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Old 02-17-2012, 05:08 PM
GPC
 
1,308 posts, read 3,401,227 times
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Originally Posted by twingles View Post
However, if you live in any of the area mentioned, and work where the big companies are, you are not getting 4-5 BR new construction for $250K. The new construction near me (close to Raleigh, Duke, UNC and Research Triangle Park) is more like $500K and up. It can be really nice, but it's not necessarily a bargain. And plenty of people make the mistake of moving off LI and getting sucked into buying a house like that.
Yes, I noticed that figure of $250K for new construction being off too. You can get a nice house here for $250K but it won't be extravagant. We paid a little over $300K and it's nice, not 'bells and whistles' nice, but plenty nice enough for us. We actually wanted something 'old' (read 1995) because we wanted a large yard. New construction is great but tends to have smaller lot sizes. We also didn't want to get in over our heads. For the first time in a long time, we feel like we own our house instead of our house owning us. It feels great living without a mortgage!

By all means, if a person can come to NC and buy a $500K house outright or comfortably afford it, then go for it. I'm sure those houses are beautiful but it comes down to priorities. It's just not a desire for me and my husband to own one. We don't want a monkey on our back anymore. There's a subdivision next to us with beautiful houses in that price range. We call them 'Ozzy' houses because they look like his house from that tv show a few years back. Personally though I like the houses in my subdivision better. They look more cozy and inviting; the 'Ozzy' houses are elegant in their appearance but actually look kind of cold and impersonal.
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Old 02-17-2012, 05:24 PM
 
909 posts, read 1,830,882 times
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Quote:
Originally Posted by twingles View Post
I'm saving $8800 a year in property taxes, $800 a year in HO insurance and probably a couple thousand in utility bills.

However, if you live in any of the area mentioned, and work where the big companies are, you are not getting 4-5 BR new construction for $250K. The new construction near me (close to Raleigh, Duke, UNC and Research Triangle Park) is more like $500K and up. It can be really nice, but it's not necessarily a bargain. And plenty of people make the mistake of moving off LI and getting sucked into buying a house like that. Out of the frying pan and into the fire, so to speak.

I would love to see that guaranteed appreciation for Long Island homes though. Better start telling the buyers who are so picky to stop worrying so much! And the flip side of that is the bigger the bubble the bigger the bust. I know plenty of people on LI who are literally stuck in their homes which are worth $100K + less than what they paid. I don't know anyone here who is remotely in that position. We have friends that bought at the height here and they are about $30K down off what they paid. Not that big of a deal especially they aren't going anywhere for at least 10 years. I had a neighbor in NY who paid $650K for a house, knocked it down and rebuilt a huge house and the market value is now about .... $700K. Maybe their heirs will be able to pay off the mortgage someday, LOL.
I am just going off the fact that in 1950 my wifes grandfather bought his home for 9k in RVC. Then in 1975 his daughter bought a house for 42k and finally present day that home was just appraised by the bank for 600k. So unless the tsunami finally comes or NYC is nuked I don't see a reason why this trend wouldn't continue. Of course there were many overachievers during this bubble. That doesn't mean that there weren't also many people who made a ton of equity during that same time frame using a little foresight and elbow grease.
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Old 02-17-2012, 05:33 PM
GPC
 
1,308 posts, read 3,401,227 times
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Originally Posted by Galicia#1 View Post
I am just going off the fact that in 1950 my wifes grandfather bought his home for 9k in RVC. Then in 1975 his daughter bought a house for 42k and finally present day that home was just appraised by the bank for 600k. So unless the tsunami finally comes or NYC is nuked I don't see a reason why this trend wouldn't continue. Of course there were many overachievers during this bubble. That doesn't mean that there weren't also many people who made a ton of equity during that same time frame using a little foresight and elbow grease.
The days of super appreciation are over and won't be seen again for a looooong time. Twingles and I were lucky; we bought our houses on LI in the late 1990s and sold them in 2010. I bought my house in 1999 for $297K and sold it for $620K. I was on a 20 year mortgage and 'only' owed $145K so I walked away with over $400K in cash. I think Twingles' scenario was similar. We were lucky to get in and out at a good time. Unfortunately, those days are over.

