What can I get with $450K in Queens or Long Island? (Franklin Square: real estate, foreclosures)

[LT800]

Hi,

I've been looking for houses in either Queens or Long Island around $450K-$500K in nice neighborhoods. School district doesn't matter much to me since I'm single. My goal is to cut down taxes spent (city tax and real estate tax) . But still within close proximity to LGA or JFK (ideal is less than 30 mins). I've been reading postings on this forum and found most of them really helpful. Any suggestions would be greatly appreciated.

Thanks!

[HappySpring]

Go on mlsli.com and you can look up homes in your price range for Long Island. It should also tell you what the taxes are for that home as well. Near JFK and LGA, check out a map and get an idea of what towns are nearby for easier commute.
Good Luck.

[Kbinspections]

I would say Lynbrook, Franklin Square, Merrick, Wantagh or Bellmore.........you can get a nice good size house with good school districts....

[deevee]

Originally Posted by LT800

Hi,

I've been looking for houses in either Queens or Long Island around $450K-$500K in nice neighborhoods. School district doesn't matter much to me since I'm single. My goal is to cut down taxes spent (city tax and real estate tax) . But still within close proximity to LGA or JFK (ideal is less than 30 mins). I've been reading postings on this forum and found most of them really helpful. Any suggestions would be greatly appreciated.

Thanks!

If you want to cut down on real estate tax....look in Queens. Long Island is significantly higher.

[LT800]

Thanks all!

[sirtiger]

Originally Posted by deevee

If you want to cut down on real estate tax....look in Queens. Long Island is significantly higher.

true. I like to add that LIer who work in nyc don't pay city payroll taxes. That could be inpact financial decision making.

[rocafeller05]

I agree with GigiBowman on this one. Im also looking in the market and for $450 you can get a pretty nice pad now. I remember looking 2 years ago when $450 was a starter! I actually saved a real estate book from 2 years ago. I dug it out today & couldnt believe the change in prices. Especially the higher priced homes($650-850).

[alliswell]

I remember looking 2 years ago when $450 was a starter! I actually saved a real estate book from 2 years ago. I dug it out today & couldnt believe the change in prices. Especially the higher priced homes($650-850)

You all know how much I've been complaining about the LI housing costs. I agree with Roc. I have noticed more houses nearing reasonable pricing structures. Not there yet, but they seem to be trending downward to reasonable pre-realty boom numbers -- especially that $400,000 - $700,000 bracket. If you can wait to buy, you might consider it. Only you can decide how long to delay. No one can time the market, but if you can add, there's a lot of data available to gather for proper due diligence. Remember that historically homes increase in value three to five percent per year and that housing costs have to be in alignment with median incomes. Those are the basics, the fundamentals and no market anywhere on the planet is above them.

Those fundamentals I've ranted about are at least starting to see the light of day. The econimc path we will all have to travel to return to fundamentals will carry the highest price tag of all. Many people underwater, unemployed, and foreclosures on the horizon. LI escaped nothing; it was just la little late to the correction party. The financial sector woes of late simply confirmed LI's arrival.

According to my crystal ball (shined it up just for you guys tonight ), the corrections will be made. Grown adults won't have to live in their parent's basement any longer and politicians and property taxes will have to adjust to the new set of values. It's starting and you can quantify it now. Some semblance of balance and stability will return. Until the next batch of economic crap hits the fan and who knows when and what that will be.

Whatever the next batch of economic crap brings, I just hope that people remember and reflect upon this particular point in time in RE history and will have learned from it. Don't buy more house than you can afford and preferrably, buy less house than you can afford. Collect help and advice, but you must do your own math.