Home prices continue to fall on Long Island -- Real Estate Agen...

[Please Spare Me]

BawackObaumma wrote:

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When?

This week it will be in contract.

[BawackObaumma]

Please Spare Me wrote:

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This week it will be in contract.

ok

[Becka]

From a 46 year old wrote:

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How many more years are you going to keep being wrong? Even this article shows Long Island prices continuing to go up (despite the misleading headline). My first house bought #130K sold at $360K, second house bought at $610K today worth $700K. And I pay less than a renter does. Some people are just so stupid. They "delight" in the supposed misfortune of others and continue to live in poverty rubbing their hands in glee. Meanwhile, the homeowners always are better off. Its only the speculators and lower echelon that lose.

I think the problem is not that the home is losing value exactly, but if you plan to sell, there is a limited pool of buyers for it. What is something really worth if nobody is willing to buy it? For those who plan to stick it out on LI for the long-run...this should not be a problem. It is, however, a very big problem for those who are trying to get out.

[Real Facts]

Please Spare Me wrote:

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This week it will be in contract.

If you don't mind me asking, where?

[Real Facts]

Becka wrote:

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I think the problem is not that the home is losing value exactly, but if you plan to sell, there is a limited pool of buyers for it. What is something really worth if nobody is willing to buy it? For those who plan to stick it out on LI for the long-run...this should not be a problem. It is, however, a very big problem for those who are trying to get out.

Today, I do not care if my home is worth $100k, as my home is a place for me to live.

Yes, I would love my home to be worth a million dollars when I sell it, but now that we have decided to stay, I could care less about how much it is worth.

[Please Spare Me]

Real Facts wrote:

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If you don't mind me asking, where?

Sea Cliff

[DemLover]

Please Spare Me wrote:

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A relative of mine had their very small two bedroon, one bath on the market for 1 1/2 weeks at asking of $435K. Signing contracts this week for $420k.

Where, in Great Neck? Near the beach? Homes like that were selling for $700K+ in fancy neighborhoods. If your asking price is a huge bargain for a given area, it will get sold rather quickly.

[Please Spare Me]

DemLover wrote:

<quoted text> Where, in Great Neck? Near the beach? Homes like that were selling for $700K+ in fancy neighborhoods. If your asking price is a huge bargain for a given area, it will get sold rather quickly.

Nope, small house not near the beach, behind the rail road.

[responsible buyer]

thank God that the real estate market is in a period of correction.This will allow responsible buyers to afford a home. Say no to all the persuasive propaganda that brokers and agents are coming up with- only to make you buy a house you can't afford. Demand for fair price and negotiate according to what you can afford - don't let your emotions get in the way. If it's overpriced, go to the next house--this will stop the vicious cycle. Demand your consumer rights, don't get sucked in to a dysfunctional system. God Bless America!!

[OKAY]

Please Spare Me wrote:

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Nope, small house not near the beach, behind the rail road.

If it's near the train station in an expensive area it will command a high price, even if it's only a small home. The value is often more in the location or the land, than in the actual home.

[Real Facts]

Ok, I guess you should mark this down. I am not much on making predictions, but here it goes.

Oil/Gas prices on the rise. Food prices rising, and now Sam’s Club is “Rationing” rice. Meanwhile home prices are coming down, and people are starting to spend less money.

Oh, yeah, again, does not matter what your political affiliating is, the fact of the matter is that we have a war to pay for.

Time for a little thing we like to call hyperinflation. Ok, no, I don’t think the US will actually have hyperinflation, but with banks seeming to own 100% equity of many homes, and the government needing to pay off over nine trillion dollars of debt, the easiest way to do that is to make tomorrow’s dollar worth two of today’s dollars.

Look, gas on the New Jersey Turnpike went up 22 cents this morning, basically 7% in one week. That annualizes out to 3100% increase a year. Rice prices have doubled in the past three months. If that continues, that would be a 1500% annual increase. The price of corn has gone up 250% in two years, so close to 100% a year.

Now yes, I am cherry picking certain commodities, but this is not like I am talking about the cost of a veggie burger that no one eats, we are talking about things people use every day.

If you think I am crazy, well consider this. In May 1998, a barrel of oil was $18. Today, it is $118. While not a gazillion percent, it does represent about a 600% increase in 10 years. Or if it sounds better, about 21% a year. That is 21% a year, for 10 years, and unlike my pervious numbers that take a short period of time and extend it to a long period, this increase has already happened. If it continues at this rate, you will be paying $10 a gallon in as little as three years from now.

So, let me ask, has your salary gone up 21% a year?

[DemLover]

Real Facts wrote:

Ok, I guess you should mark this down. I am not much on making predictions, but here it goes.
Oil/Gas prices on the rise. Food prices rising, and now Sam’s Club is “Rationing” rice. Meanwhile home prices are coming down, and people are starting to spend less money.
Oh, yeah, again, does not matter what your political affiliating is, the fact of the matter is that we have a war to pay for.
Time for a little thing we like to call hyperinflation. Ok, no, I don’t think the US will actually have hyperinflation, but with banks seeming to own 100% equity of many homes, and the government needing to pay off over nine trillion dollars of debt, the easiest way to do that is to make tomorrow’s dollar worth two of today’s dollars.
Look, gas on the New Jersey Turnpike went up 22 cents this morning, basically 7% in one week. That annualizes out to 3100% increase a year. Rice prices have doubled in the past three months. If that continues, that would be a 1500% annual increase. The price of corn has gone up 250% in two years, so close to 100% a year.
Now yes, I am cherry picking certain commodities, but this is not like I am talking about the cost of a veggie burger that no one eats, we are talking about things people use every day.
If you think I am crazy, well consider this. In May 1998, a barrel of oil was $18. Today, it is $118. While not a gazillion percent, it does represent about a 600% increase in 10 years. Or if it sounds better, about 21% a year. That is 21% a year, for 10 years, and unlike my pervious numbers that take a short period of time and extend it to a long period, this increase has already happened. If it continues at this rate, you will be paying $10 a gallon in as little as three years from now.
So, let me ask, has your salary gone up 21% a year?

