U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-18-2008, 08:20 PM
 
883 posts, read 3,036,057 times
Reputation: 391

Advertisements

It seems to me like there are many, many separate & distinct real estate markets even within Long Island. I don't know how anyone can judge the state of LI's real estate market as a whole! It seems like prices in certain areas have dropped a lot while they haven't come down much in other areas. What have been your observations? What areas have been most/least affected?
Reply With Quote Quick reply to this message

 
Old 11-18-2008, 08:26 PM
 
4,502 posts, read 11,656,251 times
Reputation: 4039
Honestly, I think the people who were affected were the ones who either couldn't afford the home when they bought it and it finally caught up with them or the ones who refi-d or used their equity to the hilt and now it's coming back to bite them in the behind since home values are going back to what they were instead of the inflated "fantasy" prices that created all that "fantasy equity" they took out.
Reply With Quote Quick reply to this message
 
Old 11-19-2008, 12:43 PM
 
Location: East Northport
3,198 posts, read 8,105,436 times
Reputation: 1088
From what I have observed, the hardest hit areas are Mastic/Shirley, Brentwood, Central Islip.
Reply With Quote Quick reply to this message
 
Old 11-19-2008, 02:18 PM
 
1,010 posts, read 3,375,440 times
Reputation: 181
According to today's New York Times, Levittown is a foreclosure hot spot.
Reply With Quote Quick reply to this message
 
Old 11-19-2008, 02:21 PM
 
Location: East Northport
3,198 posts, read 8,105,436 times
Reputation: 1088
Quote:
Originally Posted by AlexisT View Post
According to today's New York Times, Levittown is a foreclosure hot spot.
I find that somewhat surprising. They may be focusing on Levittown because it is a symbol of old suburbia.
Reply With Quote Quick reply to this message
 
Old 11-19-2008, 03:41 PM
 
Location: Sound Beach
2,160 posts, read 6,536,426 times
Reputation: 876
Quote:
Originally Posted by TomMoser View Post
From what I have observed, the hardest hit areas are Mastic/Shirley, Brentwood, Central Islip.
this is an interesting topic. Tom...what do you base that observation on? Thanks!
Reply With Quote Quick reply to this message
 
Old 11-23-2008, 01:07 PM
 
Location: East Northport
3,198 posts, read 8,105,436 times
Reputation: 1088
It's a combination of things. Houses in these areas had some of the highest percentage increases in value during the boom. For example, pre-2002 you could buy a home in Mastic for $75-$100K. By 2005 they were up to mid 300's. So, they are falling the hardest now that the market is correcting. Also, these are areas where many people squeezed into homes using low/no downpayment mortgages that they could not really afford. Therefor, they are getting hit really hard by foreclosures now. In more affluent areas, I remember sellers in 2005 still wanting to see good down payments, so those people are a little more cushioned against the market decline.
Reply With Quote Quick reply to this message
 
Old 11-25-2008, 11:43 AM
 
883 posts, read 3,036,057 times
Reputation: 391
Quote:
Originally Posted by TomMoser View Post
It's a combination of things. Houses in these areas had some of the highest percentage increases in value during the boom. For example, pre-2002 you could buy a home in Mastic for $75-$100K. By 2005 they were up to mid 300's. So, they are falling the hardest now that the market is correcting. Also, these are areas where many people squeezed into homes using low/no downpayment mortgages that they could not really afford. Therefor, they are getting hit really hard by foreclosures now. In more affluent areas, I remember sellers in 2005 still wanting to see good down payments, so those people are a little more cushioned against the market decline.
Thanks for the explanation...that makes sense! Also, how do you think the quality of the school systems play into falling house prices? From my observations, house prices in the better school districts haven't been affected much.
Reply With Quote Quick reply to this message
 
Old 11-25-2008, 01:45 PM
 
Location: East Northport
3,198 posts, read 8,105,436 times
Reputation: 1088
Quote:
Originally Posted by monkeygorilla View Post
Thanks for the explanation...that makes sense! Also, how do you think the quality of the school systems play into falling house prices? From my observations, house prices in the better school districts haven't been affected much.
I think that school districts do play a role in the valuation of homes, but not as much as some people believe. In general, the schools on Long Island are good, and, except for those which have well publicized problems (such as Wyandanch, Roosevelt, Hempstead, etc) the impact is a factor, but not the predominant one.
Reply With Quote Quick reply to this message
 
Old 11-26-2008, 05:32 AM
 
Location: Kings Park & Jamesport
3,114 posts, read 8,493,407 times
Reputation: 980
Tom, some great insight........great posts.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top