Has anyone noticed the price drop in LI area? (Huntington: foreclosure, property taxes)

[brassbin]

I've been looking since June/July, my impression is price has come donw around 50K not only on existing houses but also on new listings, any comments?

[snforstuff]

they definitely have! some as much as 100k.

[andybuildz]

Originally Posted by brassbin

I've been looking since June/July, my impression is price has come donw around 50K not only on existing houses but also on new listings, any comments?

Comments? LOLOLOL REALLY???

Sorry...couldn't help myself

I'm one of those thrilled souls that has lowered my price...
and oh yeh ...holding my breath...ugh

[TomMoser]

We are starting to see some price movement. I also follow the short sale and foreclosure markets. Things are picking up there and that will create additional downward pressure on prices overall.

[andybuildz]

Originally Posted by TomMoser

We are starting to see some price movement. I also follow the short sale and foreclosure markets. Things are picking up there and that will create additional downward pressure on prices overall.

FWIW at his point in time....and not sure how it will effect the market we're currently in ..... Dec has always been slow in many business' concerning RE.
It usually pickes up in Jan . We hope

[LIMA]

Things have been steadily declining since oct of 2005, i doubt it's going to change in january....usually things start to move a bit toward the end of feb and march..although i would like it to pick up in january....the economy here has shown a steady decline, and shown a lot of business diversified over many different venues go out.

[nancy thereader]

I just knew this would happen when it was time for me to sell.....

[andybuildz]

Originally Posted by LIMA

Things have been steadily declining since oct of 2005, i doubt it's going to change in january....usually things start to move a bit toward the end of feb and march..although i would like it to pick up in january....the economy here has shown a steady decline, and shown a lot of business diversified over many different venues go out.

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?
We're in upscale neighborhood. A house I restored while we lived in it always with the intention of selling.(see my web site in my my profile if you want for the Goose Hill Project)
CEO's get their bonuses (which is a plus for sellers in a neighborhood like this) in Jan and the Xmas rush is over.
Buyers know it could takes a good month or two to find something and possibly 90 days to close. Most people with families want to be in by summer to get settled before school starts.
Buyers that are serious especially those that feel as though they have to move or seriously just want to, start pounding the pavement typically right after New Years...although this year isn't typical so....who knows

[NYNewbie]

Originally Posted by brassbin

I've been looking since June/July, my impression is price has come donw around 50K not only on existing houses but also on new listings, any comments?

$50K depends on the type of house you are looking at - of course.

Anyway, I started looking for houses here in March. I ended up buying July, completing the offer in early May (fast turnaround, I know).

During that period of time, up until today (still), I've watched the price of homes in my area (E. Northport) in my price range. I've seen homes listed at $399,000 drop to $325,000. The house I bought at $370,000 was listed the previous February at $435,000 (it is currently valued by Huntington at $435,000 - which needs to be remedied. I'm getting screwed on taxes).

[Smash255]

Originally Posted by NYNewbie

$50K depends on the type of house you are looking at - of course.

Anyway, I started looking for houses here in March. I ended up buying July, completing the offer in early May (fast turnaround, I know).

During that period of time, up until today (still), I've watched the price of homes in my area (E. Northport) in my price range. I've seen homes listed at $399,000 drop to $325,000. The house I bought at $370,000 was listed the previous February at $435,000 (it is currently valued by Huntington at $435,000 - which needs to be remedied. I'm getting screwed on taxes).

Part of the drop in price could bring it to levels below what the home is actually valued at. One of the reasons is people looking for a quick sale. Some needing to move quick. Others who possibly had it overpriced on the market, may have dropped it below the true value, because selling at the true value would take longer to sell than if its price at below the actual value, and since it was already sitting on the market for awhile, they may just choose to lower than value price for a quick sale.

In regards to taxes, I can't say specifically on how its modeled in Huntington or Suffolk, but I believe its similar in Nassau county. The value going up or down is not going to increase or decrease your property taxes, Its how that change compares with the median change in the area. So if the value Huntington gives to your home decreases, you won't see a change in taxes if that change is relative to the median change in Huntington, or Suffolk, etc.

So its not exactly the value of the home itself that determines the taxes, but how the value is in comparison to the value other homes in the area.