[MUSIC] Experts say Long Island's housing market is still red hot.

What you need to know if you're buying or selling a home this year and... It's the place my husband and I came for every anniversary, every birthday.

The atmosphere is just so real.

Why one of Long Island's oldest German restaurants closed its doors for good.

Plus... Thank God this pool is warm.

Even though there's snow on the ground, this is perfect.

Staycation in style.

Newsday's Carissa Kellman shows us how you can enjoy hotel amenities without staying the night.

It's Your Business Long Island, I'm Newsday TV's Macy Egeland.

And I'm Ken Buffa.

We're going to help you better navigate your financial life by focusing on your money from Montauk to Wall Street.

Yeah, we begin with some local business headlines.

New apartments in Iset must now have washers and dryers.

The town board approved the policy change as a way to improve the standard of living for residents.

Critics call it government overreach and see the move as an added expense that will trickle down to renters.

A new start for a former Catholic church in Kutchog.

Sacred Heart Church is now the permanent home of Peconic Community School.

The 2.85 million dollar deal closed last month.

It includes a rectory, carriage house, and five acres of vacant land.

Walmart is getting closer to turning two Long Island locations into super centers.

The store in Nylandia is expected to become a super center by the end of next year.

The other location would be in East Meadow.

The island's real estate market has been setting records for months.

People are buying high and selling high, and many experts believe we're in for another very competitive year ahead.

Joining me now to walk us through what buying and selling a home looks like in 2026 is Newsday real estate reporter Rachel Weiss, Kaitlynn McCartney, a real estate agent with Compass, and licensed mortgage professional Tyler Revan.

Thank you all for being here with us.

We want to start with you, Rachel.

You've been reporting on this.

Why is Long Island's real estate market so hot right now?

Macy, it is hot as ever.

Long Island's market has been defined by low inventory and high demand for a while now.

So on one hand, you have sellers who are kind of on the sidelines, waiting for interest rates to drop before they list their homes and buy something new.

And on the other hand, you have buyers who are dealing with a limited inventory as a result of this, and are also facing a lot of competition with these record high prices and having to make offers well above the asking price.

So those are kind of the key factors driving Long Island's market right now.

- It still lines out the door at a lot of the open houses you see.

Tyler, let's get to you.

Where do you see the mortgage rates heading?

That's a big concern for people, and how might that affect our real estate market on Long Island?

- Yeah, Macy, it's a great question.

And we're already seeing it already.

Mortgage rates are coming down, and we're projected to continue rates to fall in 2026.

So what this does do, this does increase competition in the market.

And I try to prepare all the clients that I, you know, speak with on a daily, that the mortgage rates do have an impact, and when you see rates come down, competition will increase.

So I'm sure as an agent, you see it as well, that with this going on, you definitely have to be prepared for multiple offers.

You have to be prepared for a longer wait time.

But, it's definitely still a time to buy in 2026.

You hear so many people say that, like, "Oh, I'm going to wait until the rates come down and then I'll start taking this seriously."

So, yes, we're going to start to see that.

Kaitlynn, are more sellers looking to relocate off Long Island?

I mean, we're hearing that a lot as well.

People say they're going to leave, it's just too expensive.

And could that be good news for buyers here?

Yes, so we are not seeing the exodus that we saw in the COVID years for sellers.

More of what I'm seeing is actually sellers staying on the island and downsizing, which unfortunately does bring even more competition to first-time buyers because now they are seeing themselves in this same buyer pool as sellers who are maybe in a position who have more cash to put down, so on and so forth.

So that's the position that most sellers are in at this current time, but we are not seeing the exodus of sellers going out of the island this year.

Okay, interesting.

Rachel, let's get back over to you.

A lot of buyers are just kind of focused on that down payment, right, when they are interested in buying a home.

Are there other costs that they should consider?

Tell us about that.

Yes, the number one thing buyers should be thinking about are their closing costs.

That's going to be thousands of dollars that they're paying at the closing table at the end of the home process.

And when you weigh that against an already high down payment, it's a lot to consider.

You know, next you have monthly mortgage payments.

You should probably discuss what those numbers are going to look like with your real estate agent right at the beginning of the process.

If you are buying a home on Long Island, or in New York State for that matter, that's over a million dollars, you will be subject to mansion tax, which is 1% of the sales price of your home.

