Buffy Real Estate Inc.

There are many different targets for the bottom of the market, but for the most part those which you hear refer to a national average.

The question many of our clients ask is what of the bottom on Long Island?

The best indications we can get is that we are very close to the bottom and that with the break of the winter weather we should begin to see the lower priced properties beginning to move off the shelves so to speak rather quickly.

Advice is if you are in a position to buy now then now is the time prices are just about at there lowest point and mortage interest rates are at low point in addition federal government has begun massive lending and insurance programs for mortage money.

Lou Buffardi

The first law passed in U.S. for Condo's was in 1958 in Puerto Rico.

When Condo's were developed in Florida problems arouse when builder - developers retained ownership of the land and common areas in some instances.

Once the projects were completed these developers would dramatically increase the monthly fees.

The Condo ownership concept lost face because of the actions of these unscrupulous developers.

In 1964 New York passed the first meaningful Condo act and the reputation of Condo's began to improve.  Many states followed the New York model and enacted their own Condo laws.

To learn more about Condo ownership or the difference in the types of ownership for Condo's, Planned Unit Developments, Co-op's and Single family homes, just add your comment.

Lou

Franchise Real Estate companies generally have a revolving door policy with their sales force this means that many of their agents are green to the industry.  In this current market what is needed is an agent who knows how best to service the needs of a client to procure the best mortage for their needs, etc.

Lou

A Co-op is a form of ownership similar to the owning of stock rather than the owning of a house which is the case with a condo or townhouse type of property.

If another owner of co-op share is foreclosed upon that expense can be shared by the remaining holders of co-op shares.  It is for this reason that you could see a big change in the monthly expense for co-op's in this current market.

Lou

The best time to purchase real property is in a depressed real estate market. For Condos - HOA and coop properties this is even more true since the movement in these type of properties are more exaggerated up or down than the one family home.

Louis L. Buffardi is the owner/broker of Buffy Real Estate, Inc. a Real Estate office located in Western Suffolk County, New York - I am also a New York State certified instructor for broker qualifications for licensing and teach the course of Condo - HOA and co-op's.

Many potential buyers are thinking about a Condo - HOA or co-op type property but are not familiar with what is the difference between these types of ownership compared to the single family home.

I am happy to answer any questions about the differences in ownership.

This blog is to help advise and inform anyone as to any questions you might have about condo or townhouse or co-op type ownership and living.

This is an open blog to advise and inform all of those interested in either buying, selling or renting a condo, townhouse or co-op on Long Island.