why are long island home price still high? (Levittown, Lindenhurst: short sale, foreclosures)

[kanner]

I am first time home buyer, been looking around lately, but i am still price out of the better areas.

400k and up in most of these areas, i could only handle mid to low 300k

are there good area in my price range?
what special about long island thats keeping the prices high?
will we see a decline, and when?

[S.I.B.]

can you elaborate? Where have you looked so far?

[Kbinspections]

We have been lucky so far that the recession has not hit us full force. Home prices were still rising when Fla. began to tank.....

[corky101]

You're right - it's still over inflated. If I were a first time buyer, I would definately wait, we haven't hit bottom yet (imho).

[S.I.B.]

thing is, some of the nicer areas with good school districts will hold quite a bit of value throughout this recession or whatever it is. Despite the economic disaster, there's still thousands of people earng great salaries in and around LI. Those people have to live somewhere.

[Rachael84]

My fiance and I are in contract with a house in Levittown. It was a short sale. We got it for 275,000 and it's in mint condition. Just need to wait it out and look around. I'm sure you'll find something good. We felt the same way you did--we didn't think we would find anything. But along came this house

You can look into Levittown. Apparently it has the highest number of foreclosures in the country. You can find amazing deals and it's still a good town with good schools.

[kanner]

Originally Posted by S.I.B.

can you elaborate? Where have you looked so far?

mostly in ronkonkoma, smithtown, stonybrook, hauppauge areas

[kanner]

Originally Posted by Rachael84

My fiance and I are in contract with a house in Levittown. It was a short sale. We got it for 275,000 and it's in mint condition. Just need to wait it out and look around. I'm sure you'll find something good. We felt the same way you did--we didn't think we would find anything. But along came this house

You can look into Levittown. Apparently it has the highest number of foreclosures in the country. You can find amazing deals and it's still a good town with good schools.

the only ones i could find in this price range, are in need of major work, and i not too handy, i guess i will keep looking

[LIgirl74]

Originally Posted by kanner

mostly in ronkonkoma, smithtown, stonybrook, hauppauge areas

I am looking in most of the same areas as you, aside from Ronkonkoma and Stony Brook. The towns with really good school districts are still holding their value. That is the key to buying a house. If you look at other towns that the schools are just mediocre, they have lost a lot in value. Take Lindenhurst or Patchogue for instance (no offense), houses have come down a lot in those areas. Yet, Bethpage, another area I was considering, has come down on the fixer uppers but most of the houses are retaining their values as well b/c the school district is a great district. If you want a good school, you usually have to pay for it. I feel your pain, trust me but i'm also a seller b/c I am selling my condo so I am feeling it on both ends.

[rocafeller05]

Ever think those areas are dropping more tha others is b/c the owner had to pay more than the other areas? Or b/c those people are not in a financial mess.