So if you're buying a home, that's a million dollars.

1% of that is $10,000 in additional taxes that again, you'll be paying at the closing table.

And lastly, you should probably also have a home maintenance fund in your back pocket.

Even if you're moving into something that is totally move-in ready, you still might want to make some changes here and there, so having that extra fund is really important.

That is good advice.

People, yeah, may not know about that millionaire's tax.

Yeah.

Tyler, for buyers, what are some factors that lenders are taking into consideration and why are they important?

Yeah, so there are four key factors that we're taking a look at.

Number one, the home that you're looking to purchase, right?

The second factor that we're looking at is your income.

This is very important for buyers to consider because this is what the lenders are primarily looking at, your ability to repay the loan.

So they're looking at the consistency and the stability of the employment, whether that's being an hourly employee, are you salaried, or are you self-employed.

We have various different programs for them, but the lender is definitely taking a look at your ability to repay.

The next thing they're taking a look at is your assets.

The lender sees this as your strength of finances.

So your ability to, like Rachel said, your down payment and closing costs, your ability to have that readily available.

The final thing they're going to take a look at is your credit.

This is your history, your ability to take care of your finances, your ability to pay debts and liabilities.

The higher your score, the more favorable the financing terms are.

This doesn't disqualify clients who maybe have a lower score, but it definitely puts them in a position where you want to speak with a licensed professional like myself to see what options are readily available for you.

Absolutely.

All right, Kaitlynn, so bidding wars, we know this, often break out on homes across Long Island all the time.

So should buyers and sellers expect that to continue in 2026?

Yes, absolutely.

Yes, I know.

I know.

But there is good news.

If you have the right team in place ahead of time as a buyer, that team includes your real estate agent, your lender, your home inspector, and your a real estate attorney.

And you are prepared.

Every single home that you go into, you have that team behind you to back you and to win the bid.

That is the goal for the buyers right now on Long Island and heading into 2026.

They want to be in a position to be able to buy and to win the bid.

So it's important to have that team in place.

We are absolutely going to see those bidding wars continue in 2026, especially if the rates continue to tick down as well, because that does increase purchasing power.

And ultimately, that brings more buyers back into the market and increases the competition.

I'm sorry to cut you off.

That's okay.

I was going to say, unfortunate for the buyers, great for the sellers, I guess, and just reality right now.

It is, it is.

But this is Long Island.

We are out of space.

There's nowhere else to go.

There's nowhere else to build.

So we are dealing with the inventory that we have.

And so it's very important for buyers to be prepared, work with the right people, and get that bid accepted.

It is what it is here on Long Island.

So let's talk about that preparation.

Rachel, is there any kind of, first of all, financial assistance for buyers out there?

Let's start there.

Absolutely.

There is plenty of help out there.

A great place to start is the Long Island Housing Partnership.

It's an excellent resource and there are counselors there that will let you know what grants and what assistance you might qualify for.

One example of that is the Town of Brookhaven Downpayment Assistance Program, which offers $50,000 to first-time buyers that could be put toward their closing costs or their down payment.

There's also certain grants that, you know, are aimed to help people who work in certain professions like healthcare.

So doing that research right off the bat is really important as well.

Yeah, look into that.

And being prepared, is there anything else that people can do to get ahead?

Absolutely.

Get pre-approved.

You know, like Kaitlynn and Tyler have said, assemble your team early.

These are the pros, so leave it to them.

And also start compiling a list of your must-haves versus your want-to-haves in a home.

Once you start looking and you find a home that starts checking off all of the boxes for your non-negotiables, that might be the home for you.

And that's a great place to start.

All right.

Thank you so much.

Great advice from our panel.

Thank you all so much for being here.

We appreciate it.

Something a lot of us are dealing with, right, when trying to decide, do we want to sell?

Do we want to buy?

Should we wait for the rates to go down?

So a lot of great information.

My thanks again to Newsday's real estate reporter, Rachel Weiss, Kaitlynn McCartney, and Tyler Revan.

and again, appreciate all of your time, your expertise on this.

You can read more about this story on our website, Newsday.com.

All right, now let's turn to your commute.

An LIRR policy change is frustrating some rail riders.

Commuters who do not buy and activate their mobile tickets before they board the train could get hit with an $8 penalty.

The MTA says it's all about fair evasion.

