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Compared to houses in the upper $300k north of 25A, these upper $200k-s in the S-section are in good condition...
Care to share WHERE these houses are?? I see 1 house for $299k that needs atleast $50k of updates...and previous sold are in the mid $300's. They must be foreclosures, and who knows what updating they need...and yes..they will affect comps, but I think your dreaming of finding a "nice" house in stony brook under $300k. BTW...IMO these lower $300k houses are very good deals.
Under $300k in the S-section:
currently 3 listings (2 of them under contract); a 4th sold in the last 6mo.
MLS#: 2430382 (under contract)
MLS#: 2429184 (under contract)
MLS#: 2448158 (listed for 60 days)
one sold for $280k in 10/2011
It's clear these cannot be jewels, but they are popping up, and none are foreclosures or short sales, and all seem to be in liveable condition...
Your not kidding they are not jewels...lol. Sorry, but these need alot of work! Liveable? Sure, but windows, roofs, boilers, appliances, plumbing...and such NEED to be replaced, and cost $. These are good deals, but expect to put alot of $ back into them. If you are handy, they are great deals.
Who cares about 3V, the larger point was about decent LI being in the 3s again and at record low interest.
Let's get back OT.
Care to explain your vote?
Crooks
everyone's definition of "decent" is different but you can even go lower than that. 48 homes in the West Babylon SD on MLS currently listed for under 300k. And there's 88 in Lindenhurst. 79 in Deer Park.
These are safe ares with solid school districts...not to mention reasonable commutes to Manhattan, parkway access, proximity to ocean beaches/Babylon village, Venetian Shores, etc.
They are far from insane compared to the rest of the country. In many parts of Florida you have housing prices down now closer to 1998 prices, nevermind 2002. In 2000 on LI you could buy a new house in a good school district for under 300K. We aren't close to that yet.
I will tell you from my own experience watching certain towns and neighborhoods on a weekly basis, that 20% below asking bids are not what updated houses in good districts on LI are going for. 10% is about the mark. There are some people out there with money to buy..but they are buying updated houses.
The dated stuff that people used to buy in 2006, and get a HE loan out to update..that's not happening anymore..so the old beat up stuff sits for months on end. All the best houses I've seen in the last few months have sold in a month or 2, and have sold around 5-10% below seemingly inflated asking prices.
Yes there is a ton of inventory out there, but look at what the inventory is...it's houses nobody, who can afford to buy, wants to buy. The good stuff sells relatively quickly.
I agree with this. It depends WHERE a house is and WHAT condition it is in. Good stuff is selling. Junk is sitting and stills needs price reductions if it is to sell.
I voted no because I think that LI is a very old market with old housing stock. I think that more people will move off the island than on and that older inventory will sit for a long, long time, driving prices down. Very little business here, and what is here is going bankrupt or moving off island. There is a lot of business that supports residential areas, like retail, gas stations and resturaunts. However, these don't really support an area. Suffolk will be harder hit than Nassau, but over all people will leave the island and housing prices will drop further.
everyone's definition of "decent" is different but you can even go lower than that. 48 homes in the West Babylon SD on MLS currently listed for under 300k. And there's 88 in Lindenhurst. 79 in Deer Park.
These are safe ares with solid school districts...not to mention reasonable commutes to Manhattan, parkway access, proximity to ocean beaches/Babylon village, Venetian Shores, etc.
All of those towns are decent.
(and even NYC commutable)
I voted no because I think that LI is a very old market with old housing stock. I think that more people will move off the island than on and that older inventory will sit for a long, long time, driving prices down. Very little business here, and what is here is going bankrupt or moving off island. There is a lot of business that supports residential areas, like retail, gas stations and resturaunts. However, these don't really support an area. Suffolk will be harder hit than Nassau, but over all people will leave the island and housing prices will drop further.
Where do you own now?
Are you planning to sell?
Crooks
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