Short sales increasingly popular with LI luxury homeowners

TRD New York /
Jun.June 10, 2011 12:12 PM

Short sales are becoming more and more common in expensive areas as Long Island luxury homeowners try to escape the embarrassment of a foreclosure, the New York Times reported. In Nassau County, 22 houses worth more than $1 million are listed as short sales and
in Suffolk County, that number is 12.

Short sale inventory reached a record high in April, according to Richard Halloran, managing broker of Coldwell Banker’s Babylon office, citing 1.042 Nassau homes listed as short sales and 2,430 in Suffolk. In December 2008, those figures were 1,541 in Suffolk and 633 in Nassau.

“With the courts at a standstill and banks not foreclosing on properties,” Halloran said, “the banks are getting better at doing short sales, so more people are doing them.”

Some banks are even handing out bonuses for owners who opt for short sales.

The incentive for the seller to go for a short sale, Richard Klein, a real estate lawyer handling a lot of such deals, said, is above all the credit ramifications and embarrassment factor of foreclosure.

“It’s a private transaction,” he said. “You can leave with your dignity.” [NYT]


Related Articles

arrow_forward_ios
WATCH: LA luxury market snapshot with Jade Mills, Rayni Williams, Stephen Shapiro & Josh Flagg

WATCH: LA luxury market snapshot with Jade Mills, Rayni Williams, Stephen Shapiro & Josh Flagg

WATCH: LA luxury market snapshot with Jade Mills, Rayni Williams, Stephen Shapiro & Josh Flagg
Daniel Goldstein of E&M Management

Multifamily landlord runs for mayor in Nassau County

Multifamily landlord runs for mayor in Nassau County
Coldwell Banker CEO Ryan Gorman

Coldwell Banker is waiving franchise fees for minorities

Coldwell Banker is waiving franchise fees for minorities
Welcome to the broker hunger games: Only “the strong will survive.” (Photo credit: Lionsgate)

Welcome to the broker hunger games

Welcome to the broker hunger games
On Collaborative's Christine Lutz and CEO David Wolf

NRT sells On Collaborative by Coldwell Banker to division CEO

NRT sells On Collaborative by Coldwell Banker to division CEO
Coldwell Banker's Joseph Hamdan (Credit: iStock)

Coldwell Banker is coming back to Manhattan

Coldwell Banker is coming back to Manhattan
Compass poaches Coldwell Banker’s top producer Chris Cortazzo

Compass poaches Coldwell Banker’s top producer Chris Cortazzo

Compass poaches Coldwell Banker’s top producer Chris Cortazzo
Home prices in Nassau and Suffolk counties rose in June.

On Long Island, home prices jump in June

On Long Island, home prices jump in June
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...