LI Housing

[LIBoy]

Very nice.

The only thing I can think of is, if owner last listed for 625k and no bites. Maybe it was overpriced?

Nevertheless, sounds like you got a great deal.

[Crookhaven]

Originally Posted by I_Love_LI_but

I don't think LI will EVER hit bargain basement prices for homes.

Historically, we have always been overpriced relative to normally valued areas in the country and priced in the stratosphere relative to true bargain basement priced areas of the country.

Nor do I.

I think this is the respite before the run ala Bay Area.

I wish I had more money to buy.


Crooks

[enpymarr]

I understand that Foxwood (near Calverton) has a special arrangement where the homeowners lease the land under their house - I would like to know more about this type of arrangement - how is it taxed? how is it insured? where exactly is it?

[Crookhaven]

Originally Posted by enpymarr

I understand that Foxwood (near Calverton) has a special arrangement where the homeowners lease the land under their house - I would like to know more about this type of arrangement - how is it taxed? how is it insured? where exactly is it?

Dunno

Try a new thread on Calverton

Crooks

[LIBoy]

Land lease are fairly common in other parts of the world. In general, each land lease is an enforceable contract and each contract is unique. Typical lease terms are 99 to 200 years and property taxes are collected through PILOT (payment in lieu of taxes). The PILOT is negotiated every few years with the owners (usually, the government).

Properties developed on the land are usually in forms of condominium. A master policy will insure the association. Each unit owners can purchase their own content and liability insurance.

Anyway, it is very unlikely for the land owners (aka government) not to extend or renegotiate the lease at termination.

As to Foxwood’s arrangement, the offering plan will detail the contract terms.

[Jdawg8181]

Originally Posted by enpymarr

I understand that Foxwood (near Calverton) has a special arrangement where the homeowners lease the land under their house - I would like to know more about this type of arrangement - how is it taxed? how is it insured? where exactly is it?

if they are leasing land, they are not homeOWNERS.

[hotkarl]

Prices are creeping up by me. Maybe by spring when I hopefully slap my overtaxed postage stamp lot with a cape on the market I may actually break even. Maybe even pocket 5 or 10 bucks.

[Redd Jedd]

Originally Posted by scottzilla

*sigh*. I didn't say, imply or suggest in any way buyers will, should, etc. make anything up to anyone. Quite the contrary actually; I said numerous times the market will stagnate because sellers won't be able to come down and buyers won't be able to go up.

I also said nothing about a shortage of houses. I said there will be too many houses for sale, but no buyers, for reasons listed previously.
Sellers will be forced to sit, wether they like it or not, because the days of "Short selling" will end.

I don’t think the market will stagnate as much as you think. No buyers and plenty of sellers usually equate to lower prices, as buyers force the prices downward since they have plenty of stock to choose from and will pit sellers against one and other. Couple this with the current economic conditions and stricter lending practices, and sellers will begin to cave as they’ll be willing to accept a little less than the guy down the street so they can sell their house now and not tomorrow, as tomorrow’s price will be lower. If they are selling for a reason other than they want to sell to get what their neighbor sold for in 2006, as their house lingers on the market, they will be willing to deal.

The sellers who will be forced to sit are the ones that want to sell, but don’t want to sell short. In the next 3 to 5 years however, there will be plenty of people who need to sell for various reasons and who bought before or during the run up in prices. They won’t be selling short, but also won’t be selling at 2006 prices either. What their neighbor sold for in 2006 is now irrelevant as those prices were based in the “old normal”.

[barbk]

All towns on long Island are not created equal in terms of drop in actual sales prices. Towns like Babylon and West Islip cannot, and should not be compared to Brentwood,Bayshore, and Central Islip, which have an unusually high percentage of short sales/foreclosures, which absolutely affect the median sales price figures. To give you an idea, Babylon has about 100 homes on the market. Brentwood has over 500! Its all about supply and demand. The extention of the first time buyer tax credit and expansion to include current homeowners until April 30, 2010 should further reduce inventory levels there by driving prices up once again. Will it ever be where it was 3-4 years ago?? I doubt it.

[MikeyKid]

Originally Posted by barbk

All towns on long Island are not created equal in terms of drop in actual sales prices. Towns like Babylon and West Islip cannot, and should not be compared to Brentwood,Bayshore, and Central Islip, which have an unusually high percentage of short sales/foreclosures, which absolutely affect the median sales price figures. To give you an idea, Babylon has about 100 homes on the market. Brentwood has over 500! Its all about supply and demand. The extention of the first time buyer tax credit and expansion to include current homeowners until April 30, 2010 should further reduce inventory levels there by driving prices up once again. Will it ever be where it was 3-4 years ago?? I doubt it.

L-O-L the Realtor speaks

Whose median sales figures include foreclosures? None that I have ever seen. Most of the stats are about as bogus as the unemployment numbers.

How you even write "driving prices up once again" is beyond me... it's laughable. It's being propped up with that tax credit and they're still only moving the lower price points at any substantial level.