What Did You Pay for Your Home? (Smithtown, Farmingdale: mortgage, lender)

[TheImportersWife]

Originally Posted by TomMoser

My guess is we're talking the area of Greenlawn/Centerport north of the village and south of 25-A. It's a great section. Million dollar homes there are not out of the question at all.

North of the village? Are you referring to HV or the town of Greenlawn?

[okaydorothy]

Originally Posted by TomMoser

Most people overestimate their current market value.

We are most certainly going through one of the inevitable market corrections. The 20% reduction for the upper end and the 5% reduction for the lower end came from the chief economist for the Long Island Association. I agree that she is probably right. Historically, you see about a 3% per year increase over the long haul, but it can fluctuate in the short-term.

What I am getting out of everyone's posts here is that if you treat your house like a home, instead of like a financial instrument, and live in it for a good while, you will almost certainly see it increase significantly in value.

Yes, I agree with that statement. One cannot live in the house and treat it like a bank. What people are also seeing is that those who kept borrowing to update their cars, vacations etc are now finding that they cannot tap into their equity. Eventually they have to pay it back and that day is here. Real estate is always a long term investment. It dosnt make sense to move every two years.
dorothy

[Tony V]

Originally Posted by Tony V

My guess is South of 495......Nice area there...kinda matchs the posters info..

i just noticed the posters location as being N.Shore ....i guess thats a senior moment......on my end...

[TheImportersWife]

Originally Posted by Tony V

i just noticed the posters location as being N.Shore ....i guess thats a senior moment......on my end...

LOL. We'll let it slide this time.

[OhBeeHave]

Originally Posted by clamboy

Remember its only worth what someone will pay for it.

That seems very generous even for the best of areas.

Was it a handyman?
How much are you into it?



C

Worst POS house on a nice street.
3/4 acre, obstructed winter waterview.
300K in -- DH built an 1800 sq ft detached garage, carriage house doors, Marvin windows, with gas heat & AC 1999.
New addition to house last year. Marvin windows, Marvin triple Frenchwood doors to deck. Certainteed Carriage house shangle roof with lifetime transferrable warranty (none of the cheap roofing here), cedar shingled house 6" to the weather with ornate gable shingles (none of the faux victorian crap.) Copper gutters all around. 9' basement under 85% of the house. Radiant heat in living room. Master BR with stone fireplace (original to house), 8'x4' master bath shower-- all verde marble, frameless glass -- rain heads, body jets, hand held -- lots of fun. Granite kitchen with full granite backsplash -- no cutting corners with a small splash or tile. 3BR 2.5 baths. Wainscott throughout. oak flooring. Clear cedar deck, hot tub. New 200 amp service, CAC, CVAC, alarm system for both house and garage. We retained as many of the original mouldings whenever possible. (I even have the original clawfoot tub in the garage to refinish at a later date.)

Someone considering buying my property is buying 2 houses if we didn't have the carriage house, I wouldn't say $750s. Anything near me with similar quality (without anywhere near the property) are on the market for low 800's to mid 900's, so I figured toward the modest side. I was having a problem with links to home sale sites -- I kept getting links which would link to the sites -- otherwise I would have given you an idea of houses within a small radius of mine. A fixer upper on .25 near me is $479K with 9K taxes (more than mine) and around the corner 'new construction' over old with att 2 car garage on .41 is $949K, taxes to be determined. The house across the street on .35 sold for $745 and the owner sunk another $250 into it to finish it. Taxes $15K. Christian Ave across from the exchange -- 1888 house $899K.

[Astrantia]

Originally Posted by clamboy

Wheres it at?

I'd rather not get more specific than to say it's in a south shore waterfront neighborhood (my house isn't waterfront, because I didn't want that; but two of my three adjacent neighbors are waterfront) that is located east of Route 231 and west of Route 111.

The house is what most people would consider large but is within the average size range for this immediate neighborhood. (NO it is not a McMansion by anyone's definition!!)

[baylovers]

Long Beach, bayfront... 4 b/r, 3 bath. ($40k upgrade in 2004)

Purchased in 1993 for $235k
County has it assessed at $1,001,800 but currently in contract for sale at $793k
(still a decent haul but I wish I could have put it on the market a year earlier )

[clamboy]

Originally Posted by OhBeeHave

Worst POS house on a nice street.
3/4 acre, obstructed winter waterview.
300K in -- DH built an 1800 sq ft detached garage, carriage house doors, Marvin windows, with gas heat & AC 1999.
New addition to house last year. Marvin windows, Marvin triple Frenchwood doors to deck. Certainteed Carriage house shangle roof with lifetime transferrable warranty (none of the cheap roofing here), cedar shingled house 6" to the weather with ornate gable shingles (none of the faux victorian crap.) Copper gutters all around. 9' basement under 85% of the house. Radiant heat in living room. Master BR with stone fireplace (original to house), 8'x4' master bath shower-- all verde marble, frameless glass -- rain heads, body jets, hand held -- lots of fun. Granite kitchen with full granite backsplash -- no cutting corners with a small splash or tile. 3BR 2.5 baths. Wainscott throughout. oak flooring. Clear cedar deck, hot tub. New 200 amp service, CAC, CVAC, alarm system for both house and garage. We retained as many of the original mouldings whenever possible. (I even have the original clawfoot tub in the garage to refinish at a later date.)

