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How many here rented after college and how many did not have to (parents were willing to take them back, etc.) but did it anyway? It's not a sound financial decision especially at that stage of your life - yet every time it's brought up it seems like it was not within their control that they were hemorraging $1k/month after school. If you had to move away immediately for a job, understandable... if your parents kicked you out, understandable (not really)... but how many were put in those situations? I'd rather be financially stable at 21 than say "I'm an adult because I can pay rent / be on my own at 21." What's more... I can barely count on 1 hand the number of people I knew from school who went out and paid rent on purpose. Why do people pass that on here like it's what everyone and their sister did and they can rightfully use that as an excuse that they had little money by 25?
born and raised on LI glad i left. property taxes in Colorado 754$ a year for a 4 Br victorian on a corner lot mortgage at 500$ per month includes tax and ins. when I was a boy delevered newsday and one day read a letter to the editor about a family that moved to Co and never looked back .that inspired me very much so i left too best move i ever made.the LI I knew is gone anyway,ex bayman clammer captain Rob now a mountain man and lovin it
Well they just dropped the price on the home the wife and I love $150,000. Either theres something big wrong, or the people are just starting to unload big time. With 20K/yr taxes I'll guess unloading is priority #1
Almost as ugly as those property taxes, which are guaranteed to rise even higher into the stratosphere.
check this out:
For Sale (MLS-listed)
$4,688,000
5 Lake Rd Great Neck, NY 11020
Jul 21, 2010 Listed $4,688,000 -- MLSLI #2312338
Jul 21, 2010 Listed $4,688,000 -- MLSLI #2312316
Apr 11, 2006 Sold (Public Records) $2,020,000 -- Public Records
Generally they say it should be 25-33% of your NET income. At 25% thats 13200 to 15200 or at 33% its 9900 to 11400 in monthly income. Yearly its roughly (basic math assuming 30% tax rate) $154,000 (best case, have very little money left over 9900/33%) to $237,000 (best bet for the homeowner with money left over at 15200/25%).
Actually they say its 25-33% of your gross income.... since mortgage interest and property taxes are paid with gross income.
Well they just dropped the price on the home the wife and I love $150,000. Either theres something big wrong, or the people are just starting to unload big time. With 20K/yr taxes I'll guess unloading is priority #1
I watch the NY area market as I believe we follow you down here... If what you're saying is indicative of what we'll see in the near future it makes sense that reality may finally be hitting. I've noticed on both MLS' (there and here) a "last gasp" of sorts with new listings in the past few months at just ridiculous prices. I'm talking properties that sold several years ago at already crazy prices and they're putting the homes up for way more today. Like they hope people aren't smart enough to check public records and comps.
The following is from a particular local cable news website's sounding board. One member has been trying to sell his house for a long while at an inflated price. After realistically adjusting his price to 2010 levels....SOLD!
Quote:
Nothing is wrong. Matter of fact things will now be OK.
Even with taking an estimated $135,000 loss from the 2007 appraisal and after 38 months on the market today we got the call...
As to the $135,000 would have lost a lot of that with capital gains taxes on the sale of the home. Now the government will get nothing. "DEVALUATION REDUCES TAX REVENUE."
However I do have very mixed feelings about leaving. Never in my wildest dreams did I ever give a thought to ever leaving New York. The family has been in New York since 1853.
But like our children we have come to realize "Our New York" is long gone. It belongs to the Bankers, Hedge Fund Mangers and corrupt politicians.
So it is time to go!
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