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\ To do the same, I'd say Freeport and Hempstead is settling by someone more adventurous than me.
If you're willing you can get a sound, strong, well built home for 200K +/- in Hempstead (or similar towns). These are the type of areas where people who want to stay on LI and own a house, but aren't rich or willing to sell their souls, MUST buy into. And, it can be done on ONE income, like the old days, and the kids can have a mother.
It's almost guaranteed that these so-called undesirable areas will come back around because crappy economy means less money. And even with "low" prices for average homes in "good" areas you are still looking at 350k, which for most people means stretching two incomes to the max and having a really stressful time of it (and for what? so you don't have to hear someone speaking Spanish or see a neighbors house with old windows?)
So, the alternative, for somewhat more forward looking and open minded individuals, or simply those with no other feasible options, is to fill in the "bad" areas and buy "fixer uppers". However, that will require not being an entitled, lazy "I deserve a 500K house on the water at 22 years old" spoiled brat and doing some hard work. Like the old days. The payoff will be immense when these areas come around (like almost ALL historically significant and geographically desirable areas do). This will mean a demographic shift, gentrification and whatever other labels one could come up with. But it WILL happen, because it has to.
If you're willing you can get a sound, strong, well built home for 200K +/- in Hempstead (or similar towns). These are the type of areas where people who want to stay on LI and own a house, but aren't rich or willing to sell their souls, MUST buy into. And, it can be done on ONE income, like the old days, and the kids can have a mother.
It's almost guaranteed that these so-called undesirable areas will come back around because crappy economy means less money. And even with "low" prices for average homes in "good" areas you are still looking at 350k, which for most people means stretching two incomes to the max and having a really stressful time of it (and for what? so you don't have to hear someone speaking Spanish or see a neighbors house with old windows?)
So, the alternative, for somewhat more forward looking and open minded individuals, or simply those with no other feasible options, is to fill in the "bad" areas and buy "fixer uppers". However, that will require not being an entitled, lazy "I deserve a 500K house on the water at 22 years old" spoiled brat and doing some hard work. Like the old days. The payoff will be immense when these areas come around (like almost ALL historically significant and geographically desirable areas do). This will mean a demographic shift, gentrification and whatever other labels one could come up with. But it WILL happen, because it has to.
Some unintentional sexism there ... Lots' of female heads of households, high earners, stay at home dads etc.
But I fully agree with the main message of your post - it takes an open mind, a brave soul and long-term vision to be an active part of the "gentrification" process, and it is the best one can do for a community. Most of us lack the set of these qualities. I am not brave enough myself. I hope younger people listen to your message.
Last edited by 2011littlehouse; 01-26-2012 at 06:51 PM..
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!
When the realtors admit the obvious you know we are in a housing price downward spiral...time to lowball as the sellers get desperate!
Some unintentional sexism there ... Lots' of female heads of households, high earners, stay at home dads etc.
"Lots" might be an overstatement, but the point is a parent can stay at home with the children, which is better than a nanny raising them.
Quote:
But I fully agree with the main message of your post - it takes an open mind, a brave soul and long-term vision to be an active part of the "gentrification" process, and it is the best one can do for a community. Most of us lack the set of these qualities. I am not brave enough myself. I hope younger people listen to your message.
Bravery really has nothing to do with it because in almost all cases the outside perception of such a neighborhood is much worse than the reality. In any case, necessity will trump bravery because if people want to stay on the island they might not have any other options.
"Lots" might be an overstatement, but the point is a parent can stay at home with the children, which is better than a nanny raising them.
Bravery really has nothing to do with it because in almost all cases the outside perception of such a neighborhood is much worse than the reality. In any case, necessity will trump bravery because if people want to stay on the island they might not have any other options.
I think is something like 30% or so - the wife earning more than the husband. That is "lots" compared to old times.
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You are right that most people may be scared without reason.
At one point, we lived in a place where we were an extreme minority. Nevertheless, I tried to enroll my child (white) in the inner city school (about 95% black). Call me crazy. The school director thought I was crazy and insisted on a re-assignment based on minority... So we did.
buyers may still have the supposed upper-hand, but it's pretty bad stock out there unless you pay upwards of half a mil.
The buyers advantage is growing. At this point those who MUST sell are at a huge disadvantage. Beyond this and IMHO, many folks have put off selling in the declining market while hoping we were in a two or three year decline. Over time, for a hundred different reasons, those folks become part of the group that MUST sell - drivng prices further down.
There are a hundred negative factors bearing on home prices right now, the direction favors sellers and IMHO the prices will fall even more sharply over the next two years (at least).
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... Lots' of female heads of households, high earners, stay at home dads etc.
