling sides.

Huh?

Wasn't an understanding of that double end about when FSBO sites entered the picture: sellers, disliking real estate companies (READ: FEES) deciding to go it alone, but saying, "here- if you bring me a buyer, I save half?" Successful on occasion, FSBO has been, for some time, an understanding by sellers that the fee paid would include a selling agent. NOT full fee.

Is any other area in the United States familiar with "open listings", in which a FSBO accepts an offer from a local real estate company representing the buyer, but collecting a fee representing both sides, or is the East end of Long Island (HAMPTONS) selling contingent just not getting it?

I love retro, but this retro is perplexing. A real estate agent with a buyer approaches a seller with an offer. That offer includes a fee for representing the buyer. Except, I want the cost of listing side, too.

Why would sellers accept a LISTING fee, as well, in the Hamptons?

Patience is EVERYTHING. I Hope.

Laurie Mindnich at Options Realty — Sat, 17 Oct 2009 18:01:02 -0500

This has been one of those weeks.

A simple run to the local pizza joint for pick up (and a slight delay on the order) turned into a missing Garmin from an unlocked car- small towns are not immune from crime. The car was in view of the front door- not used to locking, or looking.

Closings that were already late, but surely couldn't exceed yet another week...DID.

The annoyances seemed unrelenting.

I don't know if over-reaction has more to do with a seemingly unending assault on us, the public, from arms length entities- be they credit card companies ("Yes, we have the right to raise your interest rate to 29%, irrespective of timely payments") to a missing Garmin (HEY- I'M GETTING RIPPED OFF ENOUGH) to the delays inherent in ANY bank transaction, or buyer...or seller...or dentist with no other patients while I wait for an hour...

But enough already- not with the current environment, but with how it's managed. By me.

Recollections of selling an entire building of condominiums a few years back that were delayed, delayed, delayed (to the tune of nine months) should have prepared me well for current events. I missed other things as I worried- should have learned something.

To panic then was OK- to panic or over react now is just compromising life.

Time spent to criticize government programs (OK- fish in a barrel) or time indulged in lamenting our extraordinary transformation from a civil real estate environment (at least, sometimes) to a brutal challenge, or time spent making an effort to galvanize an assortment of causes (how can one not) is FINE.

But this environment is also an open invitation to experience life being anything BUT such endeavors. And frankly, my dog still needs me to toss his ball (rather than heave it), and my mother needs to hear more than, "I'll call you back" (regardless of how tempting). I miss talking with my sister.

My sister has an adorable teen aged son, and we ROARED over his experimented-got-caught-love-him-but-how-could-he-be-so-stupid* teenaged exploits. On Monday, I'd have been too immersed to get this much needed laugh. On Saturday, it was my salvation.

Hope you find yours this week!

*except, who leaves a car open with a Garmin on the dash?

Your Pictures are GREAT in the MLS- But My Photos at the Showing Aren't.

Laurie Mindnich at Options Realty — Fri, 09 Oct 2009 18:24:39 -0500

I had occasion tonight to send to a client summer photos of her home- she's the new owner, but out of the area, so not yet "moved in". The photo was taken at a preview, and the sun hit the gleaming floors juuust so- beautiful. The property was vacant, freshly painted, and wonderful.

When I was going through possible other summer photos to send (she missed the season, and there are NO better photos than summer photos on the North fork), in the event I'd missed one or two in the first batch (sent just after we'd left the preview), I came upon photos from property 2, also scheduled for that day.

We knew that our client was going to purchase one of the two, barring any pricing issues.

At the time of the photos on property 2, things felt cluttered (having just come from the empty gleaming hardwood floor home). It wasn't unpleasant, just...full. Wallpaper from the '80's, magazines on the bathroom counter, STUFF. Some doilies. I didn't notice ANY of that until I inadvertently visited pictures of the roll taken that day- just knew, after seeing the two, that our client would love the first property.

I don't know that all sellers are prepared beyond the "make it perfect" intial photo session. If the photos that I took of property B that day were indicative of the presentation I'd put in an MLS, well...I'd have done some serious picking up. We had a SCHEDULED APPOINTMENT to view the home.

Sometimes when we (ALL of us) live in homes for a period of time, our own perception is comfortable.

Selling a home, frankly, isn't.

Even if sellers aren't staging fans (I have to admit- stagers are gods/goddesses to me), awareness that every single showing leaves an impression of import would be good. It's great for US, as their Realtor, to oversee public photos presented in the best possible light, but it needs to look like that when it's shown...

*I'm not putting the pictures up because while the photos of others make me lmao sometimes, when the people presenting the home end up charming (if unaware of presentation issues) it's just hard to make it personal. But maybe we should sometimes, right out of the gate.

Thank You SO MUCH for my Loan Modification!

