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Old 05-15-2018, 12:10 PM
 
7,549 posts, read 7,978,155 times
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The developer of that co-op bought my friend's house and paid them well. We went inside to have a look when they were new and just on the market. They did look nice at the time, but not sure about quality of the construction. As someone else said, the airplane noise is pretty bad over there. If the unit is one of the back units, you don't hear the noise from Peninsula Blvd. that much, but it's pretty bad if the unit is in the front. Peninsula gets a lot of truck traffic.
Schools aren't so great either and wouldn't be a good selling point for the future.

You can do better. There are small condo developments scattered throughout Nassau that sell for less than that co-op, but that can be problematic too. If you are a TOH employee, don't you have to have TOH residency? Be careful, if you plan to move somewhere temporarily. You need to purchase something that has the potential to increase in value at the same rate or in excess of real estate prices when you plan to sell. Otherwise, you will be right back where you started from, unable to afford a decent single family home, unless you anticipate a large increase in your income or an inheritance over the next few years.
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Old 05-15-2018, 01:48 PM
 
Location: under the beautiful Carolina blue
15,726 posts, read 23,957,202 times
Reputation: 11687
Quote:
Originally Posted by Blackdevil77 View Post
The problem is the best I can buy comfortably now, is a dump. 4-6 weeks ago, I could of bought a pretty decent home but kept getting beat out by all cash offers over asking or close to with, with psycho people giving up their securities like home inspections. Now $650k has become the new $550k. When I started looking there were pretty good houses that were all done for as low as $450k. The last house I look at the asking was $599k and it needed quite a bit of work. Old outdated bathrooms, unfinished basement etc. It sold for $650K. I don't want to settle on buying a house or buy something I don't really like just to get a house. Being the biggest financial purchase of my life, and the place I will be potentially spending the rest of my life with my family, I want something I like. The whole condo idea I was talking about is just for a place to live for a couple of years to hopefully ride out the insanity. In the meantime, I can save back up the money I used for the downpayment for the condo and put it back towards the house downpayment, and potentially keep the condo and rent it out (if allowed)



That's true. The one I was talking about was this.

https://www.zillow.com/savedhomes/fo..._zm/1_rs/1_fr/

Sounds like us in 1997.

You should jump on anything you like the location of that you can afford and stop worrying about anything else...unless you think you might not stay on Long Island. That's what we finally did - first house that came on in the location we wanted we snapped it up. Perfect house? No but that wasn't gonna happen with the way prices were going up, and we liked it and were happy there.

Condos? When the market crashes it is worse for condos. Prices will be "low" remember? So people will be buying houses. And whether you can rent it out or not once you've bought it depends on many factors. But - if you think you will be able to swing owning two homes in a few years, you should just suck it up and buy your house now. There's a RE agent on my home board and he's fond of saying "keep your eyes on the prize" - your prize is a house. How you end up getting it really is irrelevant if you are happy with the purchase.
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Old 05-15-2018, 01:57 PM
 
106 posts, read 39,970 times
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I owned a condo for years and sold it. It was a horrible mistake and I will never repeat it.

Condos are as good as the homeownerís association (HOA) that manages it. Mine was poorly run and was controlled by a dictator who no one wanted to challenge. Before purchasing, I investigated it by talking to owners and the books were acceptable to the mortgage company. The problem with this is it didnít predict how things would be years down the road as people sold and new people moved into the community. This is because the place is affected by who owns the units.

I found condo ownership to sometimes be as restrictive as a renter while being responsible for upkeep like an owner. Ex-You notice regular upkeep should be done on the pool to maintain quality and value. Itís not getting done. No matter how badly you want it, you canít get it done. Later, the slackers who control the place, and only want to spend money when forced, decide to fix it. By that time, things are so bad the cost is incredibly high due to neglect. You end paying a high assessment due to poor management of the poolís upkeep even though you wanted to initially be responsible about it. You end up paying for other peopleís bad judgement.

You are constantly having to be diplomatic about HOA issues. Ex-You donít get mad at the person controlling funds for exterior repair on your unit because ticking them off may never get it done.

When it comes time for resale, the books have to be in great shape or the traditional loan company may not process the loan for the buyer. If your buyer has an FHA or VA loan, the complex may have to be on a government approval list or they canít buy your unit.

I have run into some people who have had good condo experiences, but they are usually in big cities where condos are common or their state has some sort of regulations or requirements for them. Whatever your situation, be a very cautious shopper. I think the buying/living/resale experience is a coin toss.
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Old 05-15-2018, 02:18 PM
 
Location: under the beautiful Carolina blue
15,726 posts, read 23,957,202 times
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Originally Posted by Kbinspections View Post
Sounds like you need to ask for a raise!

