real estate	« realty takes
Updated: May 13, 2009, 11:04 am	Share    Print    Email

Property listed by The Corcoran Group.

Southampton - Everything else is happening, might as well prepare for flooding! No surprise, but we are after all in a flood zone. Last week Southampton insurance agency Maran Corporate Risk Associates was named Agency of the Year by the National Flood Insurance Program.

Each year the National Flood Insurance Program (NFIP) recognizes agencies which demonstrate a dedication to promoting flood risk awareness and flood insurance.
Beth Gardiner and Kirsten Squires accepted the NFIP award for their firm

A great use for a piece of real estate at Stony Brook Southampton College - a state of the art baseball field for the new Hamptons Collegiate Baseball League. Teams include The Long Island Mustangs, Westhampton Aviators, Southampton Breakers, Sag Harbor Whalers, North Fork Ospreys, Riverhead Tomcats - featuring College Varsity Players from Dallas Baptist to Harvard to Notre Dame. All want careers in pro-ball. Yanks and Mets will scout this summer.

The Southampton Team needs rooms for 14 players. Have any rooms for these guys? For information contact rleaver@hamptonsbaseball.org. Folks can watch games June and July, free, bring picnic blankets, folding chairs and enjoy the country's cream of the crop.

Property listed by Prudential Douglas Elliman.

Town & Country Westhampton Beach continues to grow, welcoming veteran broker Frank Malagon, formerly a top producer with Allan Schneider and Associates that morphed into Corcoran. (some expensive morph that buy out was.)

Emil Norsic & Son Carting firm reports business is 30 percent down on construction debris (that means all building trades), but residential garbage business is still good.

Another collateral market view from long-time Home Inspection honcho Brad Beyer who reports a spike in business last month. Once AmeriSpec Home Inspection Services, now it is Beyer: Buyer Home Evaluation Services. "I am getting business from all areas and towns which is good. High, medium and low price ranges."

Part of a follow-up overview on last week's summer rental market column to see if a trend or a blip. More next week. Good insights for property owner!

This from Prudential Douglas Elliman's star broker and author Lori Barbaria, Bridgehampton office: "They are brutally strong! I am being told by renters that they heard from their friends that you can get a house listed for $125,000 now for $75,000, this is completely not true. Folks who were at $150,000 already reduced, so the rental prices being seen are reduced already and are renting quickly. People showing up to get the deals are driving back to the City empty-handed. Advice: prices are reduced and there are good deals now; owners will do shorter rentals; good houses are not desperate; there are a lot of renters coming. If you wanted to steal a deal then you should have come in February when it was bleak. Homes listed from $30,000 to $75,000 have been reduced. If they are still available and you like them - then grab them."

Don't look now, but a small but positive trend may be forming in the U.S. housing sector, just as the warmer months arrive according to the National Association of Realtors (NAR). Things were bad, but better than expected!

Property listed by Town & Country.

U.S. existing home sales fell three percent in March to a seasonally-adjusted annual rate to 4.57 million units, the NAR had expected March existing home sales to decline to a 4.70-million-unit annualized rate.

Further, the median home price for all types of housing plunged 12.4 percent in the past 12 months to $175,200. The median home price for a single-family home fell 11.5 percent to $174,900.

The NAR also said first-time buyers accounted for 53 percent of transactions, and it theorized that the $8,000 federal first-time home buyer tax credit is having an effect on sales traffic.

"Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit," said Lawrence Yun, chief economist for the NAR. "By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions."

Also, inventories of unsold homes declined 1.6 percent to 3.74 million units, or about a 9.8-month supply at the current sales rate. (We would like to see that shrink more).

Julia Coronado, senior economist for Barclays Capital in New York can construct a best case scenario from recent data.

"Our best case assumption, given the very low [mortgage] rates and some easing in credit availability, is that we will see the stability and the gradual process of improving later in the year.

Yes, well, when the best news is that it's not the worst news - just-goes-to-go-ya that real estate all together is a very strange business.

Lona Rubenstein is an accomplished author residing in East Hampton. Her new book, "Getting Back in the Game: Finding the Fountain of Youth in Cyberspace" can be found at local booksellers and online at www.gettingbackinthegame.com. For more real estate news and views contact Lona at lonafirst@aol.com.

Comments

sag harbor realtor from sag harbor says:
Hype is hype and truth is truth, regarding Lori's comments. Renters are making several trips out from the city, view several properties, delaying decisions and seeking price reductions while they wait for the owners to be more negotiable- very few houses are being rented out from under them- but then in real estate everyone has a story to tell.

Submit Your Comment

Name:* Location:* Comments:* Question:* Please type the word 'water' (For spam prevention, thanks)

* Comments will be reviewed and posted in a timely fashion * All fields are required