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This is for a friend of mine who commutes to Manhattan for work.
His budget is about $900K-$1M.
He found two houses which he finds suited to his tastes.
There are pros and cons to each.
CSH house
Pros: Close to train station, close to gas stations/shopping centers, possibly good resale potential since it's in the most affordable neighborhood in the district, house is in good condition.
Cons: Half-acre, relatively small house.
Lloyd Neck house
Pros: 2 acres, house possibly has good resale potential since Lloyd Neck has a lot of prestige tied to it, fairly large house for its price.
Cons: Far away from everything (it's fifteen minutes to the closest gas station), house needs TLC so will likely cost more in the end.
Which house would sell better?
Which house do you think is the smarter investment?
Personally, my bet is on the first house- simply because it's much closer to a lot of things and 1/2 acre is still a lot of property.
Last edited by CoolaTroopa; 08-29-2010 at 01:14 PM..
My take on Lloyd Neck is it is more for the independently wealthy & retired than the commuter due to it's location. I would think CSH is more appropriate for a person who has to take the train every day. I don't think you can go wrong either way though, and ultimately Lloyd Neck will always be the more prestigious and exclusive location, especially with the large lot sizes. Personally I would rather live on Lloyd Neck due to the privacy, but I think most people would rather live closer to amenities and transportation.
In a previous life I looked at both and ended up buying in CSH. At the time, I commuted to NYC and found it to be a lot more suitable. Five minutes to the station (in my area anyway) and close to Huntington and CSH downtown areas, yet the privacy of 2 acres.
While Lloyd Neck may be considered more exclusive (reputation for the most part), resale will always be more limited because you have to go over the causeway; if you have high tide and serious wet weather conditions, it can get rather "wet" on the causeway (say flooded) and in the winter, while they do take care of their residents, it'll be a long, slow ride to anywhere, especially if you get stuck behind someone who's not comfortable driving in snowy or icy conditions.
If you have children and they have extracurricular activities, add another 15-20 minutes to get anywhere (one way). Also, when you go through Lloyd Harbor, the Village police pretty much enforce the speed limit, so there's no speeding down West Neck Rd, even if there's no other car on the road.
Either way there's a private beach - for CSH it's Eagle Dock for a small annual fee.
Bottom line: for resale there will always be more buyers for CSH, simply because of it's proximity to "civilization". Although I do love the privacy of Lloyd Harbor, it's just not practical for the "average" working family w/children.
Both areas are nice but I am going to choose Lloyd Neck. The area is probably one of the most lucrative on LI. Yes it is far from town but people who make a lot of money usually want seclusion, privacy, and are willing to pay more to be away from town. I think the resale value will be much higher on a 2 acre home on a peninsula than a half acre home in town. Have you friend compare current listing prices for both areas.
Both areas are nice but I am going to choose Lloyd Neck. The area is probably one of the most lucrative on LI. Yes it is far from town but people who make a lot of money usually want seclusion, privacy, and are willing to pay more to be away from town. I think the resale value will be much higher on a 2 acre home on a peninsula than a half acre home in town. Have you friend compare current listing prices for both areas.
It's minimum half hour to a train station from the Neck. This guy commutes to Manhattan. Lloyd Neck is not feasible from that standpoint.
I have to agree with above poster though - $1 mil in Lloyd Neck? I'd love to see the house.
I would go for mls 2309991 in a NY minute. 4 br, 3 full ba, finished basement, 2 car garage, $945K with beach rights, on a dead end st which backs Caumsett Park and taxes $11K.
It is almost worth looking into selling my current house.
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I looked at both and ended up buying in CSH. At the time, I commuted to NYC and found it to be a lot more suitable. Five minutes to the station (in my area anyway) and close to Huntington and CSH downtown areas, yet the privacy of 2 acres. 
