John Ammirati

Although first time home buyers have until November 30th to close on their new home and take advantage fo the $8000 federal tax credit - the deadline is much closer than that. Most mortgage companies are taking longer than 60 days to close a deal after it is in contract so the dealine is weeks away - in those weeks you must identify the home you are going to purchase, negotiate a deal, get an inspection done and get contracts signed by both sides. Thought you were going to the beach this weekend? That beach trip could cost you $8000. Better go out and find that home - you will be $8000 richer if you do.

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 on the $8000 rebate for first time buyers we will see if the market can continue to improve in the last quarter.

Century 21 Prevete is joining the Long Island Board of Realtors^® (LIBOR) initiative, Realtors Against Hunger, to fight hunger in our local communities. Realtors Against Hunger (RAH) will be collecting donations of non perishable food items from August 22nd - September 30th. During that time period, the public is encouraged to drop off canned and dry food donations at Century 21 Prevete, 70 Manetto Hill Mall between the hours of 9am to 5pm. This collection drive will support efforts to provide food to hundreds of local food pantries, soup kitchens, shelters and other programs that feed the hungry. LIBOR is working with several strategic partners to ensure proper distribution of food to outlets in Nassau, Suffolk and Queens Counties. "With more than 300,000 children and adults facing hunger or potential malnutrition in the region the Long Island Board of Realtors must respond to the needs of our communities, especially in these difficult times," said Buddy Hoosein, LIBOR President.

Realtors Against Hunger (RAH) is part of the Long Island Board of Realtor's "We're More Than Realtors" initiative that supports numerous programs and charitable community organizations. A kick-off celebration for the campaign was recently hosted at Citibank Park in Islip at the start of the Long Island Ducks baseball game.

Food donations can be brought to Realtor Service Centers in Jackson Heights, West Babylon, Riverhead and Woodbury as well as local Realtor offices such as Century 21 Prevete. "We cannot stand by and watch our communities struggle. The impact of the economy and the escalating cost of fuel and other challenges is negatively impacting families throughout Long Island. Many families must now choose between paying for a tank of gas to get to work or feeding their family. We will work diligently to help our communities by filling these pantries and making an impact in the fight against hunger here on Long Island," explained John Ammirati, Manager, Century 21 Prevete.

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LIBOR is the largest local Realtor^® Board in the Country with ten Chapters covering the North Shore, South Shore and Central areas of Nassau, Suffolk and Queens Counties

Last year at this time the residential inventory in Plainview NY reached a high point of 227 listings. A year later inventory is peaking at 179 units. This story is being repeated in many of the towns in Nassau county where over the past month inventory dropped from 10495 units to 10269 properties. Market activity measured by the number of under contracts has picked up with 2232 in Nassau county this year vs 1820 in 2008 and 2224 in 2007. The drop in inventory and the rise in activity has lent some stability to the local market here. In terms on prices, there is still a 2-tiered market. Properties in top condition and good locations are receiving multiple offers within a few weeks of listing. Those in average or poor condition especially in challenged locations are still seeing brutal price drops before they sell.

If the economy here does not see a great increase in the unemployment numbers and interest rates stay under 7% we will see further improvement in our real estate market over the next 6-18 months. The times of greatly increased prices will remain a distant memory but sellers are selling right now into a stabilized market and smart buyers are taking advantage of good deals at what looks like a bottom.

http://www.youtube.com/watch?v=2oaXQBpnqUw

All heating and cooling in the Green Home in Jericho NY will be provided by a geothermal heat pump. Two 260 ft holes are drilled into the ground. Water is pumped up from one and brought into the heat pump. Then it is recycled into the second hole. The holes have a 10 inch diameter. Geothermal works because underground temperatures are relatively stable through the year. A geothermal heat pump extracts ground heat in the winter and exhausts heat back into the ground in the summer. Make sure you sign up for the showcase tours June 27th & 28th from 11am to 5pm. Sign up for your tour of this unique home and learn about green at www.greenshowcaseli.com