Mailing name / Subject line:October 2016 Garden City Area Real Estate News - Peter OwenClose Preview

                                                                                     
Long Island Real EstateNassau County, NY Homes
Peter OwenLicensed Real Estate Salesperson
Better Homes & Gardens Atlantic Shores
55 Hilton Ave, Garden City, NY 11530
(516)317-2860
Email: Peter.Owen@BHGliving.com
Website: https://www.BHGREhomes.com/agent/peter.owen@bhgrealestate.com
          October, 2016
Hi Everyone
Fall is here and the market activity is picking up a bit. However, there are currently only 81 houses on the market in Garden City and the level should be around 120 for this time of year. Surrounding towns are also down in the Over $500k level. So what this normally means is Prices Rising - and they are. Asking prices have jumped again, not dramatically, but about 3-5%. It is too early to state if these Asking Prices will turn into higher Sales Prices, or if the buyers will refuse to increase their Offering Prices.I'll know in a few weeks. Meanwhile, there are a load of buyers out there. I am getting contacted constantly about any new house that comes on the market, especially in Malverne, Lynbrook, and Floral Park. As always, give me a call if you have any questions or Real Estate needs.
Peter OwenStone Exteriors: Asset or Nightmare?Using faux stone can lead to real problems if installed improperly. By Melissa Dittmann Tracey Traditional vinyl siding, long the go-to material for home builders, is increasingly being snubbed in favor of trendier manufactured stone products that may or may not contain any actual stone. The appeal of faux stone to builders and home owners is easy to understand: Fabricated stone or stone veneer exteriors are lighter weight and less expensive than natural stone and are offered in a wide array of colors and styles. Manufacturers have reported double-digit sales increases in recent years. But home inspectors are sounding off about the need for caution: Reports of water damage due to poor installation techniques have become widespread.
Home inspector Scott Patterson with Trace Inspections in Nashville, Tenn., says that in nine out of 10 homes he inspects with stone veneer siding, the product has been applied incorrectly. And home owners are reporting that water seepage behind the siding is leading to rotting walls and mold problems. Sometimes the problems don’t become evident for years after installation.
These damage reports related to manufactured stone sound eerily similar to those from the 1990s when synthetic stucco (also known as exterior insulation finish systems or EIFS) generated a lot of public attention. Like artificial stone, synthetic stucco was initially touted as a more affordable, versatile alternative to the genuine product. EIFS were also more crack-resistant than traditional stucco. Years later, home owners discovered water penetrating small openings around windows and doors, leading to costly repairs. Home owners filed lawsuits against manufacturers, and class action settlements resulted in affected home owners receiving generous payouts.
3 Ways to Protect Home Exteriors
Most siding materials require little to no upkeep. Brick, engineered wood, stone (both natural and manufactured), and fiber cement are thought to last for the life of a home, according to a report released by the National Association of Home Builders and Bank of America, “Study of Life Expectancy of Home Components.” But Frank Lesh, executive director of the American Society of Home Inspectors, offers some pointers you can share with home owners to help them protect their siding from damage, including:

• Keep foliage away. Make sure no plants are growing on the siding. “Plants can trap moisture and allow insects and animals to infiltrate,” Lesh says. “You want the siding to be exposed to the elements.”
• Watch where water may be getting in. Check areas around windows and doors to see if water is getting in. Moisture can linger and eventually cause rotting or fungal growth. Make sure those areas have been properly caulked or tuckpointed to prevent seepage.
• Keep the gutters cleaned. Many home owners think they only need to check for clogged gutters in autumn when leaves are falling. A neighbor’s stray tennis ball, a bird’s nest, or even squirrels stocking up for winter can quickly become a serious problem. If water gets backed up in your gutter, it could damage your siding too, Lesh notes. Have gutters checked at least twice a year. Or better yet, clean them four times a year to prevent back-ups.