Laurie Mindnich at Options Realty — Mon, 21 Sep 2009 10:06:37 -0500

Wow. When we bought our house just a few short years ago, we were amazed at how easy it was! No credit, but so what- that high interest rate that you provided could be refinanced when we established more credit- you explained well that kids in their 20's would have no problem GAINING credit when we were homeowners.

You were right- in fact, our first credit card was issued by you! That was thoughtful, because you probably understood that 20-somethings would want lots of new home furnishings- we were so proud of our home. When the other cards came, it was a bit hard to resist- yes, we were tight, but so what? Our house was increasing in value...and the decision to bundle all those cards into a simple equity line of credit made perfect sense! And, we didn't even have to cut up the cards!

By the time we realized that the market had turned for the worse, it never occurred to either of us that this might impact our jobs- what does the housing market have to do with employment? Good thing we kept those cards to get us through, after I lost my job unexpectedly!

Oh, well- at least our lender is offering a loan modification program. We've trashed our credit- those cards just kept getting rate increases, and when it came to making our mortgage payment vs. paying off the cards, well...what other choice is there, but to let them go for a period of time?

"Hello? Loan mod person? We can't make our payments, but understand that you might be able to help."

"What? Why do you need our total debt? We're not paying the debt, because we're trying to keep the house!"

"No, I'm not sure that a one month respite is going to do it- you see, my job was taken from me due to layoffs, and while I've finally found another, it's going to take at least three months to get the back payments caught up, as well as catching up my credit cards. What? There's a Making Home Affordable Program? Let me check with them- thank you!"

"Hello, Loan mod person? The Making Home Affordable program tells me that we have too much debt to qualify for their program, so it's just you and me!"

"No, we haven't tried to sell the house. You see, our wrecked credit is going to make it very difficult to find a rental, and besides- rents are not much lower than our payment (were our payment reflective of the value that the house is worth now). Aren't loan modifications available to reduce the principle and refinance based on value? I've been talking to people, and doing some reading...and we love our house."

"Oh, I see. So what you do is let us skip one payment, then divide it up into 12 months of HIGHER payments. Hmmm. I'm not sure that this is going to help us get back on our feet- what happened to all the money that I read about that was set aside to assist homeowners with true hardship?"

"Ok, so this is all that you're willing to do, even after I've explained that three months is the time I'll need to figure our way out of this mess...yes, I know we created it...yes, I know we should have refinanced when we could...yes, I know we should have cut up our cards after we paid them off...yes, I know we should have been more educated...but NO, I don't think that your "modification" plan will work for us." Click.

"Honey? I've been thinking. If it takes a year for them to take the house back, why don't we just save the money that we're not spending on a house payment, bank it, and then at least we'll be able to provide an up front amount of rent for a landlord that will likely require us to jump through hoops in order to rent from them...cash speaks loudly...and since this is all our fault, we need to be prepared for the consequences."

"What, honey? Pursue other avenues? I'm so depressed at this point that I'm DONE dealing with our lender- or anyone else- let's just live here until they kick us out."*

*fictional young characters/lender

Wits End Approaching...Again!

Laurie Mindnich at Options Realty — Thu, 20 Aug 2009 18:10:22 -0500

X (selling side) + X (listing side) = fee established to sell a home.

It's always been this way (at least, as far back as I can recall), and it just IS- sellers "pay" the fees in order to relieve buyers of cash out of pocket; the fee is in the published price of the home, so the reality is, the buyer is picking up the tab. To be equitable, lets just presume that each "side" pays.

On Long Island, grasping the concept of buyer agency has forced absurdity for many real estate agents, and short of the DOS stepping in and providing easy to understand agency representation disclosures (and eliminating two that make no sense), will remain so.

Those agents understanding the inherent fairness of buyer agency are met with listing companies that refuse the offering (they usually blame the seller). "GET THE BUYER TO PAY YOU- YOU'RE REPRESENTING THEM." Except, were I to come in under one of the other two offerings, either the SELLER is vicariously liable (yes! NY still offers sub agency) or the LISTING COMPANY is vicariously liable, should I intentionally misrepresent something. Not my problem! Except, no thanks- I'll work with my buyer and afford them the representation that they're entitled to- I'll also be their go-to if there's intentional misrepresentation.

Who, working with a buyer, wants to "represent" the seller, anyway??? That's the listing companies job, and they're being paid for it.

X (selling side) + X (listing side)= fee established to sell a home.

The forward thinking agents (ok- it's new here) have ready, willing and able buyers, yet on MANY listings, the only way to present the house is to force the buyer to pay them out-of-pocket for the representation. Some buyers agents do this without a thought- not fully grasping that fiduciary (in our verbiage, so required) would stipulate that we REALLY take care with our buyers financial postition.

X (selling side) + X (listing side) = fee established to sell a home. Except, buyer, YOU get to pay a new formula: X(selling side with no selling agent) + X (listing side) + X (buyer agency fee)= the fee established to sell a home the Long Island way. Our transactions should earn more, right?

