Has anyone noticed the price drop in LI area? (New York: foreclosures, condos)
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Homeowners who want abig amount.. well they are the ones that purchased their home in the bubble.. THEY HAVE TO GET a certain amount or WALK AWAY FROM FROM THE HOME WITH NOTHIGN. Fine if you put nothing INTO the house.. not fine if you've lived in it and fixed and actually invested in it.. but are now trapped in this ARM mess because the value of the houses have come down putting homeowners upside down and removing the refinancing possiblities. That is happening in our blue collar neighborhoods... where police officers, nurses, teachers and regular everyday middle income families live.. But houses aren't selling right now.. and are ONLY selling when the house price drops well below what the person really needs for it for it NOT To be a short sale.
It's not as bad as Florida and some other places.. but it's not good either. LI is WAY overpriced in EVERYTHING. It's just not sustainable. A middle income family can survive here..but who wants a life of just "survival".. with every penny going to bills rather than saving for childrens college..etc.
Last edited by Keeper; 12-21-2007 at 03:07 PM..
Reason: personal comments to other poster removed
That affluent area is bordered by two of the poorest counties in the US with a pop. over 250,000, Kings County (the most populous county in New York State) and Bronx County.
And let's not forget that, technically, Brooklyn & Queens are part of LI.
Glad2BeHere is not really looking at what is happening..
Homeowners who want abig amount.. well they are the ones that purchased their home in the bubble.. THEY HAVE TO GET a certain amount or WALK AWAY FROM FROM THE HOME WITH NOTHIGN. Fine if you put nothing INTO the house.. not fine if you've lived in it and fixed and actually invested in it.. but are now trapped in this ARM mess because the value of the houses have come down putting homeowners upside down and removing the refinancing possiblities. That is happening in our blue collar neighborhoods... where police officers, nurses, teachers and regular everyday middle income families live.. But houses aren't selling right now.. and are ONLY selling when the house price drops well below what the person really needs for it for it NOT To be a short sale. Glad2BEHere is living in a fantasy and perhaps has to tell herself that so that she feels better.. either that or she bought her house before the prices shart incline, which will leave her okay in this situation.
It's not as bad as Florida and some other places.. but it's not good either. LI is WAY overpriced in EVERYTHING. It's just not sustainable. A middle income family can survive here..but who wants a life of just "survival".. with every penny going to bills rather than saving for childrens college..etc.
It seems to me that Glad2BHere and NewToLI are living in their own bubble of a fantasy world --- there are NO poor people on LI, everyone makes upwards of 70K a year and if both partners work it's over 100K, the housing market is booming, no one on LI lives hand to mouth, paycheck to paycheck, and it's just soooo wonderful here and soooo great and the schools are awesome and there's very little crime! Wooooo Hoooo.... can I join their fantasy?????
I don't think either of them are looking at anything realistically. They can quote online statistic from now until, but that means squat. If you look at what's REALLY happening, you'll know those statistics are way off.
Glad2BEHere is living in a fantasy and perhaps has to tell herself that so that she feels better.. either that or she bought her house before the prices shart incline, which will leave her okay in this situation.
Why would you think I need to tell myself that????? I did a lot of research before buying my home and I purposely bought in a very high demand area, in Nassau close to the LIRR. Very attractive area that houses often sell above asking price if they are not in need of major work. We improved our house with a lot of sweat equity and it certainly will be paying off for us. But my home is not on the market and even if it was, houses right near me that pale in comparison to mine jsut sold in the 700s, and I could get that and more for my house when I paid just 500. So tell me again why I need to tell myself that????? I have not lost a thing, just gained.
So back to my original point. Any houses I follow (and that is a lot) the homeowners want a big profit so they can buy bigger and better, not b/c they need to get out of a hole due to purchasing during a bubble. They see others who have a better house than them who got alot, and they want that same $, yet they don't deserve it. Not only people who bought during the bubble and looking to make their money are the ones asking high prices. Sometimes people just don't need to sell and figure they will keep it on as long as possible b/c they are disillusioned and think they will eventually get that dream price. NOT. Or at least they will try to get the money they want b/c they are in no rush to leave. That if often the senario. They try to get their price, but selling is not do or die to them so they let it linger on the market. That is the reality of why most LI houses sit if they don't sell right away.
I follow home sales regularly and I always see what a homeowner bought for, and when, and what they are looking to make now.
Last edited by Glad2BHere; 12-21-2007 at 03:03 PM..
