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I just got back from a couple of days at the east end and it did not look like the place sucks at all. Quite the opposite - art galleries, B&B's, higher end spinning classes and boot camps and sports academies have opened up in the past few years. Some families in my kid's school in NYC own weekend homes in Hampton Bays and East Quogue and are happy with their investments. They've convinced other families in the school to buy.
We moved from Long Island about 2 years ago to Pittsburgh. We had a lot on Long Island ; business, a few homes, kids in private school etc and tons and tons of stress. After 25 years we decided to pull up stakes, sell everything and move.
Now we both work full time, have a mortgage free house, taxes are about $5K, wonderful school district, friendly people and time to read a book!!
It takes us 20 mins to get to the city now so we can actually have a social life.
I just got back from a couple of days at the east end and it did not look like the place sucks at all. Quite the opposite - art galleries, B&B's, higher end spinning classes and boot camps and sports academies have opened up in the past few years. .
I didn't notice that when I was out there last summer, but I was further east. What you posted seems to indicate people putting down permanent-home kind of roots out there if there a demand for that kind of stuff. Interesting.
I didn't notice that when I was out there last summer, but I was further east. What you posted seems to indicate people putting down permanent-home kind of roots out there if there a demand for that kind of stuff. Interesting.
What I see happening are people who live in NYC (presumably apartments) buying EE homes because all-in-all it comes out cheaper than buying homes in NYC where prices have become exorbitant for various reasons. Then they plan their weekend business like kids activities, laundry, groceries, etc. around their trips. One family in my kid's school, for example, owns a house in HB and drives there on weekends so their kid can take tennis lessons in a good academy in EH. Thus the house serves a purpose other than a homebase to hit the beach plus they use it year round. It may not fit the traditional view of what it means to put down roots in a neighborhood but to NYC residents who are facing higher COL, it means a lot (and it could be a harbinger of what role LI might play in the greater scheme of things). Given that these are not rich families, the more popular places for them to buy are not EH or BH but rather HB, WH and EQ that are cheaper and have better logistics. The North Fork is also attracting some interest.
Not sure I agree with hotkarl that the EE has only 20 years to go. With Soul Cycle, Barry's BC and some NYC restaurants having opened there over the past couple of years, it looks like it has something going.
Last edited by Forest_Hills_Daddy; 06-15-2014 at 06:06 PM..
What I see happening are people who live in NYC (presumably apartments) buying EE homes because all-in-all it comes out cheaper than buying homes in NYC where prices have become exorbitant for various reasons. Then they plan their weekend business like kids activities, laundry, groceries, etc. around their trips. One family in my kid's school, for example, owns a house in HB and drives there on weekends so their kid can take tennis lessons in a good academy in EH. Thus the house serves a purpose other than a homebase to hit the beach. It may not fit the traditional view of what it means to put down roots in a neighborhood but to NYC residents who are facing higher COL, it means a lot (and it could be a harbinger of what role LI might play in the greater scheme of things). Given that these are not rich families, the more popular places for them to buy are not EH or BH but rather HB, WH and EQ that are cheaper and have better logistics. The North Fork is also attracting some interest.
Not sure I agree with hotkarl that the EE has only 20 years to go. With Soul Cycle, Barry's BC and some NYC restaurants having opened there over the past couple of years, it looks like it has something going.
So you are saying that weekend activities are so exhorbitantly expensive in NYC that it's cheaper to drop a couple hundred thou on a house on the east end and schlep out there every weekend to pursue said activities?
So you are saying that weekend activities are so exhorbitantly expensive in NYC that it's cheaper to drop a couple hundred thou on a house on the east end and schlep out there every weekend to pursue said activities?
Buying a house is exorbitantly expensive in NYC. A rowhouse in Carroll Gardens now costs $4M and Prospect Park >$1.5M - moot and academic. These are families who live in 1-2 BR coops in Forest Hills, Jackson Hts and the likes so having both that space, an asset to park their savings and the ability to conduct activities for kids and chores means a lot to them. NYC people have been owning weekend homes on LI and elsewhere for generations so the rationale is nothing new or surprising. What's fairly recent are that the un-Hamptons are attracting higher interest esp. to the middle class crowd.
Owning a house is exorbitantly expensive in NYC. A rowhouse in Carroll Gardens now costs $4M. These are families who live in 1-2 BR coops in Forest Hills, Jackson Hts and the likes so having both that space, an asset to park their savings and the ability to conduct activities for kids and chores means a lot to them. NYC people have been owning weekend homes on LI and elsewhere for generations so the rationale is nothing new or surprising. What's fairly recent are that the un-Hamptons are attracting higher interest.
The Un-Hamptons don't feel nearly so far away - that last leg of the trip once you get on Montauk Hwy can just be brutal.
Buying a house is exorbitantly expensive in NYC. A rowhouse in Carroll Gardens now costs $4M and Prospect Park >$1.5M - moot and academic. These are families who live in 1-2 BR coops in Forest Hills, Jackson Hts and the likes so having both that space, an asset to park their savings and the ability to conduct activities for kids and chores means a lot to them. NYC people have been owning weekend homes on LI and elsewhere for generations so the rationale is nothing new or surprising. What's fairly recent are that the un-Hamptons are attracting higher interest esp. to the middle class crowd.
There are two Manhattan families I know of with second homes in Stony Brook partially for what you described. One wife was raised out here and wanted her children to have some semblance of the childhood she had.
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