Memorial Day 2017…A Time to Remember Our Fallen Heroes

Memorial Day is a time to remember all the men and women who lost their lives serving our country.  Driving by the American Legion Hall in Southold, with the moving display of 500 poppies on the lawn, I wondered about this symbol of Memorial Day and here’s what I learned:

            The wearing of poppies in honor of America’s war dead is traditionally done on Memorial Day.  In war-torn battlefields, the red field poppy (papaver rhoeas) was one of the first plants to grow. Its seeds scattered in the wind and sat dormant in the ground, only  germinating when the ground is disturbed—as it was by the very brutal fighting during World War I.

            The practice of wearing of poppies was further inspired by the poem “In Flanders Fields,” written in 1915 by Canadian soldier John McCrae when he saw the poppies in burials around his artillery position in Belgium.

           

Here are excerpts from “In Flanders Fields,” by John McCrae, May 1915:

 In Flanders fields the poppies blow

Between the crosses, row on row,

That mark our place; and in the sky

The larks, still bravely singing, fly

Scarce heard amid the guns below.

We are the Dead. Short days ago

  We lived, felt dawn, saw sunset glow,

  Loved and were loved, and now we lie

  In Flanders fields...

  The torch; be yours to hold it high...

            Today, poppies are both a symbol of loss of life and a symbol of recovery and new life, especially to care for the servicemen damaged physically or emotionally.  If you would like to support the good work of our American Legion Auxiliary, Unit 803, you may send your donations to PO Box 591, Southold, NY 11971.

Please join us in thanking and honoring our service men and women, including our own Southold Veterans; and remember those who have died in the service of our great Country. _____________________________________________________________

Happy Birthday, Chris...you’re our hero! We miss you every day... ever so much!!! 

MAKING SENSE OF THIS RAPIDLY CHANGING MARKETPLACE

Last Tuesday’s article, “Home Sales Hit Best Pace in Decade,”* in the Wall Street Journal discussed how the first quarter’s 6.9% rise in median home prices and slightly higher mortgage rates haven’t kept home buyers away. In fact, the first quarter posted the highest rate of sales since 2007.  Last Wednesday’s article in the Wall Street Journal, “A Dip in Construction is Bad for Home Buyers,”** talks about April housing starts declining 2.6% from March and how this is “intensifying the housing shortage and will push home prices and rents up...the slowdown in (housing) starts is likely to exacerbate an imbalance of supply and demand.”

This constant analysis of monthly results of housing data sales, inventory, housing starts and median sales, puts pressure on all of us to keep up with and understand the implications of the information so we know what to do.  Should we buy now?  Should we sell now?  Should we wait for a few months? Should we wait for a few years?  All very important questions with a real financial impact on your net worth.

As a Real Estate Broker, with past professional experience in Finance, Economics and Accounting, I have studied economic trends for many years.  I’ve learned that the one thing we can be sure of – trends change!  So the best advice I can give buyers and sellers is to focus on the current market situation, analyze it and be sure it works for you now, in the short term and into the next 3-5 years. 

If you’re selling, it’s a very good time to sell. Not knowing for sure how long this will last, it seems logical, to make your move sooner rather than later.  If you are selling and buying, check the market where you are moving and then make your decision.  Since the national climate is similar to what we are experiencing in Southold, you probably will be able to preserve net worth and if you are downsizing, put away some capital for the future. 

If you’re buying, it appears that the shortage of inventory is likely to last a bit longer.  That suggests that prices will continue to rise, so buy sooner rather than later.  Look for value, but understand that this market is moving up quickly and something at today’s prices will likely be more expensive for a similar property in a few months.  If you find something you like and it is a bit higher than you planned to spend, measure the impact of the price increase on your monthly expenses and see if you can handle the additional cash outlay.  If you are financing, you’ll find that a higher purchase price may translate to a smaller monthly payment -  which will not change if you get a fixed mortgage – perhaps smaller than you thought.  Higher real estate taxes, on the other hand, are likely to increase over time, so carefully analyze the difference of the monthly cost of a higher prices home with lower real estate taxes, versus a lower priced home with high real estate taxes.  Most importantly, check with your financial advisor, tax accountant, or attorney.

The bottom line - do your home work, ask questions and work with a Realtor who understands the financial in’s-and-out’s of purchasing property. At Beninati Associates, we can help you with the process and the numbers. Call me at 631 765 5333 or email, Marie@BeninatiAssociates.com.

* Wall Street Journal, Tuesday, May 16,2017, page A2.

** Wall Street Journal, Wednesday, May 17, 2017, page A2.

1st QUARTER RESULTS - THE REAL SKINNY ON THE NORTH FORK

There are no surprises in the 1^st quarter  of 2017, but definitely some differences in what has been reported  by  area newspapers such as Newsday.  I attribute the differences to the data sources, which includes towns that are not truly part of the East End.  So here’s the real skinny about the 1^st Quarter Results for Southold Town and Riverhead and the South Fork for trend comparison purposes.

Southold Town reported a 2.7% increase in Median Price versus the 1^st quarter in 2016 - $524,000 vs. $510,000.  Sales actually declined by 8%  to $78 million from $85 million in 2016, It should be noted that the most current two years sales and unit sales were significantly higher than the previous three years’ first quarter.