Now, the problem could certainly be solved by reducing the offer to include the phantom selling side fee (that they're paying out of pocket). Except, now the SELLERS formula is: X (selling fee) + X (listing fee)- and their net is lowered- see, the buyer is not going to pay ia "selling fee" twice- it was taken into account when our offer was written.

If listing companies on Long Island don't start to understand the SIMPLE FORMULA of a transaction, and simply offer buyer agency because it's what NY is clearly dictating is best for all involved, we are going to continue to remain among the most backward (OK- we're in second place) real estate venues in the country. Transactions here are not about a meeting of the minds between a buyer and a seller; too many transactions are about a non- meeting of the minds between a listing company and a simple bit of math:

X (selling side) + X (listing side)= fee established to sell a home.

READ the disclosure; understand it, and my guess is that having me, or anyone, come in "representing" your seller is going to fall by the wayside. Here's another calculation:

My error as a sub or broker agent + 1 pi&*#d off buyer = potential lawsuit for either the seller, the listing company, or BOTH.

Me? If I came in hired by you, I'm off the hook! Oh- and don't call me about it, because I don't remember anything that I discussed with the buyer- I was too busy trying to sell them "our" sellers house!

(facetious above, but any broker willing to assume liability for a selling agent that they've never met could well end up with that conversation). Just an OPINION, having seen too much nonsense over a simple equation, a state putting into action consumer protection, and some Realtors on Long Island digging their heels in quicksand, and looking very, very foolish in front of those to whom they owe fiduciary.

**The New York Agency Disclosure Form can be found here. Note that broker agency doesn't reference "selling agent", and if there's no buyers agent...

You Wouldn't Want to Have a Beer With Him, But...

Laurie Mindnich at Options Realty — Sat, 18 Jul 2009 19:37:53 -0500

I'm not saying that people that are personality challenged should neccesarily engage consumers in the lending arena.

When I called a lender recently, requesting a copy of our buyers good faith estimate, the response was shocking: "Get it from the buyer. I don't give those out (small talk) BYE." NO attempt to schmooze.

It seemed in better times that personality was key in the lending arena- great customer service usurped the need for solid competence, because everyone seemed to know that loans were a snap. Keeping a buyer updated, providing a degree of comfort (so that they didn't deflect with a better rate elsewhere) and providing updates to the Realtor contingent (hand raised) was a business-getter.

That this buyer was purchasing a bank owned property was the instigator of my introduction to a guy, known in the REO world as a great go to with a large bank name behind him, as a sure thing.

The buyer, after the initial meeting, was somewhat rattled- we encouraged a lender switch when his intial loan officer had the unfortunate happenstance of his company being reported in papers as engaging in a bit of recent fraud at a far-away branch, by a few undesirables. Not our guy, but his company. Better to move along, and use him next time around when he locates a better place to conduct business. Poor guy, but he'll be fine when he makes a change. When did this stuff start hitting so close to home anyway??

With respected mortgage companies? In this environment, expect the unexpected.

Our buyer went from an immediate connection with loan officer one to an experience with the second that provided, in his eyes, a cold encounter - but the buyer plugged onward while we wondered what this guy has that would make him come so highly recommended. A bit scary.

The transaction was flawless. Not a glitch; no issue other than me taking on the task of explaining points, rates, etc. to a buyer whose questions needed response- I can deal with that comfortably if it's a loan that as so many assured me, would close without a hitch, due to the capability of this guy, and his competence with bank owned issues from a lending side.

The final analysis was this, by another real estate agent that has worked with this person, doing many transactions: "THIS ISN'T A GUY THAT YOU'D WANT TO HAVE A BEER WITH, BUT HE GETS LOANS CLOSED."

It closed early- as promised, exactly when this guy told the buyer it would.

On time, no issues...I'll take it. But, what a market for those loan officers that can combine competence and personality...

An Afternoon at Raphael's Vineyard in Peconic

Laurie Mindnich at Options Realty — Wed, 10 Jun 2009 22:57:34 -0500

We have a friend who happens to be, along with his band partner, an excellent musician, performing as the Earthtones on the North fork/East end of Long Island.

Armed with this information, we decided to visit one of the local vineyards on a Sunday afternoon, just to see what the Earthtones experience was about.

Weekends offer several "live music" signs in front of the numerous vineyards; we have a musical preference, and had been told that theEarthtones might fit the bill. For those seeking out an afternoon sipping wine and listening to live music, you won't be disappointed.
We aren't wine "tasters"- our interests might be cultivated in that direction at some point, but frankly, the notion of being very unclear as to what we were tasting (in the presence of experts) remains been a bit intimidating.

No worries- wine tasting (other than enjoying a fabulous glass offered by Raphaels) wasn't on the menu!

Listening to classics from Bob Dylan or John Prine was a perfect complement to a great glass of wine- no comments on the texture of the vino solicited!