I certainly didn't buy my house in 1999 with the intention of selling it in 11 years and using most of the proceeds to buy a house in another state 500 miles away. Like most people, my husband and I fell in love with the house and intended to stay in it for 30 or 40 years. But as the years went on and the property tax and associated stupidity ensued, it just didn't make sense to stay. I'm glad we did what we did and are very happy with our decision. I just wish we didn't make the right decision, if you know what I mean.
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Old 02-17-2012, 05:43 PM
 
Location: Long Island, ny
152 posts, read 290,953 times
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GPC...what part of NC did you move to? We are looking into the Weddington area.
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Old 02-17-2012, 05:50 PM
GPC
 
1,308 posts, read 3,401,227 times
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Originally Posted by shirlgirl71 View Post
GPC...what part of NC did you move to? We are looking into the Weddington area.
Cary of course! I know Cary gets a bad rap for being the area everyone flocks to but I focused on it because my older sons want to get into the computer gaming/programming business. Cary is a mecca for the gaming business. Naturally I also wanted to live somewhere affordable, not only for me and my husband but for my sons as well. I knew they'd never be able to afford their own place on Long Island. We couldn't even afford it ourselves anymore, let alone help them someday. I was sad to leave it in a way since I was born and raised in NY; it'll always be 'home' to me. But there just wasn't a future there for us anymore.
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Old 02-17-2012, 05:58 PM
 
Location: Long Island, ny
152 posts, read 290,953 times
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I completely understand. It's becoming virtual impossible to keep ahead of the game...and my husband makes a very good salary too. The cost of living is simply taking away from the joy of living on LI.
We looked into Cary too....liked it alot. We're looking into the burbs of Charlotte. I have several friends from LI who have moved and love it.
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Old 02-17-2012, 06:07 PM
 
909 posts, read 1,830,882 times
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Quote:
Originally Posted by GPC View Post
The days of super appreciation are over and won't be seen again for a looooong time. Twingles and I were lucky; we bought our houses on LI in the late 1990s and sold them in 2010. I bought my house in 1999 for $297K and sold it for $620K. I was on a 20 year mortgage and 'only' owed $145K so I walked away with over $400K in cash. I think Twingles' scenario was similar. We were lucky to get in and out at a good time. Unfortunately, those days are over.

I certainly didn't buy my house in 1999 with the intention of selling it in 11 years and using most of the proceeds to buy a house in another state 500 miles away. Like most people, my husband and I fell in love with the house and intended to stay in it for 30 or 40 years. But as the years went on and the property tax and associated stupidity ensued, it just didn't make sense to stay. I'm glad we did what we did and are very happy with our decision. I just wish we didn't make the right decision, if you know what I mean.
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.
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Old 02-17-2012, 06:37 PM
GPC
 
1,308 posts, read 3,401,227 times
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Originally Posted by Galicia#1 View Post
How do you know that what has happened for last the 70 years won't continue?
Because of this: Late-2000s recession - Wikipedia, the free encyclopedia

You're fortunate you bought your house when you did. Be thankful for that but don't think anyone buying their first house in 2012 will be able to build up that much equity in 10 years time.
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Old 02-17-2012, 06:40 PM
GPC
 
1,308 posts, read 3,401,227 times
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Quote:
Originally Posted by shirlgirl71 View Post
I completely understand. It's becoming virtual impossible to keep ahead of the game...and my husband makes a very good salary too. The cost of living is simply taking away from the joy of living on LI.
We looked into Cary too....liked it alot. We're looking into the burbs of Charlotte. I have several friends from LI who have moved and love it.
Good luck! I've heard the same thing about Charlotte - it's also a popular destination for ex-Long Islanders.
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Old 02-17-2012, 06:54 PM
 
703 posts, read 1,169,238 times
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Quote:
Originally Posted by GPC View Post
Because of this: Late-2000s recession - Wikipedia, the free encyclopedia

You're fortunate you bought your house when you did. Be thankful for that but don't think anyone buying their first house in 2012 will be able to build up that much equity in 10 years time.
The gov can't keep interest rates low indefinitely and they won't risk raising them when the economy begins to recover. This will spark inflation and those holding real property will benefit.
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