Has anyone noticed the price drop in LI area? (Levittown: low income, sale)

[newtoli]

Originally Posted by omigawd

But we're not talking about NYC are we? We're talking about LI and LI has a foreclosure rate of 1 foreclosure for every 150 households and it's up 17% since last year. As of August, there were over 6600 foreclosures this year.

Read my second post, my numbers are from November. Also keep in mind, that even in your links, the links for Long Island included NYC/Westchester/LI Metro area, and was still ranked way towards the bottom of foreclosures as compared to the rest of the country.

Nassau had 350 filings in November, down 34 percent from a year earlier. There was one filing per 1,309 households. Suffolk, meanwhile, had 500 filings last month, up 54 percent from November 2006. There was one filing per 1,078 households.

[Keeper]

Get back on topic..
Our opinions on a location or issue are just that, opinions. Highly subjective. Personal preferences. Quirks, even. Leave wiggle room for dialogue, others may not see things the same as you, or been there as long as you, and any one of us can be wrong. Pouncing on someone you disagree with runs contrary to the spirit of this board and its members. We are here to help each other.

[Glad2BHere]

Originally Posted by newtoli

And if you look at all of the internet links and stories, and numbers, you'll see that while there obviously is a foreclosure issue going on in our country, the situation is much, much better on Long Island as compared to the rest of the country.

I totally agree on this as well in regards to LI holding it's own in a tough market as compared to the rest of the country.

[Samrai309]

boy this thread jumped the track and went in an interesting direction....entertaining reading...at least for me...

[ClarkStreetKid]

Here are the figures from MLSLI for the past year. Interesting that for Suffolk they were flat from Nov 2006 to March 2007, rose from April to August but since then seem to be trending downward. Nassau is more "interesting" but you can see the trend in median prices. But it does point out how people in Nassau may have a different view of the market than Suffolk residents.

http://www.mlsli.com/pdfs/suffolk_stats.pdf

http://www.mlsli.com/pdfs/nassau_stats.pdf

[Glad2BHere]

Originally Posted by ClarkStreetKid

But it does point out how people in Nassau may have a different view of the market than Suffolk residents.

http://www.mlsli.com/pdfs/suffolk_stats.pdf

http://www.mlsli.com/pdfs/nassau_stats.pdf

I would very much so agree with this. Obviously more people who work in Manhattan would look in Nassau over Suffolk due to closer commutes. Or people who work in Queens/Brooklyn may prefer the closer commute. So you have a good point there.

[snforstuff]

i must say that we've been looking in li and almost every house we've looked at, the owners are moving out b/c the kids are all grown up or they upgrading to a bigger place. i have not come across any foreclosed properties (in the more desirable areas) and have even purposely looked hoping to get a deal. however, i do notice that prices are coming down A LOT, but i think the reason being is because the owners were asking too much to begin with.

[TomMoser]

In the area that I work (North Western Suffolk) we have seen a few foreclosures lately. This is a new phenomena here. Some bank-owned properties that I have seen have been priced very well, although you would need to put some work into them. I think that there will be some more, but not overwhelming. When it was a sellers market, when sellers could choose between mulitple buyers, many showed a preference for those with a good down payment. This probalby will save the area from the massive foreclosures that we are sure to see in areas where the typical buyer was a first time home buyer trying to squeeze into a house. In those areas, in addition to having many owners with high loan to value mortgages, the prices have fallen dramatically, leaving many owing more then the house is worth.

[TristansMommy]

Originally Posted by TomMoser

In the area that I work (North Western Suffolk) we have seen a few foreclosures lately. This is a new phenomena here. Some bank-owned properties that I have seen have been priced very well, although you would need to put some work into them. I think that there will be some more, but not overwhelming. When it was a sellers market, when sellers could choose between mulitple buyers, many showed a preference for those with a good down payment. This probalby will save the area from the massive foreclosures that we are sure to see in areas where the typical buyer was a first time home buyer trying to squeeze into a house. In those areas, in addition to having many owners with high loan to value mortgages, the prices have fallen dramatically, leaving many owing more then the house is worth.

The neighborhoods like Levittown are a prime example of what Tom is speaking of. MOstly first time homebuyers.. young famiilies squeezing into their homes. I've watched priced come down dramatically in my neighborhood leaving me at 100%LTV or even worse.. upside down. There are currently 222 homes for sale in Levittown (although only about 50 in Levittown in my home's SD).

[newtoli]

For all I know, my house could be worth less that what I paid right now (I bought a year and a half ago).

But we made sure we had a fixed loan with a payment we could afford... I'm not going to let my house go into foreclosure simply because it could be worth less more than I paid for it on paper... that shouldn't matter until it's time for me to sell in a few years.

People just need to go back to looking at buying a house as a place to live, long term investment, instead of an instant equity ATM, move in 2 years and make $200k on the deal!