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Old 07-20-2010, 03:32 PM
 
302 posts, read 588,604 times
Reputation: 145

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Quote:
Originally Posted by I_Love_LI_but View Post
As property taxes continue to rise to keep school personnel in the standard to which they've been accustomed to, this complaint will be more and more common. The assertion that "the good school districts" we pay through the nose for will keep home value up is becoming more and more of a farce.
Totally agree. Here's a house that I actually liked and think the price isn't bad, but check out the taxes at over 17k. Even grieved, it will still be more than 15k and add another ?3% increase for next year and ?% for the following years... easily 80k-100k total in taxes for the next 5 years. I know that isn't adding anything to the value of the house.

MLS: 2267118
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Old 07-20-2010, 03:33 PM
 
2,851 posts, read 3,461,385 times
Reputation: 1200
Quote:
Originally Posted by I_Love_LI_but View Post
It stinks when you really like a house, but then you see the property taxes that literally make your eyes pop out of your head and you KNOW, on top of that, they will be going up every single year to even more ridiculous heights ...
Sad thing is that some of those tax bills double my damn monthly payment! At that point it gets overbearing. Knowing its only going to go up makes it worse. Its not like these properties are subdividable either. The schools are good, but nothing spectacular. I just love the "out there" feeling without needing to be on one of the forks.
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Old 07-20-2010, 03:34 PM
 
Location: Long Island
9,531 posts, read 15,802,924 times
Reputation: 5948
Quote:
Originally Posted by ocabrera7 View Post
I am not paying 600+ for a house where I have to redo a kitchen and a bathroom and fix a few things....maybe in 2005-6 people were doing that and worst....But not now, certainly not me.
That's how we felt - we've been looking since February and even wanting to pay that much and finding a colonial that's move-in ready with few immediate expenses was a tall task. There really wasn't even anything that great out there for slightly above our budget. It just seems the good/ideal homes are being held onto at this point.
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Old 07-20-2010, 03:36 PM
 
2,851 posts, read 3,461,385 times
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Quote:
Originally Posted by jasminescent View Post
Totally agree. Here's a house that I actually liked and think the price isn't bad, but check out the taxes at over 17k. Even grieved, it will still be more than 15k and add another ?3% increase for next year and ?% for the following years... easily 80k-100k total in taxes for the next 5 years. I know that isn't adding anything to the value of the house.

MLS: 2267118
Ehh, price is about 20% higher then what I'd think about paying for a home of that size with that lot, but at least its clean!
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Old 07-20-2010, 03:44 PM
 
302 posts, read 588,604 times
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How about this one? 50 year old, updated hi-ranch with 8k taxes but listed at 629k!!

MLS: 2256131
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Old 07-20-2010, 04:01 PM
 
2,851 posts, read 3,461,385 times
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Quote:
Originally Posted by jasminescent View Post
How about this one? 50 year old, updated hi-ranch with 8k taxes but listed at 629k!!

MLS: 2256131

Hmm... no basement, sloped property, no IGP. Yeah, sorry never going to get me to pay that much.

But I raise you:

2285519
Almost 12K in taxes for a small ranch that needs work (ohh yeah, leaky basement too).


2302688
2285104
2280359
Almost 12K taxes for these homes. All on 1/4 or less property, stacked one on top of another, on a hill (property is pretty useless). We drove through the area looking and drove right out without stopping. Some homes had gazebos in the back yard who's top was on the level of the front lawn. Otherwise, seems like a nice area. Just not 450/12K nice.

And my favorite (actually we'd love to buy it):
2301875
Its the area where I've been trying to buy for the last year. Came close on a foreclosure, but we got screwed around by a realtor. Now thise house has a great little thing going. Looks like an old style colonial but modernized. Big property in a nice area. Only thing: it doesn't look like its been taken care of. Vines growing on in, hedges all ascew, etc. Couple that with almost TWENTY THOUSAND DOLLARS IN TAXES!! YIKES!
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Old 07-20-2010, 04:36 PM
 
302 posts, read 588,604 times
Reputation: 145
Quote:
Originally Posted by SilverBulletZ06 View Post
Hmm... no basement, sloped property, no IGP. Yeah, sorry never going to get me to pay that much.