To avoid a case of history repeating itself, the American Society of Home Inspectors has urged members to become familiar with manufactured stone siding and to inspect it vigilantly for budding problems given its porous nature compared to actual stone. ASHI has offered seminars about how to spot problems resulting from improper installation. Home inspectors nationwide are also posting articles on their websites warning home owners to have their manufactured stone inspected.
That said, not all homes with these exteriors are doomed, says Frank Lesh, executive director at ASHI. Home owners typically experience no problems when faux stone is installed correctly and appreciate it as an affordable, lightweight alternative to natural stone exteriors. The artificial product, running about $3 to $8 per square foot before installation, is one-third to one-half the cost of genuine stone, though still about double the cost of vinyl siding. “It’s a durable, long-lasting product, but there are still things to watch out for,” says Lesh. “It has to be installed the correct way, and among subcontractors—of even some big builders—unfortunately this isn’t always the case.”
Consumers purchasing a home featuring manufactured stone veneer might consider hiring a home inspector with specialized training. Real estate pros can direct clients to ASHI’s homeinspector.org website and recommend that they search for inspectors who list an expertise in these materials in their profiles.
So how do home owners know if they have a problem? There may be visible signs; Patterson recalls one recent incident where home owners noticed the trim boards inside their home were starting to separate and found a slight discoloration on a section of their hardwood flooring. Patterson discovered the exterior’s artificial stone was not installed with sealants or the needed backer rods around a huge window frame, which led to water pouring into the walls and eventually damaging the interior wall.
Another test for potential problems is to simply tap on the stone to see if anything feels loose. “If there’s water behind it, the glue starts to come off and you may get some movement,” Lesh says. Also, look for water damage around the siding. However, inspectors warn that the problems are often hidden behind the stonework and difficult to detect until the damage has become extensive.
That’s where specialized equipment can come in handy. Patterson uses a moisture meter and an infrared camera if he suspects a problem. He also looks to make sure the artificial stone comes up to the window or door frame, with only about a half-inch buffer between the two. That space should be filled with a foam rod and a flexible sealant that seals the entire area on top. He also checks to make sure the artificial stone isn’t buried underground. There should be about six inches between the ground and the base of the stone to prevent water from seeping in.
If damage is found, recommend that your clients consider hiring a structural engineer to complete a more invasive moisture testing procedure to learn the extent of the damage to the walls behind the stonework. Many of the same contractors who fixed EIFS in the 1990s and early 2000s are working on repairing stone veneers too. Home owners may find that builders can help resolve an installation issue as well.
Repairing the damage is no small job. The cost of replacing improperly installed manufactured stone runs from about $30 to $38 per square foot of wall. And that doesn’t include repairing any damaged landscape or the replacement of the product itself.
Meanwhile, home owners’ interest in manufactured stone veneer remains strong. The vast selection of colors and textures are a draw, and when it’s installed correctly, home owners find it worth every penny. Indeed, Remodeling magazine’s 2016 Cost vs. Value Report highlighted manufactured stone veneer as having the second highest ROI out of 27 home projects, with nearly 93 percent of the cost recouped at resale. (Only attic insulation, with an ROI of nearly 117 percent, came in higher.) But don’t leave any stone unturned when doing research about the benefits and pitfalls of this emerging product category.
Garden City Market Overview
103 listings with an estimated median price of $899,000
PriceCount $200K-300K      6 $300K-400K      2 $400K-500K      4 $500K-600K      4 $600K-700K    16 $700K-800K      8 $800K-900K    12 $900K-1M         9 $1M-Max         42Malverne Market Overview 31 listings with an estimated median price of $469,000
PriceCount $100K-200K      1 $300K-400K      3 $400K-500K    14 $500K-600K      8 $600K-700K      4 $700K-800K      1
Floral Park Market Overview 77 listings with an estimated median price of $599,000
PriceCount $100K-200K     2 $200K-300K     1 $300K-400K     4 $400K-500K   14 $500K-600K   20 $600K-700K   18 $700K-800K   11 $800K-900K     5 $900K-1M        1 $1M-Max          1
Stewart Manor Market Overview
3 listings with an estimated median price of $885,000
PriceCount $600K-700K     1 $800K-900K     2
If you would like a free Comparative Listing Report to see what price you can expect in this market, just call or email me. Absolutely no obligation or pressure.Peter OwenLicensed Real Estate SalespersonBetter Homes and Gardens Real Estate Atlantic Shores55 Hilton Avenue, Suite 100Garden City, NY 11530Office: (516)444-3939Cell: (516)317-2860Fax: (516)444-3940Email: peter.owen@bhgliving.com Website: http://www.nassaucountynyhomes.com/Best, top, most trusted and dedicated agent covering Garden City, Stewart Manor, Floral Park, Malverne, Lynbrook, Roslyn Estates, and Roslyn Heights displaying a high degree of integrity, service 24/7, professional attitude and actions.


