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Realty Reality: Buyers bitin' at the bit in first 1/4 of 2010

Spring for real estate

In our neck of the woods, the real estate market came in like a lion the first quarter of 2010. After a long winter, the buyers woke up hungry..they readily took advantage of the first and second time home buyer tax credit (which is due to expire April 3oth, 2010), the increasing amount of inventory coming on the market, and the more-than-less reality based pricing that homeowners have had to come to grips with.

$500k and less is the price point that has seen the most activity in terms of home sales throughout Zone 20 (which incorporates all of Huntington Township).  This makes perfect sense as not only is this the price point for many new home purchasers, but it allows that same population to take advantage of the tax credit which caps out at $800,000.

In the areas that tend to command higher sales prices, i.e. Lloyd Harbor/Neck, Cold Spring Harbor, Laurel Hollow and Huntington Bay, the homes that are $1.2ish and below have had a good deal of activity.  Again, this makes perfect sense…perceived value on the part of the purchaser.  Finally, buyers are pouncing on those homes that have been on for too long at too high a price.  Sellers were faced with the reality of having to reduce their asking price to numbers the market was willing to bear.

In spite of the buying activity, inventory has increased since the beginning of the year with much of the existing inventory having been on the market for more than 3-6 months. The number of homes sold has increased, though sales prices overall have not.  While many people would like to see prices begin an upward trajectory again in the near future, interest rates are  expected to begin rising which will do anything BUT drive prices up and with more homes coming on (it IS spring), it’s a fair guess that prices will stay the same or drop some.

Recently, CNN came out with a real estate indicator that predicts Suffolk County home prices will go down approximately 13% this year.  I ask, what part of SuffolK?  It’s an awfully big place when making a prediction like that.  Point being, real estate is local…for sure, our prices here have dipped significantly – about 10% from 2008 prices.  But let’s face it friends, prices were dreadfully inflated and left much room for deflation..seems that prices are coming back to reality.

The Jonathan Samuel Long Island Market Report for the first quarter of 2010 is due to be released in the next several days.  Jonathan Samuel is a leading independent real estate appraiser whose comprehensive market reports are widely read and followed in the real estate industry. It’s a great read that covers the market from rental, residential, commerical and condos/townhouse activity.

Here are three interesting properties on the market:

Syosset Off the market

Northport VillageOff the market

Centerport Townhouse

Risa Ziegler, Licensed Associate Broker

Prudential Douglas Elliman

156 Main Street

Huntington, New York 11743

Office:              631-549-4400 ext. 319

Cell:                  516-457-4282

Home Office:   631-470-3972

Fax Number:     631-549-6894

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