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Old 11-19-2011, 05:30 PM
 
Location: Planet Earth
3,849 posts, read 7,296,286 times
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Rich Neighborhoods Riddled With Foreclosures - Yahoo! Real Estate

Great Neck was listed as #5 as far being a wealthy area filled with foreclosures. Old Westbury was #6, Mill Neck was #8, Amagansett was #10, and Sagaponack was #13

Here's the full list: Rich Neighborhoods Riddled With Foreclosures - Morgan Brennan - Forbes
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Old 11-19-2011, 07:54 PM
 
Location: Huntington
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Lloyd Harbor has their share of them too. My dad used to say four flushers lived there.
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Old 11-19-2011, 08:31 PM
 
Location: now nyc
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Quote:
Originally Posted by checkmatechamp13 View Post
Rich Neighborhoods Riddled With Foreclosures - Yahoo! Real Estate

Great Neck was listed as #5 as far being a wealthy area filled with foreclosures. Old Westbury was #6, Mill Neck was #8, Amagansett was #10, and Sagaponack was #13

Here's the full list: Rich Neighborhoods Riddled With Foreclosures - Morgan Brennan - Forbes
Very interesting that the Upper Class is starting to heavily feel the Recession as well.
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Old 11-20-2011, 01:24 AM
 
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Just goes to show that a lot of the people who live in those areas aren't all that rich. If they were really rich, they'd have money saved up to pay their bills.
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Old 11-20-2011, 05:28 AM
 
Location: Eastern Long Island
1,280 posts, read 4,178,564 times
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I don't know much about the stats of the other areas but I am pretty well informed on sagaponack.
the report states Sagaponack has 303 active loans. There are more than three hundred homes in Sagaponack, probably closer to 800. So for every multimillion dollar property that is in foreclosure there are a handful that were paid for with cash or have no loan.
I can tell you that three of the eleven in Sagaponack are spec house deals that went bad. Not wealthy people that can't pay but amateurs looking get rich quick that got in at the wrong time. They now sit in various stages in construction, but none of them are worth more than 3,000,000 the way they are now. Sagaponack has recently become an incorporated village and they all have expired building permits through southhampton which no longer dictates the building codes in Sagaponack. One of them actually as a foundation that is about 3000 square feet too large according to the new village rules.
Im thinking the rest of the foreclosures in Sagaponack are 4,000,000 and under; which is really a poor mans property in that village.

Sagaponack had a record breaking month in July 2011, over 70 million dollars of property was closed in one week. Mostly comprised of a few big deals.
Bidding wars for vacant land or knockdowns over 3 million are still happening regularly in Sagapoack and Bridgehampton, south of the highway. An acre or more of buildible land is hard to find for under 4 million.
I would think it's a similar situation in Amagansett, but I'm not as informed about that area.
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Old 11-20-2011, 05:29 AM
 
Location: Patchogue
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Maybe they have loans that far exceed the value of the homes and have made a decision based on the raw numbers to stop paying.
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Old 11-20-2011, 07:29 AM
 
Location: under the beautiful Carolina blue
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Quote:
Originally Posted by LongIslandPerson View Post
Very interesting that the Upper Class is starting to heavily feel the Recession as well.
Upper Class and wealthy are two different things. And there were plenty of non-wealthy people buying in these towns during the boom.

I know plenty of people in Garden City that even if they stay in their houses till they go out feet first will never even get back what they paid. One example, a real dump of a house in my old 'hood went for in the $600Ks a few years ago, it was knocked down completely and a 3,000 square foot that completely dwarfs the ranches on the block went up. THese people are in it for over a million dollars, easily and the new house would be lucky to go in the $800Ks now. Taxes are close to $20K.

This kind of thing happened all over these kinds of towns in the last decade.
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Old 11-20-2011, 07:29 AM
 
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Also many in Huntington town ship,we should demand tax assessments be lowered now that our homes are worth less.
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Old 11-20-2011, 07:57 AM
 
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If everyone's tax assessment is lowered within a taxing district, then the property tax will remain the same as the property tax rate -- the property tax rate is the budget divided by the sum of the assessed value within that taxing district -- will increase.
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Old 11-20-2011, 05:55 PM
 
Location: Planet Earth
3,849 posts, read 7,296,286 times
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Quote:
Originally Posted by dnalsI gnoL View Post
Just goes to show that a lot of the people who live in those areas aren't all that rich. If they were really rich, they'd have money saved up to pay their bills.
They said that some of the people were wealthy, but made a well-calculated decision to walk away from the home. They figured that the home wouldn't increase in value and that they'd be stuck maintaining the property and paying property taxes without getting any return on their investment.

The difference between having a foreclusure in a poor or middle class neighborhood vs. in a wealthy neighborhood is that in the former, the owners likely couldn't afford to keep paying the mortgage and taxes, whereas in the latter, there is a chance that the person could afford to keep the home, but chose not to.

I remember reading an article about a large number of apartments renting for $10,000 + per month. The people who were living in them were people who figured that it would be cheaper to rent rather than buying an expensive home (though they could afford to buy the home)
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