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Good News for New Yorkers
Manhattan has always been an expensive area to buy or rent a home. As this article shows, this fact remains true even in the current economic climate. CNNMoney rated New York, with a median home price of $439,300, as one of the top five most expensive housing markets. In fact, the disconnect between New York's real estate market and that of the rest of the country has always been wide and it keeps growing.
According to the Real deal, Manhattan's median residential sale price for the second quarter of 2011 is only down 17% from its peak. That's not a bad figure when compared to the rest of the country. For example, homes in Los Angeles, one of the hardest hit areas, have lost 60% of their value from the market's peak. The weak dollar, which in turn leads to more foreign investment, works to New York's advantage. This is especially true with the recent influx of wealthy Russians to New York City and the Hamptons. However, experts warn that just because New York is faring better than other parts of the country doesn't mean that we should be celebrating. New York prices are either remaining flat or declining at a lesser rate than they are in other areas of the country.
So, if you're interested in taking advantage of New York's relative stability and want to purchase a home in New York's Hamptons, you can call Simon Harrison Real Estate at 631-725-4357.
Rock-Bottom Interest Rates, Foreclosures and More
Many sources agree that, if you can qualify for a loan, now is the time to get one because rates are so low. The catch, however, is that it can be difficult to qualify for a loan in the current economy. Lenders don't want to approve people with a credit score under 700. So, a score that may have gotten you a loan a few years ago might not be good enough now. Lenders also want to see that buyers have plenty of cash in the bank for a down payment and as a reserve. But, don't go out and buy a house because the rates are low. Experts say that now is a great time to buy but consumers should only do so if they were already planning on buying a house sometime in the near future. Low interest rates are here to stay through mid-2013, according to the Federal Reserve.
Despite the depressed economy in many places, CNN Money put together a list of the top 5 most expensive housing markets and New York, not surprisingly, pulled in at number 5. New York's market has been resilient. There are two factors that help New York prices remain high. First, New York has a finite amount of space. People are crammed in at an average of 28,000 per square mile in the five boroughs. Second, people always want to come into the city, especially college grads looking for jobs.
The third and final topic of discussion for today's blog is foreclosures. The government is brainstorming for ideas about the possibility of renting out foreclosed properties owned by Fannie Mae, Freddie Mac and the Federal Housing Administration. If everything works out, it sounds like a great way to create affordable housing. One goal of the program is to stabilize neighborhoods where foreclosures are rampant. Sounds like a good idea. Any thoughts?
What's Happening in the Hamptons
Apparently photo ops are an accepted currency on the rental market...but only if your name is Bill or Hillary Clinton. According to several sources, including Business Insider, the Clintons are renting out Elie Hirschfeld's oceanfront East Hampton mansion for a week starting August 22. The rental fee is undisclosed, however, Hirschfeld included a condition in the lease stating that the Clintons have to pose for a photo with him as well. The 12,000 square foot home comes complete with eight bedrooms, four fireplaces, a pool and a private beach. And if you want to buy the house after the Clintons have stayed in it, it happens to be on the market for $25 million.
Head 15 minutes north into the village of Sag Harbor and you will find a different type of community than the ritzy lily pond lane. The traditionally African-American communities of Azurest, Ninevah Beach and Sag Harbor Hills are caught between change and tradition as many homes that have been owned by the same families for decades are going on the open market. These communities have been areas where middle class African-Americans spent the summer and lived as an extended family, according to several residents. Residents used to gather together and have a fish fry and kids foot race every summer. However, the traditions have faded over the years. Residents recognize that change is happening but still fondly remember the days when most of the houses had an "open-door policy."
Simon Harrison Real Estate, specializing in Sag Harbor, can help you with whatever area of the Hamptons you're interested in. Call us or visit our website!
Buying Your First Home
A Trulia blogger walks us through the things you need to think about before you decide whether or not you're ready to purchase your first home. Becoming a homeowner is part of the American dream. As a homeowner, you don't have to worry about annoying landlords or putting holes in the wall to hang your window treatments. You have the freedom to do whatever you want. However, you are now the "landlord" in the sense that you have to take care of any maintenance issues that may arise and you have to pay for them yourself. Home ownership is a long-term commitment. When it comes time to sell your home, it can be a long process. In addition, selling usually isn't profitable within 5 years of buying a home.
If you decide you're ready to take that first step, contacting a broker is usually a good idea. Attending several open houses is also a good place to start, especially when you're still deciding what features you like in a home. The New York Times helps out with some strategies first-time buyers can use to deal with the information overload that comes with scouring the internet for and taking in the features of many open houses. To start, viewing pictures and videos on the Internet is great, however, it is not a replacement for actually seeing homes in person. If you're tackling multiple open houses in the same day, it's important to have a game plan. Map out the most efficient route between houses. Also, it helps to take notes on the neighborhood and building's entryway (if you're looking in a city). Once you're inside, experts recommend you take your time- don't rush through.
So, if you're looking to purchase your first home, Simon Harrison Real Estate is a great place to start! 631.725.4357
Revisiting the Real Estate Cyber Wars
If you've been keeping up to date on Hamptons real estate news, you might remember the drama that followed when Saunders purchased several domain names including susanbreitenbach.com, michaelakeszler.com and loribarbaria.com. These domains are the names of successful Corcoran and Prudential agents and Saunders set up the sites so that visitors would be redirected to SaundersRE.com. For more on the story, visit my previous blog post here.
