LI Home Prices Far From Reality? um...yup! (Nassau: rental, mortgage)

[scottzilla]

Originally Posted by dman72

The granite counter top/stainless steel appliance thing is the one that gets me. Every single person looking for a house on HGTV who doesn't see a house with stainless steel and granite makes it seem like the kitchen isn't livable. 10-15 years ago, no one knew what granite counter tops even were. How did we survive?

Yes! Totally agree. Funny thing about stainless steel is back in the 70's everyone hated it because it showed every smudge and fingerprint.
As i'm looking at homes i'm seeing 65K kitchens wrapped around dumpy houses. It's so funny. Nice kitchen but the rest of the house is hideous.

[seren77]

[quote=hotkarl;8873137]I just don't get it. I'm poor by LI standards, and somehow I own a house and keep my utilities on, er, for the most part. I've struggled to afford every home I've lived in, but I somehow made it work. And other than the miserable experience of actually selling a house, I'm willing to do it all again. I'll probabally break even on my house if I sell it this year or next, it doesn't matter, somehow, some way, I'll figure out how to pay for it. Maybe it's because I'm not afraid to work. I can hustle and I'm a good multi-tasker I guess. I'll do whatever it takes to support my family, and continue to OWN a home. I could never, ever, go back to renting. It's a personal matter of principal for me I guess. I may not have the fanciest house, or the largest house, or other bells and whistles, but it's MY house. Mine mine mine. To me, you can't put a price on that.

I just can't fathom the concept of forclosure. Are people that lazy? are people that stupid? You lose your job, go get another one. Or 2. Or 3. Anything. McDonalds.
Even if it's not what you think you deserve money wise, take anything that'll pay the bills or at least enough to cover the mortgage. You can jerk LIPA and Cable around for their money.
I think pride, priviledge and spoiled is part of it. I hear people say things like "I wont get out of bed for anything less than 2k a week". Great attitude. Stay in bed for no money and wait for them to come nail the sign on the door and throw your ass out. Hang out on the computer (because you're not paying any other bills)and keep looking for the "right" job. Arghhhh. That mentality kills me.
They'll let their house get forclosed on because they're afraid one of their friends may see them working at Walmart or digging a ditch somewhere.

I just could never hold out to buy a house. All this nonsense about market crap.
Screw it, why don't we all just pack up and move off LI, what's the point of living here anymore. It's too expensive, even on 150K a year. Sarcasm:ON

Indirectly, we're wrecking our own LI economy by not buying homes.
Way to go my friend... Affording your house in LI with Walmart wage? What is the secret? Do you recommend robbing the place?

[jamie1219]

Originally Posted by hotkarl

Indirectly, we're wrecking our own LI economy by not buying homes. The old saying **** trickles downhill...Think about it.

We are not wrecking the LI economy by not buying homes that are overpriced!!! It is the sellers who bought their homes over a decade ago and are selling their homes for 200% mark ups that are destroying the island. It is the idiots that bought homes that they could not afford and drove prices up that are ruining long island. The home prices are simply too high. Many of the young people are forced to leave the island, or struggle with debt. Is is reasonable in a first world country for both persons of a couple to take on multiple jobs (often leaving their children with babysitters) in order to afford a home???? And I am talking about professionals that have skill sets and educations! The baby boomers/home owners greed and sense of entitlement is what is destoying the island. Not the buyers who simply want a FAIR start.

[amoret68]

Originally Posted by jamie1219

We are not wrecking the LI economy by not buying homes that are overpriced!!! It is the sellers who bought their homes over a decade ago and are selling their homes for 200% mark ups that are destroying the island. It is the idiots that bought homes that they could not afford and drove prices up that are ruining long island. The home prices are simply too high. Many of the young people are forced to leave the island, or struggle with debt. Is is reasonable in a first world country for both persons of a couple to take on multiple jobs (often leaving their children with babysitters) in order to afford a home???? And I am talking about professionals that have skill sets and educations! The baby boomers/home owners greed and sense of entitlement is what is destoying the island. Not the buyers who simply want a FAIR start.

Hmmm, okay, so who pays for your fair start? What about Gen X-ers like me who bought just a few years ago, when home prices were rocketing skyward? Working professionals with good credit, who didn't take out crazy loans, but who still find themselves upside down on their mortgage (or close to it) through no fault of their own? Should we continue to work our butts off to pay for a declining asset (foregoing better opportunities elsewhere because we can't sell our houses) while the market re-sets to allow for the next generation to buy nicer houses, for less money, while receiving bigger tax breaks? For me, it's a rhetorical question, because I have a job and I won't destroy my credit and..well, because a promise (to pay) is a promise. But I understand why others in my situation are feeling desperate.

