2007 Long Island Home Prices Mainly Unchanged from 2006
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PRESORTED JANUARY/FEBRUARY 2008 STANDARD U.S. POSTAGE PAID CHAPTER & LIC NY 11101 INSTALLATIONINSTALLATION PERMIT NO. 808 HIGHLIGHTS ON PAGE 16 CIRCULATION 26,000 The Voice for Real Estate™ OFFICIAL PUBLICATION OF THE LONG ISLAND BOARD OF REALTORS(, INC. www.mlsli.com™ Mottola, CEO LIBOR/MLS said, “December inventory levels, 2007 Long Island while 12% higher than last December, are still lower than November 2007.” Mottola fur- ther notes that the median inven- Home Prices Mainly tory price for December is 4% less than it was a year ago, which he says suggests that sellers are continuing to respond to the mar- Unchanged from 2006 ket with price adjustments. The National Association of By Tricia Chirco MLSLI reported an average selling price of Realtors® (NAR) reports that they Marketing & Communication Director $516,194 for 2006. expect home prices to recover in 2008. NAR Individually, Nassau County reported a is predicting a 1.8 percent increase in home 2007 average sales price of $ 597,044, 1.6% sales through 2008 after a reported decline in Despite reports of a slumping housing less than a year ago when it was reported at 2007 of 1.4 percent. Over the next few market, Long Island home prices remained $606,859. Suffolk County reported a year months home prices are expected to hold fair- stable in 2007 with year ending average ending sale price of $465,458, which repre- ly steady and then begin to improve in the later prices fairing better than expected. sents a 2% increase over 2006’s average sale part of the year. Lawrence Yun, NAR’s Senior According to the Multiple Listing Service of price of $456,419. Queens County reported Economist says, “Local real estate conditions Long Island, Inc., (MLSLI) the 2007 closed an average sale price of $481,168 which is vary considerably, but with historically low average sales price for a home on Long 2.5% lower than 2006’s figure of $493,253. mortgage interest rates predicted for this sum- Island was $515,539. When examining the Recent housing figures released by mer, and sustained job growth, it could be a entire year, the 2007 average price in the tri- MLSLI continue to show a gradual softening good time for first time homebuyers with a county area is virtually the same as 2006. of house prices and activity. Joseph E. long-term view to test the housing waters.” Registering the Public to Vote in 2008 is a REALTOR® Priority! elections are decided by only a few votes. It and/or come in contact with. LIBOR will be ciate the increased number of residents who is imperative that you vote as every vote distributing copies of this form to every can vote as well as to the REALTORS® counts! But there is a catch — you must be chapter president so they may dispense these who will get coverage for this project. registered to vote in the County in which you forms at all of their meetings These forms LIBOR will be encouraging all local reside. must be mailed back ASAP to the REALTOR® offices to promote this pro- In 2008 LIBOR will be concentrating on Appropriate County Board of Elections. gram as well. increasing the number of residents who are As part of our program — we are going to For more information on registering to vote able to vote. This host Register to Vote Days in each County and/or to download a copy of the voter includes REAL- throughout the year as well as producing registration form — please visit TORS®, their friends, posters for each of the 2,700 individual https://www.mlsli.com/ro/legislative/vote.cfm families, neighbors, LIBOR member offices to display. Whether you are a member of the customers, open Voter registration forms are also available Democratic, Republican or Independent house attendees and online by visiting the legislative section on Party — you must remember that we are all most of all - members the REALTORS ONLY website at members of the REALTOR® Party! Every of the general public.. mlsli.com. member of LIBOR must exercise our power By Randy L. Kaplan Our campaign kicks LIBOR will be promoting our activities in November. Make sure you and all of your Director of Government off with an actual on this program to both the legislators and associates are registered to vote! Affairs voter registration the media. We want to show our elected On Election Day — make sure you form that is inserted officials that we are serious about increasing remember to vote for the candidates who are This November’s elections are the talk of into this issue of the REALTOR® newspa- the percentage of the general public who are REALTOR® -friendly. They need our sup- the town as America gets ready to vote for per. You may reproduce this form as is and registered to vote. This will be beneficial to port. Please remember to vote! We can make the next President of our country. Sometimes distribute them to every one you know both the legislators who will greatly appre- a difference! 