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

LockSmithHustla wrote:

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

Good i hope so - because that doesnt sound like much of a drop. i ve been looking lately and it doesnt seem like its coming down anymore.

Leave LI wrote:

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

ABSOLUTELY!
its still not enough and lately it doesnt look like its coming down at all. like it matters, we'll make it up in gas prices!

daaydoil wrote:

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.

its not for everyone. I moved to SC and came back bc of well one the giant flying cockroaches, the daily thunder storms that scared me right outta my shorts , and well the fact there is still a civil war going on down there with North and South.
You better have a job already when you move bc most people dont want to deal with us Yankees. Plus in texas one good wind could come and take all that away, and for ME I cant live like that. So dont judge, its not for eveyrone

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!

Actually, no need to be so fiesty about it.

For one, lots of people refer to a thousand as a G.

And yes 25 yrs ago, that was the very early 80s...ok so maybe 30 yrs ago, ABSOLUTELY you could buy a home for 50K.
It did blow up in the 80s. So he was off by a handful of years, lets get a grip here.
No need for the attitude, we are all in this nightmare together!

raygoto wrote:

<quoted text>
Once again, we have unsuspectingly stumbled up Frank's very own Fantasy Blog. He has issues, ladies and gentlemen. His momma didn't give him enough attention as a child.

LOL - great response.

LI prices will fall a great deal more before this is over. Banks have really tightened up lending now, and LI salaries are not high enough to support these overpriced homes anymore. You will see prices falling down to late 1990s levels in 2009.

I assume that with the drop in housing prices my future assessments will reflect this. Thus, I can expect my taxes to drop. Yea, I'll keep dreaming.

Once again, Newsday is lying.

Homes have not gone down in value, they continue to go up.

I just got my tax notice from Nassau County. The Nassau County Tax Assessor said my home was worth 460,000 last year, and this year it is worth $495,000. He said my home went up over 7% this year. They would not be lying, would they? Wouldn’t that be illegal?

Therefore, it must be Newsday that is lying.

As a side note, I bought a house in North Carolina. Property taxes are less than 10% of what we pay in Nassau. My two bedroom, three bathroom house cost about a quarter of the average home in Nassau, and it is brand new. It also has two to three times as much property.

Irv wrote:

LI prices will fall a great deal more before this is over. Banks have really tightened up lending now, and LI salaries are not high enough to support these overpriced homes anymore. You will see prices falling down to late 1990s levels in 2009.

i hope you are right , but I dont think theyll ever fall that much.
What do we have to do to get salaries moving upward again??

No longer Pay-Rods gal wrote:

<quoted text>
its not for everyone. I moved to SC and came back bc of well one the giant flying cockroaches, the daily thunder storms that scared me right outta my shorts , and well the fact there is still a civil war going on down there with North and South.
You better have a job already when you move bc most people dont want to deal with us Yankees. Plus in texas one good wind could come and take all that away, and for ME I cant live like that. So dont judge, its not for eveyrone

Stereotypical BS! Most people have no trouble moving to the Carolinas and fitting right in. Do you think it's possible the problem was you and not them?

The Thinker wrote:

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

More like a nightmare!

No longer Pay-Rods gal wrote:

<quoted text>
i hope you are right , but I dont think theyll ever fall that much.
What do we have to do to get salaries moving upward again??

Salaries moving upward? We are at the beginning of a recession now! Many people will be getting laid off and losing their jobs! This is going to knock real estate prices down even more than is being predicted.

Upper Echelon Michael wrote:

Since when did Queesn become part of Long Island? "The median in Nassau fell from $458,000 in February to $445,000 in March, according to MLS. Suffolk's rose a little, from $359,500 to $365,000." would imply that Nassau and Suffolk pretty much stayed the same. The only way there is a drop in price is if you include Queens. This is actually phenomanally great news for Nassau and Suffolk home owners. It shows that the market on Long Island is stable. Once again Newsday distorts the truth.

Oh my, you again. Everyone check the math!!! "It shows the market on Long Island is stable."

I am laughing so hard right now that I need a drink of water. Thank you, Michael, JD and owner of many advanced degrees.

Someone better alert the Nassau County Assessor's office! They went up generally 4% across the board. Greedy bastards.

No longer Pay-Rods gal wrote:

<quoted text>
its not for everyone. I moved to SC and came back bc of well one the giant flying cockroaches, the daily thunder storms that scared me right outta my shorts , and well the fact there is still a civil war going on down there with North and South.
You better have a job already when you move bc most people dont want to deal with us Yankees. Plus in texas one good wind could come and take all that away, and for ME I cant live like that. So dont judge, its not for eveyrone

LOL. I grew up in the South and those cockroaches (actually palmetto bugs) do take some getting used to.

All one needs to do is to look at the prices LI homes are actually selling for now (not listed for) and you'll see how bad things have gotten. Some people have taken a $100K+ bath on their homes! Don't believe any Realtors or Newsday hype, things are MUCH worse than they are telling you. Just try to sell your home now for a price you think it's worth, and you'll soon be facing this reality big time.

Bimbo Island wrote:

<quoted text>
Stereotypical BS! Most people have no trouble moving to the Carolinas and fitting right in. Do you think it's possible the problem was you and not them?

NC Person: Howdy! Welcome to NC!

LI Person: Howdy? Howdy? Who says howdy anymore? We don't say that where I'm from.

NC Person: But I just thought-

LI Person: Stop right there. "I just thought". There's your problem. I'm from NY, you can't pull one over on me.

NC Person: But I-

LI Person: You call this pizza? Chinese food??? I'll show you...hey, this water smells like sewage coming from my sink. I swear I don't know why I left LI.

NC Person: Neither do I.

Irv wrote:

LI prices will fall a great deal more before this is over. Banks have really tightened up lending now, and LI salaries are not high enough to support these overpriced homes anymore. You will see prices falling down to late 1990s levels in 2009.

Correct!!! This is the issue no one is talking about.

Upper Echelon Michael wrote:

<quoted text>
Because Texas sucks? The salaries there are a fraction of what they are on Long Island.

Yea, maybe if you're a waiter or pump gas at the local Sunoco station. Houston is awash in money, due to the largest concentration of oil and petrochemical industries in the world. They also have the 3rd largest port in the country, just for starters. That's the main reason why Texas has no state payroll tax. I moved here last year, and I see more "money" in one day than I saw in a year on LI.

Of course, I know this will fall on deaf ears, as in your eyes, there's no place better on planet earth to live than LI. LMFAO!

Irv wrote:

<quoted text> Salaries moving upward? We are at the beginning of a recession now! Many people will be getting laid off and losing their jobs! This is going to knock real estate prices down even more than is being predicted.

How come the restaurant I went to Sunday at 2:30 in the afternoon had a 45 minute wait? How come the restaurant I went to a week ago had a 60 to 90 minute hour wait on a Friday night?

Why was there a line at Costco. Wht was there a line at Best Buy?

Perhaps the economy is not as bad as we think, or the media makes us believe. Perhaps people have already spent their rebate checks. Perhaps the sky is not falling. Or, perhaps, everyone want us to bail them out of their high interest 100% value mortgage so they can keep going to Red Lobster.

A recession, our unemployment is at 5%.

This is not a recession, this is a correction.