Port Washington Home prices - where they going from here? (Hempstead: sales, 2011)

[paulyc44]

Hey Everyone!

I don't post often but I do browse a lot of the very useful information the users contribute to this forum. It is all very helpful!

I'm interested to know where you think home prices will be going from here, specifically in Port Washington. From what I gather, Port Washington really has not seen as substantial of a reduction in price relative to the rest of the housing market in Long Island. Trulia.com shows approximately 10% reduced median sales price year over year.

Reason I am asking is that I am planning to buy a home May of 2011 and Port Washington is my 1st choice. Honestly it's the only place I really want to move on LI for a number of reasons.

Do you think that home prices have room to fall?

Thanks again!

[Elke Mariotti]

Originally Posted by paulyc44

Hey Everyone!

I don't post often but I do browse a lot of the very useful information the users contribute to this forum. It is all very helpful!

I'm interested to know where you think home prices will be going from here, specifically in Port Washington. From what I gather, Port Washington really has not seen as substantial of a reduction in price relative to the rest of the housing market in Long Island. Trulia.com shows approximately 10% reduced median sales price year over year.

Reason I am asking is that I am planning to buy a home May of 2011 and Port Washington is my 1st choice. Honestly it's the only place I really want to move on LI for a number of reasons.

Do you think that home prices have room to fall?

Thanks again!

You're talking almost 2 years from now. I doubt that Port Washington (or any other place on L.I.) has reached absolute bottom yet. However, I do believe the COST of owning a house will be up in another 2 years, simply because I don't think interest rates can stay as low as they are right now.

JMHO

[MikeyKid]

Originally Posted by Elke Mariotti

You're talking almost 2 years from now. I doubt that Port Washington (or any other place on L.I.) has reached absolute bottom yet. However, I do believe the COST of owning a house will be up in another 2 years, simply because I don't think interest rates can stay as low as they are right now.

JMHO

If the COST of owning a house will be higher in 2 years on Long Island... nvm - I shudder to even think about those possibilities. wow

Regardless of what happens with interest rates (I don't think anyone would disagree they can't stay where they are), housing needs to become more affordable - it's not even close right now. If the rates go up, another affordability factor (i.e. price, taxes) will have to come down to offset it.

[dman72]

Originally Posted by Elke Mariotti

You're talking almost 2 years from now. I doubt that Port Washington (or any other place on L.I.) has reached absolute bottom yet. However, I do believe the COST of owning a house will be up in another 2 years, simply because I don't think interest rates can stay as low as they are right now.

JMHO

The cost of owning a home can't go up if anyone plans on selling. Don't forget the criteria for giving mortgages changed from "give the money away to anyone" to "be somewhat strict about who you give money to" in the span of about a year. You are not going to see family incomes go up around here in the next 2 years, they are going DOWN.

If interest rates go up, prices will either go down or houses won't sell.

[I_Love_LI_but]

Originally Posted by paulyc44

Hey Everyone!

I don't post often but I do browse a lot of the very useful information the users contribute to this forum. It is all very helpful!

I'm interested to know where you think home prices will be going from here, specifically in Port Washington. From what I gather, Port Washington really has not seen as substantial of a reduction in price relative to the rest of the housing market in Long Island. Trulia.com shows approximately 10% reduced median sales price year over year.

Reason I am asking is that I am planning to buy a home May of 2011 and Port Washington is my 1st choice. Honestly it's the only place I really want to move on LI for a number of reasons.

Do you think that home prices have room to fall?

Thanks again!

Port Washington has one of the most diverse selections of housing stock on LI, from houseboats that cost in the five figures up to large homes that cost $1 or $2 million. It's hard to predict for all those markets. Also, how many homes are available in your price range/target location within PW? If a lot of homes in your price range/target location are available, then there is more competition and room for prices to lower. If only a few houses come on the market, then other people may be willing to continue to pay higher prices to get into the neighborhood. Another factor is, is the section of PW you are interested in full of boomers ready to retire who may add to the housing stock available (and lower prices due to more competition for buyers) or are the residents younger and more apt to stick around longer-term? Scour the neighborhoods of PW that you are interested in closely for the answers to these questions as a blanket statement on PW's housing prices cannot answer your question fully enough.

[paulyc44]

Originally Posted by I_Love_LI_but

Port Washington has one of the most diverse selections of housing stock on LI, from houseboats that cost in the five figures up to large homes that cost $1 or $2 million. It's hard to predict for all those markets. Also, how many homes are available in your price range/target location within PW? If a lot of homes in your price range/target location are available, then there is more competition and room for prices to lower. If only a few houses come on the market, then other people may be willing to continue to pay higher prices to get into the neighborhood. Another factor is, is the section of PW you are interested in full of boomers ready to retire who may add to the housing stock available (and lower prices due to more competition for buyers) or are the residents younger and more apt to stick around longer-term? Scour the neighborhoods of PW that you are interested in closely for the answers to these questions as a blanket statement on PW's housing prices cannot answer your question fully enough.

This makes a lot of sense. Now I know that I am on the low, low end of the price range with a 450K budget for a 3 bedroom 1 1/2 bath - but I think I can get something decent, especially if home prices continue to come down a bit. I'm thinking somewhere in Manorhaven.

Of course, I'll continue to research other sections in PW and look closely thanks to your suggestion. Thanks again!

[Walter Greenspan]

paulyc44, please be aware that the majority of places that have a "Port Washington, NY 11050" mailing address (6,652 acres) are not in the Hamlet of Port Washington (2,732 acres).


For those who may not be familiar with Port Washington:

Port Washington is a hamlet (an unincorporated area) in the northeast part of the Town of North Hempstead, in the northwest part of Nassau County.

Beginning on the north and moving in a clockwise direction, the Hamlet of Port Washington in the Town of North Hempstead is bordered on the north by the Village of Baxter Estates, the Village of Port Washington North and the Village of Sands Point; on the east by Hempstead Harbor; on the south by the Village of Flower Hill; and, on the west by the Village of Plandome Manor and Manhasset Bay.





Port Washington is one of those villages and hamlets on Long Island where the majority of the places with the community name as part of their mailing address are not in the hamlet: places that have a "Port Washington, NY 11050" mailing address that are not in the Hamlet of Port Washington are in the Village of Sands Point, the Village of Port Washington North, the Village of Manorhaven, the Village of Baxter Estates and the Village of Flower Hill.


For a good set of town-by-town maps showing all the villages and hamlets in each of LI's 13 towns (3 in Nassau County and 10 in Suffolk County): http://www.city-data.com/forum/long-...-resource.html

[scottzilla]

Port Washington prices are going down, down, down.