A few suggestions for those that haven't yet enjoyed the vineyard experience:

Our friends Glenn and Rick are fantastic- we like classic rock, and their offerings were just perfect. The Earthtones offer really, really good listening. The local offerings vary; check ahead to see if the music being offered is in your area of preference.

One doesn't have to be ANY kind of wine expert to enjoy the ambiance of the local vineyards- Raphaels has an interior full of tables, with a bar in the center- no reason to feel intimidated for simply purchasing a glass of wine with which to enjoy the music!

Some of the vineyards are venues in which it's a "bring your snacks" environment. We entered the area to see a long table, with a group of people enjoying the fabulous music, the local wine, and a huge array of snacks that were brought by them. Call ahead to check their weekend schedule of events.

There was an outside area, along with several tables inside.

I don't know about you, but the vineyards this year may usurp a few days out on the boat. While we love sailing, and bringing a picnic, this experience will remain a "keeper"- full enjoyment of local flavor, absent the time consuming task of getting the boat ready (and, sans our bulldog and min-pin, who force a real sense of guilt on our part if we don't bring them along). Sorry- no dogs allowed at the vineyards!

Live music from the Earthtones, and a great glass of wine in a relaxed, fun environment were exactly what we'd hoped for.

Thanks, Glenn and Rick of the Earthtones, and Raphaels - we loved the music, the wine was wonderful, and we now have a weekend plan for guests that will most certainly include vineyard visiting.

For those interested in a fabulous afternoon, the schedule for the Earthtones can be found below.

Looks like we'll be doing some more wine tasting!

Look for the Earthtones at the following times/locations in June and July:

Sunwaters Restaurant, Dune Road, Westhampton Beach June 20th, 7-10

Route 48 Vineyards, Cutchogue June 28, 2-6

Laurel Lakes Vineyards, Laurel, July 4, 1-5

Clovis Point Vineyards, July 5, 2-5

Laurel Lakes Vineyards, July 18, 1-5

Bedells Vineyards, Cutchogue July 19, 1-5

Will post August as the summer unwinds. Great music from Glenn and Rick of the Earthtones, and a wonderful atmosphere provided by a Raphaels- thank goodness summer is here!

To view Glenn Jochums website go to www.glennjochum.com- lots of "stuff" for music aficionados.

Sold/Under Contract North fork Houses May 2009

Laurie Mindnich at Options Realty — Sun, 31 May 2009 22:32:00 -0500

Authored by: Laurie Mindnich
May 31st, 2009

The following information was obtained from MLSLI- while deemed accurate, no guarantees.

In order to gain a sense of the market, we bring you monthly sold/closed homes on the North fork/east end of Long Island. For sellers, it’s an opportunity to see what direction things are going; for buyers, if you’re considering a property out this way, it’s need-to-know information.

MAY, 2009 UNDER CONTRACT PROPERTIES:

Total u/c: 38

Median Listing Price: $399k (listed- does not reflect sold price)

Riverhead had the most active sales activity, with 12 contracts. This is in part because this report includes manufactured homes; Cutchogue had a total of 7 properties under contract, followed by Southold (4); Mattituck (3), and Baiting Hollow (3).

MAY, 2008 UNDER CONTRACT PROPERTIES:

Total u/c: 34

Median Listing Price: $469,450 (closed figure)

Riverhead lead the pack last year, as well, followed by Southold, Orient, and Baiting Hollow.

THE GOOD NEWS? While median pricing is lower, activity is keeping pace with last year.

MAY, 2009 CLOSED PROPERTIES:

Total closed: 31

Median Closed Pricing: 350k

Riverhead showed the highest # of closings with 9, followed by Mattituck with 4; Baiting Hollow with 4.

MAY, 2008 CLOSED PROPERTIES:

Total closed: 40

Median Closed Pricing: $475k

A lower figure with closings is reflecting the very quiet Jan/Feb/March on the east end of Long Island. These figures should see some improvement in volume (not pricing) when activity this month closes over the course of the next few months.

Clearly, prices have dropped, and the forecast doesn’t indicate that we’ll see an increase any time soon. We’ve noticed that waterfront is becoming more obtainable- with continued price drops, it will be interesting to watch the market over the coming months.

If you’re seeking property on the east end of Long Island, we represent the buying side, and will provide all data needed to make an informed decision. Do NOT buy from a listing company (or any real estate agent) representing the seller if your agenda is to uncover the best possible price- you won’t find it.

Call us if you’d like help locating a North fork/East end of Long Island home.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

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To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

Are You "Selling" the MLS?

Laurie Mindnich at Options Realty — Sat, 07 Feb 2009 17:40:20 -0600

Let me begin by saying that I'm relocated from Colorado to NY, so am (while not in a fetal position anymore) still perplexed with east end Long Island real estate sometimes- six and one half years later.

In my area of Long Island (the east end), it is often spoken that some sellers prefer to have an "exclusive" listing, as opposed to a listing placed in the area MLS. It is, according to the real estate people (I can't say "Realtor"- I pay for the moniker. They do too, but somehow, it isn't working for my dues), "what the sellers want."

