Queens Homes (Marathon: mortgage, houses, neighborhoods)

[teacher30004]

Been driving through Whitestone/Malba area and I've noticed that many people are buying homes, knocking them down and building mini mansions that utilize every piece of land possible. Don't get me wrong, the homes are beautiful, but I have one question

How are these people paying for them? I don't get how everyone has a million bucks to burn.

Please inform me.

Thanks.

[analyticalkeys]

Malba has always been known for having extremely wealthy people; this is nothing new for that area. Mike Piazza lives there, or he did before.

[teacher30004]

True, but what about other surrounding areas?

[Andysocks]

I happen to find building the only mansion on a block full of little typical Queensy homes is a bit obnoxious. If anyone has ever seen the monstrosity on Marathon Pkwy and Thebes Ave then they should know. Douglaston and Little Neck are known for having a few old mansions here and there, specifically in two distinct neighborhoods (in Douglaston north of 38th Rd, a historic district I believe, and in Little Neck on either side of Little Neck Pkwy south of Northern Blvd but north of Horace Harding), but then some rich folks build an oversized mansion on a block that's otherwise made up of semi-detached houses... okay?

What's even worse about it is that once you enter the blocks full of old mansions, especially Douglas Manor, you realize how pathetic and gaudy (and pastel!) the new mini-mansions look in comparison.

[starplow]

A lot of people also turn around and sell the house for more then it cost when they finish and move on

[Minus]

Originally Posted by teacher30004

True, but what about other surrounding areas?

Whitestone has some fairly affluent residents, too. I saw some of these mini mansions going up around 110th/112th St. in Forest Hills, too - not the same area, but similar.

[teacher30004]

so are you saying that most of these homes are created by investors? how do people afford to buy these homes?

[Andysocks]

^^^ by being rich, plain and simple. many, if not most, of the people who live in these types of houses are immigrants who own an obviously successful business. most native families in Queens, should they strike it rich, are much more likely to move out to Long Island.

[UpstaterInBklyn]

How are these people paying for them? I don't get how everyone has a million bucks to burn.

In many cases, they are trading up by using appreciation from a former home. When you can sell your home for a 6-figure profit, you have a nice fat downpayment for the next one. Depending on the numbers, you can trade up to a more expensive place without even increasing your mortgage payments (but you would have more debt of course).

[BXGEAR]

Originally Posted by Andysocks

^^^ by being rich, plain and simple. many, if not most, of the people who live in these types of houses are immigrants who own an obviously successful business. most native families in Queens, should they strike it rich, are much more likely to move out to Long Island.

Agreed