Newsday Transportation Reporter Alfonso Castillo explains.

"So what's been going on is riders have started getting emailed warnings from the railroad telling them that they are at risk of being hit with an $8 surcharge if they wait until they get on board to activate their tickets.

And some riders say they've already been hit with that surcharge.

The railroad's not saying how many warnings you'll get before you get hit with the surcharge.

Railroad says this is to address a fare evasion and the reality that a lot of riders previously were waiting until they saw a conductor come around before activating their tickets with the hope that they don't come around and you get to save that ticket for the future.

Now the new ticket policies came at the same time as a fare hike that raised monthly tickets by 4.5%.

There's a debate over how much the minimum wage should be.

Newsday Business Reporter James T. Madore spoke with the Governor about it.

With the state legislature back in session in Albany, once again the minimum wage is being talked about.

The state minimum wage just went up to $17 an hour.

And next year, under a new system, it will increase based on the three-year average of the Consumer Price Index.

But the new mayor of New York City, Zoran Mamdani, campaigned on a pledge to raise the city's minimum wage to $30 by 2030.

At a recent event in Woodbury, I asked Governor Hochul where she stands.

I support where we are right now.

This has taken a couple years to get to this point.

What businesses need is predictability and for them to know it was going to go from 15 to 16 to 17 over a period of time so they can make their adjustments.

That's important.

I also believe that our initiative for the first time ever to tie it to inflation, which just kicks in next year, that's going to make a difference.

So they'll start to see that escalation as their costs go up, which I think is important, helping families who are struggling.

Business groups like the Long Island Association and the Business Council of New York State support the governor's stance.

The minimum wage on Long Island has gone from $9 in 2016 to this year's $17 an hour.

We'll find out if Mayor Mamdani gets his way as budget negotiations unfold in Albany this spring.

For Newsday TV, I'm James T. Madore.

- Some local hardware stores are struggling, while others are thriving.

Newsday TV's Andrew Ehinger shows us how.

Hardware has always been in Chris Pecoraro's blood.

We're third generation.

After growing up among the rows of faucets and screws, Chris and his wife are now the managing owners of Schaefer's Hardware.

But it hasn't been easy.

It is hard hardware, which has hard in the names.

The company, started by his grandfather in the 1950s, has seen its boom and bust times.

But now, there's major competition from big box hardware stores and online retailers.

Last year, he had to close four locations, but he remains positive.

Now we're currently in Comac and in Bayville, and looking for more.

Chris says the local mom and pop hardware store can excel in personal service where big stores cannot.

You can really get to know your people, get to know your customers, and that's definitely valuable.

That personal touch and community involvement is something that other family owned hardware stores here on Long Island are truly leaning into.

We're doing very well.

Not only surviving, but thriving.

Hank, Ben and their sister Mary Brinkmann took over the family business from their parents who opened their first store 50 years ago in Sayville.

Since then, they've grown the business into a $30 million company with seven locations, including the recent purchase of Trio Hardware in Plainview.

"We're just getting going.

The best is yet to come."

The Brinkmanns say innovating and growing the company has allowed them to stand toe-to-toe with the big box stores on price and selection, and he credits their knowledgeable employees.

We don't like the term good enough around here.

We want to do everything to the best way possible, and we get a return on that.

Hook up your lines right on the side.

Back in Comac, Chris Pecoraro says taking over the family hardware business might not be for everyone, but he says he's not going anywhere.

If you're not into it and not interested, then it's not something that makes sense.

You have to live it.

You have to want to be in it.

In Comac, Andrew Ehinger, Newsday TV.

One of Long Island's oldest German restaurants has closed up shop.

Newsday TV's Doug Geed has that story in Belmore.

How are you doing?

Good, how are you?

- Gisela Wedel is well known in the Long Island restaurant world.

She and her husband owned the popular Sunrise Bavarian Village in Belmore back in the 60s and 70s.

After her husband unexpectedly passed away, she sold that restaurant.

She eventually remarried and bought property on Belmore Avenue, where her family built a new German restaurant from the ground up.

I put like a ring, some jewelry in the foundation before the cement was being poured for good luck.

And the Oak Chalet certainly enjoyed good fortune, becoming an extremely popular spot for people seeking authentic German food.

And they come in and go, "Wow, I feel like I'm family."

Everyone will walk in and say, "Oh yeah, it's my grandma.

