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Good informative article. It seems like there will always be buyers here - and money talks. Not good for those who hope unsustainable taxes will drive taxes down and dissolve unions if there will always be people feeding into the system.
Why are there not wealthy people from other countries doing the same?
It says "others are intent on living in these places full time while their children attend the area’s high-performing schools." Hopefully the other others are not just renting them out and making areas worse. And hopefully they don't concrete over the grass.
The strategy about pricing the house with numbers considered lucky/prosperous - I can't believe that works... that's as silly as religion. Oooh I went there.
They started to move into garden city a couple years ago and turning houses into flophouses for college students. The village board acted lightning fast to change some laws about who could live in a one family dwelling. Non- villages on LI may have more trouble moving that fast if it should happen.
They started to move into garden city a couple years ago and turning houses into flophouses for college students. The village board acted lightning fast to change some laws about who could live in a one family dwelling. Non- villages on LI may have more trouble moving that fast if it should happen.
Yeah the "rah rah" NY Times articles never mention foreign buyers doing THAT with their property for some reason. Good for Garden City!
However, this little tidbit slipped into the article:
Quote:
While the influx of Chinese buyers is altering the makeup of towns along the North Shore of Long Island, the transition has been relatively smooth. Great Neck, for example, used to be heavily Persian Jewish, said Jennifer Lo, an associate broker with Douglas Elliman in Great Neck, N.Y., “but now there are so many Chinese coming they must be welcome.”
Still, sometimes minor misunderstandings do arise.
Last year, Ms. Lo sold a five-bedroom house on Long Island to a family from China. As soon as the deal closed, the new owners handed Ms. Lo the key and asked her to keep an eye on the place.
“They told me they were returning to China and would not be back for two years,” said Ms. Lo, incredulously. “I said, ‘But what about the house and upkeep on the garden?’ The wife suggested I pour cement over the grass, maybe turn it into a basketball court. I tried to explain this isn’t how things are done on Long Island.”
This type of buyer (living in a foreign country looking for investments) certainly causes boarding house problems (and paved over front lawns for parking lot for all their tenants) in Stony Brook. If they did this in Garden City (boarding houses), I see no reason why they would shy away from doing it in Old Westbury.
A lot of this is money laundering. The Chinese government doesn't let them take large sums of cash out of the country so they buy real estate in "good" areas. A lot of the luxury condos being built in NY, LA, London, etc are going to foreign buyers looking for investments.
Of course their own countries don't allow non-citizens to own property but the West is too stupid to protect itself.
We should be pragmatic and welcome them with open arms. They come here with stacks of money and open checkbooks, ready to feed the LI property tax beast. I don't care who they are or where they come from if their fat stacks somehow trickle down to raise the value of my home when I put it up for sale.
As for the concrete over the lawn, the way things are done was explained to them by the Realtor, and they came up with a solution. It was not an actual problem.
Bienvenidos, bon jour, ni hao, welcome to LI. Now get your pen out and write a check. The tax monster is hungry.
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I remember in the 70's when the Arabs were buying everything up then the Japanese were buying it all in the 80's especially on the west coast. At one point it seemed like every golf course was going to be Japanese owned. It's always seems to be some group other than Americans that are buying everthing up and moving in...
Last edited by VA Yankee; 02-07-2015 at 04:58 PM..
They started to move into garden city a couple years ago and turning houses into flophouses for college students. The village board acted lightning fast to change some laws about who could live in a one family dwelling. Non- villages on LI may have more trouble moving that fast if it should happen.
I thought you had to come over on the Mayflower to live in Garden City?
Times have changed!
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Good for Garden City!
