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Old 04-16-2019, 06:10 PM
 
1,434 posts, read 2,119,265 times
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I live in Stony Point and I am thinking about making a move out of here. I love it but I want to be closer to family and friends. I am amazed you paid so much for your house in 2010. I was following the market after the 2009 and ended up buying in 2011 for $490K for amazing, modern home and sq. footage with mountain/valley views! Also, the access to mother nature is incredible. My house was built in 2003 and the previous buyer purchased it for $650,000. I have been following the market closely since we moved here. Unfortunately, unless the taxes go down or they build a train, I don't think the market will pick up. I agree its hard to socialize if you aren't born and raised here or have no kids. The schools are great till high school like you said. The B+ rating? Which site did you get that from? And as for NY state taking over 80% of the Mirant debt? Where did you hear that from and when?


The realtors are blowing hot steam up your rear end! Check websites to see what the houses comparable to yours are going for. That will give you a better idea realistically of what sellers are getting and what buyers are actually paying.


I know a realtor or two, both willing to make a deal 50-50 on their commission.
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Old 04-16-2019, 07:14 PM
 
27 posts, read 11,685 times
Reputation: 30
Quote:
Originally Posted by Mistertee View Post
I live in Stony Point and I am thinking about making a move out of here. I love it but I want to be closer to family and friends. I am amazed you paid so much for your house in 2010. I was following the market after the 2009 and ended up buying in 2011 for $490K for amazing, modern home and sq. footage with mountain/valley views! Also, the access to mother nature is incredible. My house was built in 2003 and the previous buyer purchased it for $650,000. I have been following the market closely since we moved here. Unfortunately, unless the taxes go down or they build a train, I don't think the market will pick up. I agree its hard to socialize if you aren't born and raised here or have no kids. The schools are great till high school like you said. The B+ rating? Which site did you get that from? And as for NY state taking over 80% of the Mirant debt? Where did you hear that from and when?


The realtors are blowing hot steam up your rear end! Check websites to see what the houses comparable to yours are going for. That will give you a better idea realistically of what sellers are getting and what buyers are actually paying. House is 3200 sq. ft. Basement another 2500 sq. ft. 3 car garage, pool, generator, etc. Doesn't mater. I'm screwed in the house. Just trying to stop the bleeding. Don't get me wrong, I LOVE the house. The area has not improved at all. The only positive is you can walk to Bear Mountain in about 15 minutes; which is pretty cool. One could say it got worse in terms of social life. As for social life. Please... Hard time entertaining when you tell people you live in Stony Point. Unreal. I feel like a hermit sometimes. Lol.


I know a realtor or two, both willing to make a deal 50-50 on their commission.
I had a few come by from BHAG, KW, Sotherbys. All believe I'd get at least 750k. The house next to me, 2 acres over, sold for around 675k. Smaller lot, smaller house, unfinished basement and 29k in taxes. Either way, I'm going to lose. I paid less than the original owner for the house. However, I had to do a lot to fix things. When I moved here, they were supposed to add the train to the Tappan Zee bridge. Cuomo backed down and that hurt all of Rockland, then add the Mirant BS. Unreal. I really made a fvcked up decision 9 years ago. My parents tell me, look at it this way, If you were still renting, you'd be paying around 2.5k a month on rent in a nice area. $2,500k x 12 months = 30,000.00 a year. Times 30k x 9 years, and you've "saved and not lost" $270,000.00. Still doesn't make me feel better.

The purple dinosaur lady listed the house yesterday. Her com. is only 3%.

Link to NY State bailout - https://www.lohud.com/story/opinion/...bt/3009583002/

No luck this year though.
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Old 04-17-2019, 04:50 AM
 
68 posts, read 23,161 times
Reputation: 43
Quote:
Originally Posted by Craigsquestions View Post
Ahh, yes, Author avenue bread and pastries. Can't get much better than that. Well, you can, but you'll need a time machine to back waybackwhen in Brooklyn or the Bronx.

