Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Running errands and bouncing around yard sales a few weekends ago in Levittown, Wantagh, Bellmore and was surprised to see SOLD tacked on to the many for sale signs and also many buildable lots with new construction single family (nice) homes going up. Maybe it's the interest rates or maybe the SOLD signs are a trick by realtors but SOMEBODY is buying these overpriced, overtaxed properties. As insane as LI is, the dream continues for those who want a back yard I guess.
Then again, most of the yard/moving sales were folks who sold and are outta here. My unscientific polling shows the older folks seem to be going to Florida, younger to N and S Carolina. On a side note...the older folks are selling EVERYTHING! The young ones selling the junk and taking everything.
It doesn't change my view of the dysfunctional decline of LI's economy but housing this spring is definitely on the upswing, at least in these middle price ($350k-$650k) towns. Glad I challenged my assessment. These new punks can pick up the cost!
EDIT: Thought maybe it was Sandy money but these were not flood damaged areas and I am NOT referring to renovations but actual new construction (cleared land, new framing).
Every house in my neighborhood that's gone up for sale in the last year has sold in less than 6 months, for varying amounts below asking price (depending on how ludicrous or reasonable the initial listing was, the guy asking $450K for his high ranch got $50K less).
The sellers are mixtures of retiring folks and a few who have lost high paying jobs in the area who have to get out.
The buyers are families with a cop or teacher involved, or people who work at Stony Brook University or the Hospital.
Running errands and bouncing around yard sales a few weekends ago in Levittown, Wantagh, Bellmore and was surprised to see SOLD tacked on to the many for sale signs and also many buildable lots with new construction single family (nice) homes going up. Maybe it's the interest rates or maybe the SOLD signs are a trick by realtors but SOMEBODY is buying these overpriced, overtaxed properties. As insane as LI is, the dream continues for those who want a back yard I guess.
Did you check the demographics of the people who are buying? I would presume that some of them are Asians. My guess is that parts of Long Island are becoming suburbs of Flushing/Queens. This is true at least for the North Shore as East Asians migrate eastward along Northern Blvd. There is now a noticable Asian presence in Port Washington. Same thing might be happening in Central LI and south shore particularly as the north shore becomes more expensive.
Remember an OP here who planned to buy a house in Hickesville with pure cash? Paid for by south asian parents and dad was a taxi driver in Queens.
So my hypothesis is that it's Asians who are buying now.
Last edited by Forest_Hills_Daddy; 06-12-2013 at 09:59 AM..
I guess most buyers on LI are civil servants or business owners. I can't imagine paying a 400, 000 morg with 8, 000 in taxes. Worst of all look at what you get for it. Just think I believe levits were 6, 500 now look at them. How are college graduates going to be able to pay both their high student loans and a mortgage? Guess the kids will be home untill they reach 40. At that time they will realize , it is not worth living here. Then they will move off the island.
My anecdote. I live in Brooklyn but I'm ready for the suburban life. I put a bid for full listing price for a house in Port Washington, the day after the initial open house. I got outbid and now its in contract with the highest bidder. Same thing happened with a house a put a bid on in Manhasset 2 months ago. The North Shore is a sellers market.
On the brighter side, my condo in Brooklyn property value continues to rise... my neighbor just sold an identical unit for an insane amount of money. DUMBO never really got affected by the real estate downturn.
The buyers are families with a cop or teacher involved, or people who work at Stony Brook University or the Hospital.
Is this an assumption? There are ZERO teaching jobs available here. Cops also have a long wait. If they are teachers, they already had that money and likely would be somewhere already. How about - people out of state who have money and want the best for the kids...? Seems like a common theme with new posts who ask which towns are best.
Did you check the demographics of the people who are buying? I would presume that some of them are Asians. My guess is that parts of Long Island are becoming suburbs of Flushing/Queens. This is true at least for the North Shore as East Asians migrate eastward along Northern Blvd. There is now a noticable Asian presence in Port Washington. Same thing might be happening in Central LI and south shore particularly as the north shore becomes more expensive.
Remember an OP here who planned to buy a house in Hickesville with pure cash? Paid for by south asian parents and dad was a taxi driver in Queens.
So my hypothesis is that it's Asians who are buying now.
Yes this is my feeling too. When I went to school in this town back in the mid-90s, there were 3 asians and a small handful of indians in my graduating class. Now you look at something like the honor roll in the same town and see all kinds of asian/indian names. My immediate neighbors are either indian or white/jewish retired probably on their way out at some point. A new indian family from CT with 3 kids recently moved in a few houses down. The house behind us is selling and I will not be surprised if it's another minority young family with kids - for the schools. Because to pay that asking price is ridiculous if it weren't.
My belief is that the strong family culture they (we) grew up in allowed a lot of them to save up more money and get a headstart. In another thread I had stated the freedom so many kids (with families not as tight) seek the minute they turn 18 is just recipe for financial hardship. Same goes for parents who throw their kids out at 18 in the name of "independence".
If LI weren't a place for schools, you would never see this influx of minorities. That's not to say only minorities are doing this - everyone new I've met here moved here for the schools. And that's more important than money to many. Someday we'll be the old empty-nesters looking to move out too.
Yes this is my feeling too. When I went to school in this town back in the mid-90s, there were 3 asians and a small handful of indians in my graduating class. Now you look at something like the honor roll in the same town and see all kinds of asian/indian names. My immediate neighbors are either indian or white/jewish retired probably on their way out at some point. A new indian family from CT with 3 kids recently moved in a few houses down. The house behind us is selling and I will not be surprised if it's another minority young family with kids - for the schools.
If LI weren't a place for schools, you would never see this influx.
My belief is that the strong family culture they (we) grew up in allowed a lot of them to save up more money and get a headstart. In another thread I had stated the freedom so many kids (with families not as tight) seek the minute they turn 18 is just recipe for financial hardship. Same goes for parents who throw their kids out at 18 in the name of "independence".
This might be a good topic for a demographic paper or NYT article. If this is true then I am not really surprised. Suburbs, after all, are places people go home to after working in the business centers. And the places closest to Nassau where there is a lot of commercial activity right now are areal like Flushing, Elmhurst, Bensonhurst and Ozone Park. It is not inconceivable that people who work there (Asian immigrants) would target Nassau as the suburb to move to once they prosper while continuing to work in Queens.
Manhattan and Brooklyn may be developing decent residential areas but these are for people who work in the Manhattan offices. The people working in Queens have fewer decent places to go home to and establish roots.
However, I do not think all of LI will benefit from this pattern in the foreseeable term. Some places will, some won't.
Unfortunately I could not check demographics from a "SOLD" banner on a lawn sign. Just not enough info there. I didn't ask who people sold to, just where they are moving to. Of 5: 1 staying local but moving into Mom's house after she passed away, 2 to Florida, 1 NC, 1 SC.
As for the "ooo, poor teachers" homily. They have been having Core Standards trainings all week here and lordy I can't believe the percentage of luxury sedans and SUVs taking up the parking lot. Anecdotal? You bet. Guess every one of these folks has a rich spouse.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
