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I think we could have a war on anecdotal evidence... plenty of examples here and there. Older established suburbs of Charlotte have done very well, even compared to LI. This may shock you!
Example from Zillow. Note that the peak isn't as high so it doesn't drop as far as a percentage...:
Judging by the listings and some of the huge houses in that area in that town you cherry picked (weddinton) valley steam is a poor comparison, and going by zillow, garden city (a much more comparable town to weddington, NC where the median income is 132k) garden city would be a much fairer direct comparison. According to zillow GC is at 789k, almost 400k more than weddington. Now I didn't look at what area increased in value more % wise, but I would bet weddinton would win out in that category. I will admit it looks like you can get an incredible house for the price in that area compared to here (what a shock).
I think we could have a war on anecdotal evidence... plenty of examples here and there. Older established suburbs of Charlotte have done very well, even compared to LI. This may shock you!
Example from Zillow. Note that the peak isn't as high so it doesn't drop as far as a percentage...:
Some beautiful new houses in Weddington! Imagine what they would cost if they were located in Valley Stream? We have no new houses at all except once in awhile spot builds, and they are often located on a "not great" plot.
The three most expensive homes in Valley Stream are $899,999 (built in 1989), $849,000 (built in 1951), and $815,000 (built in 1958). However, prices as high as this are more of an outlier in Valley Stream, hence the $371K in the graph you posted. I looked up houses in Weddington and, frankly, they look much nicer and are much, much newer for around half what these examples in Valley Stream cost.
Is Weddington where you live now?
The graph you posted is for December 2015. That is almost a year into the future, so it's only a PREDICTION by Zillow ... who aren't well known for their Zestimates (as Elke says, "Zillow Zestimates are Zuseless.")
Actually, Cleveland is still losing population and has a lot of problems in its outlying areas, but they cleaned up the downtown rather nice. If I was just out of school, I would undoubtedly choose downtown Cleveland over living in some illegal converted basement in souless Long Island.
I see you still didn't have that "ny" taken out of your screenname ...
Judging by the listings and some of the huge houses in that area in that town you cherry picked (weddinton) valley steam is a poor comparison, and going by zillow, garden city (a much more comparable town to weddington, NC where the median income is 132k) garden city would be a much fairer direct comparison. According to zillow GC is at 789k, almost 400k more than weddington. Now I didn't look at what area increased in value more % wise, but I would bet weddinton would win out in that category. I will admit it looks like you can get an incredible house for the price in that area compared to here (what a shock).
Yeah but you would have to live in NC, in an "upscale" neighborhood where you may not fit in and where they have expensive toys and lifestyles, where if you have certain jobs they don't translate well in terms of salary. The comparable income for 132,000 in NY would be around 170,000. At 170,000 you can afford to live very comfortably on LI or even Westchester.
Judging by the listings and some of the huge houses in that area in that town you cherry picked (weddinton) valley steam is a poor comparison, and going by zillow, garden city (a much more comparable town to weddington, NC where the median income is 132k) garden city would be a much fairer direct comparison. According to zillow GC is at 789k, almost 400k more than weddington. Now I didn't look at what area increased in value more % wise, but I would bet weddinton would win out in that category. I will admit it looks like you can get an incredible house for the price in that area compared to here (what a shock).
Quote:
Originally Posted by I_Love_LI_but
Some beautiful new houses in Weddington! Imagine what they would cost if they were located in Valley Stream? We have no new houses at all except once in awhile spot builds, and they are often located on a "not great" plot.
The three most expensive homes in Valley Stream are $899,999 (built in 1989), $849,000 (built in 1951), and $815,000 (built in 1958). However, prices as high as this are more of an outlier in Valley Stream, hence the $371K in the graph you posted. I looked up houses in Weddington and, frankly, they look much nicer and are much, much newer for around half what these examples in Valley Stream cost.
Is Weddington where you live now?
The graph you posted is for December 2015. That is almost a year into the future, so it's only a PREDICTION by Zillow ... who aren't well known for their Zestimates (as Elke says, "Zillow Zestimates are Zuseless.")
I just chose it as an established suburban town for comparison to show how the prices didn't spike as high at the peak, thus during a correction it won't fall as far as a percentage... Don't read into it much more than that. All it is intended to show is the spike didn't spike as high so it won't correct as much. The graph is almost identical for Garden City peak to trough, so I could have shown that I guess.
Weddington has plenty of older, smaller, toned down homes to choose from... If I really wanted to cherry pick I would have chosen Marvin vs Garden City - which happens to be right next to Weddington. Again, you'll note the graph is pretty much the same as Weddington.
Zillow did extrapolate it out, but I wasn't trying to show the end, I was showing the past history - specifically from the peak to recently. Median is a pretty good indicator for statistics.
Yeah but you would have to live in NC, in an "upscale" neighborhood where you may not fit in and where they have expensive toys and lifestyles, where if you have certain jobs they don't translate well in terms of salary. The comparable income for 132,000 in NY would be around 170,000. At 170,000 you can afford to live very comfortably on LI or even Westchester.
This is pretty much all subjective terms open to your own interpretation... you could "afford to live very comfortably on LI" for way less than 170k. It depends where on LI you're talking about. 170k won't go very far on the gold coast, but would be rockin in Ronkonkoma.
Mikey, I've never heard of Weddington before-- is it comparable to Myers Park?
Not really... Myers Park will always be Myers Park because of its prime location in South Charlotte proper. I could have easily chosen MP for a comparison, or cherry picked Eastover... the "old money".
Any of the towns we're talking about have held their value.
I just chose it as an established suburban town for comparison to show how the prices didn't spike as high at the peak, thus during a correction it won't fall as far as a percentage... Don't read into it much more than that. All it is intended to show is the spike didn't spike as high so it won't correct as much. The graph is almost identical for Garden City peak to trough, so I could have shown that I guess.
Weddington has plenty of older, smaller, toned down homes to choose from... If I really wanted to cherry pick I would have chosen Marvin vs Garden City - which happens to be right next to Weddington. Again, you'll note the graph is pretty much the same as Weddington.
Zillow did extrapolate it out, but I wasn't trying to show the end, I was showing the past history - specifically from the peak to recently. Median is a pretty good indicator for statistics.
No, you chose it to say "nyah nyah" to me, as in houses are worth more in Weddington, NC than in Valley Stream, NY!
Actually, Cleveland is still losing population and has a lot of problems in its outlying areas, but they cleaned up the downtown rather nice. If I was just out of school, I would undoubtedly choose downtown Cleveland over living in some illegal converted basement in souless Long Island.
I would choose neither.
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