NY Housing Article: Any thoughts? (Rocky Point, Sound Beach: fit in, bad credit, lawyers)

[nancy thereader]

I grew up in Roslyn Harbor and it's very hilly there and it was not at all (demographically or socially) as the last poster described.

[propain]

Originally Posted by nancy thereader

I grew up in Roslyn Harbor and it's very hilly there and it was not at all (demographically or socially) as the last poster described.

Roslyn Horbor must be quite different then.

[MiddleIslander]

While we're talking about more wealthy areas... here's some more stuff to chew on.

Hamptons & Old Westbury getting hammered:

http://www.forbes.com/forbes/2009/07...-heads-up.html

Several of the areas highlighted are in the Hamptons, primarily south fork.

http://www.forbes.com/2009/06/25/hou...des_slide.html

Places on Long Island that are highlighted:

Sagaponack, NY: Average list 6.1m, 143 homes for sale, 3 closings in 90 days
Amagansett, NY: Average list 3.1m, 282 for sale, 7 closings in 90 days
Bridgehampton, NY: Average list 5.1m, 314 for sale, 8 closings in 90 days
Old Westbury, NY Listing 3.8 mil, 101 for sale, 4 closings in 90 days
Southampton, NY Listing 3 mil, 885 for sale, 17 closings in 90 days

[scottzilla]

Originally Posted by MiddleIslander

While we're talking about more wealthy areas... here's some more stuff to chew on.

Hamptons & Old Westbury getting hammered:

The Other Shoe in Real Estate - Forbes.com

Several of the areas highlighted are in the Hamptons, primarily south fork.

In Pictures: The 13 Most Distressed Cities Of The Super-Rich - Forbes.com

Places on Long Island that are highlighted:

Sagaponack, NY: Average list 6.1m, 143 homes for sale, 3 closings in 90 days
Amagansett, NY: Average list 3.1m, 282 for sale, 7 closings in 90 days
Bridgehampton, NY: Average list 5.1m, 314 for sale, 8 closings in 90 days
Old Westbury, NY Listing 3.8 mil, 101 for sale, 4 closings in 90 days
Southampton, NY Listing 3 mil, 885 for sale, 17 closings in 90 days

I would think the pool of buyers looking in the 3 million + range is pretty small, and most certainly smaller than it's been in a very long time. I read these numbers differently than you I guess. I'm impressed that 17 $3,000,000 homes closed in the last 90 days in Southampton, especially considering the economy and tightening of money lending, etc.

[MiddleIslander]

It's impressive in the same way that a few squirrels may have survived after an entire forest burned down.

[propain]

Originally Posted by scottzilla

I would think the pool of buyers looking in the 3 million + range is pretty small, and most certainly smaller than it's been in a very long time. I read these numbers differently than you I guess. I'm impressed that 17 $3,000,000 homes closed in the last 90 days in Southampton, especially considering the economy and tightening of money lending, etc.

I agree with you. Looking into my area on MLSLI I was extremely impressed not only by how many sales have taken place in the last 6 months but the selling prices. People are buying 800K plus houses right now in this economy.

This month in my area 2 homes sold for 1 million plus. That will sure add to my comps in this so called plumeting market.

[I_Love_LI_but]

Originally Posted by propain

Roslyn Estates

How did you find a home in Roslyn Estates during the bubble for $400,000?

[scottzilla]

Originally Posted by I_Love_LI_but

How did you find a home in Roslyn Estates during the bubble for $400,000?

Didn't he buy in 2000? That was right at the beginning so it's logical. The Nassau County average was probably half that.
Silly me, I guess he can answer the question though.

[scottzilla]

Originally Posted by MiddleIslander

It's impressive in the same way that a few squirrels may have survived after an entire forest burned down.

It is logical the areas with the most growth would drop the most when things cool down. I think that explains much of LI and why other areas have not been hit as hard. They didn't experience the boom we did. At least not as much.

[propain]

Originally Posted by I_Love_LI_but

How did you find a home in Roslyn Estates during the bubble for $400,000?

I bought 9 years ago. Long before the bubble. Thats how.