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Old 05-23-2010, 10:34 PM
 
1,837 posts, read 1,462,136 times
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Quote:
Originally Posted by Crookhaven View Post
You can always just talk yourself out of buying?

All progress involves risk.

Crooks
And home buying in a bubble requires stupidity or absolute neccesity.

We're looking, but not going to buy some POS 400K home that needs 100K in work just because the realto says its a good time to buy. We'll keep our eyes open and I'll keep checking (we usually drive around areas we're visiting friends/family in to see if we like it then look at MLS), but I'm thinking the housing will come back down after this 8K government stimulus and the fed decides to stop pandering to people who made a bad decision.
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Old 05-23-2010, 10:35 PM
 
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Quote:
Originally Posted by OhBeeHave View Post
Supply and demand. Houses which are priced appropriately for their location/amenities appear to be selling. We had a 2 BR 1 BA postage stamp in my neighborhood go for $360K last week. You and I wouldn't go for that, but someone else did.

Have you considered the cost of buying a half acre of land in the areas you're considering and building new?

There's 1/2 acre for $150K on Jonathan's Path in Rocky Point. (Has beach rights)

East Setauket has 1/2 for $315 and 1 acre for $319K

At least by building new you can control some of the costs.
Yep, looked. 300K/acre is highway robbery.
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Old 05-23-2010, 10:39 PM
 
7,658 posts, read 11,101,477 times
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Quote:
Originally Posted by SilverBulletZ06 View Post
And home buying in a bubble requires stupidity or absolute neccesity.

We're looking, but not going to buy some POS 400K home that needs 100K in work just because the realto says its a good time to buy. We'll keep our eyes open and I'll keep checking (we usually drive around areas we're visiting friends/family in to see if we like it then look at MLS), but I'm thinking the housing will come back down after this 8K government stimulus and the fed decides to stop pandering to people who made a bad decision.

Thats fine, I felt the same way when I bought in.
I was terrified too.

I just wouldnt hold my breath for a time machine.
Not as long as LI remains the Suburbs of the greatest city in the world.

I thinks theres some good buys to be had and I think were closer to a bottom than a top.

Remember its all relative.

Good luck

Crooks
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Old 05-23-2010, 10:41 PM
 
Location: Hawaii
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I'm not a real estate expert, but to me, an item-- any item, including a house-- is worth what a person is willing to pay for it. So even though those homes have large glaring imperfections, they are still worth that price because a significant number of people are wiling to pay it.
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Old 05-23-2010, 10:54 PM
 
Location: Inis Fada
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Quote:
Originally Posted by SilverBulletZ06 View Post
Yep, looked. 300K/acre is highway robbery.
Given the dearth of available, buildable land, the land value on LI won't be dropping much.
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Old 05-23-2010, 11:05 PM
 
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Originally Posted by OhBeeHave View Post
Given the dearth of available, buildable land, the land value on LI won't be dropping much.
People said the same about houses.
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Old 05-23-2010, 11:08 PM
 
Location: Inis Fada
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Quote:
Originally Posted by SilverBulletZ06 View Post
People said the same about houses.

One can always level the old and build a new house, but they can't build new land.

Please answer me honestly -- do you really want to buy a house on LI?
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Old 05-23-2010, 11:12 PM
 
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Quote:
Originally Posted by SilverBulletZ06 View Post
People said the same about houses.
and Manhattan
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Old 05-23-2010, 11:15 PM
 
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Quote:
Originally Posted by OhBeeHave View Post
One can always level the old and build a new house, but they can't build new land.

Please answer me honestly -- do you really want to buy a house on LI?
If it weren't for the economics of this place I'd enjoy LI more. Looking to buy, not looking to add to the bubble is all.

"Buy land, they aren't making any more of it" Mark Twain ?
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Old 05-23-2010, 11:35 PM
 
Location: Inis Fada
13,900 posts, read 16,518,508 times
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Quote:
Originally Posted by SilverBulletZ06 View Post
If it weren't for the economics of this place I'd enjoy LI more. Looking to buy, not looking to add to the bubble is all.

"Buy land, they aren't making any more of it" Mark Twain ?
Do you feel that the bubble hasn't burst?
We're seeing the subprime chickens come home to roost, however I doubt the bottom is going to fall out obscenely.

Those Levitts which sold for $4k new are still in the $300K range. My mom and dad bought theirs for $24K in late 69, sold it for $40K in early 74. What's that -- a 60% increase in 5 years? Why not go back to 75 and calculate a value based upon then? There was plenty of land to build upon, lots of new houses going up to compete with the existing inventory. We don't have that now. As buildable land becomes scarce, it will go up in price, provided it's not on a toxic dump.

Prices will correct, but only so much. I only hope I am correct in feeling that they won't return to 1990 prices.
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