I've considered Yonkers and New Rochelle too, but I like some privacy. Plus, I checked the taxes, they are insane in Westchester County outside of the dev zones. I want to pay less taxes, not more. I am surprised Westchester residents are not demanding more insight on where the money is going. Rockland has the same issue. People are from Rockland are moving mostly to Bergen as the taxes are half for the same house. IDK. I think I am up sh!ts creek here in finding a new place to live.
Did you consider a two family house? A 3 bedroom apartment goes for $2,000 a month or more in East Yonkers, that's double the amount of taxes on the house, let someone else pay your bills! I would rather have more money than privacy, LOL, but I'm a retiree now. The house across the street from me was bought a few years ago, the resident owner rented two floors, now he is looKing for another house in Yonkers to buy and rent so he must be doing very well.
Yonkers and Westchester property taxes recently went up over 8% after the Democrats won the election.
I lived in Florida for ten years on a company transfer, the lower cost of living was nice, and I enjoyed the beaches, my house and pool, and Disney World, but it's too hot, there's too much crime now, and the medical care isn't up to par.
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Old 04-17-2019, 01:15 PM
 
1,516 posts, read 975,607 times
Reputation: 3483
Quote:
Originally Posted by Craigsquestions View Post
I had a few come by from BHAG, KW, Sotherbys. All believe I'd get at least 750k. The house next to me, 2 acres over, sold for around 675k. Smaller lot, smaller house, unfinished basement and 29k in taxes. Either way, I'm going to lose. I paid less than the original owner for the house. However, I had to do a lot to fix things. When I moved here, they were supposed to add the train to the Tappan Zee bridge. Cuomo backed down and that hurt all of Rockland, then add the Mirant BS. Unreal. I really made a fvcked up decision 9 years ago. My parents tell me, look at it this way, If you were still renting, you'd be paying around 2.5k a month on rent in a nice area. $2,500k x 12 months = 30,000.00 a year. Times 30k x 9 years, and you've "saved and not lost" $270,000.00. Still doesn't make me feel better.

The purple dinosaur lady listed the house yesterday. Her com. is only 3%.

Link to NY State bailout - https://www.lohud.com/story/opinion/...bt/3009583002/

No luck this year though.
When you say her commission is only 3%, does that mean on both sides of the transaction? I'm assuming so, since you used the word "only"

I agree with your parents though, you should also add in the tax benefits of owning. Over a 9 year period you are way ahead, even if you "lose" value on the house. When I FSBO-sold a house after living in it for 12 months, I paid about $5-6k all-in on the closing and still came out ahead over renting. Rentals of identical homes were $400/mo more than my mortgage payment, and I got a tax deduction for $12k of property taxes and about $13k of interest. So my tax savings were ~22% of 25k.

All in, in that first year I saved $5,550 of taxes and $4,800 of additional rent that I would have paid, or around $10k. The analysis is a little different in 2018 and beyond due to tax reform, but there are still savings over renting (though you really need to sell FSBO if you're not in a house for a while; not talking about your situation but was very true in mine).
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Old 04-17-2019, 08:40 PM
 
27 posts, read 11,685 times
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Quote:
Originally Posted by wp169 View Post
Did you consider a two family house? A 3 bedroom apartment goes for $2,000 a month or more in East Yonkers, that's double the amount of taxes on the house, let someone else pay your bills! I would rather have more money than privacy, LOL, but I'm a retiree now. The house across the street from me was bought a few years ago, the resident owner rented two floors, now he is looKing for another house in Yonkers to buy and rent so he must be doing very well.
Yonkers and Westchester property taxes recently went up over 8% after the Democrats won the election.
I lived in Florida for ten years on a company transfer, the lower cost of living was nice, and I enjoyed the beaches, my house and pool, and Disney World, but it's too hot, there's too much crime now, and the medical care isn't up to par.
I like privacy and quietness. I also work from home a lot, so I do not know if a duplex would do it. I lived in a apt building before and neighbors are busy bodies. I think I'm screwed.
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Old 04-17-2019, 08:42 PM
 
27 posts, read 11,685 times
Reputation: 30
Quote:
Originally Posted by NYCresident2014 View Post
When you say her commission is only 3%, does that mean on both sides of the transaction? I'm assuming so, since you used the word "only"

I agree with your parents though, you should also add in the tax benefits of owning. Over a 9 year period you are way ahead, even if you "lose" value on the house. When I FSBO-sold a house after living in it for 12 months, I paid about $5-6k all-in on the closing and still came out ahead over renting. Rentals of identical homes were $400/mo more than my mortgage payment, and I got a tax deduction for $12k of property taxes and about $13k of interest. So my tax savings were ~22% of 25k.

All in, in that first year I saved $5,550 of taxes and $4,800 of additional rent that I would have paid, or around $10k. The analysis is a little different in 2018 and beyond due to tax reform, but there are still savings over renting (though you really need to sell FSBO if you're not in a house for a while; not talking about your situation but was very true in mine).
3% total. Yea, I know, and they have a point, but I cannot find anything in Westchester or Bergen at 900k with decent cut rooms. They seem very small and nearly all homes have no privacy. I swear, you can see into each others yards and in many cases, what they were doing inside their homes.