As much thought as I've given this, my inherent dislike boils down to this: in addition to being a detriment to the best interest of the seller, it is an undermining of Realtors in way that is deeply offensive.

When a Realtor sells the benefits of the MLS, they are selling the benefit of the real estate community as a WHOLE. Frankly, in the current environment, this seems like a good objective.

My area is adjacent to one in which listings are not entered into the MLS- the majority are not there.

For the life of me, I can't figure out how the word, or concept, "exclusive" is in any way a connection to "sell my house." Do sellers really say, "Please, I don't want other real estate people with buyers in- but get me this price- but do it with just a few other agents, not too many, OK?" ??

In the absence of an MLS, we'd all manage, but in this market, is now the time for consumers?

Sellers...or buyers (no readily available comp info)???

"Selling" the MLS is encouraging the seller to engage with a real estate community anxious to sell their home- simple.

Home Buyer/Home Seller Surveys- Are You Using One?

Laurie Mindnich at Options Realty — Tue, 03 Feb 2009 15:53:23 -0600

When I was employed by a national builder, one of the things that occurred in a post sale process was the arrival of the buyer survey, sent out automatically (and typically arriving returned to the builder within 60 days of closing). We received copies of these as they came in.

Some of the areas of comment were the following:

Responsiveness of sales staff

Timely updates on progress

Product knowledge

Each category had sub categories, and room for comments from the home buyer.

While there were occasional surveys with a bit of...attitude, the majority were eye opening, and offered a way to improve on what buyers expected (and received or didn't) as well as keep doing those things that provided a positive buying experience.

In the majority of cases, "responsiveness" and "updates" were the most compelling- if a buyer were under-informed, an entire section of the survey was decimated (as was the subsequent grade). While we didn't relish those responses, it did (for most of us) create an automatic mental reminder- the corporate office took the responses quite seriously, and a few bad ones created trouble.

It would seem important, as a company involved in real estate, to offer the same sort of "outlet" for clients, to be filled out (or not) post- closing. With the market changing so dramatically, maintaining an awareness of changing consumer expectations would seem imperitive.

While I'm guessing that "responsiveness" will remain the issue of importance to consumers, it might be telling to get a feel for how much else is hoped for now (e.g., finance knowledge, explanation of the buying or selling process itself, expectations met or exceeded in exposure venues, home presentation on the internet, etc).

I'm sure that many of you already engage in a survey system- if, like us, you're thinking about it, it would be great to hear some of the most important areas of response. We don't have "underlings"- we ARE the underlings- so it isn't about pressure; it's more about determining how to meet the expectations of a rapidly changing consumer expectation.

It's NOT A GREAT TIME TO BUY...

Laurie Mindnich at Options Realty — Sat, 31 Jan 2009 16:08:35 -0600

...unless a buyer picks the right real estate agent.

It's truly perplexing to me to see the positive market "spin" offered by many real estate agents, who may be EXACTLY RIGHT, in their market- but the information seems to become diluted with platitudes.

THAT ASSUMPTION NOW HAS TO BE QUANTIFIED.

By "exactly right", an agent must have access to (and comprehension of) local trends, and the availability of properties that take into account the future as we know it- often 15-20% under a specific asking price. Sometimes, more than that.

When buyers peruse blogs, my assumption is that they're seeking specifics- for example, if it's a "great market" or "great time to buy", that statement must be quantified with specific properties that are priced in such a way that makes urgency obvious; lacking that aspect, it simply is not a great time to buy, period, and we look like big fat liars (quite unintentionally).

It seems that many perfectly competent real estate agents provide information that is missing one thing: the proof of their ability to discern a reasonable price, and operate on the buyers behalf to achieve that price. The presence of the ability seek out "the right price" holds a whole lot more value than a simple statement that includes the words, "it's a great time to buy."

These real estate agents are shorting THEMSELVES- a blog is a perfect opportunity to offer reality mixed with a bit of personal panache- while it remains a take-it-or-leave-it proposition, and certainly requires more work, an understanding that the real estate market henceforth WILL require more work can't be ignored.

This blog was compelled by a recent prospective client. That he is high end is irrelevant (but somehow compelling). While he is seeking to buy a property, he has done MUCH in the way of research. There is absolutely no way that this person will work with a "sunny skies" real estate agent, and his entrance into our lives provided an opportunity to BE the company that he chooses, based on market knowledge, fiduciary to his own ultimate purchase, and an effort to offer WHAT IS, to the best of our ability. I like that he's adamant about raising the bar.

While he may well locate someone equally capable of offering reality, at least we'll know that what we offer to consumers is reality- not our own version of a hoped for outcome full of platitudes.

Besides...that's SO 2007, anyway...

What SHOULD the Credit Score Ramification Be for Short Sale Sellers?

