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

And continue to fall it will.Still not the bottom so don't buy yet

Still way overpriced.

NoNewsday has been whining about affordable housing, now you've got it.

Prices are still to high. They have to come into line with salaries--and we know where salaries are right now.

Still way overpriced those 400k homes should go for under 300k I hope the housing prices fall so people can actually afford to buy. most people selling those homes for over 400k have lived in their homes for 30 plus years and paid less then I paid for my car.i for one am glad once it falls a little more I can finally stop renting

Leave LI wrote:

Prices are still to high. They have to come into line with salaries--and we know where salaries are right now.

Salaries have been the same for 10yrs its crazy

maybe all "middle class" perspective first timers can now begin to realize the american dream
remember 25 odd years ago when our houses in the city were 50g and the houses on long island were 25g but with high taxes we barked, now most of us have either gone to NJ, Northern NY or out east here in long island maybe now we can pick up a nice little home for cheap to offset the corrupt taxes for land that wasn't worth the dirt on which it stood 50 yrs ago

My daughter and her husband moved into a four bedroom beautiful home outside Houston, Texas. The price... $129,000. The taxes are low. Why suffer on Long Island.

I don't see how home ownership is an "American Dream."

Now it will only require two families to live in a house instead of three. These homes are still way too over priced, and the taxes are still outrageous. I con't understand how anyone can afford to live there anymore.

we suffer on Long Island because we chose to stay where it is familiar, the youngsters under 40 tend to have more opportunities available to them when they change jobs and locations than most of us older and less prone to change types that cant move to another job so close to retirement so daaydoil kudos to yr kids for making the move for a better life and pray for us that have to stay and deal a few more years till we can get into the 55 plus condo communities where 2br 2 bath condo's in a nice development go for less than 100g

My 26 year old daughter and her fiance plan to get married in a year and move in with me and my husband for at least five years so they can continue their education, continue working and save to buy a house on Long Island. The good-old-days when you can afford a starter home in your twenties are gone.

The average Long Island ' Tract House' was never a valuable structure to begin with, as most are built with substandard lumber and sheathing installed without code officials taking notice. The huge tax bills attached to these shacks makes them the ultimate money pit. Many were even built with Electric Heating, an insanely expensive heating system on Long Island even back in the 1970's, that was the cheapest central heating unit to install by the 'price is everything' Real Estate Developers who stamped out these home6s as if they had a big cookie cutter. In some places, like the towns of Mastic & Shirley they were allowed by Brookhaven Code Officials to build in lots as small as 1/4 acre, and no sewers or municipal water systems available, so each of 4 homes per acre had a well sucking drinking water out of the ground while each had cesspools feeding filth back the the aquifers supplying that water. My point is that most Long Island houses have never been worth the cost. Declining prices is what should be happening, it just took too long to get here.

as long as people still pay 1 million plus for an apartment in manhattan housing price indices will continue to fluctuate more on the high side, once manhattan prices begin to fall the recession will take hold and housing markets will crumble....we will see

Prices might fall a little but the taxes keep going up. Go figure. That the Long Island way.

I have worked in Wall st, and let me tell you. The bankers have help rise the prices in LI, NJ to record levels with their hugh bonus. Those bankers with kids move out of the city into convient neighbohood with easy access to NYC. Thus driving the demand of houses for good neighborhood. I was one of them. Now that the credit crunch has hit those investment banks hard, many will be selling, thus helping drive the prices down... I brought my house 10 yrs ago and the price appreciated 500% at its peak. I could have made a killing in 2006, but I am in it for the kids.

dazed and confused wrote:

maybe all "middle class" perspective first timers can now begin to realize the american dream
remember 25 odd years ago when our houses in the city were 50g and the houses on long island were 25g but with high taxes we barked, now most of us have either gone to NJ, Northern NY or out east here in long island maybe now we can pick up a nice little home for cheap to offset the corrupt taxes for land that wasn't worth the dirt on which it stood 50 yrs ago

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!

raygoto wrote:

<quoted text>
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!

Wrong answer. In 1983 houses in Nassau County where going for $70,000-$83,000 on the average depending on when in 1983 you are talking about. The mean house prices were not over $100,000 in 1983.

People will not purchase property when they have to throw away more than $500 a month in property tax-in the current economy. Salaries are not gong up, and it is too risky to purchase based on the current taxing environment.Unless property taxes are restricted to what CA did in 1978 with Proposition 13, people will not purchase property at the rate we should see. They see the money going for nothing. This disturbs people to no end-putting it as nicely as I can. I was walking in Levittown on Saturday and I noticed $339,000 houses in the window of a local real estate firm on Hempstead Turnpike, with property taxes between $8,500-$10,700 a year. That's $900 a month. So either taxes have to be cut in half, or the prices of houses have to decrease by the level of what $450 a month can pay on a mortgage, or about $75,000. So basically, the real estate bottom will be around $275,000 in Levittown, unless something is done on taxes.

Young Newlyweds wrote:

My 26 year old daughter and her fiance plan to get married in a year and move in with me and my husband for at least five years so they can continue their education, continue working and save to buy a house on Long Island. The good-old-days when you can afford a starter home in your twenties are gone.

Not smart enough to marry for money?

Bangkok Bill wrote:

<quoted text>Not smart enough to marry for money?

Actually too smart to not marry for money