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Old 11-06-2011, 12:35 PM
 
Location: Dead end - Long Island,
999 posts, read 1,961,356 times
Reputation: 354

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Quote:
Originally Posted by Chrisk327 View Post
are you on long island? none of what you're saying checks out.

1) you can't build a house on long island for 100K. it isn't happening. for 1, $100 a sqft might be a "nnormal" price in PA, for a 2500 sqft house, but kitchens bathrooms and general "systems" cost money, from electirical, heat, plumbing etc.

2) how much do you think the land is worth? in my town, Wantagh, the number is somewhere between $250K-300K for a knockdown, and sometimes higher.

3) there are plenty of houses all over LI that are between 800-1200 sqft. shockingly in previuously generations people had families living in them. I think its a little small, but I've owned two over the past 10 years in the 1000-1200 range, the second one we expanded, but plenty of people live in these small garages.

"You think thats a bad drop... At 350k for 1000sq ft that is still insanely high...." welcome to LI

Ok wait you didn't understand...

I said for 100k you CAN build a 1000 sq ft house... I didn't say 2500 sq ft


So if i can build a 1000sq ft house for 100k how can you ask 450k for a 1000 sq ft 60 yr old house that hasn't had any updates or maintenance.

What is this formula or some type of factual REAL way to figure out the price of a house...
How can you just make a price for a house, like EVERYTHING in this world, EVERYTHING as it gets older it depreciates and gets old and NEEDS replacing and maintenance...
So how do you explain how a house, like EVERYTHING else doesn't. . .

What keeps people making stupid decisions to pay over priced money on old houses that aren't worth that.


I didn't grow up in a 800 or 1200 sq ft house.

No one in my entire family grew up in no summer bungalow

None of my friends grew up in a 800 or 1200 sq ft house, my great grandparents homes weren't 800 or 1200 sq ft either.

That seems to be ONLY a long island thing in certain neighborhoods.

Seems years back houses had a certain realistic value to them when being sold, now it seems people just go... lets sell this 1000 sq ft shelter and lets ask 450,000 for this never maintained, updated, repaired shelter because the other houses sell for this too. .

ANYTHING else in this world would be sold accordingly and valued accordingly, why, WHY is that not the same in the crooked world of houses. . .

If you had a car and dummied it up, polished that turd till it gleamed so bright you couldn't look at it in the sunlight, but it's heat sucked, and interior needed work and was old, it would be priced accordingly.

If you had a state of the art piece of super equipment back in 1990 that cost 2 million, well now it's only 200k. . . .

SO....
Why is that dilapidated house that hasn't been rewired, hasn't had any major structural pieces changed, hasn't had it's complete roof and rafters replaced, hasn't had the original plumbing replaced. . . why is that pos from 1940 even dare being put on the market at 450k... with a new paint smell and some new decorative pieces....

What stupidity allows that....



As for the land, what makes contaminated land worth 350k. . . I know, no one ever had a oil leaking car there, no one ever spilt gas filling there lawn mower, no one ever used toxic chemicals to clean something outside, never had oil spill filling the house, never washed something with particular solvents in the bathroom or kitchen sink, the cesspool only has nice beautiful things leaching into the property....
Why do contaminated properties go for more than they should, another good issue that needs a answer.
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Old 11-06-2011, 01:15 PM
 
Location: Long Island
9,038 posts, read 18,355,935 times
Reputation: 4745
Quote:
Originally Posted by LIMA View Post
...



So if i can build a 1000sq ft house for 100k how can you ask 450k for a 1000 sq ft 60 yr old house that hasn't had any updates or maintenance.


.
Are you a builder? Curious as to how you arrived at that number if you're not.


BTW, it seems as though everyone here already agreed that the asking price is too high...
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Old 11-06-2011, 01:24 PM
 
418 posts, read 913,071 times
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Quote:
Originally Posted by LIMA View Post
How can you just make a price for a house, like EVERYTHING in this world, EVERYTHING as it gets older it depreciates and gets old and NEEDS replacing and maintenance...
So how do you explain how a house, like EVERYTHING else doesn't. . .

As for the land, what makes contaminated land worth 350k. . .
You are right that the "depreciation" aspect applied to houses seems to be hard to understand for many.
Looking at long-term data, here is my understanding (which does not have to be correct): land appreciates with yearly rate approximately equal to the inflation rate - say 3%/year (+/-).
LI is not more polluted than a comparable densely populated area anywhere else in the world. So, contaminated or not (short of total disasters), land appreciates and its location helps or interferes with that process.

The house structure depreciates. What keeps the price flat over decades is the money that most homeowners pour into it. If no updates are done and no proper maintenance - then is only fair to calculate 2-3% depreciation rate over the years.
For a flat-rate house & land with appreciation, in "normal" times you get total appreciation rate of a property that is comparable to the inflation rate, i.e. the homeowner is "only" losing the money to keep up with the depreciation of the house.
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Old 11-07-2011, 06:29 AM
 
Location: Dead end - Long Island,
999 posts, read 1,961,356 times
Reputation: 354
But i have never seen even that 3% depreciation applied...

I do not see how land on L.I. where the majority are still ceptic and see how the land can appreciate, especially with oil heat and all there little issues.
I had looked at a house (old owner had a small leak in his oil tank, i had my enviro buddy come check it and we found that not only was his prop contaminated more than 20' down, but it spread beyond his property line...
I offered him $2, we figured to clean that property would have been 250,000, if if it was only the 20'.
Funny thing is some dopey person bought that house and now lives over hundreds and hundreds of gallons of leaked fuel over probably 15 years.
Gave the report to the realtor, they told no one.

