Has anyone noticed the price drop in LI area? (Huntington: houses, buy)

[LIMA]

Originally Posted by andybuildz

The declining market is a given but "typically" Jan is a good month in RE according to my wife who has been a broker for well over 20 years. Plus I've heard this from many other agents for several reasons.
The worst months are December and August.
How Jan will play out now is to be seen. who knows?

I see how your looking at it now, i would say that would normally be true, but with things happening as they are and houses just sitting and dropping in price and new const coming down more and more, and watching how business has been since 05 thru today, and seeing how things are falling off and banks wanting a lot more down then usual....
It's bad, that's why i don't see it changing soon, it is forcing people to make hard choices.

2 more businesses that i know of are leaving L.I. within 3 weeks, that's a total of 18 people with no job if they don't go with them, that 18 just added to the many thousands now that are out of work and especially there area of expertise...not to mention if they do go who is buying the house..and if they just bought it can they take the 30k 40k 50k hit
The repo companies are BOOMING though, that's scary

[andybuildz]

Originally Posted by LIMA

I see how your looking at it now, i would say that would normally be true, but with things happening as they are and houses just sitting and dropping in price and new const coming down more and more, and watching how business has been since 05 thru today, and seeing how things are falling off and banks wanting a lot more down then usual....
It's bad, that's why i don't see it changing soon, it is forcing people to make hard choices.

2 more businesses that i know of are leaving L.I. within 3 weeks, that's a total of 18 people with no job if they don't go with them, that 18 just added to the many thousands now that are out of work and especially there area of expertise...not to mention if they do go who is buying the house..and if they just bought it can they take the 30k 40k 50k hit
The repo companies are BOOMING though, that's scary

True...I'm just "wondering" if sales might pick up in Jan which is not to say that anyone hopes to get more$$$ but just in general..will people's search for homes change after the new year...with lower priced homes.
OR
will people just wait n see?

Seems to me there's many ways to look at it.
One being..people still want relocate from one home to another in spite of the $$$ decline.
I spose' the question will be...are people just going to wait?
We shall see.

Here's an interesting piece in SLATE today.
http://www.slate.com/id/2179605/?wpisrc=newsletter

[TristansMommy]

I always seem to miss the boat .. of course.. I purchased in 2005, which sucks.. I've lost built in equity in my home and now I owe about 100%.. so much for me owning ahome on LI for awhile and making a smart move.. thinking I was investing my money in a home, fixing it up so that when I'm ready to move off LI in 3-4 years I'd be able to sell and move with that money as a down payment on a much bigger house on bigger property someplace OUTSIDE of LI!! EEECK.. Now.. I'll have to stay here atlest till 2010.. if I'm lucky 2009 just to walk away with just a little money (but still a loss.. since I made so many damned improvements!!!) Oh well.... I just hope prices don't come down more, stay where they are and then will start adjusting upward again (although I don't expect the adjustments to be so quickly up like it has been)

[workingclasshero]

Prices need to come down A LOT MORE, because the prices were WAY OVERINFLATED to begin with.

think about this everyone,,how is it a house which sold for 140k in 1992 is now worth 450k,,,it certainly should NOT be

how is any working class person going to afford a house when the BASIC SMALL house (1500-2000sf) of a TINY property 60x100 is going for 400k+ with taxes (your two taxes of county(property) and town(school)) at around 9k-13k

I am SO GLAD I left long island,, I moved to North Carolina bought a 4200sf house on 2 acres with a inground pool (that I can ACTUALLY USE) for $180,000, and the taxes....$2400 per YEAR

[GCGuy]

House sold a couple months ago on my block for more than I paid in 2006...and it's smaller than mine is, still needs work.

[LIPumpkin]

We have seen drops while doing our house hunting, which started in Sept. and ended at the end of Nov. We watched houses totally out of our range come right in during that time..

[Samrai309]

I wish everyone the best of luck in their house searches and house sales but I have to say that some people just have rocks in their heads with the prices they are asking. Especially when I see some of these ****holes. Pardon my language. In the past 15 years, for most houses, nothing other than asking price and taxes has changed for them and their town. I came across a house yesterday when I was bored that was listed at 685g and the condition was "Needs work". Can you believe that...over half a million and it needs work. They have rocks in their heads! I am getting married next year and barring any job related issues with my fiancee or myself, (she is currently working as a nurse on LI where we are from and I am in FL teaching) we will be looking to buy. Hopefully house prices will be lower but there are always good deals to be found if you look hard enough. Sometimes looking in the area I grew up, in general, the houses looked almost exactly the same as when I was a kid. I just take a house price and divide it in half--to me that is a better assessment of what I think its worth taking into account its condition, appearance, age, etc. Of course to each his own. When push comes to shove, you can ask whatever you want and have whatever reasons you want for asking it, but its only worth what someone is willing to pay. Just my two cents. Take care all.

[omigawd]

I'm glad prices are coming down. I would never buy a home on Long Island, but I can't imagine how or why homes that were going for $150K-$200K 10 years ago are now upwards of $350-$400K? It makes no sense. These houses aren't worth it and Long Island has nothing that makes anything here worth that much.

[GCGuy]

Originally Posted by omigawd

I'm glad prices are coming down. I would never buy a home on Long Island, but I can't imagine how or why homes that were going for $150K-$200K 10 years ago are now upwards of $350-$400K? It makes no sense. These houses aren't worth it and Long Island has nothing that makes anything here worth that much.

Wrong...they are worth what people pay. LI is one of the most affluent places in the country, hence high prices. The rise in prices on LI reflects other desireable places in the country, mostly on the coasts. I can't stand when people say things that are obviously not true...Houses are not worth $5 million on average...why, b/c houses are not selling for that right now. End of story.

[Glad2BHere]

Prices haven't dropped much by me. Some things just didn't climb as they had been doing, but I could still get over 200,000 more for my house this year than ever. And I only bought 4 years ago.

Totally depends on location and the concept of supply and demand of course.