I am having a hard time finding a replacement home here..
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Old 04-22-2019, 08:06 AM
 
1,516 posts, read 975,607 times
Reputation: 3483
Quote:
Originally Posted by Craigsquestions View Post
3% total. Yea, I know, and they have a point, but I cannot find anything in Westchester or Bergen at 900k with decent cut rooms. They seem very small and nearly all homes have no privacy. I swear, you can see into each others yards and in many cases, what they were doing inside their homes.

I am having a hard time finding a replacement home here..

I agree, finding the right home around here is difficult, but what you describe isn't impossible. I live in a little neighborhood in Chappaqua where the homes range from ~$750k to $2m. I got one for $850k that was in good shape and had a flat 1 acre yard. I became friends with a couple that moved into one of the $750k houses and honestly I feel like they got the better deal- my house definitely isn't $100k better than theirs (theirs wasn't for sale when I was looking).


Mine is 1 acre of flat grassy land, 2600 sq ft finished, 1100 sq ft unfinished basement, and a 3 car garage. I'm happy with it.
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Old 06-03-2019, 07:29 PM
 
131 posts, read 244,626 times
Reputation: 70
You purchased an expensive home and decided to upgrade it further. Now its time to move on. Live there for a few years and sell it. No biggie.
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Old 06-05-2019, 08:26 AM
 
131 posts, read 244,626 times
Reputation: 70
wrong post!
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Old 06-05-2019, 11:26 AM
 
Location: Connecticut
26,370 posts, read 42,337,048 times
Reputation: 7840
Quote:
Originally Posted by wp169 View Post
Stamford is in the top 10 of lowest property appreciation rates for 2019, sounds like you will be in the same boat if you buy
over there. CT is rated 49th in fiscal solvency! I considered moving to CT a few years ago and even consulted a Redfin realtor, started moving things from my second floor to the basement in anticipation of moving to a brand new townhouse in Danbury, but in the meantime all the bad news about CT. fiscal condition was breaking, the taxes on the townhouse I wanted skyrocketed, so I stayed in NY. With the new tax laws the wealthy are leaving CT in droves and you will be left holding the bag to pay the bills (like the teacher's pensions while they retire and live it up in cheaper Florida) of tax and spend CT.
You've been reading the New York media too much. They love to trash Connecticut (jealousy?). Connecticut has been addressing its fiscal issues for several years now and it is successful. The Bonding agencies have upped its outlook to positive and the state is in line to have $2.65 billion in its Rainy Day Fund by the end of the fiscal year.

The headlines about people leaving Connecticut in "droves" are greatly exaggerated to get people to click on the story. The fact is Connecticut's population has only dropped a couple of hundred people which statistically is nothing when you consider we have 3.5 million people. Plus because this is an estimate and not based on an actual census count, its margin for error is very very high.

Connecticut is home to more Fortune 1000 companies Per Capita than any other state. We have been rated the most innovative state and are home to several large defense contractors. The world’s largest hedge fund, Bridgewater, just made a major commitment to stay and expand here. Two of our largest employers, Pratt & Whitney just completed its $200 million engineering center and Electric Boat is spending $850 million to expand here as are a large number of their subcontractors. Charter Commutations and Indeed are adding hundreds to their Stamford headquarters with Charter building a new 777,000 square foot home there.

New Haven has been named the No. 1 place Millennials are moving to and Hartford has been named by Glassdoor as one of the top five places to find a job. Both Hartford and New Haven’s rental markets are among the very tightest in the country. Hartford is home to several of the largest and most prominent insurers in the world including Travelers, Aetna, The Hartford and Cigna. UTC Research has just completed their new $50 million headquarters in East Hartford. Cocoa Cola is building their new $42 million sales center in South Windsor along with doing a $25 million expansion to their bottling plant in East Hartford.

New Haven is home to one of the most prestigious universities in the world and is home to a growing medical research center. Jackson Labs medical research center at the UConn Medical Center is also making amazing strides. I could go on but you get the idea.

I am guessing that the townhouse in Danbury was in Rivington which is a large planned development on the grounds of the massive Matrix complex. As I understand it they had a 5-year tax abatement by the city which expired so taxes there went up to what they should have been in the first place. Still they are significantly lower than what you would pay in Westchester. Overall taxes in Danbury, as well as most of Connecticut have gone up only to be adjusted for inflation. That is not bad. Jay
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