Starter Houses on Long Island? (Hempstead, Islip: selling a home, salary, property taxes)

[PhilG]

Well...I hope home prices do come down as much as you think. I may have the opportunity to buy a half acre lot in Nassau County dirt cheap (in a very nice neighborhood right next door to my parents' house). If that works out I'll probably build and have a beautiful home for my own family for a couple of hundred grand less than I would otherwise spend. The best canoli I have ever tasted were in a quaint town outside Palermo...

Still planning to move...eventualy...

[nucemgd]

you are out of your mind if you want to move back here

seriously, if you have a couple of hundred grand in cash now and you're thinking of sinking it into some overpriced ****box here??

I tell you what. transfer the money to me and I'll take care of it

you're wife needs to help you get your head out of your ass

[belesprit269]

I am in the market for a house right now, and unless you want an astronomical mortgage, you have to have an astronomical down payment. We're shopping homes in the $369,000 range, probably can get the seller to come down about $20k to $30k, depending upon the condition of the house (you'll do better if you are handy and the house needs a bit of work). We wanted to save a little more of a down payment, but our circumstances have recently changed, so we're in the market a bit sooner than planned, so our down payment is only going to be about $40k. That means we're looking at a $300,000+ mortgage, and with taxes the way they are, a total monthly payment of approx. $2,500 (mortgage, taxes, and insurance) at an interest rate of around 6.275%. With rents being nearly that much for houses or decent-sized apartments, it makes more sense to buy, if you absolutely have to stay here like we do, that is. I attend school full-time while my spouse works, making around $100k/year. We won't be completely house poor, but we'll be close, at least until I start working full-time again. What is hopeful is that home prices are beginning to drop dramatically. Sellers are still putting them up for sale on the high end, but they're willing to come down a lot more than before since there is a glut in the market. It's still somewhat of a standoff between sellers and buyers, though. The market has been so great for such a long time (for sellers) that many are not yet willing to face reality and come down as much as they should. It's too bad, too, because they risk losing a lot of money, and we're talking in a matter of a few months or less. Maybe that will work out better for us because we can wait a few months. As for the areas where homes are most affordable, and neighborhoods are crowded, but still decent places to live, I'd suggest Sound Beach, Rocky Point, and you might get lucky in Miller Place, Shoreham, and Wading River. I wouldn't suggest these areas for the NYC commuter, though. Too far. I commuted from Stony Brook to Manhattan (mid-town) for a year, and the train ride to Penn Station alone was almost 2 hours (with a change usually at Huntington or Jamaica). Losing 5 hours+ per day commuting is for the birds! And the nearest commuter train to any of the above-mentioned towns is Port Jefferson, which is about 20 minutes from Wading River without traffic. It's no wonder the predominant occupations out there are in healthcare and education. Not many other types of employment that pay well enough for people to afford the areas (aside from law enforcement and entrepreneurship). I am originally from Massachusetts, near Boston, and property quality and values are virtually the same up there as they are down here, but there is less crowding, taxes are lower, and employment opportunity is much greater. I wish I could convince my spouse, a Long Island native, to move there! Sure, it has it's other drawbacks, but for affordability, convenience, and opportunity, it sure as hell beats the Island!

[suzhoumama]

URGENT... Need some help here folks. I'm from way out of state - Canada. Possible new job - opportunity. My wife and I have been reading like crazy. Schools are most important. Critical stuff as follows:

1. 2 children. Both Girls. 12 yrs and 16 yrs. Great kids. No damage yet..
2. middle-middle, upper-middle
3. schools are most important to us
4. 3 bedroom house, 2 bath, garage if possible.
5. work is in North Babylon.
6. max desired commute - 20 mins. (1/2 hr to 40 minutes tops)
7. Planning a trip this weekend Sept 14th thru 17th. Need a R/E agent to show me around. Please contact me. Thanks.
8. In light of the market conditions, will likely rent for the first year
9. Names of schools please suggest....
10. Names of towns/communities please suggest ...
11. Thanks in advance to all...

[TristansMommy]

Originally Posted by NYSinger

Hi All!

Are there any reasonably-priced starter houses in safe neighborhoods of Suffolk County left??

Really, the housing is insane!!!

NYSinger

Depends.. what do you deem "affordable" .. housing is insane.. and the taxes are worse!!

[AlphaCityGirl]

Originally Posted by Mike98WS6

I guess my post was deleted. Anyway, yeah there are some nice neighborhoods that are resonably priced. I live in Lindenhurst.

Hi Lindenhurst. My brother and mom live in Copiague.

[clamboy]

Originally Posted by AlphaCityGirl

Hi Lindenhurst. My brother and mom live in Copiague.

IMHO Rocky Point, Sound Beach and Ridge are the best buys in Suffolk.

[NYSinger]

Originally Posted by TristansMommy

Depends.. what do you deem "affordable" .. housing is insane.. and the taxes are worse!!

Indeed!

NYSinger

[smjm1982]

Homes have to drop down into the $100-$200k typical range circa mid 1990's to be affordable to most middle class including the younger generation in the mid 20's-30's.

I laugh when I hear that this is considered a buyers market. A typical mortgage payment for a $350k home @ 7% is around $2,500/mo in Levittown (including all ie: insurance, taxes, pmi). This is tight for a family that brings home $80,000/yr when you consider all the expenses that come with the home such as electric, heat, repair expenses as well as utilities, car payment, insurance, savings, any vacation monies and savings in case of an emergency if not anything else & there is probably nothing left over to save towards retirement.

Having said that, what of the new generation of baby boomers coming of age, who, if they go to college, salaries will probably start no higher than $30,000 since their most likely going to be entry level salaries. These people will probably make up at least 1/3 of all future homebuyers.

Homes have got to drop by at least $100,000, more like $150,000 and the sooner it happens, the sooner the economy will improve in this area.

[TristansMommy]

Originally Posted by smjm1982

Homes have to drop down into the $100-$200k typical range circa mid 1990's to be affordable to most middle class including the younger generation in the mid 20's-30's.

I laugh when I hear that this is considered a buyers market. A typical mortgage payment for a $350k home @ 7% is around $2,500/mo in Levittown (including all ie: insurance, taxes, pmi). This is tight for a family that brings home $80,000/yr when you consider all the expenses that come with the home such as electric, heat, repair expenses as well as utilities, car payment, insurance, savings, any vacation monies and savings in case of an emergency if not anything else & there is probably nothing left over to save towards retirement.

Having said that, what of the new generation of baby boomers coming of age, who, if they go to college, salaries will probably start no higher than $30,000 since their most likely going to be entry level salaries. These people will probably make up at least 1/3 of all future homebuyers.

Homes have got to drop by at least $100,000, more like $150,000 and the sooner it happens, the sooner the economy will improve in this area.

That sounds great.. but I doubt it will happen and quite honestly if it does it cuold be a diasaster. A lot of people will be upside down .. I'm already at 100% LTV because of the drop of what i could get on the market for my home. Besides, it won't happen. As it is hte median price in Nassau is UP from last year. Sellers are taking less than they would have 2 years ago.. BUT.. the ones that aren't as serious or need to sell are holding on to their prices. If they bought their house within the boom.. they can't come down and won't. They'll just wait it out and as things level off they will rise again.