Classic Porsche Car Show heads to Vanderbilt Museum Oct. 16
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Let’s Talk … Real Estate: Why is equity the shining star of the market?
By Michael Ardolino
The market is shifting; sellers and buyers will still see home price appreciation and gains in their equity.
How does the shift affect home prices?
Demand remains higher than supply, so home prices are appreciating, and sellers will still get a good amount of offers even if it takes a bit longer. In Suffolk County, houses appreciated nearly 10% and higher since last year and more than 50% got over the asking price. Sellers are still making a significant profit.
The steep incline of market values and buyer rush is now pacing itself and most experts predict the appreciation will continue. David Ramsey, a personal finance personality, says, “The root issue of what drives house prices almost always is supply and demand…” and we couldn’t agree more. When priced correctly, houses are still selling at record-high prices and low days on the market.
Certainty of equity
One certainty in a time of uncertainty, mixed news, and mixed predictions, is the value of equity in real estate. According to CoreLogic’s 2022 Q2 Home Equity Report, “the total average equity per borrower has now reached almost $300,000, the highest in the data series.”
The year-over-year equity percentage for U.S. homeowners with a mortgage has increased 27.8%; this is a $60.2K average equity gain.
Selma Hepp, interim lead of the Office of the Chief Economist, CoreLogic, stated “For many households, home equity is the only source of wealth creation. As a result, recent record gains in equity and record declines in loan-to-value ratios will provide many owners with a financial buffer in case economic conditions worsen. In addition, record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”
Equity builds long-term wealth gain for homeowners, and should you want access to additional funds, you can always rely on the equity you’ve grown. In times of financial uncertainty, follow the certain.
The shining star
Sellers, as your home value has appreciated considerably, tap into the profit from your equity and take advantage of the current market conditions. Timing is everything and ask your local real estate professional to help you research the area you’re looking to move. Your real estate agent can also help you connect with a professional in that location with expertise in their market conditions.
Homebuyers are future sellers, and they can feel confident to invest in a home now and build their own equity knowing price appreciation is forecasted. When a homebuyer becomes a seller, they’ve already paid off some of their mortgage and can take advantage of the real estate market at the time and come out with a significant profit themselves.
Takeaway
So, the shining star of the market is demand still predominates supply. Home price appreciation is still forecasted, and equity gains are at record-highs. A market shift can be easily navigable with the help of a real estate professional. So … let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
Long Island Museum to offer Carriage Museum tours
Did you know? The Long Island Museum, 1200 Route 25A, Stony Brook offers tours of its state-of-the art Carriage Museum every Friday in October from 1 to 3 p.m. Visit eight galleries that tell the story of transportation before the automobile. Free with museum admission. Questions? Call 631-751-0066.
Photo of the Week
A WARM WELCOME
Artists put the finishing touches on a new mural in Port Jefferson on Oct. 8. The sign, located next to the Village Grocery at the corner of Main Street and Maple Place, welcomes visitors to the quaint seaside village.
Photo by Heidi Sutton
Send your Photo of the Week to [email protected]
Vanderbilt Museum to host ‘A Morning with Families’ on Oct. 15
Suffolk County Vanderbilt Museum, 180 Little Neck Road, Centerport will present its annual A Morning for Families event exclusively for people with special needs and their families on Saturday, Oct. 15 from 9 a.m. to noon. Spend the morning exploring the collections, grounds, gardens, architecture, and the Reichert Planetarium’s “Open Sky.” Activities include a preserved specimen touch table and crafts. Admission is free, but advance registration is required at www.vanderbiltmuseum.org. Call 631-854-5552 for further information.
SFCU awards college scholarships to local students
Suffolk Federal Credit Union recently presented college scholarships totaling $37,500 to nine local students attending Suffolk County Community College this fall.
“Since partnering with the college three years ago, we are proud to have sponsored 23 scholarships totaling $93k,” said Michele Dean, CEO & President, Suffolk Federal Credit Union. “By easing the financial burden of college costs, we help families in our communities as well as students—freeing up resources for other important goals.”
