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Old 07-05-2011, 03:17 PM
 
Location: Nassau, Long Island, NY
15,734 posts, read 15,971,139 times
Reputation: 6376
Default Nassau County: One of the 15 Worst Housing Markets for the Next 5 Years

I found this on Yahoo!:

The 15 Worst Housing Markets For The Next Five Years - Yahoo! Finance

As per the article above, Nassau is the third worst housing market for the next 5 years, right behind Miami (#1) and Atlantic City, NJ (#2):

Quote:
3. Nassau County, New York

Cumulative growth from 2005 to 2011: -27.3%

Annualized growth from 2011 to 2016: 0.7%

Trough: Q4 2011
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Old 07-05-2011, 03:58 PM
 
Location: Hempstead
330 posts, read 188,018 times
Reputation: 277
Who knew Yahoo Finance could see all the way to 2016?
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Old 07-05-2011, 04:11 PM
gag
 
Location: Lindy 1/2, Chicago 1/2
656 posts, read 640,139 times
Reputation: 330
Quote:
Originally Posted by I_Love_LI_but View Post
I found this on Yahoo!:

The 15 Worst Housing Markets For The Next Five Years - Yahoo! Finance

As per the article above, Nassau is the third worst housing market for the next 5 years, right behind Miami (#1) and Atlantic City, NJ (#2):
Thanks for the post, but it's tough to understand why. I mean with being within 1 hour commute to NYC at most, any rise in employment over the next 5 years has to include NYC, right? If not, it's a doomsday scenario for the economic forecast if NYC doesn't see employment pick-up in the next 5 years. I'm assuming improving NYC employment helps Nassau housing demand recover. JM2C

Last edited by gag; 07-05-2011 at 04:21 PM..
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Old 07-05-2011, 04:17 PM
 
Location: Stony Brook
1,193 posts, read 1,487,479 times
Reputation: 416
The sky is falling!!!
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Old 07-05-2011, 04:28 PM
 
Location: Nassau, Long Island, NY
15,734 posts, read 15,971,139 times
Reputation: 6376
I found it odd to see Nassau County on this type of list along with many of the usual suspects like Miami.
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Old 07-05-2011, 04:57 PM
 
41 posts, read 28,790 times
Reputation: 25
Quote:
Originally Posted by daveoliva View Post
Who knew Yahoo Finance could see all the way to 2016?

This study is not by Yahoo - - it is by FISERV-CASE SCHILLER. That is one of the most reputable housing authorities around.....certainly a notch or two more reputable than the NAR
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Old 07-05-2011, 08:40 PM
 
7,658 posts, read 10,532,368 times
Reputation: 1215
As much as I love to bust on Nassau I gotta call BS on this one.

For Suffolk (and Queens) to be riding shotgun (and omitted) seems to be indicative of stupid.

Crooks
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Old 07-06-2011, 07:06 AM
 
7,259 posts, read 7,392,119 times
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It remains to be seen. You have a lot of people approaching retirement age in Nassau. The guys working on Wall St buy houses in Garden City and Manhasset, not Levittown. Have you seen what monthly payments look like on a 400K house when you factor in taxes and PMI? It's enough to make anyone not making north of 150K reconsider buying...most families on LI are making under 100K combined.


Don't you think there are a lot of people who will be looking to get out in the next 10 years? People whose house are paid off and want to move to Florida and not pay $9K a year in property taxes, let's say? Maybe that's what they're factoring in.

Just for S&G's I ran a search on properties in a few Nassau towns. It is amazing how little updating there is in so many houses in Nassau with asking prices between 400 and 500K.

Last edited by dman72; 07-06-2011 at 07:23 AM..
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Old 07-06-2011, 08:28 AM
 
324 posts, read 337,477 times
Reputation: 116
Quote:
Originally Posted by dman72 View Post
It remains to be seen. You have a lot of people approaching retirement age in Nassau. The guys working on Wall St buy houses in Garden City and Manhasset, not Levittown. Have you seen what monthly payments look like on a 400K house when you factor in taxes and PMI? It's enough to make anyone not making north of 150K reconsider buying...most families on LI are making under 100K combined.


Don't you think there are a lot of people who will be looking to get out in the next 10 years? People whose house are paid off and want to move to Florida and not pay $9K a year in property taxes, let's say? Maybe that's what they're factoring in.

Just for S&G's I ran a search on properties in a few Nassau towns. It is amazing how little updating there is in so many houses in Nassau with asking prices between 400 and 500K.

All of this is spot on......the big Wall Street guys are buying in the Gold Coast (Great Neck, Manhasset, Port Washington, etc.) and the Hamptons.....not Levittown or East Meadow or those other towns in Nassau....
Again, why would a young couple want to pay 400K for a house when it is 50 years old with no updates, when they could move to the Carolinas or Florida which has no income tax and the property taxes are half of what they are here.....
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Old 07-06-2011, 08:36 AM
 
7,259 posts, read 7,392,119 times
Reputation: 2846
Quote:
Originally Posted by Logical95 View Post
All of this is spot on......the big Wall Street guys are buying in the Gold Coast (Great Neck, Manhasset, Port Washington, etc.) and the Hamptons.....not Levittown or East Meadow or those other towns in Nassau....
Again, why would a young couple want to pay 400K for a house when it is 50 years old with no updates, when they could move to the Carolinas or Florida which has no income tax and the property taxes are half of what they are here.....
Well, that jobs thing is a biggie.

A young couple looking at $3500 a month house (pinciple, interest, pmi, taxes) that hasn't been updated since 1970 as opposed to a $2000 a month rental is probably going to opt for the $2,000 a month rental. The rental market on LI is strong and getting stronger despite low interest rates. That pesky PMI and property taxes.
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