Long Island, NY Real Estate and Homes For Sale

1> garde;">Green is more than just the
color of energy efficiency. Its also the color of all the money youll save
when you reduce your power bills. 
Proper insulation is one key to a "green" home.
During cold weather, insulation keeps heated air inside, so your furnace
doesnt have to work as hard. During warmer months, it prevents cooled air from
escaping, easing the demand on air-conditioning units. 
Insulation is rated by R-value, a measure of its effectiveness.Experts
recommend an insulation value of at least R-30 in ceilings, R-13 in walls, and
R-11 in floors. While insulation is an investment, there
are also other, less expensive ways to cut your energy usage.

During the winter, open
     blinds and curtains to let the sun warm your home.
Use ceiling fans. Youll feel
     cooler without having to lower the thermostat.
Make sure warm and cool air
     from your system can circulate freely; dirt and other obstructions force a
     system to work harder. So, change the air filters at least every three
     months. Keep vents and registers clear of drapes and furniture; vacuum
     them regularly.
Don't "bump"
     your  thermostat up and down. Set it at a consistent temperature
     thats comfortable for you. Add a programmable thermostat, if you
     dont have one.
Change regular light bulbs to
     CFLs, compact fluorescent light bulbs. CFLs use two-thirds less energy and
     last up to 10 times longer than incandescent bulbs.
Ask your local power company
     for a free energy audit. Many companies will send a consultant to evaluate
     your home and suggest personalized money-saving tips. Energy-saving
     appliances and other improvements may also come with incentives like tax
     credits or deductions that make "greening-up" your home even more
     beneficial.

Erik Reilly
"Living a life I love, through service to others"

Mortgage Applications Up for Second Consecutive Week

Mortgage aplications in the U.S. rose for a second straight week, a sign that falling home prices are attracting some buyers. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan gained 7.5 percent in the week ended July 4. The group’s purchase index increased 6.7 percent and its refinancing gauge climbed 8.7 percent. 

– “U.S. MBA’s Mortgage Applications Index Increased 7.5% Last Week,” by Shobhana Chandra, Bloomberg News, July 9, 2008.

First-Time Buyers Impacting Housing Market 

First-time buyers dominated second quarter sales activity in many U.S. housing markets by accounting for an estimated 54% of existing home purchases, according to HouseHunt’s latest Current Market Conditions national survey of about 2,000 member-agents. This is an increase of 15 percentage points in the past six months.

– “First-Time Buyers Dominated Second Quarter Sales Activity in Many Markets,” RISMedia, July 9, 2008.

The key player in any recovery scenario is the first-time buyer. The housing market operates with a pronounced laddering or ripple effect. When entry-level buyers flood the market, they not only stimulate production of new homes, they purchase existing homes. Those purchases, in turn, allaw the sellers to move up to bigger houses.

– “On the Path to a Housing Rebound,” by Shawn Tully, Fortune, June 24, 2008.

Some Markets Showing Price Gain

One bright spot in the (S&P/Case-Shiller) report was that more cities showed a gain in prices in April compared with the previous month. Houses in eight areas rose in value, compared with just two in March. Month-over-month gains were led by Cleveland and Dallas.  There may be “some surprises in the next few months that would indicate we are at or near a bottom in probably one-third to one-half of the country.”

– Karl Case, an economics professor at Wellesley College, “S&P/Case-Shiller Home Prices Fell 15.3% in April,” (video) by Shobhana Chandra, Bloomberg News, June 24, 2008.

Great Time to Buy for Retirees

This might be the right time to find a bargain, especially for buyers approaching their retirement years who can afford to take their time. Of course, anyone looking to buy can also find good reasons to take a wait-and-see attitude, like the fact that good deals may not exist in every location, and no one really knows if prices will continue to decline. “It’s like missing the top of the market - it’s the same thing with the bottom. Generally you know it’s happened because you’re looking in the rearview mirror and it’s passed you by.”

– Maurice Veissi, president of a Miami agency, “Retirees Find the Time May Be Right to Buy,” by Susan Stellen, The New York Times (registration required), June 27, 2008.

Falling Housing Starts a Positive Sign for Recovery

The news that housing starts have fallen to their lowest level in 17 years sounds like one more reason to be depressed about the shrinking value of your home. In fact, it’s an almost certain sign that the path to a housing recovery is finally in sight. If prices are going to stabilize, let alone rebound, the United States needs to produce far more first-time home buyers than new houses. “For the recovery to begin, builders need to eliminate the standing inventory of finished, unoccupied new homes.”

