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Purchased 7/29/05 for $320,000. According to the listing, it looks like it needed work.
Looks like it was then renovated and put back on the market:
Listed 10/4/05 @ $415,000
Expired 1/4/06
Listed 1/18/06 @ $399,990
Expired 4/30/06
Listed 5/14/08 (maybe rented out 06-08?) @ $369,000
Expired 11/14/08
Listed 11/15/08 @ 349,000
I know exactly where this house is. I lived right around the cornter. Yes, it was gutted. I remember when they first listed it after the flip, and my wife and I laughing our butts off when it went on MLS.
Sorry to be crass, but the people who own this place and think they are getting anything near that are idiots.
Many sellers are chasing the market down, much as some buyers chased the market up earlier in the decade. Just like those buyers who never were able to buy, some sellers today will never be able to sell. Buying or selling you need to get in front of the market.
theres plenty of starter homes for 300k and under, and you sure as hell dont need a $200k income to afford a 250-300k house. thats the problem here, people still want to try to have the best, even if its a starter home. the whole IDEA of a STARTER home, is that its not going to be the best house, probably going to need updating and some work, and probably wont be in your favorite "upscale/rich" neigborhood. Youre right though, if i was making $200k a year i wouldnt be looking for something "slightly updated", nor would i be looking for a "starter home". the people making under 80K are the ones in the "starter home" market
Not really, in my area there are very few houses under 300K, and if they are, its 295 and there is something majorly off on that house.
Forget the best house. back when these levit houses were purchased new, they were starters. They weren't the best, but they were new, didn't need anything except some paint and furnature, all that on one income. If you go outside the coasts, you're sitting at about $150K for a nice house... nice at least by starter standards, no granite, or spraynozzle showers, but it would have 3-4 br and 2 baths and plenty of space and be 0-5 yrs old.
Per the "standards" you're supposed to spend about 3X salary on your house. Or a max of 30% of your take home on housing. If you impose those restrictions that 80K take home family can't afford that 350K house in Ronk. On top of that, this is not really Cat 4 per Crooks. Those are people for all purposes spend less. So my thought is more like the 200K in a modest house in Levitown, as the people at the 100K level who just bought a house there aren't on cruise control banking most of their paycheck.
Not really, in my area there are very few houses under 300K, and if they are, its 295 and there is something majorly off on that house.
Forget the best house. back when these levit houses were purchased new, they were starters. They weren't the best, but they were new, didn't need anything except some paint and furnature, all that on one income. If you go outside the coasts, you're sitting at about $150K for a nice house... nice at least by starter standards, no granite, or spraynozzle showers, but it would have 3-4 br and 2 baths and plenty of space and be 0-5 yrs old.
Per the "standards" you're supposed to spend about 3X salary on your house. Or a max of 30% of your take home on housing. If you impose those restrictions that 80K take home family can't afford that 350K house in Ronk. On top of that, this is not really Cat 4 per Crooks. Those are people for all purposes spend less. So my thought is more like the 200K in a modest house in Levitown, as the people at the 100K level who just bought a house there aren't on cruise control banking most of their paycheck.
so then by that calculation, the 200k income can comfortably afford a 600k house.
the thing is that long island is already so built up, especially nassau, that there is no place for new affordable housing developments (like levittown was) to be constructed. i mean jeez, ive seen listings in "nicer" towns for houses that needed to be gutted or knocked down, listed for over $300k.. a small parcel of vacant land can run 100k+ alone in many places.. this is why there will never be anyhting like the original Levittown again on long island.. New and affordable dont go hand in hand here anymore
Im a Cat 4.I make more than my parents ever did (inflation adjusted)and still I'm in half the house.
Its a little tight but it would be ENORMOUS my Manhattan standards.
; )
We like to call it Cozy but we are saving for retirement,travelling and we own a few vehicular luxuries.
Not too bad.
Crooks
I see you posted some real estate from my neck of the woods up here in Rochester. We have probably one of the most diverse housing stocks up here for the biggest bargain...with the obvious exception of taxes. That house you posted there would, depending on the lot size and amount of features it comes with....go for about $140-$170k. Henrietta has the "lowest" taxes in Monroe County, so that would probably have taxes between 3500-4500. We get more house for our money in Rochester and upstate for sure and much more housing options (most people here buy thier first house in the 80k range when they are either still in college or just graduate....or by the time they are 25 if they forgo college) BUT we get taxed at much higher rates than you. $600k will get you a mansion up here...but the taxes on a $600k house would be upward of 15-20k. Now do you see why we want to split off from NYS so bad?
I don't think that will be solved with a split. Property taxes are primarily school taxes, which won't go down much if the state were split--only income tax would really vary. In order to have the same pot of money with a lower-valued property base, the rate of tax has to be higher. Looked at from another perspective, the top 5% of properties are paying what's probably a similar rate of tax--if not less, since a $2M house on LI can hit $30K easily.
Also, upstate as a whole gets back more than it pays into state coffers. A split would be a loss for upstate, though it might be a gain for individual areas.
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