The Housing Market Price Drop Is Overrated (Valley Stream, Oceanside: for sale, rent)

[purelygeneric]

Forgive me. Perhaps I'm just frustrated that another full day of open houses has turned into a complete bust.

It's starting to feel impossible to find a nice starter home in move in condition for under $500k in Western Nassau. I don't need state of the art, but I would like a newish boiler/roof, the house to have a decent flow, mid-block, quiet, water towers and train tracks at least a block away, a backyard that looks out on some trees, good schools, approx 1200 sq,. ft., etc.

So far, our search has centered around New Hyde Park, Garden City Park, Garden City South, Floral Park, Williston Park and Albertson. We keep running into the same old capes in need of some serious overhauling.

Are there any areas that we should also be looking at?

I'm starting to wonder if we'd just be better off waiting until the end of the summer (and rent in the interim) for home sellers to become more realistic. I know you can't "time" the market or get everything you want... but something has gotta give...

Any other house hunters feel the same way? I know our budget is not high by Long Island standards, but I didn't think it would be this difficult to find something that meets our standards.

[TomMoser]

Here's a nice one I know of in Valley Stream that you may want to consider:

http://www.mlsli.com/unidetailsredo....start=2&rpp=10

[brassbin]

I know what you mean, feel the same way, don't give up however, i guess us buyers need to be stubborn from our end, insist on not paying more than 500k for that piece crap of a cape

[jedwardjos]

Here are some areas to include in your house hunt: Lynbrook, Oceanside, Merrick, Bellmore, Wantagh. All are located in Nassau County (south shore) and are good neighborhoods with good schools. If you look on the mlsli.com web site you will find many homes for sale for 500K and under that do not need extensive work. And remember, the prices are the list prices and are most likely flexible.

[I_Love_LI_but]

I say definitely WAIT at least until the end of the annual spring/summer buying season. Even better, wait until the winter of 09. There is more correction to come. You will pay less, possibly significantly less, depending on the house and how much the seller really wants to sell their house. It sounds like you are just looking for a garden variety typical starter home, not some unique or fancy house in a special location. The longer you wait, the more to choose from and the less they will cost if you want to spend less or you will get more house for your money if you want to spend the same.

Inventory count is high and qualified buyer count is low thanks to high taxes and the prices being out of whack with income levels on Long Island. With the death knell of subprime mortgages, which allowed those who did not really have the income and qualifications to pay the inflated prices of a few years ago, market dynamics at the starter home level can only go one way if these houses are to sell: downwards in terms of pricing.

[Kbinspections]

Check out franklin square..............

[AlexisT]

Right now it really does seem like a lot of people are refusing to accept reality.

It WILL get worse--a lot of people were on 5 year option ARMs. When those reset it's going to be a bloodbath.

[mambwe]

I agree. We looked at houses where the Homeowner will not budge. They had 4 open houses in the 6-8 weeks the house has been on the market and we were the only bidder on the house. They still won't budge on the selling price.

[purelygeneric]

Thanks all for your suggestions. I will research other areas such as Franklin Square, Oceanside, etc. I guess it's a numbers game. I just can't believe I've yet to come across an eager/desperate seller.

I believe that things will drop more. But as someone who is already in contract on my place, I'm having trouble convincing my wife that temporarily renting might be the way to go...

[I_Love_LI_but]

Originally Posted by mambwe

I agree. We looked at houses where the Homeowner will not budge. They had 4 open houses in the 6-8 weeks the house has been on the market and we were the only bidder on the house. They still won't budge on the selling price.

Then they can sit in that house for however long it takes to sell it at their asking price. If it's for the rest of their lives, so be it.