NY Housing Article: Any thoughts? (Manhasset, East Hills: middle-class, brokers, new home)

[Mantaray14]

I think the Hamptons is finally getting hit hard because it's mostly vacation/2nd homes. I've been reading lately about people walking away if the home is worth less than the mortgage, even if they CAN afford it. It just boils down to a business decision.

Roslyn Estates on the other hand, is mostly high end primary residences. People don't give that up unless the HAVE to. I wonder how well prices would have held up if we didn't prop up our bankster friends with trillions of our tax dollars? Yes, I'm sure there are plenty of doctors and lawyers there but without the Wall St. execs those areas would have taken a much bigger hit IMO. So Propain, I'm sure YOUR investment is fine. You see the stock market has even been going up! (just until Wall St. gets their tax-payer funded bonuses of course, then look out below!)

[propain]

Originally Posted by Mantaray14

I think the Hamptons is finally getting hit hard because it's mostly vacation/2nd homes. I've been reading lately about people walking away if the home is worth less than the mortgage, even if they CAN afford it. It just boils down to a business decision.

Roslyn Estates on the other hand, is mostly high end primary residences. People don't give that up unless the HAVE to. I wonder how well prices would have held up if we didn't prop up our bankster friends with trillions of our tax dollars? Yes, I'm sure there are plenty of doctors and lawyers there but without the Wall St. execs those areas would have taken a much bigger hit IMO. So Propain, I'm sure YOUR investment is fine. You see the stock market has even been going up! (just until Wall St. gets their tax-payer funded bonuses of course, then look out below!)

That’s a very foolish business decision and probably a stupid rumor. I wouldn’t believe that for a second. If they can afford it they can bottom line the price and sell it or simply rent it. To default on the mortgage and go into foreclosure will destroy their credit. Pretty dumb decision if people are doing that. If you cant afford it, of course, you have nothing to lose.

The Majority of the population of Roslyn Estates and I think Roslyn as a whole is in the medical field and education. 3rd or 4th place last I checked is the Finance field. But wall st effects everyone so im sure if the banks were let to crumble everyone would have taken a much bigger hit than we did.

My investment is fine. It actually gained value in 2009 going up from 700K to almost 800K on the average of home value. Im not bragging, im using it as an example of when people say "Expect a 40% drop across the board" Its simply not going to happen in most areas. To say take everyone we have today and drop it by 40% is just crazy talk. To say drop everyone 10% is also crazy talk. Certain areas will continue to drop 10% more before bottom. Suffolk county for sure. Other areas have seen bottom and have stabilized.

It’s a reality that people who are waiting for prices to bottom out so they can afford a home wont face. They need to dive in now or in the very near future if they ever want to own a home on LI. Its close to the best its going to get for a long while.

[Mantaray14]

Originally Posted by propain

That’s a very foolish business decision and probably a stupid rumor. I wouldn’t believe that for a second.

Rick Rochon's Boca Raton mansion headed to auction block - Breaking News - MiamiHerald.com

Pro-pain, I wouldn't make something up, especially not on this forum. I'm sure the rich have ways around a bad credit report!

As I said, If I lived amongst the uber-affluent in Roslyn Estates, I would not fret for a second about my home price. After all, our gubber-mint has already demostrated that rich will be protected at all costs, no matter what party is in power.

[glags11]

Originally Posted by propain

That’s a very foolish business decision and probably a stupid rumor. I wouldn’t believe that for a second. If they can afford it they can bottom line the price and sell it or simply rent it. To default on the mortgage and go into foreclosure will destroy their credit. Pretty dumb decision if people are doing that. If you cant afford it, of course, you have nothing to lose.

The Majority of the population of Roslyn Estates and I think Roslyn as a whole is in the medical field and education. 3rd or 4th place last I checked is the Finance field. But wall st effects everyone so im sure if the banks were let to crumble everyone would have taken a much bigger hit than we did.

My investment is fine. It actually gained value in 2009 going up from 700K to almost 800K on the average of home value. Im not bragging, im using it as an example of when people say "Expect a 40% drop across the board" Its simply not going to happen in most areas. To say take everyone we have today and drop it by 40% is just crazy talk. To say drop everyone 10% is also crazy talk. Certain areas will continue to drop 10% more before bottom. Suffolk county for sure. Other areas have seen bottom and have stabilized.

It’s a reality that people who are waiting for prices to bottom out so they can afford a home wont face. They need to dive in now or in the very near future if they ever want to own a home on LI. Its close to the best its going to get for a long while.

Im convinced this guy is out of his mind!

[propain]

Originally Posted by Mantaray14

Rick Rochon's Boca Raton mansion headed to auction block - Breaking News - MiamiHerald.com

Pro-pain, I wouldn't make something up, especially not on this forum. I'm sure the rich have ways around a bad credit report!

As I said, If I lived amongst the uber-affluent in Roslyn Estates, I would not fret for a second about my home price. After all, our gubber-mint has already demostrated that rich will be protected at all costs, no matter what party is in power.