But I raise you:

2285519
Almost 12K in taxes for a small ranch that needs work (ohh yeah, leaky basement too).


2302688
2285104
2280359
Almost 12K taxes for these homes. All on 1/4 or less property, stacked one on top of another, on a hill (property is pretty useless). We drove through the area looking and drove right out without stopping. Some homes had gazebos in the back yard who's top was on the level of the front lawn. Otherwise, seems like a nice area. Just not 450/12K nice.

And my favorite (actually we'd love to buy it):
2301875
Its the area where I've been trying to buy for the last year. Came close on a foreclosure, but we got screwed around by a realtor. Now thise house has a great little thing going. Looks like an old style colonial but modernized. Big property in a nice area. Only thing: it doesn't look like its been taken care of. Vines growing on in, hedges all ascew, etc. Couple that with almost TWENTY THOUSAND DOLLARS IN TAXES!! YIKES!
You sure get more house for your buck out east. Where I'm looking -- around Setauket/Stony Brook/Smithtown -- you can't get a 50-year-old clean, small, updated ranch for under 450k with 9k+ taxes. That last one is beautiful but it's a short sale. Those other ones have really small property.

Newer colonials such as the following are listed at ~750k with 15k taxes.
2302144

Well-maintained ranch in old stony brook listed at 558k with 12+k taxes.
2270083

I'm shocked that someone bought this house in S. Setauket for 800k with almost 19k in taxes:
Spectacular Victorian - S.Setauket, NY, 11720 - - Mike Schumm
Although listed as having 0.6 acres, the way the backyard is, it doesn't leave any land left with the IGP there.
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Old 07-20-2010, 05:15 PM
 
Location: Little Babylon
5,072 posts, read 9,109,960 times
Reputation: 2611
Quote:
Originally Posted by Elke Mariotti View Post
If you consider the $400K range "trade-up", you're pretty much out of luck...

IMHO, trade-up is high $500Ks to mid $700Ks. Those are the homeowners getting squeezed - not enough qualified buyers.
And the more recent the construction, the higher the taxes. If you can find an "older" home that's been redone, you'll get more "reasonable" taxes...
Could "not enough qualified buyers" also be considered an indication that you're seeing the flip side of "supply and demand" and it's time to drop the prices of homes? I mean if the argument for high prices on the Island has been "supply and demand" then if demand is low the prices should drop.

Last edited by ClarkStreetKid; 07-20-2010 at 05:24 PM..
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Old 07-20-2010, 05:21 PM
 
Location: Little Babylon
5,072 posts, read 9,109,960 times
Reputation: 2611
Quote:
Originally Posted by TomMoser View Post
It depends upon where you are. In this area starter homes are high 3's to mid 4's. Trade ups are in the 5-7 range.

In parts of Nassau the numbers are even higher. For example, take Great Neck. Starters there are in the 5's and even 6's.
And whom would we have buying a starter in the high 3's and mid 4's?
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Old 07-20-2010, 06:04 PM
 
Location: Long Island
9,531 posts, read 15,802,924 times
Reputation: 5948
Quote:
Originally Posted by ClarkStreetKid View Post
Could "not enough qualified buyers" also be considered an indication that you're seeing the flip side of "supply and demand" and it's time to drop the prices of homes? I mean if the argument for high prices on the Island has been "supply and demand" then if demand is low the prices should drop.
supply, demand... meet "desperation". People aren't desperate enough to let it go sooner rather than later apparently. Like the stock market, they'll wait it out.

Quote:
Originally Posted by ClarkStreetKid View Post
And whom would we have buying a starter in the high 3's and mid 4's?
Unless you have a ton of debt, high 3s isn't out of reach with dual income for early-to-mid 20s people. Even my brother is doing it in CA. Actually we recently sold our starter levitt and plenty of people were looking for them.
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