Riverhead Town reported a 4.3% increase in Median Price to $365,000 from 350,000 in 2016.  Sales increased 10.5% to $52 million from 47 million.   Pretty good numbers.

East Hampton and Southampton continue last year’s trend of mixed results – East Hampton had a decline in Median Price and overall unit sales,  -.1% and -28%.  East Hampton’s Median Price was the highest on the East End at $1,150,000.  Southampton had increases in Median Price of 7.7% to $900,500 and increase in sales of 3.7%.

What does this mean to you as a seller? With higher average prices, it’s a very good time to sell.  The sales volumes, suggest some softness in the market, so if you’re thinking of selling this year, the sooner the better.  Get an updated market value estimate, figure out your equity  and decide whether it’s time to sell.

As a buyer – clearly price are increasing and if you are in the market to buy, remember it is a sellers’ market and will continue that way for a very long time until inventory catches up to demand.  Adjust your thinking to the fact that prices are higher and even if it does cost a bit more  - make your deal!  I assure you, you will regret losing the house of choice when you look back and find that you have bought another a home that may fit your requirements but not your heart and desires or by waiting, end up buying at a much higher price.

There’s a lot happening in this market and it is happening quickly.  If you’d like advice, call us at 

631 765 5333 or email me at broker@BeninatiAssociates.com. We have our finger on the pulse of the North Fork.  We’ll gladly help you sort things out and move forward!

Rites of Spring Music Fest Comes to the North Fork

The North Fork is very fortunate to have living among us Paolo Bartolani, who has put together an assemblage of local musicians and from around the world, who will perform for us. I have asked Paolo to tell us about the second edition of this wonderful event of classical & contemporary music and hope that you will join us for the opening concert on Sunday, April 30^th...Marie

Rites of Spring Music Fest is the second edition of the classical and contemporary concert series held each April, May and June on the North Fork of Long Island.

After a successful and enthusiastic first edition last year, Rites of Spring Music Fest has more events in the program and a larger partnership for 2017. 

The festival showcases the best young professional musicians, as well as international guest musicians, in innovative and exciting music programs.

With complimentary wine & food tastings and breathtaking natural landscapes, this unique combination of music, natural environment and historical sites allows artists and audiences alike to experience classical and contemporary music in intimate and inspiring settings.

This year we welcome distinguished guest musicians from the Stony Brook University Music Department and PianoFest in the Hamptons who are sending three of their best-loved pianists. 

Rites of Spring Music Fest is all about sharing - music is for everyone. It is also about youthful, energetic and engaging young musicians who reach out with the message, that classical and contemporary music is fun, beautiful and, above all, inspiring.

The Festival offers to our community, to the numerous visitors to the North Fork, and all lovers of music a new perspective of encounter between music, art, history, architecture and landscape.

Enjoy the music!

Paolo Bartolani

Artistic and Executive Director

Music Program of Rites of Spring Music Fest  - second edition

Festival Opening Concert at Borghese Vineyard by Paolo Bartolani 

Sunday April 30th 2017 at 5:00pm

Memory Palace Concert at Jamesport Meeting House by Ian Rosenbaum

Friday May 12th 2017 at 7:00pm

Piano Recital at Borghese Vineyard by Niccolò Ronchi

Saturday May 13th 2017 at 5:00pm

Rising Stars Piano Recital & Cocktail Sampling at Peconic Bay Yacht Club

Sunday May 21st 2017 from 5:00 - 7:00pm

Classical Music & Historic House Tour by the Arcanum String Quartet

Sunday May 28th 2017 1:00pm – 5:00pm 

Thought Experiments Under the Stars at Custer Observatory by Brian Smith & the Hidden City Orchestra

 Saturday June 3rd 2017 7:00pm

Quogue Nocturne at Quogue Wildlife Refuge by Cliff Baldwin & ACME

Sunday June 4th 2017 at 5:00pm

Opera Night Concert at Laurel Lake Vineyards by Masha Carrera and Paolo Bartolani

Saturday June 10th 2017 at 7:00 pm

THE AGONY & ECSTASY OF MULTIPLE OFFERS

     The current recent upturn in the real estate market has created many new deal-making scenarios. If you’ve been in the market to buy or sell a house in the past six months or so, you may want to consider this when making or receiving an offer. No longer does the amount of time on the market signal an opportunity for a lower price. On the contrary, it may offer a value opportunity since more recent entries into the market will likely be at higher prices.  Inventory is so low that along with higher prices, attractive properties will have offers quickly and often followed by other offers!  Even when there is a price agreement, buyers are still coming with offers, often, over asking price.  Handling multiple offers properly, requires an experienced Realtor, so make sure your agent has the knowledge and experience to handle complex negotiations and go over your strategy in advance. 

            
     When choosing among competing offers, be sure to consider the impact of terms and not just the selling price. Is the offer cash deal, and do they actually have the cash to buy your million plus waterfront home? If financing is a contingency, are the buyers willing to forego a mortgage contingency if you are in a multiple-bid situation?  Is the buyer willing to take the property, as is, or will you be asked for contingencies that will cost you money and time? 

