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Old 11-10-2011, 04:45 PM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
7,245 posts, read 9,598,026 times
Reputation: 6907

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Quote:
Originally Posted by Elke Mariotti View Post
That's the assessment - often not the same as market value, although it can be at or close to the assessed value.

I should have stated that what I meant was the assessed valuation by Nassau County, which often times bears little to no relation to the actual market value of the house.
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Old 11-11-2011, 07:59 AM
 
Location: Dead end - Long Island,
999 posts, read 1,961,834 times
Reputation: 354
Quote:
Originally Posted by 2011littlehouse View Post
It is scary indeed - to pour money into contaminated land.
From this forum, I found a rather useful toxicity map.

Toxics Targeting (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...
That's a damn good site, and that house wasn't listed.

I did see that there are quite a few listed that have several issues, so there is an attempt being made



Quote:
Originally Posted by 2011littlehouse View Post
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...
After 27 yrs there is no further depreciation ? so what are they saying ? What are they saying about that 27 yr rule, is there a expectancy issue ?

Now that brings another question




Quote:
Originally Posted by strangerpurp View Post
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.

I am going by the picture, from what i can see in the picture there is discoloration in the joints, so it hasn't been repointed , the roof looks old...
There are no inside pics, im basing off what i see. .

.
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Old 11-11-2011, 10:47 AM
 
Location: Long Island
8,509 posts, read 11,388,578 times
Reputation: 4759
Quote:
Originally Posted by lubby View Post
The house I live in now was one we saw driving by and called our realtor. We found out it was on the market a week and we were the first ones to offer full price and it sold 2 days later. We are here 8 years now.
kinda funny, our first house in Hicksville we saw while in the realtor's vehicle driving away from a house she just took us to... it was a for-sale-by-owner (sign on lawn)... we said it was nice looking (well-kept) and for whatever reason she knocked on the door for us and got the flyer. We actually bought the house ourselves (no representation on either side) and lived there for 7 years. She didn't get anything for it. Still feel kinda bad about it.
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Old 11-11-2011, 10:50 AM
 
Location: Long Island
8,509 posts, read 11,388,578 times
Reputation: 4759
Quote:
Originally Posted by LIMA View Post
359,000 You're crazy, it's 1000 sq ft, how the hell do you figure 359k for 1000 sq ft....

People are insane with these house prices, INSANE, and you all wonder why everyone leaves and there is nothing here and nothing else works..

People work to keep a roof over there head, and a small pos roof
The only thing I can think of is proximity to the city driving these prices. Brother is looking at the mid-300s range and he's seen way better/bigger, but they're out in Melville.

I would never touch a small brick Queens-looking house like this for near half-a-mil. It really is insane for what you get. But it's not the sellers' fault for pricing for the area - you'd do the same.
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Old 11-11-2011, 06:22 PM
 
418 posts, read 913,361 times
Reputation: 207
Quote:
Originally Posted by LIMA View Post
After 27 yrs there is no further depreciation ? so what are they saying ? What are they saying about that 27 yr rule, is there a expectancy issue ?
It's the IRS view of realty... - 27y depreciation life for personal real estate, 40y for commercial.

A homeowner agrees with IRS when it comes down to taking deductions for depreciation if the house is being rented out. Same homeowner would likely strongly disagree with IRS when it comes to assessing value for selling purposes.

I am no expert on amortization and depreciation, but what happens at the end (27y) is that the item has some leftover "scrap" value - like an old car after its full depreciation cycle. A "scrap" value is not zero - it just implies more liability, more money to be put in to keep things going.
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Old 11-12-2011, 04:51 AM
 
1,519 posts, read 1,856,075 times
Reputation: 1010
This is the time that a seller's ego comes into play. The market has spoken and the price is too high. Why not drop it about 50K and see if it sells? In two week everyone who is looking for this size house in Mineoa will know about the price drop. If there are no offers for two week, drop the price 50K. This is not the economy, housing market, job market, or even the time of year when a flood or even a trickle of potential Mineoa homeowners are entering the market.
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Old 11-12-2011, 06:22 AM
 
721 posts, read 1,253,394 times
Reputation: 483
Quote:
Originally Posted by strangerpurp View Post
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.
The only knowledge we have is the listing and the photos. And we have pointed out that there are some holes there. If there are updates, you should include them in the photos. If people see a listing like that, they are going to skip over it if it seems overpriced. So you need to grab their attention with the listing.
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