2008 RPAC CONTRIBUTORS…IT'S YOUR BEST INVESTMENT! SEE PAGES 21-24 2 ● January/February 2008 ● ® THE REALTOR WHAT WILL INSPIRE YOU TO ACHIEVE GREATNESS? Personal growth? Financial success? At Prudential Douglas Elliman Real Estate you’ll be surrounded by the inspiration needed to achieve personal greatness. We’ll give you the best tools to get the best results – and that’s what makes us the New York metropolitan area’s top real estate firm. Are you ready to achieve greatness? Contact us, we’ll supply the inspiration. Call 631.425.5772. All inquiries confidential. www.prudentialelliman.com/careers Be Inspired! © 2008 Prudential and are registered service marks of The Prudential Insurance Company of America. Equal Housing Opportunity. Each Company Independently Owned and Operated. 3 G Town of Brookhaven January/February 2008 Building Moratorium www.mlsli.com™ Defeated IN THE NEWS By Meredith E. Dulberg tions, including but not Legislative Liaison limited to those for sub- 2007 HOME PRICES division maps, site plan RELATIVELY UNCHANGED G The Town of Brookhaven voted (4-3) development, land divi- With softer market THE REALTOR against the proposed building moratorium sions, variances, special conditions being that would have affected 11,000 properties permits, building per- along the Forge River area. Former Town mits for described prop- reported in 2007, Councilwoman Carol Bissonette had pro- erty, wetlands and many expected the posed a 24 month halt on any construction waterways, or change of year ending average that would have added cesspools along the zone applications, home price on Long ® Forge River. The waterway is plagued by would have been accepted, reviewed and/or to protect the environment and to help the Island to be significant- Town develop in an orderly and beneficial an excess of nitrogen, a primary cause of granted approval by the Town with few ly lower than in 2006. the Forge River’s ecological dysfunction. exceptions. manner. We live, work and play in these However, it wasn’t the case – the This environmental proposal would have LIBOR submitted the following state- communities and thus seek a high quality of made it burdensome on builders as no new ment in opposition to the Supervisor and life for our families but smart growth does year ending figure reported by development applications, land use applica- the entire Town Board: REALTORS® seek not equal no growth. MLSLI of $515,539 was only slight- ly less than the $516,194 average Amendments Proposed to NYC Co-op reported for the year prior . P1 REGISTERING PEOPLE TO Disclosure Legislation VOTE IS #1 PRIORITY By Meredith E. Dulberg required time, then it must refund the buyer ply with the provisions of the bill. With a Presidential Legislative Liaison any funds paid to the board associated with The NYC Council plans to hold a hearing Election scheduled the application. Buyers may also file a civil on this new proposed bill sometime soon, pos- this November, Although NYSAR agrees with the spirit suit against a Co-op if the board fails to sibly in early February. While it is not possible LIBOR has made it behind NYC Councilman Hiram make a timely determination or aggrieved to amend Int. 119-A at this point, NYSAR will a top priority to get Monserrate’s (D-Corona) bill, which requires buyers may choose to commence a proceed- have an opportunity to provide testimony on Realtor® mem- cooperative corporations to disclose to ing before the NYC Human Rights the proposal when it is brought before the bers, and the pub- prospective purchasers the reasons for with- Commission. Civil penalties may also be Council. LIBOR will keep you updated when holding consent to a proposed sale, NYSAR levied against co-ops that fail to timely com- we receive a final draft of the legislation. lic, registered to VOTE before does not support his proposed legislation. Election Day! . P1 The New York City Leadership is now amending its version, Intro 119-A. This NAR COMMENDS FEDS amended version contains many provisions RATE-CUT that NYSAR sought in its’ proposed bill With deteriorating financial market including: transaction disclosure, applica- conditions, the Federal Reserve tions must include the requirements of what makes an application complete, and a makes the biggest rate cut in over required timetable that boards and appli- 20 years . P3 cants must follow. Differences in this new proposal include: NEW AGENCY DISCLOSURE Uniformity in the Application and if a board FORMS NOW AVAILABLE fails to take action on an application in the The State Legislature has once again made changes to the Agency Disclosure Forms effective January NAR Reports: Existing-home Sales Down in 1, 2008.