Skip to main content
#
Website Demo
Ardolino Banner
Long Island North Shore Real Estate - Homes For Sale | New York Realtors - Agents
Search Long Island North Shore Properties
Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Featured Listings
Stony Brook Real Estate - Homes For Sale | Long Island, New York Realtor
Setauket Real Estate - Homes For Sale | Long Island, New York Realtor
Old Field & Poquott Real Estate - Homes For Sale | Long Island, New York Realtor
South Setauket Real Estate - Homes For Sale | Long Island, New York Realtor
Port Jefferson Real Estate - Homes For Sale | Long Island, New York Realtor
Port Jefferson Station
Smithtown
St. James
Miller Place
Mount Sinai
Local School Info
Buying Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Real Estate
Selling Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Real Estate
Team Ardolino, Realty Connect USA North Shore, NY Realtor
Testimonials
Contact Team Ardolino, Realty Connect USA
Sponsored Events
SummerEvents

Zillow Testimonials
526115
' I was a seller. Michael connected with me. He connects with people, period. . He gave me realistic listing prices, understood my time-line and ... more '
5.0/5.0
by wisteria1
511564
' My experience with Michael Ardolino, and his team, in specific, Lisa Godt, was what it should be for every home buyer. From the first telephone call, ... more '
5.0/5.0
by user9807108
510572
' Selling my parents home that had history all the way back from my grandparents since 1968. It was everyones home at one time or another. However, as ... more '
5.0/5.0
by user12050833

Real Estate Blog
Latest Posts

Real Estate Blog
Thursday, January 29 2009
 
Lately, when people ask me about current market trends, there are three issues that seem to come up over and over. The following discussion of these issues should help
residents of the Three Village area understand what is happening in our local real estate
market.
      One of the most vexing questions for my clients and customers seems to be “Why are home prices dropping so much?” Understanding the answer to this query requires a bit of historical perspective. Before the real estate market boomed off the charts from about 2000 to 2006, price appreciation was fairly standard year over year. As noted in Brookings
Papers, an often-quoted publication, the appreciation in home values in 5-year increments averaged about 26.5 % from 1980 to 2000. Then, in only 6 years, it jumped by 89%. (See Exhibit 1.) This was simply not sustainable, healthy growth. So as odd as it may sound, in a way, the market is not actually in decline. It is getting to where it should be. This is a positive step toward recovery of the market.
      Many people also seem confused about how to tell when prices will go up in the future and when they will go down in the future — in other words, the direction of the local market. Here the key element is inventory. A steady market, which is neither a buyer’s
market nor a seller’s market, is generally considered to have 5-6 months’ worth of unsold homes on the market. A buyer’s market, which is where most markets are now, is
generally viewed to have an eight-month inventory. In such a market, there is an
overabundance of houses, meaning that supply exceeds demand. That is when prices drop. (See Exhibit 2.) In the Three Village area, we have a 10- to 12-month supply of homes, which means we still have a backlog. We cannot yet expect prices to go up.
      Lately, the third most popular question is whether homeownership is still a good way to build wealth. Understandably, some people have lost a bit of faith in the real estate market. But that is because they are looking at only a narrow slice of the overall picture. In other words, remember that real estate is cyclical. There are booms and busts, and this is not the first or last time that home prices will be down. However, as shown in Exhibit 3, a study by The PMI Group, Inc., reveals that over a 15-year period, the value of homeownership
increases by 110%! And the return on equity, which is determined by how much of a down payment a buyer places on a home, is almost 500%! This study should leave little room for doubt: Real estate is still a wonderful avenue toward building personal wealth.
 

If you have any questions, contact me.  I am happy to share my expertise.  And meanwhile, to keep current, visit my website: www.Ardolino.com. 

