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House #1 ; Patchogue ; bought in 1996 for $98,000. It was minutes from a foreclosure.
Now its probably worth about $300,000
House #2 Farmingville. Bought in 2000 for $220,000. Probably worth about $450,000 but its zoned J2.
House #3 Medford. Bought in 2004 for $429,000. Probably only worth $480,000 now.
Dorothy
I understand by responding to a post I must subsequently post my details but first, not sure what the zoning reference does to the pricing (maybe commercial) but if it is straight residential I would be surprised to see it go for 450k given the community challenges in the area. As for the Medford home, could you provide some details because I would be surprised to see much appreciation for any homes bought in the 400's in that area from 2004 forward, especially in the current market. Just curious on the bed/bath, updates, etc.
Huntington (Harborfields) 3br/2ba ranch
2001 $545,000
2007 $850,000 - $1,000,000 (the ranches around here generally command $900K - 1+ million. We've also upgraded and renovated quite a bit.)
When Did You Buy Your Home?
How Much Did You Pay?
What's It Worth Now?
We bought a cape in Oceanside in 1978
we payed 45,000
We did lots of updates over the years, put a full upstairs on it....when we sold......it was a colonial.
we sold in march 2007 for 470,000
Empty nest......house became to big for us.....
Yes, it is zoned J2 so I believe and maybe I am wrong in this, that it is more of a commercial appreciation ; maybe i am wrong.
Medford ; it is a 6 year old house, 4 beds, 3 1/2 baths, 2/3 acre but I am not looking to sell.
Now maybe you will share your info here?
d
Of course...it is only fair
'00 bought in Holbrook for 219 (4 BR splanch .25+), sold for 389 in 03-04 (when the papers were finally signed)
'04 bought Smithtown 499 (4 br colonial .25+), in the current market I am guessing 539k, give or take.
I think in general some of the higher end areas are overestimating the current market worth. It gets worse from a housing price standpoint as you go up in my opinion (say 599-899) and then remains fairly insulated above that. In another thread somebody asked the Moser guy if the perspective that the lower end of the market is looking at remaining reductions of 5% while the upper end still needs significant reductions (say, 20%) was true. I think so at present. I forget what our in-house realtor thought but maybe he could toss in his two cents again. I think there is currently little appreciation in the immediate market compared to prices for purchase up to about 3 years ago. What do you say Tom??
Huntington (Harborfields) 3br/2ba ranch
2001 $545,000
2007 $850,000 - $1,000,000 (the ranches around here generally command $900K - 1+ million. We've also upgraded and renovated quite a bit.)
'00 bought in Holbrook for 219 (4 BR splanch .25+), sold for 389 in 03-04 (when the papers were finally signed)
'04 bought Smithtown 499 (4 br colonial .25+), in the current market I am guessing 539k, give or take.
I think in general some of the higher end areas are overestimating the current market worth. It gets worse from a housing price standpoint as you go up in my opinion (say 599-899) and then remains fairly insulated above that. In another thread somebody asked the Moser guy if the perspective that the lower end of the market is looking at remaining reductions of 5% while the upper end still needs significant reductions (say, 20%) was true. I think so at present. I forget what our in-house realtor thought but maybe he could toss in his two cents again. I think there is currently little appreciation in the immediate market compared to prices for purchase up to about 3 years ago. What do you say Tom??
Most people overestimate their current market value.
We are most certainly going through one of the inevitable market corrections. The 20% reduction for the upper end and the 5% reduction for the lower end came from the chief economist for the Long Island Association. I agree that she is probably right. Historically, you see about a 3% per year increase over the long haul, but it can fluctuate in the short-term.
What I am getting out of everyone's posts here is that if you treat your house like a home, instead of like a financial instrument, and live in it for a good while, you will almost certainly see it increase significantly in value.
Almost all the homes here are on at least an acre (some may be .80, but most are 1 or more.)
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We bought a cape in Oceanside in 1978
No problemo
