LI real estate expert says now is best time to buy

Experienced shoppers know that one of the best times to score a hot deal is during the midwinter clearance season - that magical moment when the floor space taken up by an unpurchased winter coat becomes more valuable to the store than the item itself.

Maybe it was passed over because there were too many coats for sale; maybe it was missing a button. Either way, the coat you couldn't afford in September will remain just as valuable to you next winter - and now seasonal price slashes have put it within reach.

House hunters would do well to take a lesson from the retail savvy: This time of year, before the spring buying season heats up, there's valuable inventory to be had for great prices as well. But a word of caution: Hot deals may not last long on the real estate market, especially with the first-time home buyers' credit set to expire in April. In fact, several homes originally selected for this article were snapped up before press time.

There is a perfect storm of good buying conditions right now that you're not likely to see again, says Frank Dell'Accio, president of the Multiple Listing Service of Long Island.

"You've got a reduction in prices, you have an $8,000 first-time buyer tax benefit, historically low interest rates," he says. "There are mortgages available with as little down as 3.5 percent, plus you can finance your closing costs."

And there's quality inventory on the market, he adds. "The buyer is getting the benefit of timing," he says. "People that owned the homes before the boom used their equity in the property to do improvements. The buyer today is getting the improved property at less."

>>Photos: If you want a house with an unusual feature
>>Selling tips: Advice from real estate experts to help you sell your home
>>Buying tips: Experts offer pointers to help you navigate today's homebuying process
>>Money: Learn more about mortgages, taxes and other real estate money matters
>>LI Real Estate search: Click here to find the latest listings and prices on homes in LI.

These homes on the market all have that alluring combination - desirable features that hold their value all year, offered at competitive, off-season prices. Check out what makes each of these houses so hot - and get the scoop on why they're available for a steal.

WATERFRONT PROPERTY

FREEPORT $199,000

ANNUAL TAXES $8,007

LISTING HISTORY This 1930 ranch in the Freeport school district has been listed with Carol Sparaco (516-378-2525) of Sparaco-Lieberman Realty Inc. in Freeport since December. It originally was listed at $229,000.

WHY IT'S HOT The 27-by-100-foot lot is on a wide canal and has a rear deck and bulkhead. "It has a lot of potential because it's on a wonderful body of water and the bulkhead was redone in '96," says Sparaco. The three-bedroom home, which has one bathroom, includes "a nice, big bedroom downstairs and a big formal dining room," says Sparaco.

WHY IT'S A STEAL "This is an investor house because it needs work," says Sparaco. "It's an older home that needs lots of updating," including electrical work. "The house is spacious, but it needs to be reconfigured and updated," she says. "There's a big formal dining room, the kitchen is small. But that can be reconfigured." She adds, "It's a great value for someone who's handy. It gives somebody an opportunity to buy a waterfront home."

NEW BATHROOM, WINDOWS AND KITCHEN

EAST ISLIP $314,990

ANNUAL TAXES $5,882

LISTING HISTORY This 1949 Cape on a 50-by-100-foot lot in the East Islip school district has been listed with Maureen Murino and Paul Musso of Coldwell Banker Matherson in West Islip (631-865-7745) since July. It was originally listed for $324,990.

WHY IT'S HOT East Islip is a hot neighborhood. In fact, it's one of only a handful on Long Island where homes have managed to hang onto their value through the real estate slump, according to data from the Multiple Listing Service of Long Island. Most in demand are properties south of Montauk Highway - an area that's hard to touch for such a low price, says Murino. If you are paying in the low $300,000s in East Islip south of Montauk, "you are buying a home that has to be, most likely, in need of major work," Murino says. Not this one: There's a brand-new bathroom, Andersen windows and a new kitchen with concrete countertops and stainless-steel appliances.

WHY IT'S A STEAL "It's small, but anything else that usually fits in its bracket is generally north of Montauk," says Murino. But the size offers its own perks: "It has ridiculously low taxes," compared with most homes in the East Islip school district, says Murino. "The utilities are so low in that house - it's so efficient to run."

FULL FINISHED BASEMENT

LOCUST VALLEY $315,000

ANNUAL TAXES $6,800

LISTING HISTORY This 1966 ranch, on a 62-by-100-foot lot in the Locust Valley school district, has been listed with Judith Garcia of Judith Garcia Real Estate (718-446-1212) since August. It was first listed for $450,000 and has been reduced five times.

