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Let's put it this way to make it simple. If in 1950 a cost 12k and 1975 50k that is over 4x the price. Then in 2012 you can get a house for 400k thats 8x the price so why couldn't the next 30 year double or triple that price? I think it will just as it has for the last 70-80 years in the surrounding neighborhoods of the most important city in the world. If you believe that won't happen then you probably also believe that salaries will remain the same and the price of gas will also be similar.
When buying a home anywhere there will be expenses such as interest, taxes, insurance and all the other bs. In NY they will be higher than in the south of course. Would the difference in salary make up for the difference in expenses? In my case they surely would'nt.
There was a thread a couple weeks back by a LIer that moved to Atl 20 years ago. He got himself a new shiny home paid 150k. Now tragedy struck and he'd like to come back but, his home is worth 150k and the RE agent told him that it might take more than a year to sell. That is not good.
Long Island is extremely expensive and it's not for everyone. I agree.
So a person can make 25% more working on NYC, but have a 35% COL premium living on LI and that will help Island home prices to increase by 4 to 8 times their current value? I just want make sure I'm understanding your theory.
So a person can make 25% more working on NYC, but have a 35% COL premium living on LI and that will help Island home prices to increase by 4 to 8 times their current value? I just want make sure I'm understanding your theory.
Btw, what field are you in?
This is a debate that really shouldn't have gone so far. I am backing my theory with historical facts about a very sought after region of the US. Everyone else is giving their expert opinion and not backing up it up with much else. Regardless this is not the reason why people move to LI.
Despite what some on here believe people are still being hired from out of state to NY even to Uniondale LI as proof from many threads on this board. Also many residents bring their out of state gf/bf to marry and move to the Island. There are no shortage of people here as the population index hasn't changed in 40 yrs. The ones who can afford it stay so they can have their children grow up with grandparents, uncles, aunts and cousins. The one's that move away are replaced by those who are looking for a better life in a great place to be.
Enough of back and forth. In a few weeks I will be unwrapping the boat and getting it ready for another spring summer and fall of great times. The trees will be blooming and everyone will be happy again. I have to do my driveway this spring and will also be getting a new gate. Another day for you and me in paradise.
How do you know that what has happened for last the 70 years won't continue? I bought my house in 2001 for 175k and was just appraised for 500k. If I were able to move somewhere where I could just retire and not have to work then sure that would be great. To start off with no friends and family and no work contacts and in my field and a 35-50% reduction in salary it makes no sense. I was lucky understandably but, I understood the real estate market on LI at a young age and worked extremely hard. Also never wasted a $ on rent helped.
Sell it, i wanna see you get 500k. I'll appraise it for 700k GET IT!!!
I have seen the real estate market desperately trying to get these appraisals, but now suddenly the banks don't agree. . . so the buyer needs to come up with the short fall and then.. THEN they see oooops this isn't worth it. . .
Quote:
Originally Posted by ClarkStreetKid
May I ask what are the good reasons it should? Are LI salaries rising that quickly or companies expanding that much on the Island? Also wouldn't high housing prices too far off the norm act as a throttle as to new business and people moving in?
nope i haven't seen it
Quote:
Originally Posted by Galicia#1
This is a debate that really shouldn't have gone so far. I am backing my theory with historical facts about a very sought after region of the US. Everyone else is giving their expert opinion and not backing up it up with much else. Regardless this is not the reason why people move to LI.
Despite what some on here believe people are still being hired from out of state to NY even to Uniondale LI as proof from many threads on this board. Also many residents bring their out of state gf/bf to marry and move to the Island. There are no shortage of people here as the population index hasn't changed in 40 yrs. The ones who can afford it stay so they can have their children grow up with grandparents, uncles, aunts and cousins. The one's that move away are replaced by those who are looking for a better life in a great place to be.
Enough of back and forth. In a few weeks I will be unwrapping the boat and getting it ready for another spring summer and fall of great times. The trees will be blooming and everyone will be happy again. I have to do my driveway this spring and will also be getting a new gate. Another day for you and me in paradise.
Here is another historical fact that has PROVEN TRUE umpteen times.... societies crash and burn violently after 200 years. . . .
Paying attention to this govt we have, go read the thread with the bs fees for registration..... it's all going down. . . .
. As for proof traffic seems to be getting lighter, why last week i went from brklyn to ex 59 on sunrise 3 times in less than 1 hour and 10 minutes...... when things were GOOD and there were jobs that same ride was 2 hours PLUS. . .
I don't see people using helo's so must be lots of less people going to work and coming home from work. . .
Proof you say.... well proof shows history repeats, history shows all societies crash and burn hard. . . . Seems we're right back to religious wars or one mental side thinks its religious wars, either way same thing is happening. . .
This is a debate that really shouldn't have gone so far. I am backing my theory with historical facts about a very sought after region of the US. Everyone else is giving their expert opinion and not backing up it up with much else. Regardless this is not the reason why people move to LI.
Despite what some on here believe people are still being hired from out of state to NY even to Uniondale LI as proof from many threads on this board. Also many residents bring their out of state gf/bf to marry and move to the Island. There are no shortage of people here as the population index hasn't changed in 40 yrs. The ones who can afford it stay so they can have their children grow up with grandparents, uncles, aunts and cousins. The one's that move away are replaced by those who are looking for a better life in a great place to be.
Galicia, your historical fact leaves out that the Island has changed quite a bit since the 1950's and even since the 1980's. The Island's population has been aging in place which helps keep the population constant, along with immigrants (a large portion over the age of 45) replacing the younger Islander's who leave. in other words the Island's growth industry isn't aerospace or software but aging. check out the numbers of weddings on the Island, down quite a bit. So at this point I just don't see support for your theory of housing prices increasing by 4 to 8 times the current value.
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