Well yes. If your talking about the super rich than the rules dont apply because they dont need to. Who knows how much the guy above is worth. A credit score is probably meaningless to him. He also probably has no money invested into the property and financed the entire amount. Most rich people do this. They also rent super expensive places like this rather than own.

Im sure you can dig up many more examples, but I thought we were talking about the average person here, not the super rich.

Uber-affluent? LOL Check out the average home income for Roslyn and tell me its "Uber-affluent".

Brookville, Upper Brookville. Thats Uber-affluent.

[zulu400]

To Propain....
Lets say for the sake of argument that Roslyn is the most bubble proof place on the face of the earth... (that make you feel good huh ? ... eh ? its okay... that's why you are here right ?)

According to you, will houses in Roslyn be worth more next year ? if yes then by how much % ? If no then how much % will it go down ?
You said you have an opinion.... lets hear it.

[propain]

Originally Posted by zulu400

To Propain....
Lets say for the sake of argument that Roslyn is the most bubble proof place on the face of the earth... (that make you feel good huh ? ... eh ? its okay... that's why you are here right ?)

According to you, will houses in Roslyn be worth more next year ? if yes then by how much % ? If no then how much % will it go down ?
You said you have an opinion.... lets hear it.

Do people realize statements like these just make their anger and apparent jealously completely transparent? If you have been following along I said I have lost 20% on the value of my home due to the bubble breaking. How would this qualify Roslyn as bubble proof?

Otherwise, I don’t like your tone, so if you want to know my opinion go find it. Its all over this forum and thread.

[scottzilla]

I think my house lost 30% based on whats going on out there.
When I bought my house in 2002, it had doubled prior to me buying it. Believe me, it hurt signing those papers. I know it doubled because the guy I bought it from was in it for 2 years and I watched the banks attorney hand him a big fat check! So I had to rationalize as much as the next guy if buying the house, from a financial standpoint, was a good decision. Contrary to popular belief, nobody forsaw what was yet to come in the housing market.
I paid the exact median price in Suffolk on the date I bought my house, so it's logical to assume my house will always be worth the median price of Suffolk at any given time. I believe this formula is accurate and I believe I could sell my house for the median price.
I mention this because I think it's a good formula to use to keep yourself out of trouble when buying a house. If the median price happens to be 350K (For example), you won't lose spending 350K. It's not going to happen.
Back in 2002, I was priced out of areas faster than I could drive! I saw middle class neighborhoods going for 450K but it was easy to see these prices would only last so long. So, what I am suggesting is if you find a house at or around the median price, it's a good buy. I'll explain even further by using Rocky Point/Sound Beach as an example. While Mt. Sinai got very expensive, Rocky Point/Sound beach remained somewhat affordable. If you find a house in Mt Sinai that you like for the median price of Suffolk, you would crazy not to buy it! Conversely, do you really expect Rocky Point/Sound Beach to fall far below the Median?? Why would it?
It won't.
Most home buyers here fit into the same category I was in when I bought my first home (Not rich, just trying to find something affordable) so it's understandable to hang out and want (Or even believe) prices will drop another 50K. It may not be popular but much of what Propain and the RE agents (Notice how quiet they are in this thread) have been saying is true. It's not a bad time to buy.

[fitz123]

sorry but you are wrong. Lots of jewish families in this area got hit by Madoff. I know this from someone who works in management at Daniel Gale. This is from Trulia.com:

Average price per square foot for Roslyn NY was $333, a decrease of 17% compared to the same period last year. The median sales price for homes in Roslyn NY for Mar 09 to May 09 was $772,500 based on 6 home sales. Compared to the same period one year ago, the median home sales price decreased 17.2%, or $160,000, and the number of home sales decreased 76%.
There are currently 247 resale and new homes in Roslyn on Trulia, including 44 open houses. The average listing price for homes for sale in Roslyn NY was $1,244,869 for the week ending Jun 17, which represents an increase of 0.2%, or $1,903, compared to the prior week.



Roslyn, NY real estate overview - Trulia.com

[zulu400]

Originally Posted by propain

Thank you for your opinion. I disagree. A simple search will show an increase in home value in 2009 in Roslyn. Even if we did see a drop it would put it back to the orignal loss. So, your wrong.

The rest of your post was rubbish and personal insults. Keep showing off how your not jealous and angry.

Good, we agree to disagree.
Have the sales increased numerically too ? When the sample is less the observations may be skewed.

Sales in last year in roslyn dropped by roughly 61% compared with year before. This % is in line if you want to combine estates and heights too.
Just FYI there were 2 sales in roslyn estates in the last month and 2 sales in the last 3 months (2 months without any sale) and 5 for the year 2009. So we know what numbers are we dealing with to calculate the appreciation of the homes and proclaiming the trend.

Second thing... say a 3 bed sells for 600k, a 4 bed sells for 625k and a 5 bed sells for 650k in the same area last quarter. So thats median value of 625k.
If the next quarter there was only one sale and similar 5 bed sold for 630k this quarter, median price is 630k. Does that mean the home values have increased ? It just means people are getting better homes for the same prices.