Close Preview

Long Island Real EstateNassau County, NY Homes
Peter OwenLicensed Real Estate Salesperson
Better Homes & Gardens Atlantic Shores
55 Hilton Ave, Garden City, NY 11530(516)317-2860
Email: Peter.Owen@BHGliving.comSeptember, 2016

Hi Everyone
The kids are back in school which means the real estate market will start perking up again - it always does. The Summer market was better than usual with a lot of late season sales in the area. The lower end of the market, ie $400-$500's continues to be the level with greatest activity. the upper price levels have not been bad, but not as active as the lower level. This is a great season to buy or sell. It tends to be a very orderly market where a lot of common sense prevails. It is refreshing to a Real Esatate Agent such as myself.
Get outside and enjoy the great weather.
Peter OwenSmall-Home Living More buyers are being lured to the simplicity and affordability that small homes bring. Plus, these smaller homes are often situated within walking distance to restaurants, stores, and shops.
After Sarah Susanka published The Not So Big House (The Taunton Press) 11 years ago, a groundswell of interest emerged about small home living. Tiny prefab homes began popping up on urban lots and prairie pastures alike. There was also renewed interest in downsizing the size of one's home for the sake of simplicity.
Now, with an economic slowdown and a desire to live very close to jobs and other services, the trend is just as hot now as it was then.
"I call it the cappuccino factor. They want the cappuccino to be within walking distance," says BJ Droubi, a Coldwell Banker broker in San Francisco. Homes in Noe Valley—an area she specializes in—are between 900 and 1,100 square feet.
For buyers trying to play it safe in the softening housing market, a smaller home may be the way to go. Smaller homes tend to not only be more affordable but more energy efficient.
"'Not so big' has almost become chic. Conspicuous consumption is no longer cool," says Susanka, who defines a small home as a third less space than the buyer needs. "It doesn't mean 'less than.'"
Maximizing Square Footage in a Smaller Home
As an architect, Susanka became frustrated when discussions with clients always began with square footage. "I really tried to change the discussions away from size into the things that really matter," she says.
Genevieve Ferraro shares a 1,800-square-foot house in Evanston, Ill., with her husband, two children, and a dog. "Long story short, my husband refused to move to a larger house and I couldn't find a professional decorator who could help me design the house," she says.
Ferraro launched a business, The Jewel Box Home, two years ago where she helps owners of small homes address storage, child-rearing, landscaping, and color choices. She works with various budgets and sometimes all it takes is just a simple rearranging of furniture to make a small space appear bigger and more cozy.
"A smaller space needs a certain type of flow," Ferraro says. "There's this conventional wisdom that bigger is always better and we have all sort of bought into that. There's a stigma that small homes are second-rate."
With a small home, you don't have to sacrifice design or functionality. For example, Ferraro offers some of the following tips for making a small home feel not so small:

• Decide on the room's primary function and let that guide your decorating.
• Keep color, furniture, lighting, and accessories in proportion. In other words, no large-scale pieces should be in a small room. Keep all the furnishings small and it will enlarge the space.
• Rearrange furniture so that the legs show on all of your upholstered pieces. This creates a feeling of space and light and allows the eye to travel across the room and see "through" furnishings.
• Keep tabletop accessories to a minimum. Have no more than three coffee tables and side tables. If you have a large collection of accessories, display them in rotating groups.

