Homes in Elmont... (New York, Hempstead, Valley Stream: foreclosure, mortgage, loans)

[Alaskapat528]

My mother-in-law is getting ready to sell her home in Elmont. She is in a pretty good neighborhood there. Can anyone tell me about the housing market there? Are the homes selling pretty fast or is there a slump? Thanks so much for any input.

[Walter Greenspan]

Originally Posted by Alaskapat528

My mother-in-law is getting ready to sell her home in Elmont.

For those who may not be familiar with Elmont:

Once called Foster's Meadow, Elmont is a hamlet (an unincorporated area) in the northwest part of the Town of Hempstead, in the west part of Nassau County, along the Nassau/NYC (Queens County) line.

Beginning on the north and moving in a clockwise direction, the Hamlet of Elmont in the Town of Hempstead is bordered on the north by the Hamlet of Bellerose Terrace, the Village of Floral Park, the Village of South Floral Park and the Village of Stewart Manor; on the east by the Hamlet of Franklin Square; on the south by the Hamlet of North Valley Stream; and, on the west by New York City (the Nassau/Queens County line).


http://upload.wikimedia.org/wikipedia/en/4/43/Elmont-ny-map.gif (broken link)


The Hamlet of Elmont has a different border than does the "Elmont, NY 11003" ZIP Code postal zone (i.e., a place can have an "Elmont, NY 11003" mailing address and not be in the Hamlet of Elmont and a place can be in the Hamlet of Elmont and have other than an "Elmont, NY 11003" mailing address): places that have an "Elmont, NY 11003" mailing address that are not in the Hamlet of Elmont are in the Hamlet of Franklin Square; and, at the same time, there are places in the Hamlet of Elmont with a "Valley Stream, NY 11580" mailing address.


For a good set of town-by-town maps showing all the villages and hamlets in each of LI's 13 towns (3 in Nassau County and 10 in Suffolk County): //www.city-data.com/forum/long-...-resource.html

[NSHL10]

Elmont is being hurt by the new tighter mortgage regulations requiring a more substantial downpayment. It has a higher than average foreclosure rate due to all of the 100% loans offerred a few years ago.
Price it right and get out fast before even more homes in the area become foreclosed.

[Alaskapat528]

Originally Posted by fopt65

Elmont is being hurt by the new tighter mortgage regulations requiring a more substantial downpayment. It has a higher than average foreclosure rate due to all of the 100% loans offerred a few years ago.
Price it right and get out fast before even more homes in the area become foreclosed.

Thank you. What a mess this housing situation is in all over the U.S. Will definitely do some quick fixer-up stuff and get it going fast. Thanks again, have a great day.

[Alaskapat528]

Originally Posted by Walter Greenspan

For those who may not be familiar with Elmont:

Once called Foster's Meadow, Elmont is a hamlet (an unincorporated area) in the northwest part of the Town of Hempstead, in the west part of Nassau County, along the Nassau/NYC (Queens County) line.

Beginning on the north and moving in a clockwise direction, the Hamlet of Elmont in the Town of Hempstead is bordered on the north by the Hamlet of Bellerose Terrace, the Village of Floral Park, the Village of South Floral Park and the Village of Stewart Manor; on the east by the Hamlet of Franklin Square; on the south by the Hamlet of North Valley Stream; and, on the west by New York City (the Nassau/Queens County line).


http://upload.wikimedia.org/wikipedia/en/4/43/Elmont-ny-map.gif (broken link)


The Hamlet of Elmont has a different border than does the "Elmont, NY 11003" ZIP Code postal zone (i.e., a place can have an "Elmont, NY 11003" mailing address and not be in the Hamlet of Elmont and a place can be in the Hamlet of Elmont and have other than an "Elmont, NY 11003" mailing address): places that have an "Elmont, NY 11003" mailing address that are not in the Hamlet of Elmont are in the Hamlet of Franklin Square; and, at the same time, there are places in the Hamlet of Elmont with a "Valley Stream, NY 11580" mailing address.


For a good set of town-by-town maps showing all the villages and hamlets in each of LI's 13 towns (3 in Nassau County and 10 in Suffolk County): //www.city-data.com/forum/long-...-resource.html

Wow, thanks for all that information.

[Kbinspections]

You may want to consider having an home inspection/termite inspection prior to listing it. At least you will know if there any major issues. Good luck.

[glden]

You should consider getting a market analysis from a realtor. It's free of charge. This was the advice given to me by the bank. Atleast you'll have an idea of what the house in worth in this troubled market. Hope this helps.

[Mantaray14]

I have a relative who lives in that town. I think Elmont is being hit a little harder than some of the other town in LI. He paid 340 for his house during the peak and he has a neighbor selling a somewhat similar house 4 doors down for like 220 in foreclosure.