– Mike Castleman, founder of Metrostudy, “On the Path to a Housing Rebound,” by Shawn Tully, Fortune, June 24, 2008.

 From April 1st to today (May 12th) 57 houses went into contract or closed in Elmont, NY. Not bad since everyone seems to think that the market is slow right now. These numbers came from my own reasearch with the help of the multiple listing of long island.
Out of those 57 houses for sale, 16 of them were either foreclosures or short sales. The majority of the inventory consisted of capes and colonials and the prices ranged from $270k all the way to $510K!
A bank owned colonial on Doherty Ave in Elmont, NY sold for $270k. It was only on the market for 22 days. This 3 bedroom, 2 bath colonial needed some TLC and was a great investment property or perfect for the first time home buyer. For $270K the new owner got a great bargain! I took a drive past it a few weeks ago and saw lots of busy workers putting a new roof on the 3 bed, 2 bath colonial. That is probably just the begining of what is to come for that house. I’m sure when all is done the house will be beautiful and have a much higher market value.
Its a shame that there aren’t more investors out there to help the community of Elmont. Where are all the investors for these foreclosures and short sales? We need them to get out there and save this neighborhood! Stop building these huge houses on streets like Meacham Ave and leave those properties for commercial buildings. Go into the quieter streets away from the traffic and noise, find those diamonds in the rough and fix them up and get them sold. You’ll find that you will probably get more money out of your investment and a shorter time on the market.

Source Christina Giannakopoulos Licenced RE Agent

Long Island NY home sells for Less than $60,000!!!

This week at the foreclosure auction  Nassau County Courthouse in Mineola on Tuesday May 6 2008 at 11:30 am 98 Brittle La, Hicksville NY 11801 was sold to an investor for $57,000.00. (pictured below)

The same unknown investor bid $231,000.00 on 24 Primrose Ave Levittown NY 11756 and was the winning bid. (pictured below)

These 2 were the only Long Island Foreclosed homes that were purchased or even bid upon by investors.

The following properties were offered for bid, and recieved no bids from the investors at the Nassau County foreclosure auction on Tuesday May 6 2008 at 11:30 am

230 West Pine St Long Beach NY 11561 a 2 Family, The Bank was looking for bids above $481,000.00

1675 Cornelius Ave Wantaugh NY 11793 a 4 bedroom 2.5 bath splanch, The Bank was looking for bids above $780,000.00

176 Biltmore Ave Elmont 11003 a colonial built in 1918 that needed work, the bank was looking for bids above $297,658.00

186 Jerusalem Ave Levittown NY 11756  a 5 bedroom 2 bath Hi Ranch on a 50 foot by 86 foot lot, the bank was looking for bids above $334,400.00

161 Colonial Ave Freeport NY 11520 a 4 room cottage on a 50 x 165 foot lot, the bank was looking for bids above $280,000.00

106 Peters Ave Hempstead NY 11550 a 2 bedroom 2 bath cape, Deutsche Bank was looking for bids above $251,487.07

1933 Anita Ct N. Baldwin NY 11510 a 3 bedroom Cape styled house, Deutsche Bank was looking for bids above $339,690.37

178 Hollywood Valley Stream NY 11581 a 3 bedroom ranch, Wells Fargo Bank was looking for bids above $364,012.60

100 Jerusalem Ave Levittown NY 11756 a 4/2 cape cod styled home in the Levittown School District, Wells Fargo Bank was looking for $403,394.00 US

148 Harris Ave Freeport NY 11520, a 3 bedroom 1.5 bath colonial house, Option One Mortgage Corp was looking for bids above $ 320,450

18 Andrews Ave Roosevelt NY 11575, a cape that the previous owner said was a Huge Dormered  Cape With Room To Grow! 6Brs,3 Full Baths, And A Pos Mother/Daughter. Extra Large 100X125 Yard (Pos Sub-Division). Ideal For Landscaper, Contractor, Builder! Great Buy! Reduced Thousand For Quick Sale!!!! Hsbc Bank Usa was looking for more than $278,414.07 

These homes will be REO properies for sale soon. 

Foreclosures are on the rise for more go to http://www.nypost.com/seven/01282007/news/regionalnews/foreclosures_soaring_regionalnews_elizabeth_wolff.htm