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Old 05-14-2018, 07:16 PM
 
164 posts, read 83,343 times
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As many of you know, I've been searching for a house for quite a while and have been unsuccessful repeatedly making MANY offers. After speaking with a few people from work, I'm considering going the Condo route, at least for a few years. Before I even consider it further I have a few questions first.

1. Are people gouging each others eyes out for Condos as well, or is the market just completely insane for houses currently?

2. Do the value's of condo's fluctuate the same way as houses? (Do condo prices drop when house prices drop or are the fluctuations separate from each other?)

3. Once you buy a condo, you own it and can do what you want, more or less, correct? For example, when the time comes that I want to move out of the condo into a home, could I keep the condo and rent it out when I go to buy a house?

4. Lastly, I know nobody has a crystal ball, but do you see the housing market calming down in the next few years or so? What is now making me consider a condo over a house right now is the crazy market. A co-worker of mine said to me this morning "you're gonna be kicking yourself when you buy a house for $600k and in 2-3 years it's only worth $450k after the market bursts." Any truth to this?
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Old 05-14-2018, 07:37 PM
 
Location: Confines of the 101 Precinct
19,155 posts, read 32,681,385 times
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What do you think of this bad boy in Five Towns?

https://www.trulia.com/p/ny/cedarhur...16--2010299867

right around the corner from Costco...
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Old 05-14-2018, 07:39 PM
 
Location: In the basket
9,585 posts, read 11,172,323 times
Reputation: 5824
Quote:
Originally Posted by Blackdevil77 View Post
As many of you know, I've been searching for a house for quite a while and have been unsuccessful repeatedly making MANY offers. After speaking with a few people from work, I'm considering going the Condo route, at least for a few years. Before I even consider it further I have a few questions first.

1. Are people gouging each others eyes out for Condos as well, or is the market just completely insane for houses currently?
DEPENDS.

2. Do the value's of condo's fluctuate the same way as houses? (Do condo prices drop when house prices drop or are the fluctuations separate from each other?)
DEPENDS. SOME DEVELOPMENTS ARE IN HIGH DEMAND. SOME YOU CANT GIVE AWAY.

3. Once you buy a condo, you own it and can do what you want, more or less, correct? For example, when the time comes that I want to move out of the condo into a home, could I keep the condo and rent it out when I go to buy a house?
YES AND NO. DEPENDS ON THE DEVELOPMENT. THERE ARE RULES. YOU MAY NOT BE ABLE TO RENT IT OUT.

4. Lastly, I know nobody has a crystal ball, but do you see the housing market calming down in the next few years or so? What is now making me consider a condo over a house right now is the crazy market. A co-worker of mine said to me this morning "you're gonna be kicking yourself when you buy a house for $600k and in 2-3 years it's only worth $450k after the market bursts." Any truth to this?
NOBODY KNOWS FOR SURE. PEOPLE NEED TO STOP WITH THE HOUSE AS AN INVESTMENT NONSENSE. THIS IS SUPPOSED TO BE YOUR HOME. BUY THE BEST HOME YOU CAN COMFORTABLY AFFORD AND CALL IT A DAY. IN 5 YEARS IT MAY BE WORTH SQUAT BUT 5 YEARS LATER IT MAY BE WORTH MORE THAN YOU PAID FOR IT. GOES IN CYCLES.
THE MARKET TOOK A DUMP 10 YEARS AGO AND NOW ITS BACK TO RIDICULOUS LEVELS.

My commentary in caps.
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Old 05-14-2018, 07:45 PM
 
Location: Confines of the 101 Precinct
19,155 posts, read 32,681,385 times
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Quote:
Originally Posted by hotkarl View Post
My commentary in caps.
Yep, hotkarl strikes again

Nobody buys a house as a home anymore.

Everybody in my family (except me) who owns has been in their house over 30 years. Some over 40. Next year will be 10 for me.

I thought that was normal.

I gave Reps.
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Old 05-14-2018, 09:25 PM
 
Location: Long Island
9,038 posts, read 18,360,983 times
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Quote:
Originally Posted by SeventhFloor View Post
What do you think of this bad boy in Five Towns?

https://www.trulia.com/p/ny/cedarhur...16--2010299867

right around the corner from Costco...
That's not a condo, it's a co-op. Different animal entirely!
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Old 05-14-2018, 10:09 PM
 
1,159 posts, read 856,578 times
Reputation: 1311
Located on a busy road, far from the RR and situated on a former swamp that's probably in a flood zone. Not sure why this co-op could be worth $365K with fugly carpeting like that. Also, the planes fly so low you can reach up and touch someone (or a jet engine).

I would cut off an appendage rather than deal with a HOA, but that's just me.
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Old 05-14-2018, 10:43 PM
 
Location: Confines of the 101 Precinct
19,155 posts, read 32,681,385 times
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Quote:
Originally Posted by Elke Mariotti View Post
That's not a condo, it's a co-op. Different animal entirely!
I'm aware but it seems like there's way more co-ops than condos on Long Island. Or am I looking in the wrong places?
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Old 05-15-2018, 04:38 AM
 
164 posts, read 83,343 times
Reputation: 71
Quote:
Originally Posted by hotkarl View Post
My commentary in caps.
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)

Quote:
Originally Posted by SeventhFloor View Post
I'm aware but it seems like there's way more co-ops than condos on Long Island. Or am I looking in the wrong places?
That's true. The one I was talking about was this.

https://www.zillow.com/savedhomes/fo..._zm/1_rs/1_fr/
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Old 05-15-2018, 05:26 AM
 
Location: In the basket
9,585 posts, read 11,172,323 times
Reputation: 5824
Screw Nassau man. Either stay where you are for now or figure out how to pull off a move to Suffolk.
Did you look in Oceanside or Island Park? Or Baldwin with Oceanside schools?
Might be your last hope for Nassau.
I still say screw Nassau but whatever.
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Old 05-15-2018, 05:52 AM
 
164 posts, read 83,343 times
Reputation: 71
Quote:
Originally Posted by hotkarl View Post
Screw Nassau man. Either stay where you are for now or figure out how to pull off a move to Suffolk.
Did you look in Oceanside or Island Park? Or Baldwin with Oceanside schools?
Might be your last hope for Nassau.
I still say screw Nassau but whatever.
I know, every possible sign is screaming Suffolk right now. Between the looming Nassau County tax reassessment, to the advice I'm getting on here, and to the out of control competition for a house around here.

Last week after work I took a drive to West Islip just to see what the commute would be like. With the traffic at the time I get out of work, it took me about an hour and forty minutes. During election season I'd probably have to stay at my parents house. I'm always called upon to do things almost every day and they expect me to show up in minutes.
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