I don't think either of them are looking at anything realistically. They can quote online statistic from now until, but that means squat. If you look at what's REALLY happening, you'll know those statistics are way off.
I don't quote stats. If YOU look at what is really happening, you will see that not many people are losing their houses. Many people are making way more than you think.
I know guys who work for sanitation w OT that make more than a teacher. Most couples I know make at least 100K and they don't even have college degrees. Those w/ college degrees make at least 150-200k. So apparently who you know and who I know must differ.
What planet are you on?!??!? Either you make 200K a year and have never known what it is to do without or you're living in a dream world!
I spent my 2 of my teenaged years sleeping on my grandparents living room floor because my family had nowhere to go, so, yes, I have an idea of what it is like to be poor. That has absolutely nothing to do with the fact that Long Island is, indeed, an affluent area.
I am showing you simple statistics - Ask anyone, the Metro NY area, especially Long Island, Westchester, CT, is considered one of the most affluent places in the country. I don't know why you are so outraged over this! Yes, there are poor areas, but overall, it is one of the richest areas in the country.
Here is another statistic from the Long Island Index quoted earlier in this thread, that shows median annual salaries right in line with the CNN Report:
It seems to me that Glad2BHere and NewToLI are living in their own bubble of a fantasy world --- there are NO poor people on LI, everyone makes upwards of 70K a year and if both partners work it's over 100K, the housing market is booming, no one on LI lives hand to mouth, paycheck to paycheck, and it's just soooo wonderful here and soooo great and the schools are awesome and there's very little crime! Wooooo Hoooo.... can I join their fantasy?????
I don't think either of them are looking at anything realistically. They can quote online statistic from now until, but that means squat. If you look at what's REALLY happening, you'll know those statistics are way off.
I never said that there are NO poor people on Long Island. Stop putting words into my mouth. Are you saying the statistics lie?
I don't know what your deal is, but you seem to be incredibly angry that there are plenty of people doing well on LI. Take a breath, take your emotions out of the discussion, and look at Long Island as compared to other parts of the country, and you'll see why we live in one of the most affluent areas of the country.
Yes, housing prices are ridiculous! I agree! But we are paying for convenience and access to a city that most people dream of even visiting.
That has absolutely nothing to do with the fact that Long Island is, indeed, an affluent area.
I am showing you simple statistics - Ask anyone, the Metro NY area, especially Long Island, Westchester, CT, is considered one of the most affluent places in the country. I don't know why you are so outraged over this! Yes, there are poor areas, but overall, it is one of the richest areas in the country.
I will echo what you said. People ARE doing it. They are paying their mortgages, paying their taxes, and raising their families here and many are doing very well. Some may have to work harder, take that OT, not eat out so often, etc, but they all manage to do it. But of course if you can't then sure, look elsewhere. If living paycheck to paycheck is not right for you, then of course you would want to look elsewhere.
So back to my original point. Any houses I follow (and that is a lot) the homeowners want a big profit so they can buy bigger and better, not b/c they need to get out of a hole due to purchasing during a bubble.
I follow home sales regularly and I always see what a homeowner bought for, and when, and what they are looking to make now.
How do you know what reason people have for selling their homes?!?!? You don't know what kind of financial situation they're in or what problems they have. You're making a huge assumption.
I never said that there are NO poor people on Long Island. Stop putting words into my mouth. Are you saying the statistics lie?
I don't know what your deal is, but you seem to be incredibly angry that there are plenty of people doing well on LI. Take a breath, take your emotions out of the discussion, and look at Long Island as compared to other parts of the country, and you'll see why we live in one of the most affluent areas of the country.
Yes, housing prices are ridiculous! I agree! But we are paying for convenience and access to a city that most people dream of even visiting.
I agree. I never said there aren't any poor on LI. Not at all. I said that out of all the people I know, from personal experience, I know that they make over 70k or even 100k combined.
I totally agree. Housing prices are crazy but again it is simply about supply and demand. And that is why places like NC and FLA don't compare to LI. You may get a house cheap there, but good luck finding someone to buy your home that is now 5 years old when a new development was just put up a half mile from you. And good luck finding a job that pays equally to what you probably make here.
But if you feel you have no other option and don't like what you have here, then by all means seek a better life but know the facts before you go. And certainly make sure you have a job lined up and live in apt before you go buying a house in a market you likely don't know much about. Talk about real estate bubbles bursting.
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