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With what has gone on with the real estate market the past 3 years or so, how can housing prices on LI still be so inflated?...
For the money, and the property you get, plus the insanely high property taxes, for a decent house you are still paying about 400K....
Meanwhile, in most other states you can get a brand new house, everything included, low property taxes, a half acre of land, for about almost half the price (200-250K)....
Every time I read the newspaper or hear about how "depressed" and deflated the housing market still is, and how it has not bounced back like the stock market has, I guess they are not talking about LI.
Can someone explain why housing prices are still so high here? Especially in Nassau?
A regular, plain vanilla ranch will run you 500K in parts of Nassau......
Ridiculous. And they wonder why all the 20 and 30 somethings are leaving for cheaper states and more affordable housing.
LOL... I have to agree with you. I'm not sure WHO is actually buying these houses. And if you can find a house for 400k in a decent neighborhood, it's gonna need LOTS of work too!
LOL... I have to agree with you. I'm not sure WHO is actually buying these houses. And if you can find a house for 400k in a decent neighborhood, it's gonna need LOTS of work too!
I think people owning starter homes who want to stay on LI are buying up to 600k houses in Nassau.
Some from the city are moving to the burbs who buy these houses also.
Nassau will always be in better shape than Suffolk however worse the mkt may be.
To the OP.... can you move to suffolk, your chances of finding a great home will increase dramatically. You will probably buy a house whose homeowner is either getting out of NY OR buying that 600K house in Nassau.
Meanwhile, in most other states you can get a brand new house, everything included, low property taxes, a half acre of land, for about almost half the price (200-250K)....
What's wrong with these brand new houses, everything included? going for $250k...
If the LI housing market is not for you, why not buy one of those?
Because someone who paid $500K or more 5 years ago isn't selling for $400K now. Just not gonna happen unless they absolutely, positively have to. It's like there's a standoff going on. I look at houses in my old town and some of them have been on the market a looooong time. One in my old neighborhood, this is its 3rd spring on the market. And that's just one example.
As far as others - your house is worth what someone will pay. We thought we overpaid in 1997, sold last year for a profit, and I wasn't going to worry about the buyers - either someone would pay what we asked or they wouldn't. They did.
I'm 27 and will be leaving as soon as I find another position.... It's not that we can't afford the house, its can we afford the taxes and utilities too! Even being in a good financial position, I think dollar for dollar there are much better places to buy than on Long Island. The problem is economic...we have stagflation on LI, ever increasing expenses with low economic growth/output. The housing situation- homeowners still want to hold out for they're price and are still living in that 2005-06 fantasy.
I'm 27 and will be leaving as soon as I find another position.... It's not that we can't afford the house, its can we afford the taxes and utilities too! Even being in a good financial position, I think dollar for dollar there are much better places to buy than on Long Island. The problem is economic...we have stagflation on LI, ever increasing expenses with low economic growth/output. The housing situation- homeowners still want to hold out for they're price and are still living in that 2005-06 fantasy.
I agree with you.... I would loosely say the purchasing power has gone down on LI in the past few years.... and each time is different.... need to evaluate your priorities. So you can either make your decision to leave based on your and your friends real life experiences or you can wait here for the next rapture.
We are house shopping in Suffolk. Only a very few homes have actually gone to contract since the spring season. There are very few buyers out there. Very few. Those that are, are buying lower and smaller. The houses that have sold have all been VERY well priced (very low). What we see is that the houses that are still on the market are either on the market b/c people HAVE to sell (job relo or lost job) or those that are seeing what they can get, but don't have to sell. The first group is still holding out b/c they don't want to have to bring money to the table. That group will soon start dropping prices or figure out a way not to sell if they can. The second group will just keep hanging on. We think we will start to see large price reductions begining in mid June through July for those that have to sell. We are still in a downward market, so buying before the prices dip in the summer seems foolish. At least to us. When the lower priced homes start to sell, they will set the market. Higher apprasials will not be available. It's still going down.
Long Island has been this way since at least the 80's where most of the country had housing costs (taxes, mortgage, etc) taking up about 25% and the Island was about 35% (it's been a while so take that number with a grain of salt). What's it at now?
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