Author: Gary

Slump will continue

From the Long Island Business News Pearl Kamer of the LIA said Long Island’s housing fortunes would continue to sag into 2009, as part of a drawn-out market correction. “We still have to liquidate a excess inventory of homes,” Kamer said. “And as of Sept. 1, lending practices will tighten, so fewer buyers will qualify for mortgages.” Through May, there were 18,749 homes for sale in Suffolk, up 26 percent from a year ago. In Nassau, 12,711 homes were up for sale, a 21-percent increase from the same period in 2006....

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MLS Report – July 14th 2007

Well, more than two weeks since the last MLS report. Not much happening on that front really. Homes in Babylon Total: 115 Babylon School District: 64 BSD and Under 600K: 41 Condos/Coops:6 New Homes ML# 1977313 – $399K – 4 Beds – Two Bath – Ranch I’m probably not too interested in this one. It’s south of Montauk and a bit too far from the train. We ran by the place this week and had a peek. It looks abandoned. The grass hasn’t been cut in weeks, maybe months. ML# 1977952 – $438K – 4 Beds – Two Bath – Colonial Some potential here. Walkable to the train and decent looking. No internal pictures though. ML# 1978791 – 12 Sheridan Rd – $539K – 3 Beds – One Bath – Ranch This place has almost everything wrong with it, except that it’s right on the bay. A bay front house at this price tempts even me. It’s worth a look at...

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The Next Leg Down

Some wisdom from a commenter at New Jersey Real Estate Report Here’s the bullet version of my “next leg down” scenario: 1. This Fall, all the sellers who have pulled the “For Sale” sign out of the ground- hoping for a Spring rebound- won’t. Time’s up. 2. Why is time up? Take your pick: life circumstance, impending foreclosure, the realization things aren’t getting better anytime soon. 3. As REO/foreclosed homes increasingly work their way into the marketplace, those homes become the new comps. Unavoidable. 4. When you look at RE busts in past years, the first phase is marked by a standoff between buyers and sellers: prices decline only slightly, as sales volume dries up and inventory rises. When it becomes apparent to all involved that these trends are in place, the second phase occurs: a rush to the exits by sellers. This is when the bulk of the downward move in prices occurs. I believe we’ve reached that point. Buyer sentiment is entrenched, and the subprime meltdown (and incipient credit crunch) should be the catalyst that triggers seller panic. Seems about right to...

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A Cute Little Cape

The Stats: MLS# 1974001 Asking: $499K 6 room cape 3 Beds – 1 Bath Taxes: $7600 Prior sale – 11/2004: $310K (from Zillow) This house popped up on MLSLI just this past week and it immediately caught my eye. As you can see from the picture, it’s a sweet, little cape with tremendous curb appeal. The middle gable sets off the two, side, gabled dormers, giving the place a kind of gingerbread house look.The landscaping is well done and the yard looks pleasant. Most importantly, it’s right in the village, about two tenths of a mile from the train. On the other hand, it’s only got one bathroom. That’s a major negative for us. Quite frankly, one of the reasons we’d like a house is to get at least another half bath. It’s being listed at $499K after being bought for $310K less than three years ago. Now it’s possible that there were some major renovations made in the intervening three years to justify a 60% price jump, but I’d have to see that for myself. The open house listing indicated that not only would there be an open house this Friday, likely targeted more at other local real estate agents than prospective buyers, but that there would also be open houses on both Saturday and Sunday as well. Three open houses in three days. It’s an open house...

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