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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.
I have been looking to buy in Roslyn over the past few years so I am pretty well-versed in the area and its "bubble" modulations. Each year for the past 3 spring selling seasons, "listing" prices have definitely fallen about 10% each year. In Country Estates for example (East Hills), houses that were listing last year for say $959k are now listing in the $8's. Factor in the latest Prudential Elliman market report of "Discount off of Last List Prices" on Nassau North Shore (12.3%, Q/1), and you can get some decent ranches in East Hills now in the $700k range. And some decent fixer-uppers have sold in the $6's.
Roslyn Estates this year is seeing list prices below $800k for the first time. A few have recently gone into contract (fixer uppers but nice locations within the estates) and I will bet they went in the $700k range.
Roslyn Harbour is still over-priced and not willing to discount lists yet for whatever reason
Flower Hill: some very nice houses in the $700's- - that was Unheard of last year and the year before
So, Roslyn is certainly coming around feeling the bubble pinch.
By the way, Manhasset listings are up 30% from last summer - - that "is" the Nassau home of those stockbrokers from the casino on Wall St.
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.
RE: Roslyn and other high-income locales:
One thing NOBODY on this board EVER takes into account is that people are VERY IMPRESSED WITH THEMSELVES
Their list prices are nothing more than Cocktail Party fodder - - they love to mention (or sometimes YELL) what they think their houses are worth as it lays a not-so-subliminal foundation to their peers of their families "Net Worth". They love to see the worry on their friends faces when that list price is divulged!!!!!
They are so impressed with themselves that they are constantly in a battle to keep up with the Jones' list prices. All they can seem to do is try to one-up one another by saying their house is on the market at a certain mega-list price so that they can feel good about themselves. They shudder at the thought of being "embarrassed" telling friends that their house is up for sale at a list price that would be deemed too "middle-class" (less than $1,.1MM lol) That is a total nightmare to them. And they list with the very few "super-star" well-known local agents in the area to give their list prices "validation" of net worth - - the same way they hire a star decorator to use as Cocktail Party fodder.
And that is my theory on why many list prices in the well-to-do neighborhoods here are only stubbornly being reduced....just a theory but I have seen it in action at my family get-togethers. Its pretty obvious the games that go on.
I have been looking to buy in Roslyn over the past few years so I am pretty well-versed in the area and its "bubble" modulations. Each year for the past 3 spring selling seasons, "listing" prices have definitely fallen about 10% each year. In Country Estates for example (East Hills), houses that were listing last year for say $959k are now listing in the $8's. Factor in the latest Prudential Elliman market report of "Discount off of Last List Prices" on Nassau North Shore (12.3%, Q/1), and you can get some decent ranches in East Hills now in the $700k range. And some decent fixer-uppers have sold in the $6's.
Roslyn Estates this year is seeing list prices below $800k for the first time. A few have recently gone into contract (fixer uppers but nice locations within the estates) and I will bet they went in the $700k range.
Roslyn Harbour is still over-priced and not willing to discount lists yet for whatever reason
Flower Hill: some very nice houses in the $700's- - that was Unheard of last year and the year before
So, Roslyn is certainly coming around feeling the bubble pinch.
By the way, Manhasset listings are up 30% from last summer - - that "is" the Nassau home of those stockbrokers from the casino on Wall St.
I have been looking to buy in Roslyn over the past few years so I am pretty well-versed in the area and its "bubble" modulations. Each year for the past 3 spring selling seasons, "listing" prices have definitely fallen about 10% each year. In Country Estates for example (East Hills), houses that were listing last year for say $959k are now listing in the $8's. Factor in the latest Prudential Elliman market report of "Discount off of Last List Prices" on Nassau North Shore (12.3%, Q/1), and you can get some decent ranches in East Hills now in the $700k range. And some decent fixer-uppers have sold in the $6's.
Roslyn Estates this year is seeing list prices below $800k for the first time. A few have recently gone into contract (fixer uppers but nice locations within the estates) and I will bet they went in the $700k range.
Roslyn Harbour is still over-priced and not willing to discount lists yet for whatever reason
Flower Hill: some very nice houses in the $700's- - that was Unheard of last year and the year before
So, Roslyn is certainly coming around feeling the bubble pinch.
By the way, Manhasset listings are up 30% from last summer - - that "is" the Nassau home of those stockbrokers from the casino on Wall St.
Mod cut: copyright violation
As you can see from Q4 2005 to now home sales have been pretty consistent. The chart speaks for itself. Just have a look. 2009 is looking pretty bad though.
Last edited by Viralmd; 06-27-2009 at 08:02 AM..
Reason: copyright violation
As you can see from Q4 2005 to now home sales have been pretty consistent. The chart speaks for itself. Just have a look. 2009 is looking pretty bad though.
Its sort of statistically tough to gauge Roslyn Estates because there are relatively few houses that sell or move there. Not enough statistical meat to really make a solid case.
However, it is a beautiful area and very desirable, so it will always retain or rebound some type of value.
I guess what I am saying is that there are now "affordable" choices in Roslyn where two years ago there really weren't. You couldnt get even close to a tight house for under $900k two years ago. This year in East Hills, you could get very nice ranches in Norgate for less than $750k
Its sort of statistically tough to gauge Roslyn Estates because there are relatively few houses that sell or move there. Not enough statistical meat to really make a solid case.
However, it is a beautiful area and very desirable, so it will always retain or rebound some type of value.
I guess what I am saying is that there are now "affordable" choices in Roslyn where two years ago there really weren't. You couldnt get even close to a tight house for under $900k two years ago. This year in East Hills, you could get very nice ranches in Norgate for less than $750k
Oh I agree. The bubble made things completely unaffordable in that area. The problem is now the values have dropped but the taxes still reflect the bubble prices and wont come down anytime soon.
Its sort of statistically tough to gauge Roslyn Estates because there are relatively few houses that sell or move there. Not enough statistical meat to really make a solid case.
you are right on, and this is really the main thing.... you can distort the trend by 2-3 more or less sales.... that is why its important to kinda compare sales of similar houses, and only people who know the houses there OR those who have been actively looking to buy there for a year or so can give the "real" picture as to how things have changed, just the sale price is only half the picture. As you can see from the graph provided, 20+ houses have a median of 700k.... and 5 houses make up the 800k median, thats 75% less data.
As I have said before just because one or two 1.2 Mil house sold for 1 mil, and that (1 mil) being more than the median price doesn't mean the homes are appreciating (maybe to the untrained eye), but its actually heading in the opposite direction.
You also have to figure in the diversity of houses and lot sizes for an area. It's easy to see a trend on Clark Street as all the houses are mostly the same, but if you have everything from an old summer bungalow to a sprawling estate then to see the trend gets a bit tougher.
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