Re: I am impressed by the amount of people who own their own homes(M)

Stef-
Its true that that even small run down homes 'in the boroughs' (I can speak for Queens) can cost as much as our HUGE homes on LI for 500K. (my parents just bought their 2nd home in Queens, thank God their home is FAR from being run down, its gorgeous, and costed a very pretty penny). It was worth it to them to not have the outrageous taxes that we pay out here. (and they would never move to LI - they love the option of walking everywhere)

I guess the factors are as usual: Location, location, location. Closer to the city, cha-ching. But of course the taxes are no where NEAR what we pay here. (close to 7K)...
So, its give and take. You can have more house (and MUCH more property) for the money, but you will pay through the roof in taxes...

im rambling, its getting late..

Re: I am impressed by the amount of people who own their own homes(M)

We're actually building a house in FL, but to get that house its all savings. We are just saving everything little thing we can.

When we go to FL we are actually living with friends for the whole time the house is under construction so we are saving the money we would be using for rent to go towards savings of a morgage.

We dont go out like we used too, we pay bills as soon as they come in this way we can clean up our credit and everything so we can get a good morgage.

and the rest we just do what we can.

Re: I am impressed by the amount of people who own their own homes(M)

What's strange is that as you get really east on the the island, montauk, amaganset, sag harbor, it also gets REALLY EXPENSIVE! Like it's the new hamptons...especially Montauk! I can't believe how much the real estate is going for now!

Re: I am impressed by the amount of people who own their own homes(M)

Kathy,
Those areas have always been pricey. That's nothing new. (The Hamptons are over-rated in every way.) What's scary is that those are usually 2nd-4th homes for those folks.

My sister has a cool job...she's a home appraiser for $$$$ homes. She hates it, but that would be my dream job...driving around and looking at beautiful homes & interiors.

Re: I am impressed by the amount of people who own their own homes(M)

Anna: My taxes arent that low. At the difference of what we are paying, it would take about 100 years to catch up Plus, you have good public schools so youre taxes are actually be utilized for something you want. I get to pay taxes so I can support low income housing while I pay a fortuen, welfare for people who sleep late while I drag myself to work, crappy schools, an infrastructure so commuters can come to work in NYC but not pay a cent, 9/11 rebuilding, and god knows what else!

Can you tell Im bitter about my taxes?

Re: I am impressed by the amount of people who own their own homes(M)

I have to agree more with Claud on this one. I've pondered on this question for so long - whether the real estate boom will just crash. I had to think about this seriously before we bought, and in all honesty, I don't think that our home values will be less in 5 years then what they are today, in the Long Island/ Metro Market. I don't think that I made a mistake buying now as a first time homebuyer. I agree that it's harder these days, but in my opinion, the real estate market does not rise and fall like the stock market. Maybe my opinion is so off-based, but I think, right now, houses are on the market longer and we are stabilizing somewhat, but I don't think they will just crash and be 30% lower. There are a lot of houses that are overpriced and those are the ones that are on the market longer, but the houses that are adequately priced are being scooped up still. We also have to remember the location chant that Anna sung before as well as supply and demand.

Maybe this article will be interesting to some of you - it gets into the heart of the boom question.

Will it Last?

Re: I am impressed by the amount of people who own their own homes(M)

I am not a homeowner but my mom is (in Queens) and I so have to agree with Stef. I can not believe the taxes one has to pay for those on welfare who do not want to find jobs, and for the yucky schools in Queens, it's very sad.

Re: I am impressed by the amount of people who own their own homes(M)

I want to know.

What are the going prices for houses in Queens.

I know in Howard Beach a decent house is about 675k.
That means you have to come up with atleast 200k cash.

WOAH!!

I can afford to have a house up here. SURE My parents are giving us the DP for our house once we make the move to Boca or West Palm Beach...

For 400k down there you can get a million dollar house up here..

I wish you all much luck..........
Saving is a BiTC&

Re: I am impressed by the amount of people who own their own homes(M)

looking in the market right now I would love to know where you are finding huge houses on LI for $500k. Maybe because I am looking in Nassau (or my idea of a huge house is a little warped) but what we are seeing for high $400's or low $500's are by no means HUGE (or even BIG) houses. They are your standard 3 bedroom. And I don't know who said it but I have to agree the taxes on LI are crazy!!!! and I can't agree with Stef that we have great public schools. That all depends on the neighbohood. And the areas with better public schools (in Nassau at least) ar Big $$$$$$.

As for is it going to come down? I don't think so. I think we may see a cooling and the house prices will remain the same as the rates come up. But the prices aren't dropping anytime soon JMO

Re: I am impressed by the amount of people who own their own homes(M)

Cira: I dont think anyone is making a mistake buying a home. The only reason a cyclical market should be a concern to anyone is if you plan on staying in your home on a short term basis or you're buying your home purely as an investment. I dont think that is the case for anyone here.