"I sat you guys, and now I'm gonna bring you the food.

"My grandpa did all the butchering, the cooking, "he built the tables."

But last February, Gisela suffered the death of her second husband, Dieter.

When he passed away, one of the things he did tell me, he said, "Chatz, sell it.

"It's too much for you to handle."

So after 44 years, the first weekend in January became the last time that food and drink would flow from the Oak Chalet.

Gisela's daughter Sue says it was an emotional rollercoaster ever since the decision was made to close.

"Every day is like a wedding and a funeral.

That's the only way I could describe it.

We're getting letters, phone calls.

People have come in from California, from Florida, all over to say their goodbyes to us."

Along with the food and the people, it's the atmosphere that everyone raves about.

As soon as you walk in the door, the collection of beer steins, the antique chairs, their famous fireplace.

And you've got to check out the chairs.

These are all hand-carved Bavarian chairs with a heart in them.

Some of them more than 100 years old.

It's the place my husband and I came for every anniversary, every birthday.

The atmosphere is just so real and everything.

You're just going to miss it so much.

We had a good run 44 years.

I mean, how many restaurants could say they lasted 44 years?

So after tens of thousands of servings of schnitzel and strudel, sauerbraten and sauerkraut, another landmark German restaurant on Long Island has closed its doors.

As for 84-year-old Gisela, she says she's looking forward to enjoying retirement, but admits it's hard to let go of the restaurant.

"It's still as in my baby.

We built it from scratch."

And when I asked her what she'd like to say to all the customers who've visited over the past 44 years, she said... "I probably have to thank them for doing this and making me feel so at home.

Being with them, it was a pleasure, and I just thank everybody.

I love them.

I love people, and it was a pleasure.

In Belmore for Newsday TV, I'm Doug Geed.

Some Long Island hotels are redefining staycations with day-use amenities.

Let's go with Carissa Kellman.

(upbeat music) - If you can't spend the night, then spend the day here at the pool at the Rockaway Hotel & Spa.

Day passes let locals enjoy the heated outdoor pool, cedar saunas, and a cozy winter lounge.

No overnight stay required.

Thank God this pool is warm.

Even though there's snow on the ground, this is perfect.

So long as you stay in the water.

With the pool, saunas and food and drink service, it's easy to turn a few hours here into a full winter escape.

Enjoy a day with the ladies or with the family.

This is the perfect small bite to have by the pool.

You can also add express spa treatments right in the lounge, or go all out with full service at the hotel spa.

And if a pool day isn't your vibe, there are ways to unwind indoors.

If you're looking for a relaxing day, all of the spa and salon services here at the Garden City Hotel are open for non-guests, including massages with hot stones.

From massages and facials to a $40 blowout special Tuesdays through Thursdays in the salon, the Garden City Hotel makes for an easy winter spa day without a room key.

No need to check in to check it out.

For Newsday TV, I'm Carissa Kellman.

All right, now to a Long Island favorite, the bacon, egg and cheese sandwich.

Some local restaurants are putting a new spin on the beloved breakfast staple.

That's right, here's Newsday's Elisa DiStefano and Marie Elena Martinez.

You know bacon, egg and cheese is huge on Long Island.

Here's a place you can customize your own.

I'm Elisa DiStefano, I hope you're hungry.

So you went all over Long Island tasting bacon, egg and cheese sandwiches.

So what brings us here?

Well Hometown Bake Shop is a bakery on Long Island and what they have in terms of bacon, egg and cheese is this customizable DIY board where you can take one of their homemade breads and add sausage, which they also make in-house, bacon, cheese, vegetables, condiments, you name it.

Decisions, decisions.

Should I just go big?

I'm here, I'm gonna go big.

I'm gonna go with that.

I might regret this later.

Cheddar biscuit, turkey bacon, avocado, Swiss cheese, some spinach.

The moment we've been waiting for.

Wow.

Voila.

Thank you.

Thank you.

Thank you.

This looks amazing.

One, two, three.

Cheese pull.

Now this is a bacon, egg and cheese.

Wow.

What'd you get?

7 grain, scrambled, bacon, cheddar, and caramelized onions and hometown hot sauce.

Mmm, the biscuit's so good.

There's nothing like a bacon, egg, and cheese.

Nothing.

On the island right now, there are all these different creative versions of bacon, egg, and cheese.