 

 
Posted by: Michael Ardolino AT 02:58 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, January 20 2009

A Special Report By Michael Ardolino, Associate Broker,

January 2009

Nationally, the recession that started in December 2007 still has its grip over the economy. The housing market in much of the country is weak, with steep home price decreases, declining home sales figures, and high foreclosure rates. Regionally, home prices on Long Island have fallen by 10.6% over the last year, according to the latest figures from the Multiple Listing Service.

For buyers, the current market is a rare opportunity. Prices are down, there is plenty of inventory, and mortgage rates are historically low. In fact, rates may go even lower, due to the latest action planned by the Federal Reserve. Currently, the 30-year rate is at 4.96%, a 37-year low. It has gone down 1.5% since October.  (See Exhibit 1)

Another positive factor is that homes are more affordable than they have been in many years, meaning that a lower percentage of household income is needed for housing expenses. This, along with the low rates, is likely to get buyers off the fence. In fact, as a December 6 article in The New York Times stated, "Everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage." The first-time homebuyer is in a particularly good position, with no home to sell before buying. 

Of course, the more buyers, the lower the inventory of unsold homes. There is about a 14.5-month supply of unsold homes in the Three Village area, which means we still have a backlog.  (See Exhibit 2)

As The Wall Street Journal reported on December 2, economists believe that prices will go down even further before finally trending back up. This is in part because another wave of foreclosures is expected when millions of option adjustable rate mortgages reset to a higher rate. (See Exhibit 3 for a link to a 60 Minutes Report on this topic.) So the reality is that a seller who continues to "wait it out" may have a long wait.

The smart seller will understand this, and will price the home accordingly. In my expert opinion, listing prices, not just selling prices, need to go down. This is a necessary step toward recovery of the market. It is a move toward a more stable and healthy market. Treasury Secretary Henry Paulson stressed this on December 17, when he noted, "I have said from day one that the key thing to get us through this period is getting housing prices down." In a way, the market is not actually in decline; it is getting to where it should be. Speculative buying, fueled by double-digit home apprecia-tion figures and risky interest-only mortgages, was simply not healthy. (See Exhibit 4)

The bottom line is that both buyers and sellers owe it to themselves to obtain expert advice before entering into any transaction in this challenging market. If you are ready to buy or sell, contact me. I have a proven track record and decades of experience. I have also had the honor of being nationally recognized as an expert in my field.

 

 

 

Exhibit 3

60 Minutes Report - Click Here to Watch the Video

If you have any questions, call me at 631-941-4300 or email: Michael@Ardolino.com. I am committed to keeping you abreast of market conditions, and I’ll continue to provide updated, pertinent information. For additional data, visit my website at www.Ardolino.com, where you’ll also find my new blog. Please take a look, and let me know what you think! All Rights Reserved.
Copyright© 2009 by Michael Ardolino


36 Route 25A, Setauket, NY 11733 

www.Ardolino.com* Michael@Ardolino.com 
 

Posted by: Michael Ardolino AT 09:42 am   |  Permalink   |  0 Comments  |  Email
Thursday, January 15 2009

Our Three Village Students did it again...

The Ward Melville High School Science Intel students were ranked 3rd in the nation as semifinalists. Eleven students received $1,000.00 each for their projects. Last year they were ranged #1 in the nation. Ward Melville High School students consistently do well we should all be very proud of them.

 

Posted by: Michael Ardolino AT 11:05 am   |  Permalink   |  Email
Thursday, January 15 2009

As seen in The Village Times Herald Januaray 15, 2008:

 

We're starting now, and will be in high gear when the worst of this bad winter comes in February, to make sure that THIS WINTER THE PRICE IS RIGHT IN THE THREE VILLAGES. The Three Village Chamber of Commerce's nearly 300 local member businesses are going to be offering  their trademark quality, exceptional quality, in goods and services but now at bargain prices to fight the tough economy.

 

Shoppers, if you're planning a purchase large or small, think local first. The money comes back to all of us three-fold or more. The quality and service are unsurpassed. Local business people know you, know you'll be back and may well be your friends or neighbors.

