Archive for April, 2011

Visit Montauk for the Second Annual Montauk Music Festival

Saturday, April 30th, 2011

The Second Annual Montauk Music Festival will take place May 12th through 15th. The festival showcases over 75 Bands who will play over 100 shows at 25 different restaurants and venues throughout Montauk. Free open air concerts will also be held on the green. Music includes classic Rock, Rock, Pop, Americana, Alternative, Reggae, Blues, Jazz, Flamenco, Rap/Hip, Metal, Country… 

Check out the schedule HERE and while you’re in Montauk, stop in and visit us at Town & Country Real Estate

Forbes names Greenport as one of America’s prettiest towns

Friday, April 29th, 2011

Greenport Carroussel

A year or so ago I blogged about Greenport – and the wonderful things happening there – and I am now in great company: John Giuffo of Forbes magazine selected Greenport as one of America’s prettiest towns in his “small world big mouth” column and blog. Immediately – Lisa Dol Bruno of Newsday blogged about the real estate in Greenport - because such positive news make people interested in being a part of a wonderful success story. And I personally love this confirmation of what I already have been writing about for a long time how wonderful Greenport is - confirmation by independent and important sources in the press. As always it takes time for people to realize that things have changed . But the time in Greenport for the nay-sayers is over – or so it seems now! So be among the first to realize it:

It also happens that Town and Country agents recently have taken listing for some of Greenport’s most important Real Estate – one of which the Historic Postmaster’s home on First Street… but Greenport also has the most wonderful Waterfront Condominiums – a rare commodity in North Fork Wine Country; alongside some of the greatest hotel/motel resorts and  B&Bs in walking distance from Front Street restaurants and shops! A true Mecca for second homers from suburban areas, a great place to retire to, or a wonderful place to raise a family.

So it’s time to re-visit Greenport – and call one of our agents at Town and Country if you would like to be introduced to life in Greenport and North Fork Wine Country & luring Shelter Island!

 

Your Most Valuable Real Estate Asset

Monday, April 25th, 2011

 

            In today’s modern world of lightening speed results; world wide internet; portholes of information; mobile applications; search engines and so on – there is one single real estate resource which is irreplaceable, invaluable and, guess what? It doesn’t plug in!
            Your most valuable real estate asset remains your licensed Real Estate professional; that seasoned agent who has years in your specific market. Your broker can give you insight as to the history of any property in their market – and not just what you can pull up on town records – but first hand knowledge of what the Real Estate market was doing specific years; and if there was a recorded transfer that was reflective of an estate settlement vs. true value; what the earth it’s sitting on is worth; what then summer rental value would be; who are the local contractors they use; where to go for the best herbs; which camps their kids enjoyed – the personal touch of a seasoned professional is still your BEST Real Estate asset.

Nationwide, Existing Homes Sales Rise!

Thursday, April 21st, 2011

 

                According to the March 2011 report issued by the National Association of Realtors (NAR), existing home sales rose 3.7% to a seasonally adjusted annual rate of 5.1M in March from the 4.92M in February. These sales consist of closed transactions of single family residences, town houses, condos and co-ops.
           
Lawrence Yun, NAR chief economist added, “existing home sales have risen in six of the past eight months, so we’re clearly on a recovery path, with rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
           
Mr. Yun is referring to NAR’s housing affordability index which currently indicates principal and interest for the purchase of a median priced existing home is only 13% of the current gross household income which is the lowest rate since 1970 when NAR began monitoring the index.
           
Yet another reason to prove the timing is right to purchase a home – now if only the banks would get on board!

Lis Pendens Filings Fall by 48%

Saturday, April 16th, 2011

New Lis Pendens filings dropped to lowest point in almost 5 years.

 

There were 1,937 new Lis Pendens filings in the First Quarter of 2011.

This number represents the lowest quarterly count since the second quarter of 2006, and a 48% drop from the first quarter of 2010.

The total Lis Pendens filing activity for the quarter was 2,428, but that included 491 re-filed items, almost all of which were originally filed 3 years ago and had to be re-filed to avoid automatic expiration.

As we have reported on earlier posts, this re-filing number has been steadily increasing since the last quarter of 2009.

In the first quarter of 2011, the re-filings represented 20% of the total number, the largest ever percentage.

The charts below show the quarterly activity beginning in 2005.

Please note that the dip at the end of 2008 and the beginning of 2009 was due to imposed legislation that caused a 3 month delay in filings.
 

For complete information on Long Island Sales and Lis Pendens, visit

The Long Island Real Estate Report Stats/Trends area.

More Good News…

Thursday, April 14th, 2011

 

The Long Island Real Estate market is firmly grounded. Foreclosure activity for the 1st Quarter 2011 fell 28% – foreclosure activity includes all homes which go into the foreclosure process, receive auction notice or are repossessed.
Additionally, the 1st Quarter 2011 foreclosure activity dropped almost 20% from the 4th Quarter 2010 further substantiating stability in the Long Island housing market. These statistics were released by Realty Trac.
Here in the Hamptons and North Fork the weekly lists on lis pendens are shrinking. Home sales activity on the East End is in spring mode…BLOOMING!