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Here is an idea from a fellow baby boomer on this forum about how you can afford a home on LI again. You mention you have children on LI that you want to be near. Have you ever thought about "multi-generational housing?"
You're looking back at a special period in time -- the latter part of the XX Century -- when the house/income ratio was low enough so that many families could afford separate residences for parents and their adult children.
This special time has passed -- and, it ain't coming back -- and we are now, economically speaking, no longer in a time when the house/income ratio is low enough so that most families can afford separate residences for parents and their adult children. Today, for many families, it will require the income from BOTH the parents and their adult children to have the income for a house.
While many adult children no longer have the income to buy a house, they do have the income to finance the multi-generational expansion of a parents' house, or for the parents to sell their current house, take that money and add money to be financed by the adult children, and buy a larger house more suitable for a multi-generational residence.
The idea is a little reversed in your case, since your kids are the ones who currently have homes here not you, but do you agree with this theory that the housing prices on LI must stay high, so therefore the only thing anyone can do is have generations of families double (or triple) up in the same house in order to afford one? Would you and your family consider living this way?
Wanted to rep you did not allow me... !! you are funny !!
I looked up Smithtown and Dix Hills (probably big areas volume wise) for the past 2 years and they have even results, which means there is no specific increase in the number of sales year over year since 2008.
Source: Listingbook.
Any other high volume town comes to your mind ?
Update
East meadow - same
Garden City - slightly decreased
Hicksville - slightly increased
Levittown - same
Yes, I_Love_LI_but, Thanks for the suggestion. We have been looking at multigenerational housing, actually. Our youngest son may very well live with us either upstairs or in a basement apartment. He'd have the whole house to himself about 6 months a year and have to "share" it with us the other 6 months. He'll contribute a bit financially and care for the landscaping, but we'll carry the major portion of the expenses. Believe me, we have all sorts of ways to go here which is part of our not being able to make a decision on anything, I think.
Yes, I_Love_LI_but, Thanks for the suggestion. We have been looking at multigenerational housing, actually. Our youngest son may very well live with us either upstairs or in a basement apartment. He'd have the whole house to himself about 6 months a year and have to "share" it with us the other 6 months. He'll contribute a bit financially and care for the landscaping, but we'll carry the major portion of the expenses. Believe me, we have all sorts of ways to go here which is part of our not being able to make a decision on anything, I think.
So you're looking to buy a home on LI for snowbird purposes. I would say rent instead or share with your son if you don't plan to live here full time.
By the way, what would you think of living in multigenerational housing 12 months a year instead of 6? Would you and your family find that a feasible lifestyle?
I just bought a very nice, 5 bedroom, 2.5 bath, 2.5 car detatched garage with a full basement on an acre of property... and I think I got a pretty good deal. You just have to look, they are out there.
When me and my fiance were looking I noticed a very big discrepancy in the condition of houses between 330,000 and 375,000 in the same neighborhood. For 330,000 you got a house that needs a decent amount of work and hasent been updated. For 375,000 in the same neighborhood you could get something pretty modern (not highend stuff) clean and solid.
We just signed a contract to buy in Nassau County. The monthly nut can be covered by one of the two incomes so we're fairly comfortable with the cost.
To tell you the truth, it's scary as all heck to do this but our growing family is forcing our hand (3 little ones, school aged). Nothing ventured, nothing gained as they say.
When me and my fiance were looking I noticed a very big discrepancy in the condition of houses between 330,000 and 375,000 in the same neighborhood. For 330,000 you got a house that needs a decent amount of work and hasent been updated. For 375,000 in the same neighborhood you could get something pretty modern (not highend stuff) clean and solid.
I remember seeing 2 open houses on the same street in Syosset back to back a few months ago. The difference was like $50k and obviously the lesser one was in MUCH worse condition. Talking unkept kitchen/appliances, 70s colors, roof in disrepair, paint cracking, driveway cracking, etc.
That is because seller and real estate agents (Gee who would have though someone working for a percentage is trying to pad the prices!) are still stuck in "la-la my home is worth what it was and the home prices are going to come back so suck it up" land. Back in the early 2000's people were buying these beat up crap holes because someone said that they were worth X. People skipped looking at the home values, the market trends, the housing inflation vs. market inflation, the population trends and now every can act all suprised that things are coming to a crashing halt.
Want to know what a home is worth roughly? Find the price it was 10 years ago, add 23% or so and thats what its real price should be in todays dollars. Thats inflation. Thats the sustainable amount to carry over from 10 years ago till today. If you want to add a few percent for "Long Island Exclusivity" thats fine and dandy, but selling a home for 225K and 5 years later they sell for 500K isn't a sustainable or a real market price.
My wife and I have had similar problems in our price range (up to 400K). We were either shown nice well taken care of small ranches on 100x100 properties or bigger homes like I grew up in (where the kids don't need to be stacked 5 deep) that had major structural and cosmetic damages. Asking 400K for a deco-expanded ranch in Manorville that has leakage? How about a illegal immigrant flop house that needs to be 100% re-sheetrocked and has no COs for any work (including pool, balconey, illegal apartment) along with needing an engineer to come and see if the foundation the previous owners knocked out is sound?
I'll continue to get updates, but like I told my wife: I give LI 3 years. If in that time it hasn't improved and decreased its COL, lowered its taxes, gotten spending under control, and the houses aren't back to realistic levels I'll be moving somewhere that may pay 10-20% less, but have 20% less in taxes and half to a quarter of the home prices.
That is because seller and real estate agents (Gee who would have though someone working for a percentage is trying to pad the prices!) are still stuck in "la-la my home is worth what it was and the home prices are going to come back so suck it up" land. Back in the early 2000's people were buying these beat up crap holes because someone said that they were worth X. People skipped looking at the home values, the market trends, the housing inflation vs. market inflation, the population trends and now every can act all suprised that things are coming to a crashing halt.
Want to know what a home is worth roughly? Find the price it was 10 years ago, add 23% or so and thats what its real price should be in todays dollars. Thats inflation. Thats the sustainable amount to carry over from 10 years ago till today. If you want to add a few percent for "Long Island Exclusivity" thats fine and dandy, but selling a home for 225K and 5 years later they sell for 500K isn't a sustainable or a real market price.
My wife and I have had similar problems in our price range (up to 400K). We were either shown nice well taken care of small ranches on 100x100 properties or bigger homes like I grew up in (where the kids don't need to be stacked 5 deep) that had major structural and cosmetic damages. Asking 400K for a deco-expanded ranch in Manorville that has leakage? How about a illegal immigrant flop house that needs to be 100% re-sheetrocked and has no COs for any work (including pool, balconey, illegal apartment) along with needing an engineer to come and see if the foundation the previous owners knocked out is sound?
I'll continue to get updates, but like I told my wife: I give LI 3 years. If in that time it hasn't improved and decreased its COL, lowered its taxes, gotten spending under control, and the houses aren't back to realistic levels I'll be moving somewhere that may pay 10-20% less, but have 20% less in taxes and half to a quarter of the home prices.
I agree with most of what you said but what do you believe to be a realistic level for home prices?
I agree with most of what you said but what do you believe to be a realistic level for home prices?
Inflationary non-bubble. Yes. Mindset from the past decade has ingrained otherwise.
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