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Lake Grove $499K 5BR 3.5 , 2 car garage, 3300 sq ft, built 2003, cul de sac,
mls #2287993
Don't know how good the schools are (Middle Country), but this is a short sale, so the final price could be well above the "asking price". Also, did you have a look at the taxes? $15,859!!!
Don't know how good the schools are (Middle Country), but this is a short sale, so the final price could be well above the "asking price". Also, did you have a look at the taxes? $15,859!!!
It's a fairly new house in Brookhaven, it's taxes are to be expected
Also, the house the OP indicated was empty and there was at least one other foreclosure on that particular street in Batavia which was $602K. I was trying to keep within the parameters -- a $499K short sale seemed to fit the bill.
Thank you very much for all of the responses ladies and gentleman. I'm not one of these "Im sooo desperate to get back to Long Island WWAAHHHH" types, but I must prepare myself if I do end up moving back. I have such a greater quality of life in the Chicagoland area it's not even funny. There really is nothing I miss from Long island EXCEPT the one thing that is most important and that is family. I have a little son and I want him to grow up around all his cousins. Chicago offers everything NY does except 2/3rds the price. That includes taxes too. The home I posted above was from a town that is about an hour and ten minute trainride to downtown . It is middle class with sprinklings of upper middle class and very good schools.. Its equivilant on LI would be what ..ST James, East Setauket , Happauge? Im not too familiar with Suffolk as I grew up in Nassau, and with my job I can live anywhere I dont have to commute to Manhattan everyday, so people are telling me to look at Shoreham Wading River and Miller Place..I could even go further out. I would prefer to be in a district hat has very good schools. I can afford to go up to 700K for a house if need be, although Id prefer to spend no more than 500-550K. Thanks for all your great advice and please keep it coming.
How are the real estate taxes in your current area? They are 2/3 or less what is on LI?
Just be prepared for your eyes to literally pop out of your head when you start looking on LI. You may not be able to go up to $700K solely because of the monthly nut of the real estate taxes.
Ever notice how mortgage calculators generally don't include a spot to figure in RE taxes and insurance? That's because in most areas they are reasonable and do not make up a huge expense to the homeowner. Not so on LI. I would say the median RE taxes set people back at least $1,000 a month. Yes, $1,000 a month and CONSTANTLY RISING just for the real estate taxes -- yes, even on many lower cost homes than what you are looking for. Yet even the mortgage calculator on mlsli.com doesn't have a spot to add in the RE taxes ... the realtors don't want you to even think about it and just think about what the mortgage and interest will cost.
It's a fairly new house in Brookhaven, it's taxes are to be expected
Also, the house the OP indicated was empty and there was at least one other foreclosure on that particular street in Batavia which was $602K. I was trying to keep within the parameters -- a $499K short sale seemed to fit the bill.
Agreed on the taxes, however assessment is not based on construction of $499K value but much higher.
I appreciate and understand your train of thought. With short sales it doesn't necessarily work that way. Unfortunately it is not unusual for some Realtors to list a short sale price too far below market price - which banks subsequently won't accept anyway.
Though on a much lower scale, that just happened to one of my buyers: asking price was $199K, my buyer offered $190K - bank countered with $235K! Percentage-wise quite a difference, don't you agree?
Ever notice how mortgage calculators generally don't include a spot to figure in RE taxes and insurance? That's because in most areas they are reasonable and do not make up a huge expense to the homeowner. Not so on LI. I would say the median RE taxes set people back at least $1,000 a month. Yes, $1,000 a month and CONSTANTLY RISING just for the real estate taxes -- yes, even on many lower cost homes than what you are looking for. Yet even the mortgage calculator on mlsli.com doesn't have a spot to add in the RE taxes ... the realtors don't want you to even think about it and just think about what the mortgage and interest will cost.
Okay ... strike "realtors" ... the people who create the mortgage calculators generally don't think real estate taxes are expensive enough to be worth even putting into the mortgage calculators. Is that better?
Agreed on the taxes, however assessment is not based on construction of $499K value but much higher.
I appreciate and understand your train of thought. With short sales it doesn't necessarily work that way. Unfortunately it is not unusual for some Realtors to list a short sale price too far below market price - which banks subsequently won't accept anyway.
Though on a much lower scale, that just happened to one of my buyers: asking price was $199K, my buyer offered $190K - bank countered with $235K! Percentage-wise quite a difference, don't you agree?
Sorry for getting off topic
The taxes are based upon the (formerly) new construction. They can (and should) be grieved. However in the listing it reads full basement with 5 rooms, great for professional. Is there anyway of ascertaining if they were paying more for this finished basement -- there appears to be a kitchen in it -- perhaps a legal apartment?
Again, it's Lake Grove, MC schools. If the house is worth $600K (laughable for that particular neighborhood) but a short sale @ $499K, isn't that similar to the 190/199/235 you've indicated?
Also take into account that this is a corner house on Parkview Ln and Pond Path -- A double yellow line road which many of us use to bypass 347 between Stony Brook Rd and Nicolls. At some point a bank will cut it losses, won't it?
What do you mean? But you are right, I am not a realtor!
I was referring to your "comp"... The OP listing was 4bed/4bath and you compared that to a 5bed/4.5bath. We could argue all sorts of comparisons, but other then pure sqft the #beds and #baths are core aspects of a home for comparison purposes. I'm certain a 5/4.5 near the OP's 4/4 would have been much higher, too. Either way, anyone spending 1mil in Commack needs to have their head examined.
Ever notice how mortgage calculators generally don't include a spot to figure in RE taxes and insurance? That's because in most areas they are reasonable and do not make up a huge expense to the homeowner. Not so on LI. I would say the median RE taxes set people back at least $1,000 a month. Yes, $1,000 a month and CONSTANTLY RISING just for the real estate taxes -- yes, even on many lower cost homes than what you are looking for. Yet even the mortgage calculator on mlsli.com doesn't have a spot to add in the RE taxes ... the realtors don't want you to even think about it and just think about what the mortgage and interest will cost.
Defaults to 1.25% property tax and includes a default PMI of .5%
LOL@1.25% property tax on LI.
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BTW, property taxes include school taxes right?
