Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Home is worth what people are willing to pay,..Long Islanders are not willing to pay what homes are listing.
Long Islanders have money,..their not stupid.
So when did they "wise up?" A lot of somebodies were stupid for a long time, which allowed the run up to oppressive prices.
Does anyone know where you can find home listing prices from 2001? I had a discussion this past weekend and I could have swore you could get waterfront homes for 500K in 2001? Am I delusional?
Beach St, massapequa, Biltmore Shore 528k (Small in-line ranch)
Their are a few dozen,...just look in LIMLS.
The one above is best priced in South Shore in your range. New bathrooms.
I don't think many normal people were able too see what was really going on, just like when people bankrupted themselves for tulips and other irrational human behavior. The human is still an animal with tribal origins (group mentality) which we are not aware of all the time.
As far as house hunting goes - I agree, it's still a total minefield. I got very lucky, so I will say keep your eyes open, but if you wait until winter you may see some of them holding on to fantasy prices start to break. I would have waited myself if we weren't living with my parents and my wife hadn't threatened to divorce me if we didn't move!!!
Glad you found something,...I wish you the best with the new place. My REA is going to call me back to see if my offer gets accepted on a Canal-Front home in Massapequa. Great house,..this is 4 months of looking and looking,..and I have all cash,..(you would think it would be easy).
But happy for you that your getting away from the nest and making your own.
As far as Human Behavior:
Yeah,..I can see falling for a home and making an emotional decision that might bite you in the butt.
I can also see "greed factor" and "fear of loss" play into decisions.
I guess many people do not regard real-estate as an investment.(maybe the biggest of your life!)
I remember looking at a Forbes mag 20 years ago and looking at the "richest people in the world list'"
Most of them made it through real-estate.
I made a good living at it ,(I'm not near any rich list btw).
but I guess,...
It is what it is.
I just don't get it. I'm poor by LI standards, and somehow I own a house and keep my utilities on, er, for the most part. I've struggled to afford every home I've lived in, but I somehow made it work. And other than the miserable experience of actually selling a house, I'm willing to do it all again. I'll probabally break even on my house if I sell it this year or next, it doesn't matter, somehow, some way, I'll figure out how to pay for it. Maybe it's because I'm not afraid to work. I can hustle and I'm a good multi-tasker I guess. I'll do whatever it takes to support my family, and continue to OWN a home. I could never, ever, go back to renting. It's a personal matter of principal for me I guess. I may not have the fanciest house, or the largest house, or other bells and whistles, but it's MY house. Mine mine mine. To me, you can't put a price on that.
I just can't fathom the concept of forclosure. Are people that lazy? are people that stupid? You lose your job, go get another one. Or 2. Or 3. Anything. McDonalds.
Even if it's not what you think you deserve money wise, take anything that'll pay the bills or at least enough to cover the mortgage. You can jerk LIPA and Cable around for their money.
I think pride, priviledge and spoiled is part of it. I hear people say things like "I wont get out of bed for anything less than 2k a week". Great attitude. Stay in bed for no money and wait for them to come nail the sign on the door and throw your ass out. Hang out on the computer (because you're not paying any other bills)and keep looking for the "right" job. Arghhhh. That mentality kills me.
They'll let their house get forclosed on because they're afraid one of their friends may see them working at Walmart or digging a ditch somewhere.
I just could never hold out to buy a house. All this nonsense about market crap.
Screw it, why don't we all just pack up and move off LI, what's the point of living here anymore. It's too expensive, even on 150K a year. Sarcasm:ON
Indirectly, we're wrecking our own LI economy by not buying homes. The old saying Moderator cut: implied language trickles downhill...Think about it.
Last edited by nancy thereader; 05-19-2009 at 03:30 PM..
[quote=hotkarl;8873137]I just don't get it. I'm poor by LI standards, and somehow I own a house and keep my utilities on, er, for the most part. I've struggled to afford every home I've lived in, but I somehow made it work. And other than the miserable experience of actually selling a house, I'm willing to do it all again. I'll probabally break even on my house if I sell it this year or next, it doesn't matter, somehow, some way, I'll figure out how to pay for it. Maybe it's because I'm not afraid to work. I can hustle and I'm a good multi-tasker I guess. I'll do whatever it takes to support my family, and continue to OWN a home. I could never, ever, go back to renting. It's a personal matter of principal for me I guess. I may not have the fanciest house, or the largest house, or other bells and whistles, but it's MY house. Mine mine mine. To me, you can't put a price on that.
I just can't fathom the concept of forclosure. Are people that lazy? are people that stupid? You lose your job, go get another one. Or 2. Or 3. Anything. McDonalds.
Even if it's not what you think you deserve money wise, take anything that'll pay the bills or at least enough to cover the mortgage. You can jerk LIPA and Cable around for their money.