The Convenience Factor
In the historic districts and city centers of Maricopa County, Ariz., which includes Phoenix, smaller homes have only recently became affordable. A big part of their attraction is being within a short walk to restaurants, bars, shops, and other services.
"People can pick up foreclosures or flips and can spend their money on furnishings and fixtures … making it a luxury property on a better budget," says Heather Wagenhals of HQ Real Estate and Investment in Phoenix. "You can create your own paradise within four walls, and it doesn't have to be 10,000 square feet. We're seeing some really gentrified areas turning into charming places to live."
Tony Frantis specializes in selling homes in the Sugar House neighborhood of Salt Lake City, near the University of Utah, the state's largest employer. Homes here—built between 1890 and 1950 and a mix of classic bungalows and Federal/Victorian style—range somewhere between 800 and 1,100 square feet and sell for $190,000 to $300,000.
"When people are looking for small homes, they're gravitating toward areas that are neighborhood-rich," says Frantis. "Most of these people could walk to anything they need."
Some new-development communities also think smaller is better. Diane Balciar sells homes in Westhaven, a development in Franklin, Tenn.
"It's like a Rockwell scene," she says, referring to beautiful streetscapes (along with a dedicated person who visits homes to help with gardening), monthly concerts, a town center with shopping and dining, and a 15,000-square-foot clubhouse with a fitness center. An elementary school is on the horizon. Home sizes start at 2,000 square feet (the average is 3,200 square feet), beginning at $280,000 for a two-bedroom property. But the most popular home purchase are the smaller houses, she says.
An Economic Decision
How home buyers arrive at the decision to live in a small home varies, of course. Kerri Campbell and her husband never thought they'd end up living year-round in a 480-square-foot house they built four years ago as a vacation getaway. In 2007 they sold their sizeable house in Kansas City and relocated to this rustic abode deep in the Ozark Mountains, an hour from Branson, Mo.
"We were ready for a change. Our intention was to either build onto the house or build another house," she says. They hadn't counted on building costs to double and being forced to accept a lower asking price on their Kansas City house. So they decided to make the small house theirs.
With the tighter corridors, they have less space to spread out.
"It's renewed our relationship and made us like each other again," says Campbell, who is writing a memoir about small-house living.
Indeed, many people are looking for a simpler life and a small home equates to that, says Gregory Paul Johnson, co-founder of Small House Society, which gets 25,000 visitors a month to its Web site.
He points to the New Urbanism movement (which promotes walkable neighborhoods) and that more people are using cafes as their living room. Plus, appliances—especially televisions—are smaller than they once were and no longer compromise space.
"People are getting stressed out and overwhelmed, and the economy's just part of that," Johnson says. "The bigger the house, the bigger the headache."
 Garden City
94 listings with an estimated median price of $899,000
PriceCount$200K-300K6
$300K-400K3
$400K-500K4
$500K-600K3
$600K-700K16
$700K-800K7
$800K-900K9
$900K-1M6
$1M-Max40

Floral Park80 listings with an estimated median price of $599,000
PriceCount$100K-200K1
$300K-400K5
$400K-500K14
$500K-600K24
$600K-700K17
$700K-800K13
$800K-900K4
$900K-1M1
$1M-Max1

Malverne29 listings with an estimated median price of $490,000
PriceCount$100K-200K1
$300K-400K3
$400K-500K12
$500K-600K8
$600K-700K4
$700K-800K1

Lynbrook74 listings with an estimated median price of $464,000
PriceCount$100K-200K8
$200K-300K10
$300K-400K6
$400K-500K29
$500K-600K14
$600K-700K4
$700K-800K2
$800K-900K1If you would like a free Comparative Listing Report to see what price you can expect in this market, just call or email me. Absolutely no obligation or pressure. Peter OwenLicensed Real Estate SalespersonBetter Homes and Gardens Real Estate Atlantic Shores55 Hilton Avenue, Suite 100Garden City, NY 11530Office: (516)444-3939Cell: (516)317-2860Fax: (516)444-3940Email: peter.owen@bhgliving.comWebsite: http://www.nassaucountynyhomes.com/Best, top, most trusted and dedicated agent covering Garden City, Stewart Manor, Floral Park, Malverne, Lynbrook, Roslyn Estates, and Roslyn Heights displaying a high degree of integrity, service 24/7, professional attitude and actions.