Unfortunately, it seems like the practice, deemed "cyber squatting," is not uncommon. With many potential new clients turning to the web to search for homes, competition is heating up and, in the ever competitive real estate business, agents are trying to find ways to optimize their website hits and, in turn, potential leads. However, Burke Smith, the founder of a real estate web strategy firm (Your Net Coach), says that focusing on optimizing your own site for search engine traffic is much more effective than trying to steal traffic from your competitors. Besides the obvious ethical problem with "cyber squatting," is actually not going to have much of a financial impact on your business and can possibly give your company a bad reputation with consumers if it becomes public knowledge, according to Smith.
So, the moral of the story for brokers out there is: buy your domain name-and don't forget to renew it! To all the buyers out there: check out simonthebroker.com for all your real estate needs!
Courtesy Still Matters in Home Sales
It seems like common courtesy often goes by the wayside these days, from drivers that cut you off on Montauk Highway to people that cut you in line at Starbucks. The "August people", the people who come to the Hamptons in August and act like they're entitled to everything, have arrived in the Hamptons. Real estate is no exception to the lack of courtesy- there are plenty of rude buyers and sellers out there.
The New York Times detailed several accounts of sellers who actually accepted lower offers because the bidders seemed like nice, polite people over offers from others who were not as polite. The article mentioned how the sellers are not usually present at the home when it is being shown, however, there is occasionally a nanny or other service person present, especially in affluent areas such as the Hamptons. The nanny is typically very close to the owner and will likely report any negative comments back to the homeowner. So, be careful what you say out loud about a home, especially if there are other people on the property that could overhear you! Keep the negativity to yourself.
Oftentimes, sellers feel like their home is much more than a place they inhabit. It is where they have raised a family and had many other memorable experiences. If potential buyers are too openly critical toward a house, sellers can take it very personally. Brokers do tell both buyers and sellers to keep their emotions out of the transaction but brokers can't actually control people's attitudes. Seems like a little common courtesy goes a long way. This gives buyers something to think about- be polite next time you're viewing a house. It could even get you a better deal!
The Debt Deal & Real Estate
Even with the US Government increasing the debt ceiling to avoid default, the US has been able to maintain it's AAA credit rating. However, that could still change. It's still possible to be downgraded to a AA rating, according to one Zillow blogger. A downgrade would force the government to pay higher borrowing rates and the consequences would also trickle down to consumers. The consequences include: higher rates for everything including mortgages, credit cards, private students loans and car loans.
However, an article on GlobeSt.com points out that the US will still be a "safe haven" for investors. Bond returns, even in the hours leading up to the debt deal, showed that investors continue to seek out US debt. Top cities such as New York and LA will continue to pull in debt and equity. So it seems like New York is in good shape compared to the rest of the country.
Any thoughts on the debt deal? Will it affect the Hamptons? Comment below! Or, if you're interested in looking at Hamptons properties, contact one of our brokers! 631.725.4357 or simonthebroker.com
Is Buying A Foreclosure A Good Deal?
Zillow gives us an overview of what to look for. First of all, the definition of a foreclosure is a property that has been repossessed by the bank because the owner, for whatever reason, stopped making mortgage payments. According to Leonard Baron, a foreclosure is not necessarily a good deal because it's the lowest priced property on the block- it might need a lot of repairs that are best left to a professional. If you think a property is a really good deal, make sure you do your homework because there's usually a reason a home is priced extremely low and you want to find out that reason BEFORE you close, says Baron.
However, don't get too nervous. A foreclosure can be a great deal for many reasons. First of all, you should plan on owning the property for at least 5 years, just as you should plan on owning any home for at least 5 years to hit the "break-even point." Also, the house should be in good shape. Repairs can get expensive quickly and are best left to the pros. In addition, you should do your research and, if you find that the price of your home is in line with that of other homes in the neighborhood and most of the other homes in the neighborhood are occupied, then you're likely making a smart purchase.
As always, it's good to have a broker who is an expert on the neighborhood. For all of your real estate needs in Sag Harbor and the rest of the Hamptons, call one of our experienced brokers at 631-725-4357! Also take a look at our website for more information and tips on buying a foreclosure.
No News Is Good News
Not much of note happening in Hamptons real estate today! Call us or visit simonthebroker.com for your real estate needs when you're out in the Hamptons this weekend!
A Couple Interesting Homes
When looking for interesting articles to include in today's blog, I came across two interesting homes. One is an estate built into a cave in Turkey and the other is, unofficially, the world's skinniest house which is located in Poland. The first house, viewed here, is an elaborate five level, four bedroom house owned by Laura Prusoff, an American photographer, and her Turkish photographer husband, Nurettin Mantar. The home actually combines nine pieces of property and is not fully completed yet.
Moving from to Warsaw, Poland we encounter the world's skinniest house, which is 4 feet at its widest and just 28 inches at its narrowest. The proposed house is officially deemed an "art installation" because it doesn't meet Polish building codes. The house has ladders to get between the floors, off-grid plumbing, electricity lifted from a neighbor and the entry stairs will fold up to become part of the first floor. Personally, I wouldn't want to be cramped into such as tiny space, especially when the facade has been compared to a pregnancy test. Nonetheless, it's pretty cool to look at.
If you're searching for your own piece of Hamptons real estate, let us help you out! Call one of our experienced brokers at 631.725.4357