 

Business people, this is the best of marketing opportunities with Chamber-funded special full-page group advertisements, networking, events and workshops helping shoppers and businesses.

 

For all the businesses that are already Chamber members, we'll be in touch soon about ways you can participate. If your business is not already a Chamber member, now is the time to join. You must be a Chamber member with your current 2008-2009 dues, $150, paid to participate in this campaign. If you're an old member and haven't yet renewed this year, now is the time. If you've not been a member, join now at the special half-year rate of $75. .

 

For details about THIS WINTER THE PRICE IS RIGHT, contact the Chamber at 689-8838, threevillagechamberofcommerce@yahoo.com  

 

Michael Ardolino, President, Three Village Chamber of Commerce

 
Posted by: Michael Ardolino AT 10:35 am   |  Permalink   |  Email
Thursday, January 08 2009

As seen in The Village Times Herald on January 8, 2009

A New Year's message to all from the Three Village Chamber of Commerce.

Your Turn

It's here. The greatest opportunity for shoppers in the Three Villages in years. Here's how it works:

BUY ONE, GET ONE FREE

For months now The Village Times Herald has been reporting on how local businesses give back more than three times what you spend here in benefits to the local community. With the multiplier effect, it could be as much as 10 times for each dollar that exchanges hands. This helps our community maintain its standard of living and quality of life.

This winter, our chamber members have decided that this should be a time of unprecedented givebacks. Certain of our members will be offering merchandise and services on a BUY ONE, GET ONE FREE basis.

Shop locally and reap the benefits. Next week in this space, we'll be telling you which businesses will be participating. The following week, in the issue of Jan. 22, we'll tell you what this discount will apply to in each of the stores.

Let's all come together, right now, and when the winter of 2009 is over, we'll be stronger than ever — residents and businesses.

This winter the price is right in the Three Villages.

Michael Ardolino, President

Three Village Chamber of Commerce

P.S. For businesses, there will also be a series of workshops. For more information contact the chamber by email:

threevillagechamberofcommerce@yahoo.com.

Posted by: Michael Ardolino AT 11:09 am   |  Permalink   |  0 Comments  |  Email
Wednesday, January 07 2009

I have been paying close attention to the proposed Port Jefferson Village Moratorium and received this most recent update that I wanted to share with you: 

 

 

Port Jefferson has proposed village wide moratorium.  This effects both residential and commercial properties.  If approved, it will suspend the right of property owners to obtain building department approvals (i.e. building permits) for a period of one year from its enactment.

 

As it is currently worded, ."for any use other than one single or two family residential use where currently authorized by law."   Worded this way would restrict permits for pools, fences, garages, retaining walls, decks, etc.  As these are structures outside the footprint of an existing structure.

 

As stated by the Suffolk County Planning Commission, "A moratorium is from one perspective the most extreme land use action that a municipality can take because it suspends completely the rights of owners to use their property".

 

We are facing the worst financial crisis our country has seen in decades. Locally,  the real estate market is struggling to recover right now as we face questionable levels of unemployment.  

  

Visit www.pjvresidents.com for more information and alert your friends and family. If a resident, please sign the petition available on the website.  If you are not a resident, feel free to contact me for a non-resident petition.

 

**The village meeting has been postponed until the beginning of February and has been moved to the Port Jeff HS Auditorium as the attendance levels at the Jan 5th meeting well exceeded the Village Hall capacity.

 

Posted by: Michael Ardolino AT 04:50 pm   |  Permalink   |  Email

 

Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
Office: 631-941-4300
Direct: 631-941-6262
Fax: 631-675-1857
Email:
Michael@Ardolino.com 

Real Estate Website Design &
Real Estate Marketing Services Provided by: 

Pro Step Marketing

Site Map

Terms of Service/Copyright Policy
Copyright© Michael Ardolino, REALTOR®, All Rights Reserved.

Site Powered By
    prostepmarketing.com
    Online web site design