About Riverhead's North Fork

Authored by: Options Realty
February 3rd, 2009

With many vacation/second homeowners contemplating the benefits of keeping a property, or selling a home on the east end/North fork of Long Island, we thought that the following article would be of interest. It clarifies changes made on tax/ownership of second homes.

While consulting your own accountant is a given, staying on top of tax changes that impact the sale or rental of second homes for homeowners is worth keeping an eye on.

A provision of the recently enacted Housing Assistance Act of 2008, the bill designed primarily to provide relief to some homeowners facing foreclosure, is going to cost some folks who have a vacation or other type of second property.

The link to the entire article can be found here.

To check out 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, and Orient Point, NY.

Authored by: Options Realty
January 31st, 2009

The following figures were obtained from the MLSLI (multiple listing service of Long Island) and are recorded closings of single family homes on the North Fork of Long Island from January 1, 2009 through January 31, 2009. While deemed reliable, figures may vary.

The figures in BOLD are the closed prices. These figures do not include mobile home closings.

Aquebogue, NY

Closed: 1; $485k/$450k

Baiting Hollow, NY

Closed: 2; $549,990/$549,990; $699k/$670k

Greenport, NY

Closed: 1; $229k/$192k

Riverhead, NY

Closed: 2; $350k/$300k; $398,999k/$345k

Southold, NY

Closed: 3; $400k/$375k; $420k/$395k; $750k/$705k

Total closed in January, 2009: 9

days on market average: 144

*if a town/village is not listed, it did not report a closed property.

Total closed on the North Fork of Long Island through January 31, in 2008: 27

Clearly, there is a major slowdown occurring on the North Fork/East end of Long Island. There was a 75% drop on the number of closed properties recorded from January 2008 to January 2009.

Towns/villages included in the search: Aquebogue, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Mattituck, Cutchogue, Peconic, Southold, Riverhead, E. Marion, Orient, Orient Point, Peconic, New Suffolk, and Laurel, NY.

SOME GOOD NEWS (while not an improvement over 2008, activity is still occurring):

Homes put under contract from January 1, 2009 to January 31 2009 are consistent with 2008 figures in # of transactions:

2009: 20 homes under contract on the North fork;

2008: 23 homes under contract on the North fork

Without closed pricing, we are unable to indicate the % difference in asking/sold prices; each month, we will be providing the closed figures.

To check out 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, and Orient Point, NY.

Authored by: Options Realty
January 15th, 2009

The following press release is a year end (2008) market report for the east end of Long Island (North fork, Hamptons). It was compiled by George R. Simpson, owner of Suffolk Research Services, Inc.

As the oldest research service available in the Hamptons, Suffolk Research Services provides data used by developers and real estate companies. They are located in Hampton Bays, New York.

In addition to market reports, Mr. Simpson offers seller consulting services, and can be reached at: 631-357-9502.

According to George R. Simpson, President of Suffolk Research Service, Inc. the real estate market on the East End of Long Island declined in Median Price, Unit Sales, and Dollar sales for the year 2008 vs 2007.

Mr. Simpson said that the Median Price of single family residences for East End Real Estate decreased 12.2% from $740,000 in 2007 to $650,000 for twelve months of 2008 — (Median Price is the middle price when all houses sold are listed in order of price).

2008 Median Prices for Single Family Residential Houses has declined from 2007 in the all the towns on the East End except in Shelter Island — to $799,900 in Southampton - (down 13.5%); $995,000 in East Hampton - (down 9.5%); $409,693 in Riverhead (down 5.3%); and to $500,000 in Southold (down 4.8%). Prices rose 1.3% to $962,500 in Shelter Island.

To check out all available properties 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, and Orient Point, NY.

January 1st, 2009

The following data was collected from MLSLI*. While deemed reliable, figures are subject to error.

Total North Fork Real Estate SALES 2008.

Aquebogue, NY: 23

Baiting Hollow, NY: 23

Calverton, NY: 15

Cutchogue, NY: 42

Greenport, NY: 22

Jamesport, NY: 22

Mattituck, NY: 27

New Suffolk, NY: 2

Peconic, NY: 8

Orient, NY: 16

East Marion, NY: 20

Southold, NY: 66

Riverhead, NY: 98

COMPARING 2008 WITH 2007:

