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Old 07-05-2013, 08:12 PM
 
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We own in Bayside. Just wondering - is this a bubble? House prices have really jumped in 2 short years.

Lots of Asian (especially Chinese) newcomers here now - is there a pent up demand?
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Old 07-05-2013, 08:19 PM
 
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Bayside has long had pent up demand from Asians from Flushing who have prospered and migrated east along Northern Blvd. It's not just Bayside where they buy. They also settle in Douglaston, L-Neck, Auburndale, Manhasset, G-Neck and P-Wash. Don't be surprised if the areas along the PW line become one Asian metropolitan area someday like the San Gabriel Valley.
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Old 07-06-2013, 03:04 AM
 
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until you get that offer on yours it don't mean a thing. we live in bay terrace and home prices are all over the place. people are asking crazy prices but are actually going to contract for much less.

houses are unique unlike stocks.

there could be hundreds of homes available in the area you want to buy.

the only home that counts is the one your wife wants.

if it isn't your home ,the fact someone paid more for the home their wife picked is really meaningless to you.

we sold our home in the poconos last july for just 5% less than the peak price while others are down 30% in the area.

the wife fell in love with ours and it was a done deal. the others still have not found buyers even at 30% less.

the fact my home got more did not make theirs worth anymore.

in stocks we call it a stock pickers market.

it means whether your home price is up or down may be very different from what the market is seeing as a whole.

the tide that brought a rise in prices we are seeing has not floated all ships like in a real up-turn.

if you notice in our area relatively few homes have the for sale signs coming down.

Last edited by mathjak107; 07-06-2013 at 03:48 AM..
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Old 07-25-2013, 05:36 PM
 
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Originally Posted by mathjak107 View Post
until you get that offer on yours it don't mean a thing. we live in bay terrace and home prices are all over the place. people are asking crazy prices but are actually going to contract for much less.

houses are unique unlike stocks.

there could be hundreds of homes available in the area you want to buy.

the only home that counts is the one your wife wants.

if it isn't your home ,the fact someone paid more for the home their wife picked is really meaningless to you.

we sold our home in the poconos last july for just 5% less than the peak price while others are down 30% in the area.

the wife fell in love with ours and it was a done deal. the others still have not found buyers even at 30% less.

the fact my home got more did not make theirs worth anymore.

in stocks we call it a stock pickers market.

it means whether your home price is up or down may be very different from what the market is seeing as a whole.

the tide that brought a rise in prices we are seeing has not floated all ships like in a real up-turn.

if you notice in our area relatively few homes have the for sale signs coming down.
My neighborhood and street is selling fairly quickly at high prices. (And we will stay here at least another 10 years, it looks like, so I am not invested in this issue so much.)

House next door, unoccupied 4 years, single family house with 4 bedrooms, older house, sold for $740 K with much work to be done and new owners are doing renovations. House 3 houses away is up for upper 800's and will sell I am sure in mid 800's. House 9 houses down the block, smaller than ours, sold for $820 about 6 months ago.

All are single family houses, 60+ years old, not multi family houses, not one of them, and they are getting these prices.

Two years ago the house next door was estimated at $650 and it got $740, the one that was unoccupied.

Poconos is different entirely. I would never buy there, no offense. Not near anything, a huge commute to a city for work, etc.

Don't try to compare your Poconos situation with Bayside. It's not in the same league whatsoever. And I don't even like Bayside all that much!
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Old 07-25-2013, 05:40 PM
 
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I was not comparing the two places. My statement is it is all about the house and not so much about the other homes around you right now.

It is a very selective market everywhere. We live in bay terrace and there are co-ops and homes that have been on the market for years. Others go in a few weeks and for good solid prices.

All ships have not been lifted with the tide in our area or any area yet.

When markets are strong everything sells and elevates in price but that is not our market at this stage.

Many homes are just a cut below what sells and they are not benefiting from any price rises.

Last edited by mathjak107; 07-25-2013 at 05:49 PM..
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Old 07-25-2013, 05:50 PM
 
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Quote:
Originally Posted by mathjak107 View Post
I was not comparing the two places. My statement is it is all about the house and not so much about the other homes around you right now.

It is a very selective market everywhere. We live in bay terrace and there are co-ops and homes that have been on the market for years. Others go in a few weeks and for good solid prices.

All ships have not been lifted with the tide in our area or any area yet.

Many homes are just a cut below what sells and they are not benefiting from any price rises.

Yes, it is all about the house. But it is also about the neighborhood if the house is comparable to others here on my street and sales that have been showing much higher prices on my street - actual sale prices. I mean, compared to 2 years ago. Much higher and I was surprised, truth be told.

I am not thinking of co-ops. But co-ops are all over Bayside, I will grant you. We live in a neighborhood of all one family houses and no co-ops at all.
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Old 07-25-2013, 05:56 PM
 
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This market has been very selective. When our kids were looking in our area there were endless homes to see .

But the fact that there were so many homes for sale didn't matter since none fit the bill of what they were looking for.

When they see that one home that they like they will buy it and all the rest are not competitors.

Like i said a strong market is like when the major stock indexs pull all stocks good or bad upward with them and there are buyers at those prices.

What we are seeing is more a stock pickers market where individual homes are selling based on their own merit and everything else just sits or sells at lower prices not higher.
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Old 07-25-2013, 07:36 PM
 
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It seems only Asians can get loans these days. If owner wants to sale quickly at highest price, the new owner will most likely be Asian.
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Old 07-26-2013, 06:51 AM
 
Location: Plandome, NY
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Originally Posted by bill83 View Post
It seems only Asians can get loans these days. If owner wants to sale quickly at highest price, the new owner will most likely be Asian.
many Asians don't even get loans. my own sibling got outbidded by cash buyers a at least 3x in that part of queens....all in the low 7 figure territory. My sib sold her condo in north queens to all cash Asian buyers as well.
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Old 07-26-2013, 09:40 AM
 
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Bayside will be all Asian in about 20 years.
I've watched houses being sold by non-Asians being bought by Asians where I live over and over.
The Italians, Irish, Greek, etc. who used to live here are leaving
and not having families here anymore.
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