North Fork

Home sales declined 3.95 percent in the third quarter on the North Fork of Long Island to 73, compared to the same time period a year earlier, according to Town & Country Real Estate’s quarterly market report for the region, which analyzes all sales in the area. The total sales volume also declined year-over-year, dropping to $44.8 million, marking a 7.31 percent fall. The biggest drop in sales were seen in the higher ends of the market. No sales over $3.5 million were recorded during the quarter, compared to one logged during third-quarter 2009, while the $1 million to $1.99 million range saw four sales, a 50 percent drop. The data reflects a “bobbing along the bottom,” according to Town & Country CEO Judi Desiderio, who said that the market saw its lowest point in the second quarter of 2009. TRD

NF Q3 2010 Report&Chart

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Prices for Miami real estate have dropped as much as 43 percent from the 2006 peak

From the February issue:
For some Manhattan renters, buying a second home is coming before buying a first. While New York real estate has seen severe discounts (Manhattan prices are down roughly 20 percent from their peak), some New Yorkers are going to real estate markets like Miami or the Hamptons that have been burned by even deeper discounts. In the Hamptons, prices have dropped as much as 30 percent since 2006, said Barbara Weber, managing director of Nest Seekers International in the Hamptons. In Miami they have dropped as much as 43 percent, compared to the city’s historic high in 2006, according to Peter Zalewski, a broker with the Bal Harbour-based Condo Vultures Realty. “You can literally buy five condos in Miami for the price of one in New York,” said Ron Shuffield, president of EWM Realtors in Miami. New Yorkers are also taking advantage of foreclosures and short sales in the Miami-Dade area, said Alfredo Vizcarrondo, president of the AV Group in Doral, a real estate company. “In the last quarter of the year, there [was] increased interest from New Yorkers,” said Vizcarrondo. He said he recently closed on properties in Miami’s Brickell area and in Aventura for prices as low as $160,000.  [more]