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"

Great Long Island investments today have good cash flow. I saw this property this week and was very excited about it, for the buyer investors I have been working with. It is a bank owned (REO) in Hempstead NY (on Long Island).

It s is  4 family consisting of 3- 2 Bedroom Apartments and 1- 1 bedroom apartment. It needs considerable work. All 4 baths, all 4 kitchens, some windows, as well as the stairs from the 1st floor hallway to the second floor need fixing or replcing. Structurally the property seems ok although I would definately have an engineer make sure.

Back to the numbers though. If the apartments are rented to tenants through the section 8 program the rents for 2 bedroom apartments are approximately $1,400.00 US per month. 1 Bedroom apartments can recieve up to $1,100.00 US per month. That is a gross annual income of $62,400.00 US ($1,400.00 + $1,400.00 + $1,400.00 + $1,000.00 x 12 = $62,400.00 US Dollars). The taxes are stated as $11,254.57. If we assume the insurance is $1,200.00 , heat $3,000.00, and water $1,000.00, per year the annual expenses are approximately $16,454.57 making the net operating income (NOI) a little less than $46,000.00 US Dollars.

The asking price on the property is $229,900.00 USD. The property may need 50-60,000.00 in work (you could easily put in more if you wanted to, but look at the picture- it is not and never will be a luxury apartment). Lets figure on some surprises and figure the total cost is $300,000.00 USD and that is figuring purchasing at full asking price (remember it is bank owned and banks are sometimes negotiable).

The capitolization rate on this property is 15%

I have spoken with one investor who puts in electric heat for each apartment, making his income go up and reducing the maintanance on an old boiler with the bonus of reducing carbon emmissions (It’s a “Green” investment property—WOW making money and saving ther earth).

If you have any questions about this property or any other investment property feel free to contact me at 516*764-6200 or e/m Reillyerik@aol.com

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.

100 Daly Blvd, Oceanside, N.Y 11572

The good life tops your list of priorities.  You belong at the Oceanside Cove.  This Unique cooperative (co-op) on Long Island’s fabulous south shore offers the very best quality of living.  Oceanside Cove is your chance to achieve your desired lifestyle with a, pet friendly, 24 hour secure gated community.

For the young, and the young at heart, there is no better location.  You have easy access to all the pleasures of south shore waterfront.  The Reynolds Channel marinas are moments away.  Neighboring Long Beach is renowned for one of the finest beaches of the east coast.

At Oceanside Cove you will enjoy your own beautiful residence.  The setting, open, beautifully landscaped, park-like some units located on the pond (see picture)

 Every aspect of gracious living provided.  Oceanside Cove’s superior construction and amenities make this community unique.  And with its appealing recreational facilities and terrific location- affordable prices- it is incomparable.

Oceanside Cove gives you all the pleasures of the season:

In spring and summer, you can play a hard game of tennis, cool off in the pool, and relax on the sundeck.  It’s all part of you Oceanside Cove recreational facilities. In the cool of the evening stroll about the spacious grounds.  Wander through the extensive, untouched foliage and wildlife of the Oceanside Nature Study Area, or play golf at the local 9-hole course.

Visit any of the 18-hole golf courses, just a short drive away, including the exclusive Middle Bay Country Club.  But don’t forget to visit the Oceanside Park recreation facility, with its playing fields, swimming pools and children’s play facilities.

Come autumn and winter and the need for indoor pleasures, exercise and relax with  your friends in the exquisite Oceanside Cove Clubhouse.  If you feel like going out, partake of fresh seafood at any of Oceanside’s fine restaurants.  You can enjoy your choice of shopping- The Sands Shopping Mall, Waldbaums Plaza and Lincoln Plaza are moments away.  Not to mention many fine boutiques.

There’s plenty of community activity, including on-going programs for both adults and children.  Oceanside boasts one of the most highly regarded school districts on Long Island.

Going to Manhattan?  Its only forty scheduled minutes to Penn Station by Long Island Rail Road, or an easy drive by convenient parkway.  Oceanside Cove, just forty minutes to Manhattan with the bright lights, glitter, music, theater, and fun of the world’s greatest cultural center.  

However, for your enjoyment, Oceanside Cove by itself, provides you with a healthy, pleasurable lifestyle.  It’s your chance for the secure good life.  It’s your Oceanside Cove.  “A well run ship”

Managed by Alexander Wolf & Co. Inc 
 

Features:

Building:

•  Custom designed contemporary fascades
•  Individual front entrances
•  Private rear patios
•  Professionally landscaped and sodded with sprinkler systems
•  Sanitary and storm sewers
•  Decorator designed color coordinated bathrooms
•  Ceramic tile floors and walls over the shower and tub
•  Kitchens with furniture crafted cabinetry, fully equipped with oven, range, dishwasher,
•  Unusually spacious rooms with an abundance of closets
•  Thermostatically controlled central air conditioning and heating

Energy Features:

•  Double glazed Thermo break insulated glass windows
•  Insulated weather stripped steel front doors
•  Insulated Thermo-Break sliding doors to rear patio
•  Fiberglass insulation in roof and ceilings
•  Full thick fiberglass insulation in exterior walls
•  Energy efficient glass-lined hot water heaters
•  Perimeter insulation on all exterior foundation walls
•  "Green” Energy effecient electric CAC/Heat system (no gas or oil carbon emmissions)

Recreation Features:

 Exquisitely furnished community clubhouse/recreation center with fully equipped exercise rooms, men’s and women’s saunas, locker rooms, showers and lavatories, magnificent lounge with cathedral ceilings, equipped paerty kitchen, 3 pools 1 for babies, 1 for adults only, 1 for everyone

(see picture)

Just listed 2 Bedroom duplex w 1.5 baths on the pond waterfront/waterview located walking distance to the clubhouse and mailboxes, with attached garage $449,000.00 US Dollars

Call Listing agent Erik Reilly for more information and appointments 516-764-6200 or email reillyerik@aol.com

Empire State housing sales up from February

Albany - April 23, 2008 - Sales of existing single-family homes in New York State in March increased by more than 10 percent compared to February, but lagged behind March 2007, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

New York REALTORS sold 5,035 existing single-family homes in March 2008, a 10.1-percent increase compared to the 4,575 sales recorded in February. The March sales total represents a 29-percent decrease compared to the March 2007 total of 7,094.

The March 2008 median selling price of $210,000 represents a 6.7-percent decrease from the February median of $225,000. The March 2008 median selling price represents a 14.7-percent decrease compared to the March 2007 median of $246,150.

In March 2008 sales gains were reported in 31 counties compared to February, while just four experienced growth compared to March 2007.

Thirty-one counties reported gains in median selling price in March 2008 compared to February 2008, while 20 posted gains compared to March 2007.

“With a more than 10 percent increase in sales of existing single-family homes in March compared to February, the New York State housing market is performing better than the national housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer. “While changes in the median selling price fared better on a national level, New York’s median price continues to remain above the national median." 

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 61,000 of New York state’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.