WHY IT'S HOT At press time, this was the lowest-priced three-bedroom home listed in Locust Valley by $62,000. The house, which has two bathrooms, has a full finished basement with its own separate entrance. "The kitchen and the bathrooms are modern," Garcia says. "Everything is in good condition. It's close to three train stations. It has an extension ... a formal dining room, and it has a lot of windows and sliding doors, and it's really nice. And it's large."

WHY IT'S A STEAL Garcia says clients who shop for a house in Locust Valley are usually seeking higher-end homes. "They probably want the luxury of Locust Valley," she says. "The price is attractive, but when they don't see the luxury neighborhood they expect, they haven't been interested," she says.

HIS-AND-HERS MASTER CLOSETS

MASTIC BEACH $229,000

ANNUAL TAXES $8,183

LISTING HISTORY This 2003 Colonial has been listed as a short sale with Jennifer Pendzick and Kevin Loiacono of Brookhampton Realty in Center Moriches (631-878-0500) since November. It was previously listed for $249,000. (A short sale is one in which the price falls short of the amount owed on the property's loan.)

WHY IT'S HOT Upgrades give this charming three-bedroom home a nice value boost. The master suite features two closets - one is a walk-in - and a full bathroom. There's another full bathroom and a half-bath. The hardwood floors have been redone, and the owners added a wood-burning fireplace. Plumbing is in place to finish the basement. It's on a half-acre lot in the William Floyd school district.

WHY IT'S A STEAL Mastic Beach is dogged by an iffy reputation that makes it a nonstarter for many home buyers: They've heard about parts of town rife with ill-kept houses and neglected, unsightly properties. "People's judgments are based on very small portions," says Pendzick. "Every town has what some would consider a bad area of town, and Mastic Beach does as well," she adds. "Maybe it's a little larger than in some towns, but Mastic Beach overall is larger than other towns, so the nice parts are larger as well." As for this home, "The neighborhood is a nice neighborhood. ... There are very well-kept, well-maintained homes all around it," she says.

IN-GROUND POOL, NEW KITCHEN

BABYLON $375,000

ANNUAL TAXES $9,947

LISTING HISTORY This 1959 farm ranch in the North Babylon school district has been listed with Anne Bracco of Prudential Douglas Elliman Real Estate in Babylon (631-422-7510) since summer. It was previously listed at $395,000.

WHY IT'S HOT At press time, this was one of the lowest-priced homes listed in Babylon with an in-ground pool. The 76-by-125-foot lot also includes a deck, a patio and a grassy play area. It has in-ground sprinklers. Inside, there's a new kitchen with top-of-the-line cabinetry, says Bracco. The four-bedroom home, which has two bathrooms, features an open floor plan with a fireplace and a great room, Bracco says.

WHY IT'S A STEAL Bracco says the house has had a lot of interest, but no takers yet: Buyers may prefer a midblock location with the main yard at the back of the house; this one's a corner lot, with the pool and much of the yard off to the side, she says.

NEW ROOF

HEMPSTEAD $255,000

ANNUAL TAXES $7,304

LISTING HISTORY This 1929 home in the Uniondale school district has been listed with Matthew Korman of Prudential Douglas Elliman Real Estate (516-354-6500) since December. The price was reduced from $265,000.

WHY IT'S HOT Korman says this three-bedroom Cape has had several high-value updates. The roof, the windows, the heating system and the bathroom are all new. The home has an eat-in kitchen and a formal dining room. The 40-by-100-foot property includes a detached garage. "It's a lovely street, tree-lined. Really nice houses on that street. It's midblock," says Korman.

WHY IT'S A STEAL "The foreclosure and short-sale rates are very high in this town," says Korman. The home had to be priced aggressively to compete, he says. "It's hard to find a house in this condition, at this price, that's not a foreclosure or a short sale." It's also competing with homes in the neighboring Hempstead school district that are priced lower due to that district's higher taxes. "It's in the Village of Hempstead, but Uniondale schools, so the taxes are significantly lower than if it were Hempstead schools," he says.

Photos: If you want a house with an unusual feature
Selling tips: Advice from real estate experts to help you sell your home
Buying tips: Experts offer pointers to help you navigate today's homebuying process
Money: Learn more about mortgages, taxes and other real estate money matters
LI Real Estate search: Click here to find the latest listings and prices on homes in LI.