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As per the article above, Nassau is the third worst housing market for the next 5 years, right behind Miami (#1) and Atlantic City, NJ (#2):
Thanks for the post, but it's tough to understand why. I mean with being within 1 hour commute to NYC at most, any rise in employment over the next 5 years has to include NYC, right? If not, it's a doomsday scenario for the economic forecast if NYC doesn't see employment pick-up in the next 5 years. I'm assuming improving NYC employment helps Nassau housing demand recover. JM2C
Who knew Yahoo Finance could see all the way to 2016?
This study is not by Yahoo - - it is by FISERV-CASE SCHILLER. That is one of the most reputable housing authorities around.....certainly a notch or two more reputable than the NAR
It remains to be seen. You have a lot of people approaching retirement age in Nassau. The guys working on Wall St buy houses in Garden City and Manhasset, not Levittown. Have you seen what monthly payments look like on a 400K house when you factor in taxes and PMI? It's enough to make anyone not making north of 150K reconsider buying...most families on LI are making under 100K combined.
Don't you think there are a lot of people who will be looking to get out in the next 10 years? People whose house are paid off and want to move to Florida and not pay $9K a year in property taxes, let's say? Maybe that's what they're factoring in.
Just for S&G's I ran a search on properties in a few Nassau towns. It is amazing how little updating there is in so many houses in Nassau with asking prices between 400 and 500K.
It remains to be seen. You have a lot of people approaching retirement age in Nassau. The guys working on Wall St buy houses in Garden City and Manhasset, not Levittown. Have you seen what monthly payments look like on a 400K house when you factor in taxes and PMI? It's enough to make anyone not making north of 150K reconsider buying...most families on LI are making under 100K combined.
Don't you think there are a lot of people who will be looking to get out in the next 10 years? People whose house are paid off and want to move to Florida and not pay $9K a year in property taxes, let's say? Maybe that's what they're factoring in.
Just for S&G's I ran a search on properties in a few Nassau towns. It is amazing how little updating there is in so many houses in Nassau with asking prices between 400 and 500K.
All of this is spot on......the big Wall Street guys are buying in the Gold Coast (Great Neck, Manhasset, Port Washington, etc.) and the Hamptons.....not Levittown or East Meadow or those other towns in Nassau....
Again, why would a young couple want to pay 400K for a house when it is 50 years old with no updates, when they could move to the Carolinas or Florida which has no income tax and the property taxes are half of what they are here.....
All of this is spot on......the big Wall Street guys are buying in the Gold Coast (Great Neck, Manhasset, Port Washington, etc.) and the Hamptons.....not Levittown or East Meadow or those other towns in Nassau....
Again, why would a young couple want to pay 400K for a house when it is 50 years old with no updates, when they could move to the Carolinas or Florida which has no income tax and the property taxes are half of what they are here.....
Well, that jobs thing is a biggie.
A young couple looking at $3500 a month house (pinciple, interest, pmi, taxes) that hasn't been updated since 1970 as opposed to a $2000 a month rental is probably going to opt for the $2,000 a month rental. The rental market on LI is strong and getting stronger despite low interest rates. That pesky PMI and property taxes.
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