Long Island Depreciation Map (Islip, Smithtown: real estate, rentals, houses)

[scottzilla]

Stats like these are so obvious. The areas that went up the most came down the most and the desirable neighborhoods are still desirable.
No great revelation.

[Crookhaven]

Originally Posted by scottzilla

Stats like these are so obvious. The areas that went up the most came down the most and the desirable neighborhoods are still desirable.
No great revelation.

Yes and no.

Theres some really decent areas (that were already up)that took a beating.

Manhasset down 15%
Locust Valley and Oyster Bay down 13%
Glen Cove and Woodmere down 12%

The worst spot on LI is Center Moriches at 19% but it seems like overall Nassau took a much harder beating.

I wouldnt hang my hat on Zillows data

Wheres Moser?

Crooks

[Crookhaven]

Originally Posted by rocafeller05

5% sounds right. But you have to remember Rocky Point also has 5 pages of homes(bungalows) for under 250k on MLSLI. I mean thats not typical for LI. So you really have to look at the whole picture when comparing RP to the rest of LI.

Its all relative.
5% is 5% and Id guess its about right.

Remember one mans bungalow is (sadly)another mans teardown.
(I wish we still had all the Bungalows and the low taxes that went with them)

How did your town fare? Do you trust the data?

Crooks

[Crookhaven]

Originally Posted by KellyFG

cool map, zillow is crap in many ways. It says Ridge is down almost 9%, I'm not sure how accurate it is but I know the older Leisure units are way down, 20% or more & justly so. The single family homes in Ridge are holding up really well from what I can tell.

Kelly

I would agree it may be the Leisure communities dragging you down.
(Two words: Electric Heat)
I bet if you backed that out itd be a different story.
There was a few forecolusres over there so that may be skewing it too.

I still say Ridge/Panamoka is a steal.
Bottom line is that the more affordable areas (that didnt get overrrun with subprime) held up pretty well ...all things considered.

I cant believe Center Moriches at 18%.
Nice area too.

Crooks

[rocafeller05]

Crooks, my town(Islip) is listed as -8% which seems average as a whole on LI. I too, am shocked about Center Moriches. I just looked and there are 9 homes listed under 325k. Dont remember what the average selling price was there during the boom. I guess 425-450K?

[Crookhaven]

Originally Posted by rocafeller05

Crooks, my town(Islip) is listed as -8% which seems average as a whole on LI. I too, am shocked about Center Moriches. I just looked and there are 9 homes listed under 325k. Dont remember what the average selling price was there during the boom. I guess 425-450K?

Islips beautiful

It was probably your luxury market that took it hardest.

Waterfronts here are down too.
Great time to buy.Wish I had the coin.

Crooks

[rocafeller05]

Yeah..Bayberry Point is taking a beating. I keep watching the listings..they keep coming down & no ones buying. Yes, the coin is needed over here too!

[Crookhaven]

Originally Posted by rocafeller05

Yeah..Bayberry Point is taking a beating. I keep watching the listings..they keep coming down & no ones buying. Yes, the coin is needed over here too!

Im telling you I'm seeing steals on Soundview Dr in RP.

Million dollar views on the cheap.
Taxes can hurt a little.

Crooks

[hotkarl]

Man, I wish my place was finished so I could sell.
RP/Ridge/Wading River have me drooling right now.
The downside to WR is the damn taxes though.
I'm really diggin' that whole area, would love to be in the position to buy before the market starts creeping back up.

[Mighty__Quinn]

Zillow is crap.

My next door neighbor has the EXACT same house and lot as I do and Zillow has her's worth $70k more than mine. I'd say our true value is somewhere in the middle.