This year, Skyla Fabbricante of East Northport received a $6,275 scholarship from the LT Michael P. Murphy Memorial Scholarship, which was matched by Suffolk Federal for a total of $12,550. Daniel Paesano (Sound Beach) was awarded $6,275 by Suffolk Federal in honor of the Michael E. Reilly Foundation Memorial Scholarship.
Suffolk Federal Credit Union Achievement Scholarships ranging from $2,150-$6,275 were awarded to Christina Boles (Brentwood), Kristin Squire (Islip), Rachel Lee (Middle Island), Alyssia Furchert (Blue Point), Leslie Bardales Vera (Selden), Ian Fischer (Stony Brook) and Jonathan Mata (Riverhead).
The scholarships are a result of an ongoing partnership between Suffolk Federal and the Suffolk Community College Foundation to help people throughout the community achieve their dreams. Award recipients were selected based on their academic achievements, extracurricular activities, community involvement and essays.
“This scholarship program reflects Suffolk Federal Credit Union’s deep commitment to helping young people and families throughout Long Island. The recipients clearly have demonstrated the drive and discipline to succeed,” said Dr. Edward Bonahue, President of Suffolk County Community College.
“It is an honor to continue this partnership with Suffolk Federal, which has a long-standing reputation as a community-focused credit union. The scholarships are a meaningful way to acknowledge these deserving students’,” added Sylvia A. Diaz, PhD, LMSW, Executive Director, Suffolk Community College Foundation.
Suffolk County Police Department to hold property auction Oct. 19
The Suffolk County Police Department will hold a property auction on Wednesday, Oct. 19 at the Property Section, located at 30 Yaphank Ave. in Yaphank. The auction will begin at 9 a.m. and will be held rain or shine. There will be a preview of the jewelry and select property on Tuesday, Oct. 18 from 9:30 to 11:30 a.m. Among the items being auctioned include jewelry, watches, tools, landscaping equipment, electronics, iPhones and more. Participants must be at least 18-years-old to bid. All items are sold in “as is” condition and must be purchased with cash. Call 631-852-6308 for further information..
Spirits Tour returns to Setauket
Tickets are on sale now for the Three Village Historical Society’s annual 28th annual Spirits Tour on Saturday, Oct. 22 (rain date Oct. 29). Guests will be guided to 10 locations in two of Setauket’s historic cemeteries — Caroline Episcopal Church of Setauket and the Setauket Presbyterian Church Cemetery — to walk-in on conversations between Spies of the American Revolution, Known and Unknown. To reserve your spot, visit www.tvhs.org. For more information, call 631-751-3730.
Paw Prints: Meet Hollie, Lucy, Wizzie, Kuno, Charm and Clark!
Welcome to the tenth edition of Paw Prints, a monthly column for animal lovers dedicated to helping shelter pets find their furever home!
Meet Hollie – UPDATE: HOLLIE HAS BEEN ADOPTED!
This beautiful and affectionate 10-year-old girl arrived at the Smithtown Animal Shelter as a stray. She had suffered long term bilateral ear infections that caused her heavy scarring of her outer ears, severe thickening of her ear canals, hearing loss and incredible pain. The hard decision was made to remove both of her ears to let her know a pain free existence. Hollie went through the first surgery like a champ, never stopping her undying affection for everyone. She will have her second surgery shortly, and then will be ready for her home. She is social with other cats and all people. As a result of the surgery, Hollie may temporarily or permanently lose her ability to blink one or both eyes (only time will tell), so a potential home will have to be able to lubricate her eyes several times a day for her. 631-360-7575
Meet Lucy
Currently at the Brookaven Animal Shelter, this spunky girl is looking for a second chance. Lucy has been at the shelter multiple times in the past few years. Her owner decided not to pick her up this time. Lucy is a sweet girl who really just wants to be with you at your side and enjoy all that life has to offer. At seven years young and a petit 37 pounds, she is playful, energetic and outgoing, knows how to sit and is very treat motivated. Lucy has done well with dogs at the shelter and is completely uninterested in cats. She would do best with children over 12 years old. 631-631-451-6950.
