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All the new housing is further out since a lot of this area has gotten built up, but there are quite a few new developments being built.
They've also broken ground on the new Raider's stadium and they've said it will provide something like 12,000 new jobs, many in the construction industry. These people will need places to live and that adds to the demand.
This area took a big hit during the housing crisis in 2008 and I don't think we're back to the pre-2008 levels yet, but it's getting close.
How much of the stadium for the National Felon League is being paid for by the public out there?
The OP's link addresses the cap on the mortgage interest deduction, not property taxes. I believe the House and Senate capped it at $750,000 on new money ( mortgages).
Most people don't have residential mortgages in excess of $750,000. Those who do are far more likely to weather the change.
There are thousands and thousands of local real estate markets in the US, down to zip code, neighborhood within, block, lot or floor, commuting distance and more.
Do you have a link? FL does not have the jobs they have in NY, so I don't see what they would be doing here. Property tax + insurance is very expensive in FL.
I'm not sure what you mean there. NYS has been hemorrhaging jobs for decades, at least upstate. Go through virtually any city and you'll see rusting factories and boarded up storefronts. Buffalo was a dump when I left. Rochester practically a ghost town with the near-death of Kodak. Auto industry and most other manufacturing is moving to less business-unfriendly states. NYS was the most populous state in the union when I was growing up. Now they are #4...behind Florida. And you haven't SEEN expensive property taxes until you live in NY (or NJ).
It seems that the new tax reform might be effective in 2018. How do you think it will affect housing prices? According to the article below, some area might see housing prices drop by 20%. If that's the case, do you think prices will drop immediately (within 6 months) or it takes couple of years?
I'm not sure what you mean there. NYS has been hemorrhaging jobs for decades, at least upstate. Go through virtually any city and you'll see rusting factories and boarded up storefronts. Buffalo was a dump when I left. Rochester practically a ghost town with the near-death of Kodak. Auto industry and most other manufacturing is moving to less business-unfriendly states. NYS was the most populous state in the union when I was growing up. Now they are #4...behind Florida. And you haven't SEEN expensive property taxes until you live in NY (or NJ).
I mean that working age people in NY can move to FL, but will have trouble finding jobs, unless they are willing to work at the Miami airport hauling luggage, or building condos by the beaches. There has always been some in NYC who sell their studio in Manhattan and use the money to buy a house down here, which is why South Florida is called the 6th borough of NYC, but that has always been the case. Nothing new there. Yes, you can buy a nice condo by the beach and pay $800 a month in taxes and $800 in condo fees, and that's if you bought the place CASH.
Florida has done a lot of lobbying to get businesses to move down here, but they are not coming. Manufacturing companies don't like hurricane zones, and high tech go to places with large populations of high tech people. If you are a chef, bartender, nurse or caretaker, then we have jobs for you.
The population keeps growing because of immigration and retiring boomers, not because of young engineers and bankers.
It will keep those of us who bought when younger with the idea that we could get the interest back in the form of tax returns.
Increasing our deductions on the W-9 form and seeing those tax saving's at each paycheck.
Offsetting the higher price we were paying for our home.
I saved a lot over the years and now, until the IRS can figure out this tax cut for the wealthy, who can really say how much will be taken out of your paycheck.
When the tax cuts happened in NC their were no tax savings for the middle. The state tax Dept. did a bad job when the tax schedule for pay checks came out. Leading to a lot of people owing at the end of the year.
The OP's link addresses the cap on the mortgage interest deduction, not property taxes. I believe the House and Senate capped it at $750,000 on new money ( mortgages).
Most people don't have residential mortgages in excess of $750,000. Those who do are far more likely to weather the change.
Which is why NYC proper prices would not be affected, unlike the suburbs. In NYC, Russians and Chinese buy properties with all cash, no mortgage... and most likely through an LLC to boot. This tax plan favors foreign buyers.
Someone in NYC forum mused already that with this tax plan, the Chinese will buy everything from 8th to 4th avenue in Brooklyn.
If values drop by 20% you will see massive increases in Real Estate rates so counties can maintain their current expenses.
With the potential cuts coming from the Feds. you may see your rates increase so as to maintain what is current in your county.
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