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we looked at a home in Great Neck listed for $825 by a couple who have been living there forever. Nothing, and I mean NOTHING has been improved in the house since this couple was in the 40's (they are in their 80's now)
We have two homes like that for sale in our area now. Waaaay overpriced for what the house IS... but.... both houses are located in the acknowledged 'best area' of the town we live in. I guess the sellers and/or their realtors figure that someone will pay their price simply because of Location Location Location. The problem is they're not taking into consideration that it will cost at least 300K (maybe more, because I've never seen the interiors of either but going by the exteriors and the fact that both listings say 'Needs TLC' and there are NO interior pictures......) to bring both houses up to the standard of the others surrounding it. I don't know whether sellers like these just assume that there are LOTS of buyers who have the megabucks to buy it for the location and then totally renovate; or whether they really DO think their house doesn't suffer at all by comparison to what else is out there in their price range. Both outlooks are pretty sad, IMO.
Patience people. If no one is buying the prices will have to fall. No one can really predict when is the best time to buy. It's more of a sixth sense kind of thing...you will see a place you like (it will come along at some point), and you will make your offer.
I mean two summers now...That can't be normal. Everyone keeps telling me eventually something will come along but it's looking bleak. I haven't seen a single house I would ever want to live in. Either long island is in for a rude awakening or I am...And some of these people definitely bought during the boom. I just can't understand why they would pay that much for some of these houses.
We are going to see yet another house tonight...I almost feel like it's a waste even before I get to see it but yet I still have to keep an open mind
If you think it will be a waste of time, it will be. IMO, if you are doing the same thing for 2 years with the same result, its time to try another approach. Good luck in your house hunting.
It sounds like you are looking in the most expensive areas on Long Island. I've been scouring the MLS in more middle income areas here in Suffolk, and there are renovated older 4 bedroom houses for under 400K..even some around 350K. Those were strictly fixer-uppers 2 years ago. Also, I've seen houses listed on there for the last 5 months, where as pretty much everything turned over in 3 months a few years back. People are holding out for a big pay day that isn't coming.
It sounds like you are looking in the most expensive areas on Long Island. I've been scouring the MLS in more middle income areas here in Suffolk, and there are renovated older 4 bedroom houses for under 400K..even some around 350K. Those were strictly fixer-uppers 2 years ago. Also, I've seen houses listed on there for the last 5 months, where as pretty much everything turned over in 3 months a few years back. People are holding out for a big pay day that isn't coming.
A big problem with the MLS is that it gives a buyer NO CLUE has to how big the house is. I'm sure there are lots of renovated older 4-br houses for under 400K but even leaving aside the economic characteristics of the areas, how big are those houses? And more importantly, how big are the lot sizes? There are tons of houses in Northport Village but most of them are on LESS than 1/4 acre. Check out the MLS site and see how many are on .15 or .18 acre. For many people that is waaay too small. For many people, even 1/4 acre is too small (it sure is for us). So often in that under 400K price range the house is small, the property is small, or often both. The MLS will tell you the property size but hardly ever the house size. I can't tell you how many times we were told, after saying "Sorry, it's too small for us", that "we could always add to it". HELLOOOO??! We don't want the hassle and EXPENSE of adding on, which is why we have a MINIMUM SQUARE FOOTAGE requirement.
House shopping via the Internet would be a heck of a lot easier if the Long Island MLS would wake up, bring itself into the modern world, and REQUIRE the square footage of the house to be included in the listing. Like OTHER states do!
A big problem with the MLS is that it gives a buyer NO CLUE has to how big the house is. I'm sure there are lots of renovated older 4-br houses for under 400K but even leaving aside the economic characteristics of the areas, how big are those houses? And more importantly, how big are the lot sizes? There are tons of houses in Northport Village but most of them are on LESS than 1/4 acre. Check out the MLS site and see how many are on .15 or .18 acre. For many people that is waaay too small. For many people, even 1/4 acre is too small (it sure is for us). So often in that under 400K price range the house is small, the property is small, or often both. The MLS will tell you the property size but hardly ever the house size. I can't tell you how many times we were told, after saying "Sorry, it's too small for us", that "we could always add to it". HELLOOOO??! We don't want the hassle and EXPENSE of adding on, which is why we have a MINIMUM SQUARE FOOTAGE requirement.
House shopping via the Internet would be a heck of a lot easier if the Long Island MLS would wake up, bring itself into the modern world, and REQUIRE the square footage of the house to be included in the listing. Like OTHER states do!
I've noticed that too..almost every house in other areas lists square footage. It's annoying. I'm sure it has something with trying to get around taxes or something.
I mean two summers now...That can't be normal. Everyone keeps telling me eventually something will come along but it's looking bleak. I haven't seen a single house I would ever want to live in. Either long island is in for a rude awakening or I am...And some of these people definitely bought during the boom. I just can't understand why they would pay that much for some of these houses.
In our case, we decided to change ourselves as we cannot change LI. A rude awakening? Not really, more like choosing to deal with the truth of our situation.
Ya, it does get depressing. After two summers of fruitless searching, perhaps its time to rethink what you're doing and why.
Basically, imo, your choices boil down to:
Lower your standards/expectations
Increase your purchasing power
Relocate to an area that better suits your needs/abilities -if possible
Keep looking for that diamond in a coal mine
After much family discussion this past year we took choice #3, and have arrived at a decision to relocate off the island, its simply the right call for me and mine. The biggest factor was economics, the second was environment (for us that means the "Very High" density population and associated problems like overdevelopment). After more than 40 years of living here LI just doesn't do it for us anymore.
Make a choice that's right for you and yours of course. I do hope that you find what you need -and soon. House hunting can be very frustrating.
It sounds like you are looking in the most expensive areas on Long Island.
Btw, in the "most expensive" areas of Long Island (along the North Shore Gold Coast in Nassau, Old Westbury, Brookville, Cold Spring Harbor, Asharoken, Dix Hills, Nissequogue, Old Field, Poquott, the Hamptons, Water Mill, etc) you can't even buy vacant land for under 400K, much less a house of any sort.
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