Sigh. I don't see a solution to this, but the boomers aren't to blame for this crisis. Why should someone sell his or her house below market value? If the mortgage lenders had not been corrupt, then buyers would have had less money and the prices wouldn't have gotten out of hand.

[I_Love_LI_but]

Originally Posted by hotkarl

I just don't get it. I'm poor by LI standards, and somehow I own a house and keep my utilities on, er, for the most part.

When did you buy your first home? If you did it before the bubble that is a lot different than what those looking for their first home now are facing.

If you were a first-time buyer TODAY, with NO HOME ON LI TO SELL FOR YOUR TRADE-UP, would you be able to buy a home NOW with these inflated prices, with these taxes, and with these larger down payment requirements and stricter underwriting provisions?

[I_Love_LI_but]

Originally Posted by amoret68

Hmmm, okay, so who pays for your fair start? What about Gen X-ers like me who bought just a few years ago, when home prices were rocketing skyward? Working professionals with good credit, who didn't take out crazy loans, but who still find themselves upside down on their mortgage (or close to it) through no fault of their own? Should we continue to work our butts off to pay for a declining asset (foregoing better opportunities elsewhere because we can't sell our houses) while the market re-sets to allow for the next generation to buy nicer houses, for less money, while receiving bigger tax breaks? For me, it's a rhetorical question, because I have a job and I won't destroy my credit and..well, because a promise (to pay) is a promise. But I understand why others in my situation are feeling desperate.

Sigh. I don't see a solution to this, but the boomers aren't to blame for this crisis. Why should someone sell his or her house below market value? If the mortgage lenders had not been corrupt, then buyers would have had less money and the prices wouldn't have gotten out of hand.

If you plan to stay in your house for the long run (7-10 years or more) I am sure you will be fine. It's those that need to sell now that overpaid who are having the problems. It's those that think they deserve to flip their house in 1 or 2 years for a $100k profit that are having problems.

As for the statement I bolded above, we can also look at it this way:

Why should someone pay above market value for a house?

The market values have dropped (for now) and you will have to get used to it. If you are staying in your home and using it as a home to live in, not a "flip this house" get rich quick scheme, I am sure you will not lose money if you sell it in several years. Historically, it has always worked this way and it worked just fine.

[azzurrony]

HGTV

My wife and I love "Property Virgins" and "House Hunters" on HGTV. It's fascinating to see what other couples go through because we remember it oh so well.

Nonetheless, it is shocking to us to see how DEMANDING people are about homes outside of NY. On a 200,000 budget, they expect:

1. A big yard
2. All new kitchen with granite countertops and stainless steel appliances
3. 4 bedrooms
4. A "master on suite"...they don't even call it master bathroom anymore LOL

It's crazy. No wonder the market got so inflated...people can blame lenders all they want, but buyers had/have ridiculous expectations of what should be in a starter house.

[zulu400]

Originally Posted by azzurrony

HGTV

My wife and I love "Property Virgins" and "House Hunters" on HGTV. It's fascinating to see what other couples go through because we remember it oh so well.

Nonetheless, it is shocking to us to see how DEMANDING people are about homes outside of NY. On a 200,000 budget, they expect:

1. A big yard
2. All new kitchen with granite countertops and stainless steel appliances
3. 4 bedrooms
4. A "master on suite"...they don't even call it master bathroom anymore LOL

It's crazy. No wonder the market got so inflated...people can blame lenders all they want, but buyers had/have ridiculous expectations of what should be in a starter house.

You will be surprised that there are places outside of NY that you can actually get all that and some more for 200k....

one more thing .... can you check if the house they showed on TV is a 75 yr old house..... like what you will get for 200k on long island.

[I_Love_LI_but]

Originally Posted by azzurrony

Nonetheless, it is shocking to us to see how DEMANDING people are about homes outside of NY. On a 200,000 budget, they expect:

1. A big yard
2. All new kitchen with granite countertops and stainless steel appliances
3. 4 bedrooms
4. A "master on suite"...they don't even call it master bathroom anymore LOL

And in many places they get what they want on that budget. In many places even the renters are entitled to "live large" and EXPECT dishwashers, washer/dryer in their apartment, choice of drapes and carpet colors, etc.

Are they living "too well" or are we just used to living like pigs compared to them?

[zulu400]

Originally Posted by I_Love_LI_but

And in many places they get what they want on that budget. In many places even the renters are entitled to "live large" and EXPECT dishwashers, washer/dryer in their apartment, choice of drapes and carpet colors, etc.

Are they living "too well" or are we just used to living like pigs compared to them?

I think there are 2 extremes.... and the middle class is aligning towards one or the other slowly without realizing it.

1. People who are able to live life easy and retire rich.... and continue to live for many years... (they are rich to begin with)

2. People who struggle their whole lives and retire as rich vegetables.... and then they die ! (rich only because of the house thats paid off, and die because they are burned out)