Laurie Mindnich at Options Realty — Sat, 10 Jan 2009 17:48:11 -0600

I read with interest an article that suggested that the victim of a short sale would only have that credit impact for nine months.

As opposed to the 7-10 year credit commitment of a foreclosure.

Because that seems pretty short term in ramification (realistically) for a short sale (even with timely payments up until the closing), my digging (which was admittedly contrary in findings, one to the next - NY specific) begged the question: what IS reasonable for a seller to edure from a credit standpoint if the result of their actions unloaded the bank debt, a bit short?

Because the bank made the same error that the home buyer did, a realistic short sale offer would seem the fairest alternative to both. The spending of the bank "bailout" makes me want to suggest that the equitable thing to do would be for the bank to pay the seller for their "pain and suffering", but that ain't happening.

We have NY friends that foreclosed a year ago, and it's not on their credit report yet.

How far down SHOULD a short sale credit score drop, keeping in mind that there are a contingent of people who are managing to maintain their credit despite the economic disaster?

For the moment?

While there will be many transactions absent this element, the numbers are increasing-understanding the process itself is fine up until the point at which I wonder, "how far does a short sale drop a sellers credit score, were the short the only negative factor?"

Which leads to "how much SHOULD it?"

On the East End, the North Fork of Long Island. A Dog-Gone Find.

Laurie Mindnich at Options Realty — Thu, 08 Jan 2009 10:40:58 -0600

Authored by: Laurie Mindnich
January 8th, 2009

Our bulldog, Oliver, became VERY ATTACHED to a very specific dog toy. It was an amazing toy: a rubber ball attached to a string.

IT NEVER OCCURRED TO ME THAT, WHEN IT FINALLY (after seven months) EXPIRED, locating the same toy would be a search…resulting in a REAL FIND!

After looking through several stores known for having dog toys, and realizing that a generic variety, rather than the REAL DEAL, would last no more than a few days with our somewhat…exuberant family member, it occurred to me to try a NEW place on the North Fork of Long Island. While calling itself a dog ”daycare”, surely they’d also carry some dog toys…

Not only does DOGTOWN, located at 40385 Rt. 48, Southold NY 11971, carry dog toys, they carry QUALITY dog toys. Sure enough, a container holding my sought after “Oliver toy” was right there in abundance.

Much to my delight, the owners offered me a tour of their new facility. All the while, my mind considered what was once unthinkable: FINALLY, A GREAT PLACE TO LEAVE THE DOGS!

For those of us that travel, even if it’s a visit to see relatives in Westchester NY or Connecticut, such trips never included the luxury of an overnight- to the contrary, plans always revolved around, “What time should we leave to get back to the dogs”?

While bringing Oliver and Greta would be terrific, dogs aren’t always a welcomed appendage (particularly if they’re a bit excitable in a new environment).

For those visiting the east end of Long Island, whether it’s the North Fork or the Hamptons, DOGTOWN is a place where not only will you feel comfortable leaving your best friend for a day (or ten), the convenient location makes it absolutely perfect for frequent “hellos” (if they’ll bother saying “hello” back).

As the pics demonstrate, this is a HAPPY CREW at DOGTOWN- that it’s impeccably clean is just an unexpected bonus.

That the owners are clearly DOG LOVERS is evident in their planning of this luxe dog daycare.

While rates are subject to change, I’ll include their handout (effective 1/09)- along with a phone # to call for reservations. 631-765-8844.

Based on what we’ve seen, this is a place that could end up being “the” place for both locals with beloved dogs, and visitors finally able to comfortably accommodate their four legged friends, so call early!

North Fork, Long Island Closed Condos / Active Adult / Over 55 for 2008

Laurie Mindnich at Options Realty — Sun, 04 Jan 2009 19:51:36 -0600

Authored by: Laurie Mindnich
January 3rd, 2009

The following is data obtained from the multi list of Long Island. While deemed accurate, actual figures may differ- consult with your real estate agent for specific retirement/vacation condominiums on the east end of Long Island.

CLOSED NORTH FORK, LONG ISLAND CONDOS- JAN. 01, 2008- DECEMBER 31, 2008 (closed pricing):

Aquebogue, NY:

Silver Village: 2; $337,5k; $340k

Baiting Hollow, NY:

The Bluffs: 3; $279k; $397k; $311k;

The Knolls: 3; $315k; $338k; $340k

Calverton, NY:

Calverton Hills: 6; $110k; $105k; $157,5k; $159k; $160k; $176,3k

Foxwood Village: 7; $144,5k; $155k; $148k; $155k; $180k; $245k; $285k

East Marion, NY:

Cleaves Point: 1; $800k

Greenport, NY:

Driftwood Cove (co-op): 1; $147,5k

Harbor Shores (co-op): 1; $260k

Oyster Point: 2; $695k; $690k

Unknown: 1; $320k

Jamesport, NY:

Maidstone Landing: 1; $780k

Riverhead, NY:

Glenwood Village: 1; $67,5k

Mill Pond: 8; $275k; $280k; $270k; $279k; $275k; $305k; $315k; $325k

Willow Pond: 6; $277,5k; $270k; $324k; $346k; $367k; $405k

Saddle Lakes: 2; $495k; $540k

Southold, NY:

Colonial Village: 1; $160k

Founders Village: 3; $315k; $345k; $344k

COMPARISON 2008 TO 2007:

Total reported North Fork, condos closed, 2008: 55

Total reported North Fork, condos closed, 2007: 81

Median sales price, 2008: $305k

Median sales price, 2007: $350k

Days on market median, 2008: 158

Days on market median, 2007:133.5

% of asking/sold price, 2008: -6.7

% of asking/sold price, 2007: 4.8

To view all over 55 retirement condos, and all condos for sale, click on “North fork condos”, choose your town, and click GO.

Call or email us to view any properties of interest- the east end of Long Island is a great place to retire!

This, and a Couple of Oranges...

Laurie Mindnich at Options Realty — Fri, 02 Jan 2009 19:29:30 -0600

For whatever reason that COMPLETELY escapes me, my significant other decided, during our recent snowfall, that it would be interesting to accompany a neighbor skilled in snowplowing, as an assistant to this endeavor.

With many accounts (and many years with these accounts) under our neighbor's belt, the adventure began when the snow demonstrated a determination to accumulate, coupled with cold weather that would make the morning a truly beautiful (and slippery ugly) reminder that action is imperitive, particulary for his clients that are unable to shovel themselves.

While watching the deer, snow, and peace of our quiet community, I wondered: what does a snow plower make, anyway?

I'm told that this endeavor supplies service with money- a good thing, fair to all.

When my significant other appeared late that night, MANY hours later, he appeared with a bag.

The bag contained: a mix for banana bread, three tangerines, and two bananas.

Evidently, unexpected events such as snow, compelled a few recipients of the service to offer what they could.

I guess that 2009 still offers generosity, in whatever form that is possible- while things may be different for all of us, the smell of banana bread baking works for me.

Not so much for the neighbor, but this is 2009, after all. We'll save him a slice.

If He's Lying...Please Show Me How to Do It His Way.

Laurie Mindnich at Options Realty — Fri, 26 Dec 2008 15:57:58 -0600

Much has been discussed about the theory of "overpriced listings", which many of us avoid like the plague (having learned the hard way).

Still ongoing is the purported practice of "buying listings"- accomodating an unrealistic seller with the price determined by them, not our own common sense. The lament goes something like this: "I was honest; I'm not taking overpriced properties; let someone else do it."

Having BEEN that person, it's time to rethink, and here's why:

We "lost" two properties due to an unwillingness to succumb to a sellers unrealistic expectation. Not surprisingly, both properties ended up listed...and with the same person, at an intial price offering higher than what the seller had hoped for. Guess what?

HE SOLD THEM BOTH.

In what appears to be a superb presentation, this particular local agent overpriced the house, but dropped increments were steady. Both properties sold at the price that we'd indicated was "market"- no surprise. $100,000 (give or take) is a HUGE price drop in a 5-600k range.

Somehow, however, he was able to get across to the sellers that yes, he'd respect their "hopes"- while at the same time, gearing them up for what would ultimately be a sale price 20% below their expectations- and this is key- in fairly short order.

Do I think that he "lied" to the seller, creating false hope? Nope. He simply took what the environment was offering at the time, created his own scenario of price reductions, explained to the seller all, and GOT THE JOB DONE.

I believe that a house should be priced correctly out of the gate. I also believe that tough sellers are more realistic than we give them credit for. If a seller compels us to offer that small bit of "OK- for thirty days it's yours- after that, we take reductions" is that somehow misleading?

For this particular Realtor, he afforded the sellers time to experience the downside themselves (no showings, or low offers) and permitted the market to establish the outcome. I can't find fault with that.

Other Things This Time of Year

Laurie Mindnich at Options Realty — Sun, 14 Dec 2008 16:27:32 -0600

I recently read an interesting blog

The blog related to the market; the abyss; the mess. It was realistic in it's depiction of market woes.

The comments were agreeable, if in agreement.

My heart literally stopped when the middle of a response included the sentence, "Maybe I'll get lucky and just die in my sleep." The author, having found rents not dropping in accordance with the market full of foreclosures, was encountering his own problems after job issues and an income unable to keep pace with rent increases. The possibility of living in his car is real. Doesn't matter if I agree with the content of the response- it's incomprehensibly sad.

It seems that if there ever were a year to really "reach out" with the benefit of a holiday encouraging that action, it might be now.

Clients might benefit from a touching base visit more than the perfunctory weekly report phone call- particularly those for whom the distress is singular (not shared).

