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You will be surprised how many out there make very good income and are looking for the right property to buy. Everyone in my immigrant community that I know of makes very comfortable 6 figures, a combination of two educated professionals in such fields as medicine, law, accounting, finance, engineering and computer science. To many, home that costs 500K with 12K in taxes is a bargain compared with what they have to pay for 3 bedroom apartments in Brooklyn and Queens, so LI still retains its value.
Quote:
Originally Posted by gibson station
yup
I agree.
I had this argument with my father. He does not understand how people from my generation (Generation X) and younger are going to be able to stay on Long Island long term. He believes for instance that housing prices will have to eventually come down, especially as local real estate taxes keep going up.
However, I pointed out there are something like 20 million people in the NYC metro area plus others that are trying to come in. Even if say just 25% of them are wealthy enough to afford the high prices, that is still at least FIVE MILLION people.
I had this argument with my father. He does not understand how people from my generation (Generation X) and younger are going to be able to stay on Long Island long term. He believes for instance that housing prices will have to eventually come down, especially as local real estate taxes keep going up.
However, I pointed out there are something like 20 million people in the NYC metro area plus others that are trying to come in. Even if say just 25% of them are wealthy enough to afford the high prices, that is still at least FIVE MILLION people.
It could be just a false perception that is generational in nature because I would tend to agree with your dad but that does not mean that either of us is correct.
Statistically California, Florida, and Texas have the largest population gains.
As I mentioned, and it is clear to me that the density of people living in homes (extended families, and the number of cars on the road) have noticeably increased in Oceanside. The real estate agent I used was totally adept at meeting the needs and expectations of buyers coming from Queens. When I listed my house with him he suggested that Oceanside was not busy by Queens standards and that "Queens-folk aka Folks from Queens" would be very happy to move to Oceanside.
PS: If the corruption on LI was to "shake out" things could be much more affordable, but it will take a disaster to dislodge every Nassau County Politico in the Democratic and Republican Party; Corruption exists from County Exec to Dog Catcher and then upwards to NYS Governance. Big Time.
I like Seaford a lot, problem is a lot of the houses have Levittown schools, in the northern part anyway. Not that I think Levittown is bad, but my reasoning is if I am going to end up in Levittown /Island Trees SD may as well just save $$$ and buy in Levittown in the first place. A lot of houses in the southern part of Seaford seem to be in flood zones.
You need to disregard what the Post Office says the address is and look up the school district maps to be your guide.
You will be surprised how many out there make very good income and are looking for the right property to buy. Everyone in my immigrant community that I know of makes very comfortable 6 figures, a combination of two educated professionals in such fields as medicine, law, accounting, finance, engineering and computer science. To many, home that costs 500K with 12K in taxes is a bargain compared with what they have to pay for 3 bedroom apartments in Brooklyn and Queens, so LI still retains its value.
What neighborhoods in Brooklyn & Queens are you referring to?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Just looking at the closing documents in the public records; My buyers paid an outrageous amount of taxes and fees on transfer and for their mortgage.. Even the MTA has their hand out in these hidden costs. It is close to $9,000 in total on an average house.
$450 recording fee, $3,498 Town of Hempstead, $1600 for who knows what, $978 for MTA, Special ********* Assesment of $840, recording of $490, other charges of $365; I had to pay a huge fee as well.. Racketeering!
I got an estimate of around 20k to close on my new place.
Give or take a grand depending on the final numbers.
It cost me $6000 in costs to sell not including real estate commission. Add up buyer and seller costs and it is 10% of the purchase price.. That huge percentage of vigorish is telling, it tells you who the winners are in a real estate transaction; and it is not you or I.
Well, I am totally going to be a jack ass and comb through these charges with my lawyer.
I am going to dispute anything that doesn't make sense.
That title closer "tip" ain't getting paid.
Screw that. Tired of getting it up the rear.
What neighborhoods in Brooklyn & Queens are you referring to?
Any neighborhood with a decent commute to the city and decent schools is no longer affordable. The only affordable pockets left in Brooklyn and Queens are areas that are far removed from subway. In Brooklyn, these areas are more or less affordable: Marine Park, Old Mill Basin, Flatlands. In Queens, there are more pockets.
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