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Have dh family on the island and they have lived in the same house for 35 years..near deerpark. And some other towns. They just said if we are going to buy..we are going to stay. Home probably has been paid off for years...no mortgage except the taxes....purchased for "peanuts" back in those days..so why bother moving?
Now fast forward to our generation (mid 30s) who are purchasing our first or second homes. For us it was timing in the market..bought our first home in 98 a year after we were married..were frugal with our money..saved saved saved. We didnt overspend...but purchased a true starter home 3 bed 2 baths raised ranch. Now fast forward to 2007..three kids later...yes we are looking at the subdivision homes..because that is what we prefer..and have always prefered..but will not pay 2004 pricing..saved up enough thru the years to put down.. you cannot touch a subdivision home that is less than 550k here in Dutchess we will not sell our current home as it will be paid off in 10 years to again..good timing and refinancing at 15 years FIXED for 4.75 percent.
Plus dh has another home in the bronx..did the same refi. So we figure we have two homes that essentially is "retirement or college money" as our oldest will go to college in 10 years..so each of them will have a home that is paid off to help offset the expenses.
The moral of the story is: Dont live beyond your means, save while you can...be saavy in the market, be financially sound..and most of all go where the quality of life makes you happy...so what if its not long island..there are plenty of other places in NY or better yet outside of NY.
$300K in a nice neighborhood? What would you define as nice? That seems low. Perhaps places in Suffolk or South Shore Nassau not by the water. It would be great if it happened...give people a break, but I don't see it. Who knows.
I agree you won't get anything by the the water for $300K. I'm thinking more along the lines of a 3 bedroom 2 bath cape or ranch in good condition. You can probably get one for close to that price now in Lindenhurst. South Shore Nassau county, Levittown, East Meadow will be priced at this level for this type of home before any price reversal occurs. Just my opinion, based on tighter lending guidelines and let's say a salary of $100K times 3 (a traditional formula used to determine how much house you can afford, although I realize this is not written in stone) to arrive at the price of the home. Time will tell.
Will not happen!!!!!! Long island is unique there is virtually no new building going on like other places that are seeing a rapid decline in prices like florida for instance but there real problem is taxes and homeowners ins. Long island has resales.prices will sit flat then go up again. Just too much money being made sorry to say folks but when a guy in the grocery store stocking shelves is making 80 thousand a year that is what happens. I know there will be skeptics but I worked for one of the chains and I was making 70,000. within 3 years in the union. Teachers are paid more here as are cops the salaries are higher houseing will be higher. You cant have your cake and eat it too.
Will not happen!!!!!! Long island is unique there is virtually no new building going on like other places that are seeing a rapid decline in prices like florida for instance but there real problem is taxes and homeowners ins. Long island has resales.prices will sit flat then go up again. Just too much money being made sorry to say folks but when a guy in the grocery store stocking shelves is making 80 thousand a year that is what happens. I know there will be skeptics but I worked for one of the chains and I was making 70,000. within 3 years in the union. Teachers are paid more here as are cops the salaries are higher houseing will be higher. You cant have your cake and eat it too.
Stocking shelves at a PathMark and making $80,000. I beg to differ. Or better yet Im going to get an application. Are you sure your not exagerating a little bit NY62? I mean come on thats nice chunk of change for no skills!!!
Stocking shelves at a PathMark and making $80,000. I beg to differ. Or better yet Im going to get an application. Are you sure your not exagerating a little bit NY62? I mean come on thats nice chunk of change for no skills!!!
Sorry to make you feel bad but it is the truth and it was stop and shop same unions anyway . and yes I seen it with my own eyes guys in the union would not leave and go into management either.Plus that came with full medical and dental with no out of pocket. There were guys that would bet each other to see who would make the most at the end of the year. I would watch myself with the no skill coments too. maybe it hurts some people to think they went to college and make less I dont know. take care
Perhaps Im a contrarian.
As an investment....I think this is a tremendous buying opportunity.
Once were built out I dont think this market will ever look back.
(finite land mass)
Wish I had extra $$$.
Id still raise the Clamfam in CT but Id invest in North Shore LI all day long.
Sorry to make you feel bad but it is the truth and it was stop and shop same unions anyway . and yes I seen it with my own eyes guys in the union would not leave and go into management either.Plus that came with full medical and dental with no out of pocket. There were guys that would bet each other to see who would make the most at the end of the year. I would watch myself with the no skill coments too. maybe it hurts some people to think they went to college and make less I dont know. take care
Yeah, I guess that news made me feel bad. Knowing that my salary isn't much more than a Stop and Shop shelf stockers salary. I guess I really am in the wrong business.
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