Someone considering buying my property is buying 2 houses if we didn't have the carriage house, I wouldn't say $750s. Anything near me with similar quality (without anywhere near the property) are on the market for low 800's to mid 900's, so I figured toward the modest side. I was having a problem with links to home sale sites -- I kept getting links which would link to the sites -- otherwise I would have given you an idea of houses within a small radius of mine. A fixer upper on .25 near me is $479K with 9K taxes (more than mine) and around the corner 'new construction' over old with att 2 car garage on .41 is $949K, taxes to be determined. The house across the street on .35 sold for $745 and the owner sunk another $250 into it to finish it. Taxes $15K. Christian Ave across from the exchange -- 1888 house $899K.

Sounds like a labor of love.
I had a feeling you had some skin in the game on that one.

Property, location and waterview.

Thats a winner ...are you gonna sell it?
I probably wouldnt if I didnt have to.
(although 850 puts you on the bluffs waterfront out here : )

I'm eyeing something similar location and landwise in RP for high 4s.
Needs some work/no Carraige house (that is awesome).

Although its not the 3vs....I think think its a hell of a buy for the North Shore considering the lot size and waterview.

We'll see.
Gotta sell this one first.

C

[OhBeeHave]

Originally Posted by clamboy

Sounds like a labor of love.
I had a feeling you had some skin in the game on that one.

Property, location and waterview.

Thats a winner ...are you gonna sell it?
I probably wouldnt if I didnt have to.
(although 850 puts you on the bluffs waterfront out here : )

I'm eyeing something similar location and landwise in RP for high 4s.
Needs some work/no Carraige house (that is awesome).

Although its not the 3vs....I think think its a hell of a buy for the North Shore considering the lot size and waterview.

We'll see.
Gotta sell this one first.

C

Labor of love is right Long process, but we had a game plan going in. The house was a wreck, the property was a mess. I was looking for so long and had so many feelers out. Never underestimate the value of having a chatty personality LOL

I almost sold it about 2 years ago. Another wreck came on the market behind the Stony Brook Mill Pond, backing Avalon. 1800s house. 3V schools, 11790 zip, Vill of HOH, Town of Smithtown. Low taxes. One of those bizarrely divided LI areas which Walter Greenspan could most accurately describe. I got cold feet: part was discomfort with the HOH thing. I'm not a flashy person and I saw the ego boost types you write about, and that wasn't me...but the beauty of the location....wow! The final straw was the price. The owner bought high and wasn't very flexible. The market was already looking a little shaky then, I didn't want to end up stuck with a home which was losing value while we restored it.

What you've written about sounds great - location, waterview, price and being able to make it your own without having to rip out someone else's new things. Carriage house comes later in game plan...get your feet in the door first If you need someone to convince Mrs. Clamboy about it, let me know *sly grin*

For me it's not about the 3Vs or RP, it's about what makes one happy.

Best of luck with your home sale!

[clamboy]

Originally Posted by OhBeeHave

Labor of love is right Long process, but we had a game plan going in. The house was a wreck, the property was a mess. I was looking for so long and had so many feelers out. Never underestimate the value of having a chatty personality LOL

I almost sold it about 2 years ago. Another wreck came on the market behind the Stony Brook Mill Pond, backing Avalon. 1800s house. 3V schools, 11790 zip, Vill of HOH, Town of Smithtown. Low taxes. One of those bizarrely divided LI areas which Walter Greenspan could most accurately describe. I got cold feet: part was discomfort with the HOH thing. I'm not a flashy person and I saw the ego boost types you write about, and that wasn't me...but the beauty of the location....wow! The final straw was the price. The owner bought high and wasn't very flexible. The market was already looking a little shaky then, I didn't want to end up stuck with a home which was losing value while we restored it.

What you've written about sounds great - location, waterview, price and being able to make it your own without having to rip out someone else's new things. Carriage house comes later in game plan...get your feet in the door first If you need someone to convince Mrs. Clamboy about it, let me know *sly grin*

For me it's not about the 3Vs or RP, it's about what makes one happy.

Best of luck with your home sale!

Thanks for the encouragement Beehave.

I like old SB better than HOH anyway.
It still has alot of its old school, nautical charm.
Smaller older homes.Cool village feel.

Dont sell....rent maybe but dont sell.


Theyre not making anymore land down there : )


C