LI on Forbes' 'most troubled luxury neighborhoods'

Full story: Newsday

Sagaponack Mayor Donald Louchheim has two friends who recently sold their multimillion-dollar homes, so he seemed a little surprised Tuesday when told his village was on the list of Forbes magazine's most troubled luxury communities in homes sales.
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Publius

Woodmere, NY

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#1
Jul 14, 2009
 

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Simple economics:

Where prices went up the most in the bubble, prices will come down the most in the crash.

And believe it or not folks, Long Island has held onto its prices much, much better than California, Arizona, Nevada, Florida, and the entire Mid-West.

Prices have declined 40-50% there and only 22% here.

But, New York's economic pattern is that recessions hit here last, which means we are also the last to recover. New York may be suffering long after the rest of the country has bounced back.

What is well within our control is PROPERTY TAXES! Absolutely, totally outrageous. And it is killing this whole area. Property taxes, sales taxes, income taxes, surcharges, fees - for those making near $100,000 - over 60% of your income goes to paying taxes when all is added up.

Imagine, there are states where you pay no state income taxes, no sales taxes, and property taxes are less than a thousand dollars on a few acres of land. Do you think New York government really provides that much more service to its citizens than these states.

It's a boondoggle. A ripoff. A racket.

And you voted for it.

You can vote it out.
wha wha WHA

New Rochelle, NY

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#2
Jul 14, 2009
 

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I feel so bad for you rich snobs
taxedalot

United States

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#3
Jul 14, 2009
 
My posting name says it all!
Jane the Plumber

Stockbridge, GA

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#4
Jul 14, 2009
 

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wha wha WHA wrote:
I feel so bad for you rich snobs
Yeah, we should all have their problems.
Not exactly

Fort Lee, NJ

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#5
Jul 14, 2009
 
Jane the Plumber wrote:
<quoted text>
Yeah, we should all have their problems.
No thanks!
Brian Fellow

North Monmouth, ME

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#6
Jul 14, 2009
 

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You selfish, selfish, selfish middle to lower middle class heartless heathens. I think you (and not me) should all pitch in and help these millionaires who are clearly hurting. They'd do it for you! No, we all know that's not true, but, really, why not send them some of your money? You're already poor, so, it won't really matter. They are rich now so being slightly less rich will generate a mild amount of discomfort.
Prince of Mastic Beach

AOL

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#7
Jul 14, 2009
 

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Mastic Beach has affordable houses. Great place to raise a family, too.
Overpriced LI

Brooklyn, NY

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#8
Jul 14, 2009
 

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All overpriced garbage. Lipstick on pig homes. Nothing on LI should be what it is. It all is 40% overpriced.

Problem is sellers are stubborn to lower prices and buyers are still gullible and buying, thinking a little 10% haircut is the bottom.

Let it all go down 60%
mac

Lynbrook, NY

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#9
Jul 14, 2009
 
Brian Fellow, well put...great comment.
What the PUP

United States

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#10
Jul 14, 2009
 
One day soon LIers who are selling in all areas of the island will realize their houses aren't worth the prices they are advertising for ...... LI needs to wake up!
GiggleMonster

Atlanta, GA

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#13
Jul 14, 2009
 

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Well, the mayor can say that pigs flew yesterday, too; without without hard facts, she's about as credible as Tawana. Home sale prices as reported by the MLS are not credible, because the MLS system is owned by a trade organization, the National Associaton of Realtors. Look to the final recorded prices on the sales contracts filed with the county if you want the true sale price, which deducts the phenomenal amount of concessions off the listing price - stuff like: the seller throwing in most furnishings; the seller paying the real estate taxes; the seller paying points; the seller buying something rich for the homebuyer like a membership in a local swim or golf club. The buyer, who records the document, will deduct all of that off to arrive at the true sales price so that they don't get taxes into oblivion.

In no way, shape, or form is the mayor privy to that information. She's just a shill for the community.

Dig deeper, reporters, dig deeper. The story is there. Find it.
sayviller

Bronx, NY

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#14
Jul 14, 2009
 

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newsday began reporting the downward trend? hilarious - i believe the post splashed a story on hamptons foreclosures - overhyped, but still - on their front page and newsday had to pick up the pieces as usual. just fyi...
Hamptonite

Southampton, NY

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#15
Jul 14, 2009
 

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I live in the Hamptons and what the two people in the article said is true: Nobody is hurting here. Maybe somebody who got rooked by Madoff has to sell the home they paid $1.2M for ten years ago for $9M instead of $11.5 M. Big deal. They'll survive.

I know a few people who have sold their homes out here and got a fair price, and a few who put their homes up for sale but decided to rent their homes out year-round rather than accept the ridiculous prices people were offering. If you go shopping in stores today there are virtually no bargains. Retailers are offering 10-15% off and calling these measly discounts "clearance" prices. Yet for some reason, people think there is a 50% off sale going on in real estate. Especially in the Hamptons. Well, there isn't. Nothing is half price.