MEDIAN DAYS ON MARKET FOR NORTH FORK, LONG ISLAND HOMES IN 2008: 126

MEDIAN DAYS ON MARKET FOR NORTH FORK, LONG ISLAND HOMES IN 2007: 111.5

MEDIAN SALES PRICE CLOSED FOR NORTH FORK, LONG ISLAND PROPERTIES IN 2008: $460,000

MEDIAN SALES PRICE CLOSED FOR NORTH FORK, LONG ISLAND PROPERTIES IN 2007: $490,000

MEDIAN PERCENT DIFFERENTIAL FROM ASKING PRICE TO SOLD PRICE 2008: -6.7%

MEDIAN PERCENT DIFFERENTIAL FROM ASKING PRICE TO SOLD PRICE 2007: -4.9%

TOTAL CLOSED PROPERTIES, ALL TOWNS ABOVE 2008: 398

TOTAL CLOSED PROPERTIES, ALL TOWNS ABOVE 2007: 510

*INCLUDED IN THE 2008 AND 2007 TOTALS ARE MOBILE HOMES CLOSED, WHICH TOTALED 42 IN 2008.

TO VIEW AVAILABLE PROPERTIES ON THE NORTH FORK OF LONG ISLAND MLSLI, CLICK ON THE TOP RIGHT "NORTH FORK HOMES", CLICK YOUR TOWN (S), ADD ENTER, AND CLICK GO. *Multi-list Long Island

Authored by: Options Realty
December 6th, 2008

The following is a list of available retirement / vacation / 55-plus condos presently available on the North fork of Long Island, NY. HOA DUES and taxes as reported in the MLSLI, for use as a guide/estimate:

AQUEBOGUE, NY CONDOS

Silver Village*

HOA DUES: $235

TAXES:$6774

Available: 1; $379,9k

BAITING HOLLOW, NY CONDOS

The Knolls

HOA DUES: $293

TAXES: $3875-$4757

Available: 5; $299k; $375k;$380k;$385k;$389k

The Bluffs

HOA DUES: $326

TAXES: $5495

Available: 3; $374.5k; $475k; $498,9k

CALVERTON, NY CONDOS

Calverton Hills

HOA DUES: $275

TAXES: $2045

Available: 12;$119,9K $144,9k; $149k; $150k; $165k; $169k; $170k; $179k; $179k; $189k; $199,k; $199,9K

Foxwood Village*

HOA DUES: $470

TAXES: $3400-6600

Available: 20; $153,5k; $159k; $165k; $168k; $169,9k; $185,9k; $185,9k; $210k; $215k;$219,9k; $220k; $220k; $225k; $240k; $249,9k; $310k; $319k; $319,7k; $343,7k; $349,9k

Windcrest East*

HOA DUES: $272-$366

TAXES:$4950-$5700

Available: 3; $549,9k;$589,9k; $589,9k

EAST MARION, NY CONDOS

Cleaves Point

HOA DUES: $568

TAXES: $2615

Available: 1; $799k

GREENPORT, NY CONDOS

Driftwood Cove (co-op)

HOA DUES: $270-$303

TAXES: $2415

Available: 2; $180k; $199k

Breezy Shores (co-op)

HOA DUES: $300

TAXES: $1261

Available: 2; $349k; $349k

Pheasant Run Estates

HOA DUES: $350

TAXES: $3200

Available: 2; $360k; $429k

JAMESPORT, NY CONDOS

Maidstone Landing

HOA DUES: $495

TAXES: $6000-$7500

Available: 6; $699k; $799k; $850k; $879k; $948k; $1.275m

RIVERHEAD, NY CONDOS:

Willow Pond

HOA DUES:$291

TAXES: $4888-$5100

Available: 5; $269k; $314,9k; $389k; $406,6k; $479k

Mill Pond

HOA DUES: $187-$250

TAXES: $2454-$4018

Available: 3; $295k; $310k; $318k

Stoneleigh Woods*

HOA DUES:$251

TAXES: $4100

Available: 2; $365k; $375k

Sunken Ponds

HOA DUES: $300.

TAXES: $5300-$6300

Available: 4; $375k; $385k; $399,9k; $429k

Saddle Lakes*

HOA DUES:$288

TAXES: $3760-$4035

Available: 2; $389,9k; $399k

The Highlands*

HOA DUES: $394

TAXES: $9918-$11,113

Available: 2; $574,9k; $609k

SOUTHOLD, NY CONDOS

Colonial Village (co-op)

HOA DUES: $247-$430

TAXES: UNAVAILABLE

Available: $187,8k; $240k; $279,7k

Founders Village*

HOA DUES: $240

TAXES: $2570

Available: 2; $349k; $359k

The Cove

HOA DUES: $374

TAXES: $3300

Available: 1; $929k

TO VIEW AVAILABLE CONDOS, CLICK ON “NORTH FORK CONDOS” BLUE TAB. ENTER YOUR TOWN(S) OF INTEREST, HIT “ADD”, AND CLICK. Call us with any of your North fork, Long Island condo questions!