           
      Finally, make sure the process is handled properly by your listing agent.  Multiple bids are always challenging and require extra effort to assure transparency and a sense of fair play.  If the parties feel that they were not given fair consideration, they will pull out.  Sometimes, offers are made under pressure, and upon reflection the prospective buyer with the highest offer will pull out.  Unfortunately, someone must lose but everyone should walk away feeling the process was handled fairly.

      As a buyer, if you are in a “multiple offers” situation, timing is essential. Trust your agent. I have seen situations where a delay in making a counter was used to the advantage of a competing offer.  Also, remember that in New York State, the only thing that makes the deal official is a signed contract by both parties along with consideration (usually a down payment).

           
      We have lots of experience with these types of aggressive sales negotiations. Let us help you navigate through these perilous waters.  Call us to discuss your particular needs at 631 765 5333, email me at broker@BeninatiAssociates.com or visit our offices at the corner of Main Road and Horton's Lane, next to Southold's Town Hall - we always have something great "brewing" for you!!! 

Hope SPRINGS Eternal…

This week we celebrate two very important holidays – Passover and Easter.  These religious holidays are celebrations of hope and salvation – Passover commemorates God’s deliverance of the Jews from Egypt and the birth of the Jewish people as a nation.  And Easter celebrates the Resurrection of Jesus Christ and the birth of Christianity.

Both religious holidays remind us that even in the most trying of circumstances we must always “Hope”. 

This lovely verse about HOPE is by Father James Keller, Founder of The Christophers:

Hope opens doors where despair closes them.

Hope discovers what can be done instead of grumbling about what cannot.

Hope regards problems, small or large, as opportunities.

Hope looks for the good in people, instead of harping on the worst.

Hope cherishes no illusions, nor does it yield to cynicism.

Hope sets big goals and is not frustrated by repeated difficulties or setbacks.

Hope pushes ahead when it would be easier to quit.

Hope puts up with modest gains, realizing  “the longest journey starts with one step.”

Hope accepts misunderstandings as the price for serving the greater good of others.

Hope is a good loser because it has the divine assurance of final victory.

Hope draws its power from a deep trust in God and the basic goodness of human nature.

Hope “lights a candle” instead of “cursing the darkness.”

All of us at Beninati Associates wish you a Happy Passover and a

Blessed Easter.

Our office will be closed on Easter Sunday, April 16^th.

DEAL KILLERS IN TODAY’S FAST PACED MARKET

One of the most challenging aspects of being a realtor is recognizing and adapting to market changes.  Some come on suddenly like the crash of 2008, some need quick adaptation like the aftermath of Sandy in 2012, and some like this current market were building up and have reached a “tipping point” where past seller and buyer expectations need to adapt and change quickly.

We’ve been talking about the low inventory levels for well over a year. It is clear now, that there is a major shift in how buyer, sellers and realtors do business.  Buyers must learned how to navigate in this “low supply: high demand” real estate market. This column is focused on “deal killer” for buyers and what they should do or not do to win.

 Deal Killer #1: Cold Feet or Indecisiveness

It’s human nature to be cautious and feel that even though you “love” the house, there might be a better one around the corner.  In this market, you can almost be sure that that is not the case! If you have been pre-shopping on the internet, you know what’s available.  Right now, more homes are being sold and coming off the market than are coming on the market.  If you let it go, if you are indecisive, another buyer will snap it up and you will be regretting “the one that got away” for years to come!  Do your home work, be sure of your finances and don’t hesitate if it’s right for you.

Deal Killer #2: Offers based on Incomplete or Incorrect Information

Often past purchase price , or perhaps the “Zestimate” of a home doesn’t take into consideration improvements, the unique location, like direct waterfront versus across from waterfront, and the current market.  Understanding the history of a home is helpful, but use it as input. Too much focus on past, or comps without detailed knowledge, and making an offer that doesn’t take the market into consideration is a sure way to lose a property and lose the interest of the seller.  Realtors are ethically required to give honest and well supported comparatives when we come up with pricing recommendations.  You have to be able to trust your realtor. If you don’t, get another one. But in this fast-paced market, use the advice of a professional to come up with an offering price.

Deal Killer #3: Buyer’s Remorse

You have a deal, and the next day you want to withdraw, because you fear you may have made a mistake.  Let go of the emotion, and review all the reasons you decided to buy the house including the finances.  You should be preapproved, so your finances have been reviewed by a bank.  If you have concerns about the house, call your realtor and go back to the house if necessary.  But before you walk away, do your due diligence to be sure that this is or isn’t the right move.  A kneejerk reaction, could cost you the house of your dreams.

Call us at Beninati Associates, we’ll help you through the process so when you make that offer, you will feel that you have done you due diligence and can rest easy that all the bases are covered.  We don’t believe in hard selling, we believe in supportive selling,  we believe in giving informed and honest information and support. Call us 631 765 5333, or email me at Marie@BeninatiAssociates.com.

Looking to Buy or Sell your Home? Call us at 631-765-5333, or visit us on our website: beninatiassociates.com.  We listen, we care…….and we get results!