Starter Houses on Long Island? (Commack, Bellmore: rent, condos, mortgages)

[GypsySoul22]

Sorry, unless you have about $300,000 or want to live in some 'hood' you are out of luck (okay, maybe you will win the 'housing lottery' (cough, cough big joke).

The biggest problem facing Long Islanders is the skyrocketing house prices. I don't know many people who can come up with huge deposits and downpayments, even with both people working. Taxes go up every year. Schools are overcrowded. My son's second grade had 26 kids. We live in a nice area (with parents..we can't even afford an apartment here). I am not a deadbeat, either. I have 2 degrees but as a SAHM it's rough.

[GypsySoul22]

Originally Posted by NYSinger

Geeze...and I was just recently looking at Centereach as a good town to get a starter house!!!

I hate to rent. The landlords get richer and I don't own any property...

Centereach is an iffy area (crime). I lived one town over (hey, I have lived everywhere..lol..but never stay too long, hence my 'name.'). Parts of Centereach are nice but that Middle Country Road is a killer (jammed full of traffic). There's good shopping and a Walmart nearby..

[mmdj43]

Originally Posted by GypsySoul22

I don't know many people who can come up with huge deposits and downpayments, even with both people working.

Well, here's something to think about, from one Long Islander (soon to be moving south) to another.

I was curious about a development that was being built in Lake Grove (although the development is part of St. James). So I was curious to see how much I was going to get a kick out of the home prices, so I went to take a look. Well, for a 3,000-4,000 sq ft house the prices of the homes STARTED at 900k, then the ESTIMATED (which we know is probably more by at least 3k) taxes are 19.5k (yes over $19,000). Then, because it's part of a community, there are homeowner's association fees which are 500 per month. So someone would be paying anywhere between 25k-30k per year just in taxes and HOA fees alone. Can you just imagine what the mortgage payment would be? And here's the real kicker about this.... The phase that they released are about 75% sold already. No wonder why Long Island is no longer for the middle class; it's no longer affordable. Oh, and did I mention, these homes will take approximately 13 months to build.

[NSHL10]

[
BUT, is a 3000 to 4000 square foot house a STARTER house? There are plenty of homes on LI that are starter homes and go for under $425,000. No, they won't be on the cover of Better Homes and Gardens, but they will allow you to live here, if you want.
For all those looking to move to Fla, make sure you become well versed in the Save Our Homes homestead tax exclusion. Basically this means double or triple the property tax the current owner of your prospective home is paying, and that will be the tax YOU will pay. Also make sure to get estimates for home owners insurance before signing on the dotted line, as these rates have exploded in the past year. Move/relocate for the right reasons, looking at all aspects of the financial equation: cost, taxes, insurance ,salary, poximity to loved ones.




QUOTE=mmdj43]Well, here's something to think about, from one Long Islander (soon to be moving south) to another.

I was curious about a development that was being built in Lake Grove (although the development is part of St. James). So I was curious to see how much I was going to get a kick out of the home prices, so I went to take a look. Well, for a 3,000-4,000 sq ft house the prices of the homes STARTED at 900k, then the ESTIMATED (which we know is probably more by at least 3k) taxes are 19.5k (yes over $19,000). Then, because it's part of a community, there are homeowner's association fees which are 500 per month. So someone would be paying anywhere between 25k-30k per year just in taxes and HOA fees alone. Can you just imagine what the mortgage payment would be? And here's the real kicker about this.... The phase that they released are about 75% sold already. No wonder why Long Island is no longer for the middle class; it's no longer affordable. Oh, and did I mention, these homes will take approximately 13 months to build.[/quote]

[NYSinger]

Yeah, I know Centereach is not the greatest, but I was hopeful!

Even a condo or townhouse is overpriced. A co-op is NOT a good investment in my opinion!!

I wish there was an easy way...

NYSinger

[GypsySoul22]

Sadly all they seem to build here are 'unaffordable' homes! My parents inquired about some 'condos' (maybe just apartments) someone is building on Main Street in W. Islip (mid suffolk county, south shore) and the prices were through the roof. (My parents want to sell their home and find something smaller/they are kicking around the Florida idea but don't want to live there full time).

How can the 'average' person survive here?

[Mike98WS6]

Originally Posted by NYSinger

Yeah, I know Centereach is not the greatest, but I was hopeful!

Even a condo or townhouse is overpriced. A co-op is NOT a good investment in my opinion!!

I wish there was an easy way...

NYSinger

I know we spoke on pm's a while back. what are you looking spend for a house? I've dropped the price of mine.

[Glen NY]

[quote=fopt65][
BUT, is a 3000 to 4000 square foot house a STARTER house? There are plenty of homes on LI that are starter homes and go for under $425,000. No, they won't be on the cover of Better Homes and Gardens, but they will allow you to live here, if you want.
For all those looking to move to Fla, make sure you become well versed in the Save Our Homes homestead tax exclusion. Basically this means double or triple the property tax the current owner of your prospective home is paying, and that will be the tax YOU will pay. Also make sure to get estimates for home owners insurance before signing on the dotted line, as these rates have exploded in the past year. Move/relocate for the right reasons, looking at all aspects of the financial equation: cost, taxes, insurance ,salary, poximity to loved ones.

A starter home at 425k is not affordable. In my former town of Bellmore a house at 425k gives you about 1300 square feet in poor condition. Now that's ok cause it is a starter. If a young couple can manage to save 100 k their mortgage would be 325k which is about two grand a month with estimated taxes of 6500 a year add 5-600 per month now we are at 2600 per month for a run down small home in poor shape. There is not much room in the budget for improvements, having children or vacationing, believe me I lived that life.

[NYSinger]

Originally Posted by Mike98WS6

I know we spoke on pm's a while back. what are you looking spend for a house? I've dropped the price of mine.

I am looking for an affordable starter house. Hopefully, a 3-bedroom. Would be great if I found something under 200k, but I am dreaming of course. Or we could buy a condo and eventually move to another state, who knows...

NYSinger

[jk24]

NO. Would the last family moving out please turn off the lights.