If you have a client in "the mess", a box of cookies (I don't cook- bakery) or warm, "hello" might be more a part of our jobs now than it may have been in the past. Physically touching base in a way that offers support might be less about inconveniencing them during the holidays (as I'd considered with one busy shopper) than about making sure that the light at the end of the real estate tunnel is tangible. For some, the time of year makes the hardship more tangible.

I'm not at all into delivering cookies. It's easier to budget the cost for some newspaper ads.

Touching base after making a time that works just to say "hello" and "it'll be fine" is easier with cookies for me somehow, boxed with a ribbon.

The Realtors of 2006...

Laurie Mindnich at Options Realty — Wed, 03 Dec 2008 17:21:48 -0600

This morning, I found myself speaking with a local real estate agent who started in "the business" in 2007.

Additionally, a comment of value was received by a real estate agent in a different state on a blog done- date of real estate entry: 2006.

THESE PEOPLE ARE SMART.

As a person with too much time in the real estate arena (lately, it feels that way), it's wonderful to interact with real estate people that are navigating. Loans are HUGELY problematic, relative to a few years ago- for some newer entrants, existing agents are not quite aware of the basics, due to market conditions that created a void for comprehension- anyone could get a loan.

Newer entrants, who had no connection to the "MESS", get it, and are starting OUT with the right idea: affordability is the only option. Investigating the current mortgage environment, and understanding it, is simply non-negotiable. The loan process is the key to a closing.

Back to the newer entrants: you have picked the absolute worst, but over the long haul, ABSOLUTE BEST time to get into real estate. While things are slow, you're smart enough to get educated.

It's so nice to know that the class of 2006 and forward are the ones coming up- if you don't feel lucky now, you most definitely will.

How Weird Is THIS Little Blog...

Laurie Mindnich at Options Realty — Tue, 18 Nov 2008 18:29:24 -0600

Googling.

Laurie Mindnich at Options Realty — Tue, 04 Nov 2008 17:25:56 -0600

For whatever reason, I decided to google "no doc home loan".

I knew what was coming. It wasn't "fun", but did offer some hindsight. I did NOT see a bank ad seeking, "pulse only"- rather, nicely written explanations of available loan instruments, with one sentence including, "no income verification for those that cannot properly document income"- dated late 2006.

Having been in a new home arena in 2006-2007, I missed the pulse party, because my customer profile paid cash for retirement condos in NY- never did see an over-55 get a loan (their properties were going wild in the beginning)...

It's got to be a crazy ride for real estate agents that began their careers in such an environment- how on earth is a "new" (2004 and newer) person supposed to have a really good feel for right/wrong when so much was force fed as "acceptable practice" when determining exactly who COULD buy a home?

On the OTHER side of such an odd entry into the market, it would seem that it's time for the NAR and local chapters to initiate, for the uninitiated, the RIGHT* way to conduct a real estate transaction- without a major injection of education for the less seasoned (and not neccessarily unethical by nature) the industry could lose good people unable to figure out this "new" (old) market.

I'm talking less about force-feeding transaction ethics than I am about really familiarizing agents with loan programs that will achieve closings in a market that demands far more than a "pulse".

A good real estate agent having entered the market at a heady time must understand, as we crash land, that unqualified buyers submitting offers (and potentially frustrating a frustrated seller, in addition to the potential of GOOD buyers on the same property) will result in more chaos...and we've all had enough chaos.

BUYERS NEED TO BE AT THE BRINK OF FULL APPROVAL BEFORE SUBMITTING OFFERS.

Take your time, as a real estate agent, gathering what works within your own level of competence- take all the time that you need to establish that what you "have" is, indeed, a buyer for a seller.

*Right is subjective- whatever the climate dictates is not "wrong", if legal. Ethical is a different cat, where common sense is considered a paramount element.

General Wayne Inn in Southold on the North Fork

Laurie Mindnich at Options Realty — Sun, 19 Oct 2008 21:05:47 -0500

Authored by: Laurie Mindnich
October 19th, 2008

When we first moved to Southold, New York in 2002, there was a structure in our neighborhood called the General Wayne Inn.

Situated oddly, Sean’s father explained that he had in fact dined at this opulent eatery located in the residential area of Bayview- it was a destination spot often navigated on foot, as those in the area were able to combine a nice walk with a fine meal.

The building was abandoned when we viewed it, but still intact- clearly devastated by a fire of some sort, it was destined to deteriorate without immediate intervention.

Below are photos of this once-grand establishment, along with a recent town meeting addressing the uncertain future of this once glorious structure.

http://southoldtown.iqm2.com/citizens/Detail_PublicHearing.aspx?Frame=&MeetingID=1106&MediaPosition=&ID=1150&CssClass=

It has increasingly become an eyesore, due to the lack of maintenance and preservation that the owner was unable to provide for it.

I’d love to see it purchased and restored, but as the years go by, all elements worthy of restoration seemingly grow legs- where a sign once proclaimed it’s identity, there is now simply an empty and rotting post.