state of the real estate market...in my world (Medford: new home, buying)

[alexei27]

Poor market timing at its best...

We bought the 4br 2 bath Cape in Sound Beach in Jan 2008 for 274K

Listed it in May 2012 for 240K

Lowered it to 219K in July

Not sold as of today. Taking the buyout offer from my job for 208K

Ouch.

[ClarkStreetKid]

Forgive me for not believing this beacause as everyone knows that all housing on Long Island holds it's value.

[LongIslandEddie]

Foolishness lies in the heart of the buyer of Long Island property. I am sorry for your troubles.

[ovi8]

That's 208k more than you had 4 years ago!

[mathjak107]

we had bought a 2nd home in one of the hottest areas in pa 5 years ago.

we decided to sell it. it took 1 year exactly and we sold it 6 weeks ago.

we paid 235k and got 230k. however the closing costs are another 10% so we pretty much lost 25k in the deal.

remember to figure in those closing costs on the buy and the sell. they really amplify those losses.

[KellyFG]

Wow, that really stinks! The starter houses under $250 some as low as $170 aren't selling at all in my neck of the woods. I think tougher lending standards have really put a pinch on people stretching to get in a first home. Homes over $300 seem to sell but not as fast as they did even two years ago.
Sorry you had to take such a hit, but I hope you and your family are loving your new home!

[twingles]

Originally Posted by rh71

That's 208k more than you had 4 years ago!

Right because he's walking away with $208K in his pocket. He's losing his down payment and the bank gets the rest. Did one of your twins get on your computer and post that??? I hope the $208K pays his mortgage.

Sorry alexei, that really stinks. Only silver lining is that you CAN get rid of it via the buyout. Does your employer pay costs too (closing etc).?

[peconic117]

Originally Posted by LongIslandEddie

Foolishness lies in the heart of the buyer of Long Island property. I am sorry for your troubles.

Yeah Foolishness... Because no other states have suffered drops in housing prices(many much worse than LI). Oh and let's not forget the expats here who bought in the 90s or earlier then walked away with a few 100k profit. Fools indeed

Alexei good luck to you, thank goodness for the Feds buyout program (even though you took a hit)

[okaydorothy]

Ours sounds like this ; bought nice victorian in Medford in 2004 for 429,000. At height of market someone bought in our development for 525,000.
Sold in June 2012 for $355,000. Nobody gave us a buyout.

[mongoose65]

Forgive my ignorance, but what is a "buyout offer from my job?" Your employer is buying the house?!?