Go to Suffolk.....try to use Ocean Parkway!
Yup, when I worked at the OMNI building in Uniondale I worked with a bunch of people who lived in and around Smithtown, they would take Meadowbrook SOUTH to Ocean to the Sag. Longer mileage wise but much shorter time wise.
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Old 05-15-2018, 03:13 PM
 
Location: In the basket
9,584 posts, read 11,167,117 times
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Quote:
Originally Posted by twingles View Post
Yup, when I worked at the OMNI building in Uniondale I worked with a bunch of people who lived in and around Smithtown, they would take Meadowbrook SOUTH to Ocean to the Sag. Longer mileage wise but much shorter time wise.
That's what I do. The mileage is a bit longer but I save 1/2 hour.
Unfortunately all the other idiots are figuring this out too.
In 5 years Ocean Parkway will be as ridiculous as the Southern State.
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Old 05-16-2018, 05:58 PM
 
1,156 posts, read 855,873 times
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OP, here's the thing.

In my personal experience selling on LI, my house received 20 offers (9 above asking) in 6 days. This stroke of "luck" was the result of years of sweat and expense making the place look bright, clean and updated. This included a new roof, gas conversion, x-lg new picture window, new flooring, new light fixtures, repainting in sophisticated neutral colors, etc. I did great, but it didn't come easily.

The house across the street, exact same model and size, took months to sell at a much lower price. It was in decent, dated condition with an early 70s look.

Point being, you can get a house in your price range (or less), but will have to compromise as far as the condition. There are houses not moving because people don't want to take on projects.

Some stupid things scare people off, like dark paneling and wallpaper with ducks, but fugly is easily fixed and a house like that can be a good value. Live in a condo or take on someone's fixer. Pick your poison.
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Old 05-16-2018, 06:08 PM
 
4,123 posts, read 6,704,867 times
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Originally Posted by hotkarl View Post
That's what I do. The mileage is a bit longer but I save 1/2 hour.
Unfortunately all the other idiots are figuring this out too.
sure, people are just NOW figuring out Ocean Parkway can be a viable alternative to those who have to commute East/West. It's been a secret all this time!
Quote:
In 5 years Ocean Parkway will be as ridiculous as the Southern State.
do you say nonsense like this out loud to actual people?
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Old 05-16-2018, 06:19 PM
 
164 posts, read 83,282 times
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Quote:
Originally Posted by manekeniko View Post
OP, here's the thing.

In my personal experience selling on LI, my house received 20 offers (9 above asking) in 6 days. This stroke of "luck" was the result of years of sweat and expense making the place look bright, clean and updated. This included a new roof, gas conversion, x-lg new picture window, new flooring, new light fixtures, repainting in sophisticated neutral colors, etc. I did great, but it didn't come easily.

The house across the street, exact same model and size, took months to sell at a much lower price. It was in decent, dated condition with an early 70s look.

Point being, you can get a house in your price range (or less), but will have to compromise as far as the condition. There are houses not moving because people don't want to take on projects.

Some stupid things scare people off, like dark paneling and wallpaper with ducks, but fugly is easily fixed and a house like that can be a good value. Live in a condo or take on someone's fixer. Pick your poison.
I wish that was the case, half the houses I put offers in on where outdated and needed quite a bit of work, and they still sold in days for over asking. The most recent one being this


https://www.zillow.com/homes/for_sal...56_rect/14_zm/

It's just not the time to buy a house for me. I can't seem to get anything decent in Nassau, and I can't go to Suffolk YET
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Old 05-16-2018, 06:25 PM
 
1,156 posts, read 855,873 times
Reputation: 1311
Quote:
Originally Posted by Blackdevil77 View Post
I wish that was the case, half the houses I put offers in on where outdated and needed quite a bit of work, and they still sold in days for over asking. The most recent one being this


https://www.zillow.com/homes/for_sal...56_rect/14_zm/

It's just not the time to buy a house for me. I can't seem to get anything decent in Nassau, and I can't go to Suffolk YET
If this is the case, you may be better off not buying now. An overheated market like the one you described could be peaking. Professionals know the r.e. market could shift and change on a dime.

I'd keep on adding to the downpayment fund and wait for the market to soften. I bought an unloved fixer in a faraway state a few days before Christmas. Fugly house in a prime location. I did okay, I guess.
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Old 05-16-2018, 06:39 PM
 
Location: In the basket
9,584 posts, read 11,167,117 times
Reputation: 5824
In 2 years the market will crash and burn again.
Foreclosures and upside downs up the ying yang.
They'll be giving houses away again. Yeah they'll be a few morons who still think their home is worth 2018 prices but who cares. The inventory will be off the charts and plenty of deals.
You just gotta wait 2 years.
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