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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label long island. Show all posts
Showing posts with label long island. Show all posts

June 14, 2011

Real Estate Snapshot Of Long Island and New York City

Good Morning,

   Welcome back !

   Today, on a personal note, I was born and raised in Queens, NY (Howard Beach), and currently reside in Long Island, NY. My business has no physical boundaries, as our website covers every state and multiple countries around the world, however, as a homeowner and a local business owner, I like to keep my finger on the pulse of the housing market in this part of the world. Today, I'd like to focus on the Long Island and New York City markets, and I spoke with some local folks for their perspective on how things are going. I can tell you this;

   There has been a, "A marked upswing in the past couple of months, contrary to local newspaper articles", according to Janet M. Maffucci, an agent with Netter Real Estate in West Islip (an office of approximately 40 agents). Maffucci bolsters her claim with the yard stick of "sides", which she explains as parts of a transaction. She explains "sides" as follows: "For instance, if I get the Buyer for an "in-house" Listing (belongs to someone else in the office), that would be 2 "sides" for Netter RE because my office brought the Buyer AND its our Listing. Sometimes you just Sell an outside Real Estates Listing, so we would then have just 1 "side" of that transaction. So all together, we add up all these "sides" of transactions that the Sales Agents are involved in on a daily basis.". As for quantity, at the "height" of the Market in 2005-2006, Maffucci tells us she had, "40 sides on the "board" at any given time", but in the, "depths of the Market crash", she says, "we dipped into single digits". Maffucci proudly says that they are back up to 39 sides for the past few weeks, to which she concludes, as a, "definite upswing in the Real Estate Market".

   In terms of pricing and value, Erik Reilly, a Broker Associate with REMAX Shores in Oceanside, weighed in and said that he believes that, "Long Island values have come in for a "soft landing" however affordability has never been better.". Reilly says that with the low interest rates are with "prices down 20-25%" that there has, "never been a better time to buy for the long term." he does caution that Values may come down some more when interest rates rise or if more "distressed inventory (REO and short sales) puts downward pressure on values", but still believes that the cost of owning right now, "has never been better.". To the people who say, "you can't get a mortgage these days", Reilly says that this is incorrect, and adds that you can get a mortgage with a job and "decent credit".

   Lori Beldiny, an Associate Real Estate Broker with Coldwell Banker in Suffolk Country, says that as an active Associate Broker for 20 years, she has seen "many types of Markets". Beldiny says that currently, "our climate is strained with the negative press from media and challenges of our lending community.". She reminds us that last year at this time, the Government offered a $7,000 Tax advantage, which she says, "created a positive atmosphere for buyers who were actively looking but became real instead of tire kickers." As for today, as far as the Spring is concerned, it is, "opening up to a slow start.", and she points to the the "weather and lack of confidence" for the reasons. Beldiny says, however, that Realtors realize the timing now is "awesome", and that, "Money is cheap to borrow and supply of homes keeping prices at all time low's."

   In terms of our neighbors to the West (8 million + !), inventory is tight, says Jennifer A. Chiongbian, SVP & Licensed Associate Broker with Rutenberg Realty in New York City. Chiongbian says that, "extremely tight inventory has left prospective renters left with no choice but to pay higher prices and left with almost nothing to choose from.". As an example of how tight the inventory is, she say that Manhattan is, "already known to have an average of a 1% vacancy rate; at times a bit higher, at times slightly bit lower.", and says that currently, "we are boasting a .69% vacancy rate" (which, she adds, spans data from 39,000 buildings from 96th St. to Battery Park; which is considered prime Manhattan area). In contrast, she tells us that at this same time last year, they were averaging .98% total vacancy. Her prediction; "The peak summer rental months are just beginning, and from what I can see out there, there will be no respite from this rental gouging until September, so hang onto your hats!"

   Based on the "on-the-front-lines" information that was provided above, things don't seem as bad as the media would like us to believe. Are you a local Long Island or New York City Realtor or Investor? What's your take on our market? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #longisland #NYC #realestate

May 5, 2010

Expansion regardless of Economic Conditions

Hi All,
Hope your week is going well so far.

We have been letting people know about our newsletter, and we have many new subscribers, so we welcome them!

We also know that once they are visiting our site, they will be seeing and contacting both Buyers and Sellers of Rent to Own Homes, so the snowball effect occurs. Let me explain - you are offering a home, they need a home, they see your Ad, they contact you, you make a deal, and everyone is happy. If they have a home they are offering, they see your Ad, they contact you, you make a deal and have a new home! The circle of life; happy visitors make happy customers.

On to another topic:

We live in what was a small town out in Eastern Long Island. We moved back in 2005at the high point of the market, however, the traffic has exploded as new subdivisions have sprung up everywhere, and the influx of people coming "out East" has been so dramatic, that they recently began expansion of our main road from 2 lanes to a 4-lane highway.

This is another sign of "Sprawl", but most importantly, it's a sign of flourishing during a difficult market. The empty stores and shops with the whitewashed windows has slowed, and new businesses have moved in. It's incredible how communities spark back to life, and this should be happening all across the country. Would it be too much to ask for a Starbucks near me?

I hope everyone has a great week, and we'll check in with you later in the week to give you some more updates.

Have a great day, and Happy Rent-to-Owning !

April 21, 2010

Local Promotions, Coupons, and Anniversary Coming Soon...

Hi All,
Happy Hump Day, and I hope you're all having a great week !

We have just completed some local advertising here on Long Island (but as you know, we serve the entire country, as well as all countries, globally, that use Rent to Own arrangements (i.e. UK "Buy to Let" and Australia "Vendor Finance").
Along with this advertising, we have also added a Coupon Code (You can find the Coupon Code here for use by anyone: http://www.yourli.com/listing/homerun_homes.html)

Since we are on the topic of "local stuff", we are located on the East End of Long Island's Suffolk Country. When we first relocated here in 2005, there was never any traffic, however, the traffic has increased so much, that they are now converting our main road from 2-lanes to 4-lanes...after all, this is an island - next thing they will do is fill in our lakes and build on them - just kidding - but space is so limited and they keep building...let's hope the rest of the country and the residential market does just as well!

With that being said, our 8Th Anniversary is coming up in June, so stay tuned for contests, promotions, and cool give-aways.

And be sure to FOLLOW THIS BLOG by using the "FOLLOW" link on the right hand side of the page. We promise to keep it exciting !

Have a Great Day, and Happy Rent-to-Owning