Disasterous Housing Report: LI....Q4 and YoY (New York, Babylon: real estate market, 2014)
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I have been tracking Prudential Elliman's Quarterly LI housing reports for over 4 years now, and this latest one - - Q4 Nassau/Suffolk-- is without a doubt the worst one to date. All indexes (sales price, inventory, sales, listing discounts) are way down -- below even NATIONAL averages. Comparing even Q4 to last year's Q4 numbers are horrific........
What should be even more disturbing is that the report is written by the local shill of the real estate industry -- Miller Samuel (Johnathan Miller) so to me this is even worse...even he couldn't polish this turd........
Attention Buyers: you continue for the foreseable future to remain strongly in the drivers seat!
Jonathan Miller is no shill. If you read his writings and see his interviews he's got his feet firmly planted on the ground.
In any market, good or bad, agents earn money when buyers and sellers agree on a price. Good agents want good information, that's what they pay him for.
Thanks for posting; I sometimes forget to check the report out each quarter.
As buyer looking to make a move in late 2013, early 2014 this is good news for me. Now if interest rates stay low until than as well, luck with being at the right point in time in my life and timing could be on my side.
I can’t see a large proportion of people who bought during the boom needing to sell and get out, so most who need to sell should be ok. I know people looking to sell and holding out for a big price, they’ve lived in the home 30+ years and should be taking a profit either way. Unless they used the equity as a ‘ATM’ and still have a mortgage.
There’s a glimmer of hope housing can become more reasonable on Long Island, not if only they lowered taxes at times instead of always asking for more, more and more from home owners.
Thanks for posting; I sometimes forget to check the report out each quarter.
As buyer looking to make a move in late 2013, early 2014 this is good news for me. Now if interest rates stay low until than as well, luck with being at the right point in time in my life and timing could be on my side.
Well, luck is with you - just yesterday Bernanke announced intent to extend the low interest rates at least till end of 2014.
I think, for young people in particular, the smart thing to do (if possible) is to stay put and save good downpayment before making the move - it is one of those rare times when the buyer has that luxury.
Trends are very local, though - interestingly, for Stony Brook, the price per sq ft has been rising steadily for an year now (about $60, $80 rise if you believe the data). Surrounding areas do not exhibit that. This can be due to a switch in the type of houses offered - more smaller houses than bigger ones, and may not reflect change in house price.
I haven't looked at the report yet, but just a note concerning "everything being down"... Of all the categories listed, inventory is one you would expect to see UP as a bad sign - not down.
buyers may still have the supposed upper-hand, but it's pretty bad stock out there unless you pay upwards of half a mil.
If you are looking for a colonial, yes.
You can get some updated ranches, high ranches, and splits in good school districts for low 4's now..in Suffolk anyway. I know compared to the rest of the country that's a joke, even talking about 1960's floor plans as being acceptable, but this is Long Island.
You can get some updated ranches, high ranches, and splits in good school districts for low 4's now..in Suffolk anyway. I know compared to the rest of the country that's a joke, even talking about 1960's floor plans as being acceptable, but this is Long Island.
if you're willing to "settle" for homes in the Deer Park, West Babylon, and Lindenhurst districts you can be in the 200s.
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