I think pride, priviledge and spoiled is part of it. I hear people say things like "I wont get out of bed for anything less than 2k a week". Great attitude. Stay in bed for no money and wait for them to come nail the sign on the door and throw your ass out. Hang out on the computer (because you're not paying any other bills)and keep looking for the "right" job. Arghhhh. That mentality kills me.
They'll let their house get forclosed on because they're afraid one of their friends may see them working at Walmart or digging a ditch somewhere.
I just could never hold out to buy a house. All this nonsense about market crap.
Screw it, why don't we all just pack up and move off LI, what's the point of living here anymore. It's too expensive, even on 150K a year. Sarcasm:ON
Indirectly, we're wrecking our own LI economy by not buying homes.
I think you grew up in a different world. You seem to be in the older generation based on your statement of having afforded every home you have lived in. Baby boomer? If you consider yourself poor by LI standards, then you probably couldn't afford to buy your house today. The affordability of homes is the problem, not lazy people not wanting to work. Saying 'Market Smarket just buy a house' is not exactly a wise move in such conditions and doesn't make people want to buy overvalued assets. Its a simple fact that homes are well overpriced in relation to incomes compared to years ago, and add ever increasing taxes and you end up with a mess. I know for a fact that if you took todays prices and wages and deflated them back to 20-30 yrs ago or so, half of my family members could not buy their current homes back then. I find it hard to believe that people just want to overlook the fact that there was a bubble. Were we imagining things?, or do people just think that the bubble was the necessary adjustment to bring LI homes up to where they should be??? its not sustainable.
The LI economy can't sustain itself on flipping housing and passing money back and forth, at some point it has to end, and it did in 2006.
As for foreclosures, i think you are a little misinformed on a lot of them. Some of them do fit into your mold, but for the most part it is slightly more sinister than that. Many people in foreclosure were simply sold a bill of goods by banks and realtors, granted they should have known better, but that is besides the point. They were given teaser rates for homes they had no chance of being able to afford but were temporarily low and affordable. Some of these loans paid zero principle and some even made principle grow over time, what a crazy loan. Not to mention, there was almost no need to qualify these lenders, they didn't even need jobs (see NINJA loans). It all would have worked out had the market continued to bubble indefinitely because these people could have sold, turned a profit and gotten into something more affordable or keep up the trend, but when the bubble stalled and started deflating these people were trapped. Now these unaffordable risky mortages are beginning to resetting with higher rates more along the lines of what they should be and peoples payments are doubling or more. Even with 5 jobs a lot of them simply cant pay it, hence the problem, and there are many more years of this to come. Even if the government refinances the rate, many of these people are simply too far over leveraged to ever be able to afford the house without a massive reduction in the purchase price, which is impossible.
Last edited by nancy thereader; 05-19-2009 at 03:30 PM..
[quote=hotkarl;8873137]I just don't get it. I'm poor by LI standards, and somehow I own a house and keep my utilities on, er, for the most part. I've struggled to afford every home I've lived in, but I somehow made it work. And other than the miserable experience of actually selling a house, I'm willing to do it all again. I'll probabally break even on my house if I sell it this year or next, it doesn't matter, somehow, some way, I'll figure out how to pay for it. Maybe it's because I'm not afraid to work. I can hustle and I'm a good multi-tasker I guess. I'll do whatever it takes to support my family, and continue to OWN a home. I could never, ever, go back to renting. It's a personal matter of principal for me I guess. I may not have the fanciest house, or the largest house, or other bells and whistles, but it's MY house. Mine mine mine. To me, you can't put a price on that.
I just can't fathom the concept of forclosure. Are people that lazy? are people that stupid? You lose your job, go get another one. Or 2. Or 3. Anything. McDonalds.
Even if it's not what you think you deserve money wise, take anything that'll pay the bills or at least enough to cover the mortgage. You can jerk LIPA and Cable around for their money.
I think pride, priviledge and spoiled is part of it. I hear people say things like "I wont get out of bed for anything less than 2k a week". Great attitude. Stay in bed for no money and wait for them to come nail the sign on the door and throw your ass out. Hang out on the computer (because you're not paying any other bills)and keep looking for the "right" job. Arghhhh. That mentality kills me.
They'll let their house get forclosed on because they're afraid one of their friends may see them working at Walmart or digging a ditch somewhere.
I just could never hold out to buy a house. All this nonsense about market crap.
Screw it, why don't we all just pack up and move off LI, what's the point of living here anymore. It's too expensive, even on 150K a year. Sarcasm:ON
Indirectly, we're wrecking our own LI economy by not buying homes.
What year did you buy your first home in? I think the complaint right now is that the prices of starter homes do not currently reflect the incomes on long island, making it very difficult for the newer generation to afford a home. The real question is, would you be able to afford your home right now as first time home buyer?
Last edited by nancy thereader; 05-19-2009 at 03:31 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Won't buy ur dime for a quarter