However when ever ANYTHING is used it will have further issues, not get better, property and it's appreciation theory is insane, like a certain big land owner and trying to sell compatible growth PB property for more than normal non PB property... How can you ask more for a property that will require 3x the expense to build on... it's insane, no one is going to by 30 acres for 3x the going rate of a acre on CGPB prop and then add in another 100k or 2m more to build depending on the project because of it's stipulations (silly anyway)
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Old 11-07-2011, 10:17 AM
 
418 posts, read 913,071 times
Reputation: 207
Quote:
Originally Posted by LIMA View Post
I do not see how land on L.I. where the majority are still ceptic and see how the land can appreciate, especially with oil heat and all there little issues.
I had looked at a house (old owner had a small leak in his oil tank, i had my enviro buddy come check it and we found that not only was his prop contaminated more than 20' down, but it spread beyond his property line...
I offered him $2, we figured to clean that property would have been 250,000, if if it was only the 20'.
Funny thing is some dopey person bought that house and now lives over hundreds and hundreds of gallons of leaked fuel over probably 15 years.
Gave the report to the realtor, they told no one.
It is scary indeed - to pour money into contaminated land.
From this forum, I found a rather useful toxicity map.

http://maps.toxicstargeting.com/WebMap/ (broken link)


You can zoom in down to the street level and look at oil spills, tank failures etc on individual houses - you can see if the house you are talking about has been documented. The interactive feature is a bit awkward...
The data for LI and upstate NY are from government and local sources but I don't think it's being actively updated.

The population density correlates with contamination levels, not surprisingly...

Last edited by 2011littlehouse; 11-07-2011 at 10:29 AM..
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Old 11-07-2011, 10:27 AM
 
418 posts, read 913,071 times
Reputation: 207
Quote:
Originally Posted by LIMA View Post
But i have never seen even that 3% depreciation applied...
Well, it's human nature to be selective.
For example, for tax purposes, LEGAL landlords can deduct depreciation as follows for use by normal tenants (not deviants):

land depreciation - none
house depreciation - full in 27 years!
furniture depreciation - full in 5 years!

Normal tenants and homeowners are not different in their everyday use. That means, a house (with normal homeowners) w/o ANY modifications and updates should depreciate completely within 27 years...
Most homeowners are responsible and show pride in ownership - they pour money to counter house depreciation by constant improvements. So, you will not see % depreciation at the cost of such constant improvements. Those who do nothing, are trying to ride the same train w/o having put money ...
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Old 11-07-2011, 11:50 AM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
7,244 posts, read 9,593,264 times
Reputation: 6907
Quote:
Originally Posted by LIMA View Post
Ok wait you didn't understand...

I said for 100k you CAN build a 1000 sq ft house... I didn't say 2500 sq ft


So if i can build a 1000sq ft house for 100k how can you ask 450k for a 1000 sq ft 60 yr old house that hasn't had any updates or maintenance.

What is this formula or some type of factual REAL way to figure out the price of a house...
How can you just make a price for a house, like EVERYTHING in this world, EVERYTHING as it gets older it depreciates and gets old and NEEDS replacing and maintenance...
So how do you explain how a house, like EVERYTHING else doesn't. . .{snipped}

As for the land, what makes contaminated land worth 350k. . . I know, no one ever had a oil leaking car there, no one ever spilt gas filling there lawn mower, no one ever used toxic chemicals to clean something outside, never had oil spill filling the house, never washed something with particular solvents in the bathroom or kitchen sink, the cesspool only has nice beautiful things leaching into the property....
Why do contaminated properties go for more than they should, another good issue that needs a answer.
Lima, not telling you anything you don't know here. When the RE market was hot the land values escalated, therefore a 1075 square foot home sitting on the very same lot size that the house next door sits on and that house is built up to say 1600 square feet essentially have the same land (only) value. From there the condition and size of the home escalate the value or subtract from the value. Still doesn't explain how the land value is arrived at, I agree, but that is fact.

FYI that home is valued at $339200 according to the county website.
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Old 11-07-2011, 12:38 PM
 
Location: Long Island
9,038 posts, read 18,355,935 times
Reputation: 4745
Quote:
Originally Posted by nuts2uiam View Post
.

FYI that home is valued at $339200 according to the county website.
That's the assessment - often not the same as market value, although it can be at or close to the assessed value.
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Old 11-10-2011, 03:06 PM
 
Location: Mineola, Long Island
2 posts, read 4,620 times
Reputation: 10
Quote:
Originally Posted by LIMA View Post
So if i can build a 1000sq ft house for 100k how can you ask 450k for a 1000 sq ft 60 yr old house that hasn't hadany updates or maintenance.
No updates or maintenance ? Maybe I'm wrong here, but the house has had updates and it is well maintained, I don't know how somebody like you would even have the knowledge of my parent's homes current status. But I do agree, the reason I started this thread was because I thought it was probably overpriced.
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Old 11-10-2011, 03:23 PM
GPC
 
1,197 posts, read 2,713,244 times
Reputation: 849
A house that has 'wow' factor, is appropriately priced, and in a good school district will sell relatively fast. Otherwise, it'll just languish on the market for a long time. This house falls into the second category. It's just an average house, nothing jumps out and says 'Buy me, I'm your dream home!'. Also, the only things Mineola has going for it is a train station with a good timetable and, of course, Chaminade. So, unless you can find a buyer with pre-teen sons smart enough to get into Chaminade, it's probably gonna be awhile!
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