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I will give my personal answer. I moved to LI bc to me, its an upgrade from queens/brooklyn. LI is literally an extension of queens/brooklyn. I grew up mostly in the better areas in queens almost all my life. In comparison LI (Nassau to be more precise) has more land, better schools, safer areas, etc etc. Of course like everything else, there are pro/cons where ever you live
Trimmed for expedience in replying... great post worthy of the rep I'm giving you.
To first reply to this you have to understand there is a material difference in specifically where you grew up on LI. To not admit this in the context of your mini rant here is disingenuous. LI has (and likely always will be) about segregation. You are clearly not afforded the same "opportunity" equally growing up in every town on LI. You also seem to conveniently forget how LI was simply the "relocation hotspot" itself for so long. People moved to LI with their "accumulated wealth chasing the top rated schools relocation hotspot" 20, 30 years ago. You won't ever consider it peaked? Do things always go up and never down?
To help illustrate this, I'll point you to my childhood clique who by far are the most "successful" (money to spend, travel, and buy toys) landing on the public dole in a union job at the town, county, or state level. Like their parents before them, they were handed a culture equivalent to the blue color mantra of "work hard and reap the benefits later". Sadly, most of them didn't get the actual work ethic and spent more time trying to "game the system". The opportunity for this path on LI is a dead end for the next generation due to the horrendous abuse over the past 30 years. Yet, a huge swath of Suffolk county is to this day still completely devoid of serious business acumen and maintains the blue collar past. Their kids aren't going on to nationally respected colleges any more then their parents did. These people are not a product of a "fast paced and cut throat competitive environment"... I mean seriously - have you driven through Farmingville? I lived there and trust me... Leaning on my horn and flipping the bird to illegals didn't make me more "competitive in business". It's great for what it is, but don't pretend it's more.
In contrast, my college friends are most "successful" as doctors, lawyers, and financial managers. True white collar types who I became friends with socially drinking, fraternity, etc and stay in touch with via FB. Sure, many of them were LIers being at a SUNY school... But that's not the point. I can assure you they aren't raising their kids at public schools in Suffolk county. Regardless, the point is that in this new USA of we don't make anything and "make money off money", you're not going to be at an advantage because you grew up in Ronkonkoma vs. ReloTown when it comes to university... we both know that more then ever, the "brightest" are not going to SUNY Oneonta. The best are going to the better colleges (most of them out of NYS) where they'll make the true "success" connections for their careers and future.
Lastly, people are no longer "accumulating wealth" (aka housing appreciation) just by being on LI. Combining this loss with the *** finally being up on the public union free rides of the past means you have a culture of... what? What do you do to accumulate wealth on LI today? Hope to invent the next silly bandz? or do you commute 2+ hours each way to an entry level job in NYC with hopes to get noticed and promoted?
In the end, don't get me wrong... I love hanging out and drinking with my boys from the hood on LI. Loooove it. So much fun. But I don't need to suck any geographic dong for the opportunity I will afford my kids for a great long term future. I paid my dues.
Dang...this post's great too. Damn good stuff here today!
I will give my personal answer. I moved to LI bc to me, its an upgrade from queens/brooklyn. LI is literally an extension of queens/brooklyn. I grew up mostly in the better areas in queens almost all my life. In comparison LI (Nassau to be more precise) has more land, better schools, safer areas, etc etc. Of course like everything else, there are pro/cons where ever you live
whooaaa, don't say "Nassau" and "like Brooklyn/Queens" in the same sentence here or the NIMBY gestapo will cart you away in the dark of night!
I don't think New Yorkers really look older. I think some of the sunnier places make people look older. Nothing worse than a little sun damage to age you right up.
Well let's just say NYC/LI is not for everyone. I get it. I like it, but not everyone does. What I don't understand is moving away and then being obsessed with telling everyone how much better it is where you are now.
Why do you care? I think I answered the original question honestly. You might love Virginia/NC/wherever but I have been there and while it's nice to visit, it's not for me. No matter how big and cheap the house. Not for me. I lived in Canada but I have never gone back to tell them how much more snow they have than NYC. Granted I don't spend much time on here at all, but I don't get it.
Obviously people are buying these 400k houses. Otherwise they would not cost 400k. So someone wants to live here.
What I don't get is people who are always downing LI as awful, unhappy, unhealthy, undesirable, etc., etc., etc., but who have planted themselves on it for the most tenuous of reasons and are prepared to stay here for decades to come, complaining all the way. That behavior is more ridiculous than the expats who are obsessed with telling us how bad LI is. Who is crazy enough to spend the best years of their life in a place they hate, surrounded by people they hate?
The reason its worth it is because you are guaranteed to have a supplemental retirement when you sell your house 30 years from now. Living in a new developement in a place that has tons of land is like renting for your whole life.
The reason its worth it is because you are guaranteed to have a supplemental retirement when you sell your house 30 years from now. Living in a new developement in a place that has tons of land is like renting for your whole life.
Nothing is guaranteed. I bought low 16 years ago. Made improvements to the house. Saw the value rise and now watching it sink. In 14 years, the mortgage will be paid off for a while, the interest will have been a princely sum compared to the principal, and after what I 1) put into it; 2) paid out in P&I, 3) ultimately sell it for; 4) Pay the Obamacare 3.8% real estate transaction tax (effective 2013); 5) Pay any capital gains on the sale; how much of a return is it really?
Status:
"Let this year be over..."
(set 15 days ago)
Location: Where my bills arrive
19,220 posts, read 17,072,760 times
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Quote:
Originally Posted by Galicia#1
The reason its worth it is because you are guaranteed to have a supplemental retirement when you sell your house 30 years from now. Living in a new developement in a place that has tons of land is like renting for your whole life.
Providing the market is inflated enough and the buyers exist to pay your perceived value. Many who thought the same or even worse bought at the inflated times are seeing their investment sink and others who are ready to retire now need to rethink if they still can. OBH above is right, "how much of a return is it really?" after you factor in the costs over the years.
The reason its worth it is because you are guaranteed to have a supplemental retirement when you sell your house 30 years from now. Living in a new developement in a place that has tons of land is like renting for your whole life.
Wow, that thinking is sooooo 2006! Most of us are in the middle of having 5-10 years equity disappear. Renting for 30 years and sinking the $1k/mo taxes into an IRA might be a much better investment. The point is you need a crystal ball to know or else you have to appreciate that you get to live in your investment and get to bang a nail when and where you want (but don't tell the Town).
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