What Does The July 4th Weekend Have To Do With Long Island Real Estate?

By
Real Estate Agent with Douglas Elliman Real Estate 516-457-7103

For the past few years there has been disheartening evidence of the economic slowdown on Long Island.  The proliferation of empty storefronts, extended sales to draw in the few buyers in the market for any substantial or extraneous products, and the disappearance of long known names in the retail environment have been a daily reminder of what the rest of us in real estate see on a daily basis.

We know that there is a dearth of buyers for a growing and sometimes stagnant inventory.  Local agentswoman looking are shaking their heads with amazement at how few buyers attend open houses, or call on individual properties.  The only homes moving on a consistent basis are the lower priced homes, the ones selling in the three hundreds to mid fours.  As a real estate broker on Long Island for almost 25 years, I've seen every kind of market, from the rapid growth of the mid 80's through the subsequent decline that lasted well into the 90's, to the uncertain and tentative times we face now.  Based upon my experience, buyers were out there looking through all the worst of times.  They didn't necessarily act quickly when putting their hard earned dollars down on a piece of real estate, but they searched and eventually did buy.  Today, they seem to be playing hide and seek and daring us to find them.

This past weekend gave me the first hope in a long time that things might be changing.  I had to shop for a design job and found myself at the mall, looking for a few isolated items.  Lo and behold, for the first time in longer than I care to remember, the stores were packed.  It was as though I'd stepped out of a time capsule into the past.  A very unscientific analogy to be sure, but consumers were out in force, suggesting to me we might see some increased activity in the real estate business.  Only time will tell.

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About the author:

Geri Sonkin is a Licensed Broker Associate/Stager/Decorator serving Long Island sellers and buyers for over 24 years.  Areas of expertise include Nassau County, Suffolk County, Queens and Brooklyn.  Specializing in resales, new construction, co-ops/condos, waterfront homes, estates, short sales, rentals and staging your home to sell for the most money the market will bear.  For more information: www.LongIslandsBestHomes.com  For new construction: http://2274Woodbine.GreatCustomHome.com   516-425-6098  

All text and graphics contained herein Copyright © 2010 Geri Sonkin & its licensors. All rights reserved.

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Topic:
ActiveRain Community
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Rainmaker
1,295,816
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY

The way you market changes, new ways to be creative, ahead of the herd are key. And if the lower priced properties are moving, that is your market, the one you want way way larger share of so when folks ask how the real estate market is, you tell them you are busy selling lots of places. Because you are. Your share of the market is how I judge how the market is...not if everyone in the market is busy or not. Also, rural areas, where you can buy a home you can live in for $40,000, $50,000 and where the average county priced home is $80,000 is so different than dealing with the extra zero places your property listings are tagged with. Don't ever give the impression, or make the assumption everywhere is like your market. Every market is different and some are up, not loaded with buyers "playing hide and seek" as you outline!

July 09, 2010 01:18 PM
Rainmaker
449,103
Geri Sonkin
Long Island Real Estate & Staging Expert
Douglas Elliman Real Estate 516-457-7103

Andrew I was speaking about our local market and the experience of all the agents I've spoken to in this area.  Nowhere did I say, or suggest that other markets are like ours.  There is no question that real estate is local.

July 09, 2010 01:25 PM
Rainmaker
1,294,048
Roger D. Mucci
Lets shake things up at your home today!
Shaken...with a Twist 216.633.2092

Yikes, Andrew got a little excited!  I think the weekend with the mall full of shoppers is an excellent sign that things may be turning around Geri...........today, the slightest glimmer of hope is welcomed, in any market!

July 09, 2010 01:57 PM
Rainmaker
449,103
Geri Sonkin
Long Island Real Estate & Staging Expert
Douglas Elliman Real Estate 516-457-7103

Roger, I really see it as a sign that we might be on something of an upswing.  Of course only time will tell.  Thanks for seeing the intent. :)

July 09, 2010 02:14 PM
Rainmaker
1,294,048
Roger D. Mucci
Lets shake things up at your home today!
Shaken...with a Twist 216.633.2092

Wasn't hard to figure out hon............LOL. 

July 09, 2010 02:17 PM
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Rainmaker
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Geri Sonkin

Long Island Real Estate & Staging Expert
Need a staging, or real estate help, contact me now!
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