BTW, we pay very low taxes out here. I pay less than $3,000 a year for 3/4 acre, 3Br, 3BA. My brother in Manorville pays more than $6,000 for an outdated small ranch on a half acre. The rich subsidize my taxes by paying exhorbitant amounts of tax money for living on/near the water. They can be my guest. The more taxes the wealthy pay on their 8 week-out-of-the-year homes, the less I have to pay.

And they are building bigger and bigger houses all the time, even now. There are still plenty of Wall Street people making plenty of profit and yes, they do actually come out here and buy houses in January and February with the bonus money they made in December.
OldGabs

Morristown, NJ

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#17
Jul 15, 2009
 

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Hamptonite wrote:
I live in the Hamptons and what the two people in the article said is true: Nobody is hurting here. Maybe somebody who got rooked by Madoff has to sell the home they paid $1.2M for ten years ago for $9M instead of $11.5 M. Big deal. They'll survive.
I know a few people who have sold their homes out here and got a fair price, and a few who put their homes up for sale but decided to rent their homes out year-round rather than accept the ridiculous prices people were offering. If you go shopping in stores today there are virtually no bargains. Retailers are offering 10-15% off and calling these measly discounts "clearance" prices. Yet for some reason, people think there is a 50% off sale going on in real estate. Especially in the Hamptons. Well, there isn't. Nothing is half price.
BTW, we pay very low taxes out here. I pay less than $3,000 a year for 3/4 acre, 3Br, 3BA. My brother in Manorville pays more than $6,000 for an outdated small ranch on a half acre. The rich subsidize my taxes by paying exhorbitant amounts of tax money for living on/near the water. They can be my guest. The more taxes the wealthy pay on their 8 week-out-of-the-year homes, the less I have to pay.
And they are building bigger and bigger houses all the time, even now. There are still plenty of Wall Street people making plenty of profit and yes, they do actually come out here and buy houses in January and February with the bonus money they made in December.
I am old enough to remember the east end as a lovely area to take a Sunday ride without seeing all those horrid McMansions of today. None of those expensive restaurants and boutiques,etc. Sad the way the island has gone. Certain towns have grown in that negative fashion also ... St James, Nesconset,etc. I grew up in a lovely "LITTLE" three bedroom ranch in St James & and you could still dig for clams in the harbor or climb the hill nearby that overlooks the harbor ... now the homes there start at 450,000 and up.
january

Sayville, NY

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#18
Jul 15, 2009
 
excessive consumption deserves censure
OMG

Bronx, NY

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#19
Jul 15, 2009
 
Boo hoo
Laughing

United States

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#20
Jul 15, 2009
 
So Snoozeday interviews the owner of the SH Press for this pc????
One loser paper getting their story from another loser paper, how nice.
What's next, interviewing Mayor Mini Madoff Motz of Quogue for stock tips?? Of course Loucheim will say he is surprised, his papers advertisers would freak if he spoke the truth..........that's assuming he is capable of the truth.

Funny stuff!!
Laughing

United States

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#21
Jul 15, 2009
 
Wow - they have blocked us from writing
snoooze day..........it comes up as asteriks.

Lame, but funny stuff.
Lower the Bar

West Milford, NJ

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#22
Jul 15, 2009
 

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Isn't this America ? How come everyone can't have a mansion. I can't afford a mansion and that's just wrong... in a democracy ...maybe even unconstitutional .... I'm writing to Sonia !
Ethel

AOL

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#23
Jul 15, 2009
 
Publius wrote:
Simple economics:
Where prices went up the most in the bubble, prices will come down the most in the crash.
And believe it or not folks, Long Island has held onto its prices much, much better than California, Arizona, Nevada, Florida, and the entire Mid-West.
Prices have declined 40-50% there and only 22% here.
But, New York's economic pattern is that recessions hit here last, which means we are also the last to recover. New York may be suffering long after the rest of the country has bounced back.
What is well within our control is PROPERTY TAXES! Absolutely, totally outrageous. And it is killing this whole area. Property taxes, sales taxes, income taxes, surcharges, fees - for those making near $100,000 - over 60% of your income goes to paying taxes when all is added up.
Imagine, there are states where you pay no state income taxes, no sales taxes, and property taxes are less than a thousand dollars on a few acres of land. Do you think New York government really provides that much more service to its citizens than these states.
It's a boondoggle. A ripoff. A racket.
And you voted for it.
You can vote it out.
I'm doin OK in tony Westchester Co, nice view of the the shore .I'm on welfare livin in a co-op building in a stabilized rental one bedroom as a hold out ,food stamps and free health care .The rich folk I live among are paying high taxes to enable the excellent social services of which I am accustomed. I will not move to one of them there states that don't collect mucho tax.

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