Very well put.

[Nick]

You would be crazy to but a home today.Dont let some some sales person talk you into buying this year.Sit tight for awhile,let this mess settle.

[chris]

raygoto wrote:

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Did you mean 50k? 50g means 50 grams. So lets get our units of measurement correct, first.
Second, houses on LI didn't go for 50k 25 years ago. They went for 100-130k in Suffolk, more in Nassau 25 years ago.
They were maybe 50k in the late 60s. So lets try to keep facts and figures based in reality, shall we?
I sold my home in Smithtown in the late 90's for 200k, and 10 years later the same home goes for 600k. Now that is whacky!

Your wrong. Houses were 50k 25 years ago, not 130k!!!!! My parents bought a house 12 years ago for 130!

[chris]

Long Island sucks. I will never buy a house the size of a closet for 440k only to pay 8k in taxes! Thats absolutely insane. The good part is that people are finially waking up to this reality and house prices keep crumbling every 3 months. Houses that were 520k a couple years ago are now going for 430k. In a year or two they will be 330k.

[chris]

First of all. Commodities will crack soon and start coming down. As for oil, blame our federal reserve for running the printing presses all day printing dollars for this war and lowering interest rates to bail out banks.

Not to sound all negative, but I hope this country goes into the biggest recession or depression this world has ever seen. I want every wall street banker to go bankrupt. I want every greedy baby boomer to go bankrupt. We had to bail out baby boomers in the dot com bubble by lowering interest rates below the rate of inflation, then they made all this money on real estate. Im glad they are losing it now.

I hope things get so bad that every corrupt politician is brought to light. They say its not until the tide goes out that you find out who is swimming naked. This country needs a big cleansing. Its a mess.

[chris]

Real estate on long island will be stagnant for 13 years. Not only do these 450k crap houses need to be selling for 280k, but people will not buy because of the taxes. Therefore either wages must go up considerably or house prices drop.

Lets get this straight. I have to pay 8k a year taxes on a piece of garbage cape house with absolutely no land. I can basically touch my neighbors house, barely have no driveway, and hardly any backyard. Not to mention I can barely mow my lawn without stepping on the neighbors lawn. And this is worth 8 or 10k a year in taxes?????

People, this is why long island is dead money. Just get out of this place. Its full of crap overpriced delis that have the worst food, terrible restaurants, overpriced car insurance, and a beach full of illegal mexicans. Jones beach looks like dominican republic and puerto rico.

[chris]

TOP REASON WHY LONG ISLAND STINKS

Long Island is terrible for young twenty something people. First of all, the women are total Bi#ch#s. They are all overweight and all they do is binge drink and smoke.

Houses are all totally unaffordable

No decent jobs except for in the city

The worst beaches ever. First off, the beach is all puerto ricans. And I dont mind if they are all ricans but they blast rap on boomboxes right next to you, and have no respect for people around them. They are loud and abnoxious and are always in groups of 20.

Long Island has the worst food ever. Its mostly all taco bells, burger kings, and terrible deli's that charge 10 bucks for a crap sandwich.

Has basically one highway, the LIE. Always packed with traffic. Has an HOV lane. For what? Do politicians think people go to work the same time and work at the same place so as they can carpool?

Rip off property taxes. Every other week there is a new scandal in some school about the stealing of millions of dollars.

No public transportation except for the monopoly long island railroad which hardly have any trains running and is unreliable.

Did I say real estate is unaffordable for 90% of the people.

You cant park now in most town. They have this rule of no parking from 3am to 6am. This is so towns can get revenue to pay for their dinner parties. Just another added hidden tax on the people.

[chris]

MORE REASONS WHY LONG ISLAND STINKS

Kids cant even play at parks anymore without having permits. School basketball courts have turned into teacher parking lots.

Traffic lights every 5 feet that are timed totally wrong.

Constant property tax hikes and no end in sight.

All chain stores.

Barely no communities where you can walk around the town and shop, dine, sip drinks at an outside bar, and sit at a cafe. Everything is a chain store like CVS, Walgreens or wall - mart.

Beaches with boardwalks that having nothing on them???? Go to ocean city maryland and its beautiful and vibrant. Go to jones beach and its always gloomy, cloudy, and cold with 3 people on the boardwalk. There are no bars or restaurants on the beach. If there was, you can bet it would be 70 dollars a plate. You cant even do anything on the beach. It is one big restriction.

Totally miserable people.

Mostly all old people. Not many young people as because they all left for greeny pastures in other states and countries.

Many many depressed neighborhoods where gang violence and illegal immigrants are on the rise and barely anything is being done.

These are just a few reasons why the place stinks. I moved to san antonio last year, its the best life ever. I go to bars and cafes every other day, have a blast, meet tons of new people, and can afford to live. Its great.

[WizeOne]

chris wrote:

Long Island sucks. I will never buy a house the size of a closet for 440k only to pay 8k in taxes! Thats absolutely insane. The good part is that people are finially waking up to this reality and house prices keep crumbling every 3 months. Houses that were 520k a couple years ago are now going for 430k. In a year or two they will be 330k.

True, and what having an even greater effect on declining values is the tightening up of mortgage money! Banks now want big down payments, high incomes and stellar credit. On top of that, banks are now sending out appraisers who devalue the home far under the asking price, and the banks refuse to lend money over that amount! This is going to get much much worse before it gets any better.