Meet Wizzie
Wizzie is a handsome 5-year-old male at Kent Animal Shelter in Calverton who loves back scratches but can be a little shy at times. Don’t let that stop you from adopting him; once he’s settled in a home he will come out of his shell. This shelter life is just not for him! Come meet him today! 631-727-5731, ext. 1
Meet Kuno
Strike a pose! This sweet two-year-old Chesapeake Bay Retriever/Doberman Pinscher mix was rescued from a high-kill shelter in Georgia and is now safe at Kent Animal Shelter in Calverton. Kuno is a well mannered and very handsome boy who loves the camera. Come meet him today! 631-727-5731, ext. 1
Meet Charm
Just look at that face! This lovely senior is Charm, currently up for adoption at Little Shelter in Huntington. Charm loves to be pet and will meow at you until you give her some attention and much needed love. She is also a very good eater; she loves her wet food and treats. So if you’re looking for a cat who’s a little older and just wants to be loved then Charm is your girl. 631-368-8770, ext. 36
Meet Clark
The cool kid on the block, meet Clark, a six-year-old Terrier mix waiting at Little Shelter in Huntington for his furever home. Though having little opportunity for socialization in his previous environment, he displays an innate sense of confidence and an outgoing personality, clearly pronouncing himself ready for adoption! This clever fellow knows how to win friends, influence people, and make himself indispensable! Once you meet him, you’ll be bowled over by his enthusiasm for life and his capacity to love. 631-368-8770, ext. 21
Check out the next Paw Prints in the issue of Nov. 10.
Paw Prints is generously sponsored by Mark T. Freeley, Esq.
Ask the Vet: Grape and raisin poisoning – How much is too much?
By Matthew Kearns, DVM
As Halloween approaches, we usually worry about chocolate toxicity, but let’s not forget about grape and raisin toxicity. Grapes and their dehydrated form, raisins, have been implicated in kidney damage (sometimes severe irreversible damage). There is also still debate as to how many grapes or raisins are toxic to pets. Let’s take a closer look at grape and raisin toxicity to see if we can shed some light on what we do know about this nebulous topic.
Unfortunately, the exact toxic substance to dogs in grapes and raisins is still not completely known and neither the color of the grape, nor seeded versus seedless makes a difference. However, although this has not been completely verified, there has been somewhat of a breakthrough recently.
A compound in grapes called tartaric acid has been speculated as the toxic culprit. Previously, experts felt that high concentration of a type of sugar component called monosaccharides was to blame, whereas others blamed a compound called tannins. Additional theories do not implicate anything in the grape itself, but rather the growth of certain fungi on the grape and toxins produced called aflatoxins, or pesticides sprayed on grapes.
The toxic dose or quantity of grapes and raisins is also up for debate. There does seem to be a genetic component associated with which individual dogs are more sensitive grapes or raisins. An article published in 2009 reviewed the charts of almost 200 dogs over a 13-year period. The study found some dogs ate over two pounds of raisins without developing any signs of poisoning, whereas others developed irreversible kidney failure with as little as three grams of grapes or raisins.
Just to give you some perspective as to what three grams is: your average grape weighs 5 grams, and a raisin weighs about 0.5 grams. As little as one grape or six raisins could be toxic to your dog. However, some dogs will not get sick, or require large amounts of grapes/raisins before any damage is done. A good rule of thumb is 1 grape/raisin per 10 pounds should be a concern.
There is no antidote once the patient starts showing symptoms so this is truly an example of, “an ounce of prevention is worth a pound of cure”. Symptoms of toxicity include lethargy, loss of appetite, vomiting, and increase in thirst/urination. These patients were less likely to make a full recovery. Some were euthanized before discharge. The patients that did better in the same 2009 study were those in which the owners witnessed the ingestion and brought to a veterinary clinic immediately where veterinarians were able to induce emesis (force vomiting) and give activated charcoal ASAP.
In conclusion, although veterinarians are closer to determining the toxic component (tartaric acid), we are not sure why some dogs are more sensitive than others and what is a toxic dose. Therefore, keep grapes and raisins away from your dog when possible and, if you witness your dog eating grapes or raisins, bring him or her immediately to your veterinarian’s office or an emergency clinic for treatment.
Dr. Kearns practices veterinary medicine from his Port Jefferson office and is pictured with his son Matthew and his dog Jasmine.
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