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You bought at the height of the bubble. Houses nearly doubled. You will not see your purchase price for another 10 years, if that. The economy is not exactly roaring back, despite what Obama and the govt says. I bought my crappy ranch in Nov 2004 in Holtsville for $350k. The previous owners paid $180K two years prior, so it practically doubled in that time. I sold the house 7 years later in 2011 for $250k. The house lost $100k value. A house on the same street just sold for $180K, so it won't happen in many years, if ever. Those prices in the mid 2000s were as phony as the Tech bubble stocks that crashed in 2000. I bought $15k of stock at that time. It dropped like a rock and never came back. I finally wound up selling it all for about $2500. That's what happens when you buy in a bubble.
The bubble you're citing was a macro factor, the conditions keeping LI (and by LI, I mean Suffolk Cty.) prices stagnant (they're sure not going down) is the micro factor the economy on LI is largely anchored by public jobs and hospitals. Without a diversified and growing economy, those house prices will likely stay the same or sink slowly. There are regions in the US where the real estate market has zoomed like 2005 and those are areas with lots of private businesses, low taxes, etc.
I also agree, the Govt is overstating how the economy is really performing. Obama has been a non-starter for our economy and it's been like Bush III for the most part.
The bubble you're citing was a macro factor, the conditions keeping LI (and by LI, I mean Suffolk Cty.) prices stagnant (they're sure not going down) is the micro factor the economy on LI is largely anchored by public jobs and hospitals. Without a diversified and growing economy, those house prices will likely stay the same or sink slowly. There are regions in the US where the real estate market has zoomed like 2005 and those are areas with lots of private businesses, low taxes, etc.
I think Nassau and the western end of Suffolk have the potential to come roaring back if NYC's economy improves. Eastern Suffolk relies more on the types of jobs you described, and I read that real estate farthest from major city cores took the biggest hit in the R.E. meltdown.
In NY, people in "public jobs" are beginning to look like the new 1%.
That said, my area (Valley Stream) lost 15% in value since the drop, and is slow to recover compared to other areas near the city. I'm not sure what to expect or believe anymore.
The Donus case has been discussed in GC News extensively. She's written multiple letters to the editors herself, something about her kid being disruptive in class because his book was printed in Australia. Of course the school can't comment due to privacy laws. I heard they moved and I sincerely hope her children are doing well. But I'm sure there are two sides to this story folks, and the other side can only talk in court.
Oh and those comments were not all written by Garden City residents, you know.
From the original story posted:
Donus is a mother of three children diagnosed with Autism Spectrum Disorder. Her twins Dimitri and Michael, both 10, were diagnosed with Autism Spectrum Disorder at the age of 3. Maxx, 4, was diagnosed with the same disorder at the age of 12 months.
Oh, I see autistic kids can tell if something is printed in Australia and it sets them off! Donus herself sounds like she's a freaking moron ... without even hearing about her insane letters to the editor. She has a pair of TWINS, both with autism and then she gets pregnant again and has another autistic child? What an idiot! Everyone knows the odds are much higher of having more autistic kids if you already have one, let alone two!
So now she's struggling with raising THREE autistic kids, and naturally expected the Garden City School District to hand everything to them on a silver platter and do as much as possible (to make less work for her). What about personal responsibility? Nobody told her to have a THIRD autistic kid! Sorry if I sound mean, but it's true. Anyone who has a kid with autism should not keep reproducing if they cannot hack it and then expect the school district or the government to do everything for them. When it comes to autism, a lot of them just cannot be forced to talk, learn, behave well, etc., if their brain isn't able to do it no matter what the school district does with them. They are what they are and that's it. Parents should remember the school district cannot wave a magic wand and reprogram an autistic brain. There's only so much special ed can do. Sure it helps, but it does not cure anything.
Some towns like RVC and GC are back to near all time highs.
Having lived in GC and continuing to follow the RE market there (although not as obsessively as I once did) I have to disagree with this statement. And the higher priced areas (particularly the central section) are still sucking wind big time. Once a upon a time you could $2 mil just for being on a numbered street, now some of them will be lucky to get half that. Some aren't even ASKING half that.
I have a friend that sold a house there 4 years ago. New owners have EASILY put in $200K worth of improvements; house is back on the market for what they paid 4 years ago.
We bought house in 2006 in LI in good school district. We are trying to sale due to job move. Why market is still not recovered? I see in Texas housing market is so hot. Prices are going up every month. Even our neighbor NJ has good market. Why only in Long Island market is still down.
New York is still one of the highest prices. We bought our home in 2004 for $700,000 and in 2010 we sold for $500,000. $500,000 is not low. We moved to Ohio and bought our home for $150,000. You cannot find a 2,000 sf/ 4 bedroom home in a decent neighborhood on Long Island for $150,000. For $500,000 in Ohio you can buy a mini mansion, but who wants these anymore. Not me. As far as Texas being "hot", I think it is the weather that's "hot" not the market.
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