The one that I really love is at Bianco Latte.

It's a full croissant.

There's one in a wrap at Organic Crush.

It's a little healthier, if you will.

And then there's an incredible pizzette at Sparrow in Garden City.

If you want your traditional bacon, egg, and cheese, there's plenty of that to go around, but there are plenty of creative special sandwiches.

All right, this is like a breakfast, lunch, and dinner.

Holy smokes.

- All right, so how do you take your bacon, egg, and cheeses?

- I, it depends.

I prefer a bagel, I do, but if I get a roll, I slap a hash brown on there.

That's a game changer.

Bagel roll, what do you do?

Bacon, egg and cheese, salt, pepper, ketchup on a roll.

On a roll?

Classic?

Classic, gotta keep it classic.

Now you know when you order us breakfast to the studio.

Thank you very much.

Let's take a look now at the jobs you do.

That's right, in this month's LI Works, we're headed back in time and inside pinball machines.

Grab your quarters, we're fixing pinball machines.

If you ever played on a pinball machine, you're used to the steel ball, flippers, and flashing lights.

But Danny D'Elia is more interested in what is going on underneath.

That's a lot.

It's amazing.

This is a lot.

Hi, I'm Danny D'Elia.

I'm a pinball technician.

I've been doing it 50-something years.

I enjoy it because it's a sense of satisfaction when the machine's not working and I do whatever I do and get it working.

For decades, D'Elia has been working on the mechanisms behind the decades-old game.

And to be a repairman, you'll need to get rolling on your electrical skills.

The older pinball machines are electromechanical, which means it's all relays and contacts.

Then the newest stuff came out as digital, which is printed circuit boards.

Not only that, you better get good at finding the problem, because each pinball machine is just as unique as the last.

So what's the hardest part about pinball repair?

Troubleshooting.

When you come in and you have a problem, you've got to figure out what's not happening, depending on the degree of the problem.

Now, over the years, D'Elia says video games and other forms of entertainment have pulled pinball machines out of the spotlight.

I used to go to 15, 20 bars a day, six days a week for about 10 years.

But in his book, nothing comes close to the hours that can be lost flipping away.

Pinball machines are much more interactive with you.

Do more and there's physical stuff going on.

You hit a ball that goes and hits other things.

So if you want to be the one who keeps the silver ball alive one flip at a time, D'Elia says it's well worth it.

And I always get a sense of accomplishment when something's not working.

When I get there and I get it working.

- Ken Buffa, Newsday TV.

So many little moving parts.

Yeah, it's actually very impressive when you pop it open and look underneath and see how many mechanics are going on.

- Yeah.

- Kudos to him.

He did a great job on that.

For sure.

So listen, one Long Island volunteer is giving back by helping the environment and marine life in need.

This is really sweet.

Newsday photojournalist Chris Ware has that story.

My name is Doug DeFeo and volunteering with the New York Marine Rescue Center to me is a way for me to give back to the world and to contribute to knowledge.

Not only am I learning about our natural world, but I'm participating in it.

I volunteer with the New York Marine Rescue Center and it's important because we not only do we just save sea turtles and seals, but we also contribute to education.

We also are involved with helping to keep our oceans safe and healthy.

So there are a lot of ways that the Rescue Center contributes to the environment and contributes to the lives of people that live here.

When I'm patrolling the beaches for the Rescue Center, it gives me an opportunity to be out in the environment.

Sea turtles that are migrating south have great difficulty maintaining consciousness in very cold water because they're cold-blooded animals.

And we do encounter an animal on the beach that needs help.

It's important for us to try to save those animals and return them to the environment in the summertime when the weather temperature is warmer.

Yeah, volunteering to me has been a part of my life for many years.

My wife and I actually met as volunteers.

Not only does it have a scientific component, and not only does it have a animal rescue component, but it also has a social component for me too.

Okay, volunteering to me is like being a part of living in the pages of National Geographic.

It gives me a lot of opportunities to satisfy a need I have to feel like I'm part of something bigger than myself.

And it just fills my heart with such joy to be involved in this.

- All right, that's Your Business Long Island.

- Yeah, coming up next month, we're looking at whether pet insurance is worth it.

- And for the latest local business news and how it impacts you, go to our website, newsday.com.

I'm Macy Egeland.

- And I'm Ken Buffa.

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