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Old Yesterday, 11:09 PM
 
21,227 posts, read 14,050,512 times
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Quote:
Originally Posted by iLoveFashion View Post
Iím still having a hard time understanding why far to reach places that arenít open to many people are expensive?

Iím talking about SouthEast Queens, Southeasr Brooklyn, Most of Staten Island and most of The Bronx.

Who are the buyers buying up these homes allowing these prices to stick?
People who are in a position to buy, and find whatever particular area is fight for them, including giving value for their money.

Staten Island market appeals to families looking for good schools and (still, though fast changing) suburban lifestyle while being within commuting distance to the city.

Property taxes in NYC are much lower than similar properties say in NJ, LI, or Westchester, hence people going to Staten Island, parts of Brooklyn, etc... where they can get a house with some land around it for a reasonable price.

Long as you pick the right area SI has great K-5 and 6-8 public schools. High schools as with rest of city is a crap shoot because things are what they are. But there are several excellent private high schools, and of course SI Tech (public).

Will give you prices seem to be getting ahead of themselves. Small houses on tiny lots in not so great areas of SI or even just "good" parts are asking between $600k to over one million. As have frequently said, all that money for a house and you're still a driveway apart from your neighbors. That is if you even have a driveway.

You have to understand some people just don't come from a culture of renting. They'll do so if pushed up against the wall, but actively are trying to own any way possible.
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Old Today, 03:11 AM
 
72,736 posts, read 72,559,630 times
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Quote:
Originally Posted by BugsyPal View Post
People who are in a position to buy, and find whatever particular area is fight for them, including giving value for their money.

Staten Island market appeals to families looking for good schools and (still, though fast changing) suburban lifestyle while being within commuting distance to the city.

Property taxes in NYC are much lower than similar properties say in NJ, LI, or Westchester, hence people going to Staten Island, parts of Brooklyn, etc... where they can get a house with some land around it for a reasonable price.

Long as you pick the right area SI has great K-5 and 6-8 public schools. High schools as with rest of city is a crap shoot because things are what they are. But there are several excellent private high schools, and of course SI Tech (public).

Will give you prices seem to be getting ahead of themselves. Small houses on tiny lots in not so great areas of SI or even just "good" parts are asking between $600k to over one million. As have frequently said, all that money for a house and you're still a driveway apart from your neighbors. That is if you even have a driveway.

You have to understand some people just don't come from a culture of renting. They'll do so if pushed up against the wall, but actively are trying to own any way possible.
this year many areas were revalued and city taxes are 5 digits . the increases were crazy we saw in bayside .plus we have a city income tax too .... the city used to be cheaper but apparently that is changing once you start to see 10-12k in taxes
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Old Today, 03:12 AM
 
72,736 posts, read 72,559,630 times
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Originally Posted by SeventhFloor View Post
Ya'll waste too much time analyzing stuff

If u have no money, then thats it

People make careers predicting this crap

It doesnt matter what falls or rises

If U dont have money U cant play!
those that make a living predicting this stuff are no better then the weathermen , who suck at predicting .

if a weatherman merely said todays it is going to rain , he would be right more often then they are , according to the firm that tracks weatherman accuracy
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Old Today, 05:40 AM
 
138 posts, read 71,437 times
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Quote:
Originally Posted by mathjak107 View Post
this year many areas were revalued and city taxes are 5 digits . the increases were crazy we saw in bayside .plus we have a city income tax too .... the city used to be cheaper but apparently that is changing once you start to see 10-12k in taxes
I've seen this. I was looking across the river in cities like Jersey City and Newark who also used to boast about lower taxes. Smaller lots, even with shared driveways (rarely a driveway in JC) easily with 10-12K in taxes. It's ridiculous. Same here in NYC. I know of someone who added a second story to their ranch in Southeastern Queens and their taxes are now 12.5K.
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Old Today, 06:51 AM
 
72,736 posts, read 72,559,630 times
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Originally Posted by ThatCareerGuy View Post
I've seen this. I was looking across the river in cities like Jersey City and Newark who also used to boast about lower taxes. Smaller lots, even with shared driveways (rarely a driveway in JC) easily with 10-12K in taxes. It's ridiculous. Same here in NYC. I know of someone who added a second story to their ranch in Southeastern Queens and their taxes are now 12.5K.
the bayside forum on facebook is chock full of discussions over the increases the last year in real estate taxes . the city used to be lower because we have a personal income tax but now we have both the income tax and high real estate taxes
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Old Today, 07:49 AM
 
Location: Confines of the 101 Precinct
19,807 posts, read 34,950,185 times
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Quote:
Originally Posted by mathjak107 View Post
the bayside forum on facebook is chock full of discussions over the increases the last year in real estate taxes . the city used to be lower because we have a personal income tax but now we have both the income tax and high real estate taxes
Lol there's nowhere to go, LI's property taxes is thru the roof (pun intended)

Westchester makes LI property taxes look like daycare
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Old Today, 09:32 AM
 
Location: Boston, MA
784 posts, read 1,049,200 times
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Originally Posted by SeventhFloor View Post
Lol there's nowhere to go, LI's property taxes is thru the roof (pun intended)

Westchester makes LI property taxes look like daycare
Agreed. Not to mention the $10K cap on SALT (including property taxes) under TCJA.

This has to either impact the Real estate market or increase household housing expense burden. Either way, it's not good news for current homeowners.
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Old Today, 09:36 AM
 
138 posts, read 71,437 times
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Quote:
Originally Posted by SeventhFloor View Post
Lol there's nowhere to go, LI's property taxes is thru the roof (pun intended)

Westchester makes LI property taxes look like daycare
Easy to find properties where the taxes are $20-$30K in Westchester.
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Old Today, 03:07 PM
 
21,227 posts, read 14,050,512 times
Reputation: 14797
Quote:
Originally Posted by ThatCareerGuy View Post
I've seen this. I was looking across the river in cities like Jersey City and Newark who also used to boast about lower taxes. Smaller lots, even with shared driveways (rarely a driveway in JC) easily with 10-12K in taxes. It's ridiculous. Same here in NYC. I know of someone who added a second story to their ranch in Southeastern Queens and their taxes are now 12.5K.
You have to be very careful about buying in NJ, and this means doing due diligence about local taxes.

At first glance home prices in some really nice areas like Maplewood look comparatively cheap compared to NYC. Then you see the local property and other taxes, hence the "low" price.

People are willing (for most part) to pay those high taxes for same reasons they do in LI, Westchester and Conn; perception they are actually getting value for their money. Good to excellent public schools and things for the kids, along with other tangible things that benefit themselves.

OTOH you pay what some consider high NYC single to three family property taxes (hint, they aren't really), and it's like flushing your money down the toilet. City and state take that money and use it for their various social schemes.
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Old Today, 03:19 PM
 
72,736 posts, read 72,559,630 times
Reputation: 50254
Quote:
Originally Posted by SeventhFloor View Post
Lol there's nowhere to go, LI's property taxes is thru the roof (pun intended)

Westchester makes LI property taxes look like daycare
My son pays in the 23k range in rye brook in westchester ..our other son pays 10500 in Jersey but the house in jersey is half the size too
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