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5 million is waterfront Atlantic Beach. what are you quoting 1990s prices
Fair enough, that one house, but are you really going to compare Atlantic Beach with Lattingtown? Atlantic Beach is also different from South Shore towns in that it's on the ocean.
There's also a house listed in Bay Shore for 4.5 mil. How they can ask that price absolutely baffles me.
Fair enough, that one house, but are you really going to compare Atlantic Beach with Lattingtown? Atlantic Beach is also different from South Shore towns in that it's on the ocean.
There's also a house listed in Bay Shore for 4.5 mil. How they can ask that price absolutely baffles me.
Lattingtown is not that great. No train line and schools are so so. Although Laurel Hollow and Old Brookville have some impressive homes.
Thing that impressed me about Atlantic Beach is 40% of homes are second homes. The homes on Bay Avenue or on the water that sell in the seven figures are summer places and weekend homes. And tons of cash purchases
Unlike Tony who took a few liar loans and mortgage himself to the max for his 750K on the water Baldwin harbor minimansion. These guys pop down two million cash for a vacation home.
Same thing in Hamptons. You see a ten million dollar home. Which is impressive. But then you realize that is just a second, third or even fourth home. Then it is really impressive.
Since we have established that there are no communities along the south shore comparable to the north shore besides the hamptons, is there still a serious disconnect between the incomes of the south shore denizens and the cost of housing?
If there is a large discrepancy, who is buying the real estate? Is it investors? Are there lots of transplants like Hipsters and Yuppies in Manhattan who just started a family looking to move out to Long Island's South Shore to be near the beach?
Better rephrase that question because I have no idea what you're asking. Who is moving to the south shore?
Tons of folks. Sandy is a memory. Long Beach in particular is very hot right now. And RVC is Southshore.
And what is your definition of Southshore. Pretty much growing up we thought any thing South of Northern Blvds/route 25A was to0 far South for our liking.
Since we have established that there are no communities along the south shore comparable to the north shore besides the hamptons, is there still a serious disconnect between the incomes of the south shore denizens and the cost of housing?
If there is a large discrepancy, who is buying the real estate? Is it investors? Are there lots of transplants like Hipsters and Yuppies in Manhattan who just started a family looking to move out to Long Island's South Shore to be near the beach?
To be serious I was having a good chat with a filthy rich guy who lives on the Southshore. He owns a few brownstones in Brooklyn, a few condos in Manhattan and a beach house. He does not like to tie up tons of cash in non-performing assets like a house. So his primary is not that fancy. He could afford a three million dollar home, but then he would have three million less to invest in real estate. Right now he has a few run down two families he bought between 2009 and 2013 in Brooklyn he is working on tearing down and building small 3-4 unit condo complexes on it which eats cash. He also bought a bunch of plots in Long Beach for a song in the weeks after Sandy and is now building.
There is no building business anywhere near Manhasset and homes eat up tons of capital with high taxes. it is a recipie to get poor buying over there.
Since we have established that there are no communities along the south shore comparable to the north shore besides the hamptons, is there still a serious disconnect between the incomes of the south shore denizens and the cost of housing?
If there is a large discrepancy, who is buying the real estate? Is it investors? Are there lots of transplants like Hipsters and Yuppies in Manhattan who just started a family looking to move out to Long Island's South Shore to be near the beach?
I wouldn't say so. If you look at towns like Bellmore, Massapequa, Wantagh, Seaford, and Merrick, they are all towns catering to six figure earners who work somewhere in the city. The towns are a little different than they used to be. All these towns were built postwar as working-class. With the real estate boom in NYC, the 3 BR cape in Merrick for contractors and firefighters suddenly became priced $400k. So the towns are much more middle/uppermiddle class than they intended to be.
I'd say RVC and Merrick are slightly above Bellmore, Massapequa, Seaford, Wantagh in that they are closer to the city and have a lot of Manhattanites who haven't "hit it big." Real working class people are pushed to Baldwin, Freeport, East Rockaway, Long Beach or the middle of the island.
Based on my home search, Rockville Centre is very similar to Port Washington socioeconomically and in terms of transit time to Manhattan. Hewlett Harbor, Hewlett Neck, Hewlett Bay Park, Woodsburgh and the fanciest parts of Woodmere are similar to the waterfront portions of Great Neck and Kings Point and are very pretty (as are Cedarhurst and Lawrence but they have a religious bent unique to Long Island). North Woodmere is very similar to North Shore-ish Manhassett Hills.
The rest of the South Shore definitely does not have an ambience approaching the North Shore, but the median incomes are surprisingly high. Remember, the South Shore, as far out as Massapequa can have LIRR commute times that beat the non-Port Washington line North Shore (Oyster Bay and Huntington/Port Jefferson lines). So a rational upper income homeowner could chose, say, Merrick over Roslyn.
The rest of the South Shore definitely does not have an ambience approaching the North Shore, but the median incomes are surprisingly high. Remember, the South Shore, as far out as Massapequa can have LIRR commute times that beat the non-Port Washington line North Shore (Oyster Bay and Huntington/Port Jefferson lines). So a rational upper income homeowner could chose, say, Merrick over Roslyn.
Impressive what these towns have become. Beats out NS Suffolk: Huntington, Centerport, Northport, Kings Park. Merrick is bordering Upper-Middle class territory.
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