114 West Hampton Road, Lindenhurst - a beautifully renovated foreclosed home
114 West Hampton Road, Lindenhurst has been beautifully renovated and listed at a great price! This home, as you can see below, was in poor condition at the time it was purchased from the bank owner following a foreclosure. This property is located in a community know as Venetian Shores in Lindenhurst, this home is just a short distance from the Great South Bay and Tanner Park, one of several local town beaches.
The interior of this home appeared to have been vandalized. All the appliances were removed, the kitchen was completely removed, the heating system & hot water heater were removed, every interior door was removed, all the radiator covers were removed and the walls and floors were damaged. Although it appeared that there had been some renovations done prior to the foreclosure, the condition was damaged and in disrepair.
The renovations included a brand new maple cabinets in the kitchen, counter tops, stainless steel gas stove, refrigerator, sink & dishwasher, all new interior doors, new gas-fired hot water heater and gas boiler, new washer & dryer, two new skylights, new carpeting on the 2nd floor, new front exterior entrance, new lighting fixtures, roof, siding, gutters & leaders and refinished hardwood floors. In addition, the walls were repaired, resheetrocked where necessary and skim-coated and freshly painted. There were upgrades made to the plumbing and electrical to meet all town codes.
The end result speaks for itself. The home has been shown several times since it was listed just 8 days ago. From the feedback so far, I am confident that we will a quick sale, so hurry if you are seeking a mint++ home in a lovely community close to shopping, transportation and local beaches for the affordable price of $299,900. Someone is going to make this wonderful house a very special home. Schedule an appointment to view this home now.
Flip This House
Real estate has always been one of the best investment vehicles around. Current economic conditions with declining home prices, low interest rates, tax credits & incentives, increasing inventories and motivated sellers, has given rise to great opportunity to invest in the Long Island real estate market once again.
Short sale and foreclosure properties are now present in almost every market area on Long Island. As the inventory of available properties grows, the value of those properties declines or, at least, plateaus. Banks are now pricing their inventory more competitively to encourage quicker sales and it appears to be working. Last month 3 out of 10 closings in Lindenhurst sold for over the asking price. And this trend is becoming more prevalent. Copiague also recorded 3 out of 10 homes closing in January at or over the asking price. This is great news for buyers; more choices at very attractive prices. But it is also good news for sellers because it illustrates that if you price it right, it will sell! But, the best news of all, is that these communities are seeing rehabilitation and revitalization which ultimately will increase values.
During the last two decades home values on Long Island had risen so sharply that investment in real estate was difficult for the average consumer to participate in beyond their primary residence. This trend also priced many first-time buyers out of the market completely. For the first time in many years home prices have come down to where it's feasible to purchase a distressed property, rehab it and resell it with a return on investment. We are seeing more investors back in the market which indicates that the opportunity is now. We have seen, on more than a couple of occasions, how devastating the stock market can be on a portfolio. Diversification has always been the recommended strategy for solid, long term investment and now is the perfect time for investment in real estate. So call your real estate professional today and make an appointment to check out the investment opportunities in your area.
2010 Real Estate Outlook for Long Island
Coming off a tumultuous year like 2009, some positive news would be refreshing. Well, the news is positive. At least from certain perspectives, that is. While there may not be much in the way of equity gain in real estate values, the availability and accessibility of homes will definitely increase.\We have already seen substantial drops in home values, as much as 30% in some markets. This trend has created a huge opportunity for first time homebuyers, move-up buyers, second home buyers, investment buyers - and the list goes on. And if that doesn't get you off the fence how about record mortgage rates of less than 5%!
Yes, these are troubled times for many. History has told us that the American economy rises and falls on home ownership. We just took a huge dip on that roller coaster. But hold on for the rest of the ride. We will see a substantial increase in activity over the next 12 months. The number of homes bought and sold will be the driving force of our economy's recovery overall and we are standing at the threshold of that event. Seize the day!
2010 Real Estate Outlook
Downward pressure of prices + historically low interest rates = better times ahead!Read all of 2010 Real Estate Outlook
It Isn't All Bad News
Current market conditions are challenging. In fact, we are experiencing historic times. Even the most diverse investment portfolio is experiencing huge fluctuations and your real estate investment is no different. However, life does not stand still just because times may be tough. Our children grow up and move into their own homes; people retire and empty nest; companies relocate their employees, etc. Life goes on. In other words, not all the news is negative. We just need to understand the terms and conditions of the purchase and sale process in this market and position yourself accordingly.
Given the current economic climate, sellers must be truly serious about getting their home sold. This is not the time for 'testing the waters' or half-hearted attempts at capturing a higher than market price for your home. Now is the right time for homeowners to evaluate their housing needs, expand or downsize accordingly to fit their current needs better.
This is a time for buyers and sellers to carefully evaluate their financial capabilities and make sound decisions for a secure future. Making the right choice to buy a home or sell a home should fit into an overall plan that has been carefully evaluated. Once your decision to buy or sell a home is made, surround yourself with the necessary resources to achieve your goal. Contact specialists in the financial/mortgaging field as well as a real estate professional to guide you through the process. Forewarned is forearmed. You don't need to go it alone. Seek out an experienced, trustworthy professionals to assist you.
