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Your average house-hunting individuals were only a very small percentage of the actual foreclosure-sale buyers, at least back then. I suspect that things have not changed much regarding that. Buying a foreclosure property at the actual sale is not something that property newbies tend to get into or know much about handling.
Very true. You have to have the funding and the knowledge to get the right house on the foreclosure schedule at the lowest price. I know someone who buys tax liens and gets houses that way. I was surprised he was even into that. That's another murky area to the average non-RE investor person.
I've seen boarded up houses all over Nassau, some areas more than others. Surprisingly quite a few in North Merrick. I was also driving through the Bronx today (Soundview and Castle Hill) and noticed a whole lot of new burnt out buildings from the last time I was there. Seems like the recession is now becoming a lot more visible!
I've seen boarded up houses all over Nassau, some areas more than others. Surprisingly quite a few in North Merrick. I was also driving through the Bronx today (Soundview and Castle Hill) and noticed a whole lot of new burnt out buildings from the last time I was there. Seems like the recession is now becoming a lot more visible!
Jericho retail Mineola to Floral Park is a ghost town.
Jericho retail Mineola to Floral Park is a ghost town.
Is North Merrick Nice?
Crooks
That stretch of 25 has always been a little sparse, haven't been over that way in awhile, though.
North Merrick is very nice....I'd say it's just on the cusp of being "upper-middle class", but I've seen around 5-7 boarded up homes and a handful of teardowns that have been nothing but empty lots for months now. To tell you the truth, this could be the case everywhere - it's just that I live nearby and from the looks of things, it has way more foreclosures and stalled construction projects than anywhere else in southeast Nassau.
It's a strong area, I'm sure in the long run most North Merrick residents won't lose their shirts.... just hits home to see the grizly effects of the credit crunch and mortgage fiasco right in my backyard.
ClarkStreet - I was in Greenpoint and Williamsburg tonight....WOW....that whole area has changed overnight. The trust funds have dried up and it's drug stabbing time. You could smell the heron oozing out the cracks in the sidewalk....
I've seen boarded up houses all over Nassau, some areas more than others. Surprisingly quite a few in North Merrick. I was also driving through the Bronx today (Soundview and Castle Hill) and noticed a whole lot of new burnt out buildings from the last time I was there. Seems like the recession is now becoming a lot more visible!
Funny, the house down the block was just on fire 2 days ago. But i have not noticed this trend of "a whole lot". I ride around alot, but Graffiti and crime to an extent are up.
But they are painting the 6 train, and the local kids where selling Lemonade! Never thought I would see that!
Jericho retail Mineola to Floral Park is a ghost town.
Is North Merrick Nice?
Crooks
I agree with Sean that there are some stretches where the locations on jericho have always been relatively vacant but here is another quick story for you--
In mineola, the location where my wife works part time, well the scoop I got on the owner of the building is that he owns the entire block or two, in addition to other commercial properties elsewhere. Has owned it for god knows how long. He has a few vacant locations in the mineola area but thats because he was difficult to deal with with his tenants. One place was in business for 35 years, and while he always paid his rent, since things started to slow down, while he was still paying his full amount, he was starting to feel the downturn. He asked the landlord if he could have some flexibility give or take a few days. Not a reduction in rent, just some flexibility in the date. 35 years in business is not a tenant I would worry about but anyway, the landlord said no; Pay on X day or get out....needless to say, the business packed up and moved out east of mineola and as far as I know, is doing fine. This was at least 9 months ago and the location has sat vacant since. The landlord also gave another tenant a hard time and they moved across the street for less rent. Once again, that location has sat vacant for months. Anyway, its just another possible explanation for some empty store fronts. I know in Floral Park, its always the same locations that go vacant and it does not matter what business type goes into the location so it always makes me wonder. Has made me wonder for years.
That stretch of 25 has always been a little sparse, haven't been over that way in awhile, though.
North Merrick is very nice....I'd say it's just on the cusp of being "upper-middle class", but I've seen around 5-7 boarded up homes and a handful of teardowns that have been nothing but empty lots for months now. To tell you the truth, this could be the case everywhere - it's just that I live nearby and from the looks of things, it has way more foreclosures and stalled construction projects than anywhere else in southeast Nassau.
It's a strong area, I'm sure in the long run most North Merrick residents won't lose their shirts.... just hits home to see the grizly effects of the credit crunch and mortgage fiasco right in my backyard.
ClarkStreet - I was in Greenpoint and Williamsburg tonight....WOW....that whole area has changed overnight. The trust funds have dried up and it's drug stabbing time. You could smell the heron oozing out the cracks in the sidewalk....
ClarkStreet - I was in Greenpoint and Williamsburg tonight....WOW....that whole area has changed overnight. The trust funds have dried up and it's drug stabbing time. You could smell the heron oozing out the cracks in the sidewalk....
So that was what that smell was. The rate of change in places like Greenpoint which went from a mix of bad areas and OK areas, to a haven for those who couldn't afford Manhattan, to affluence and now to empty luxury buildings. The irony is that I remember Greenpoint being the pits as a few fellows attempted to rob me.
The part that's a kick in the shins is just when you think the other shoe has dropped there's still one more shoe ready to fall. I've been noticing a ripple effect where as one problem works it's way through the damage it did only shows up months later.
LI business bankruptcy filings surpass national rate -- Newsday.com (http://www.newsday.com/business/ny-bzbank1712977913jul16,0,625322.story - broken link)
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