The real esate INVESTMENT market is cyclical. That is not my opinion, thats a fact. All investment vechicles have variable lifecyleces. But its not an issue unless you your home is purely a short term investment.

I was just saying that I think all the new homebuyers are in between a rock and a hard place. You have to live somewhere and everything is so expensive, its very hard to get something good right now that is within reach for most young people.

Re: I am impressed by the amount of people who own their own homes(M)

I think, regardless of the terminology, it's fair to say that the LI market is really insane - all houses seem to be overpriced right now. In my 2 + yrs of research, I've seen the same section of towns increase in listings $30K in about 6 months. To me that's ridiculous, but it's reality.

I do believe that you have an advantage selling a condo/townhouse or smaller starter home, because you have something to cash in to offset the larger price of a 'regular' house. Of course you'll still have to figure on paying a decent mortgage, but at least it will be doable. This isn't even a dream house - my mom, who's worked all of her life, lives in a very desirable town and she's not even in her dream house. Considering what it was appraised at is pretty shocking. Her town now is so far out of reach for most first-time buyers it's sickening!

At this point something small, with decent property and in need of little would be great, but this is for the asking price of $450K or so where we're looking.

I have seen the prices stabilize somewhat lately, but I'm not sure the prices will drop significantly. I do feel that if we bought right now we'd be paying TOP dollar though.....I can't help but feel we should wait a little while longer and see what happens.

Re: I am impressed by the amount of people who own their own homes(M)

We are looking in essex, morris, bergen counties of NJ and the market is very similar to LI.....esp. the counties closer to NYC, but I also have to reiterate....where can you find a huge house on LI for 500k? My parents own their home in Nassau, Massapequa and while its a nice home - it is by no means 'huge'- its a standard 3 br, 2.5 bath split. Market value - 500k.

Re: I am impressed by the amount of people who own their own homes(M)

I wanted to chime in on this topic. Hubby and I have a co-op that we can sell to put a down payment on a house...no problem. Problem is we put a bid on 2 houses and both times they made us come up and we got a little nervous because we felt like we were pushing it. Right before we signed the contract I panicked and told him I wanted to back out. When we did our budget I realize that with commuting expenses, home repairs and property taxes on LI (to name a few things) (which we did not account for) we would be living paycheck to paycheck. We both make good salaries, that's not the issue but I will not have the flexibility to stay home if we have kids.

So those of you that say when it boils down to it...it's really about the mortgage payments I have to agree. I don't know if we made a mistake not buying right now (if prices will only get worse) but I'm hoping they will drop to. I realize my property will drop as well but it will at least be more relative. I hope!

Re: I am impressed by the amount of people who own their own homes(M)

we can't even afford to move from my mil house. the rent is rediculous. forget trying to buy a house. plus the fabulous employment market hit home 2 time and I am unemployed again. so at this rate we will never get a house.

Re: I am impressed by the amount of people who own their own homes(M)

Re: I am impressed by the amount of people who own their own homes(M)

For those that live and pay property taxes in Queens...
Is the tax levy calculated differently in dif parts of Queens?
I guess its all relative but in the nearly 30 years my parents have lived in Queens there property taxes (for an average 3 BR colonial) went from $900 to 1300, and just went up with last years increase another $100. Everyone was all up in arms... I don't understand....
I don't agree with having to overpay for welfare and other items that hard working people inevitably end up picking up the slack for, but $1,400 a yr? Thats a bargain. Please tell me if these figures are not the norm in NYC.

Regarding buying our home...we each lived with our parents until we got married and saved saved saved... bought the house 2 months before the wedding we paid for ourselves.

Re: I am impressed by the amount of people who own their own homes(M)

It really is sickening to have to pay taxes for welfare recipients that just sleep all day. A few years ago, I tutored a young girl in Manhattan (3rd or 4th grade) in a local volunteer program.
Both of her parents were young, strong, ABLE but not willing to work, unemployed and welf recip. Her mom was a PERFECT example of 'who we are talking about'. She was also the WORSE example of 'making something of yourself' to her daughter.
It would make me SO ANGRY Just to hear her say things like 'Giuliani wants us to get jobs I HATE HIM! We only get $200 a month, thats NOTHING !' (or some figure in that area). and she was complaining and whining about finding a job. Then she got free schooling to get a GED or something and she complained about how much 'school stinks' and what a waste of time.
Her daughter was smart and ambitious, and I was sure it was a matter of time that this HORRIBLE attitude rubbed off on her

Im glad I'll have kids in school because a good chunk of our taxes are for the schools and we made sure to get a really excellent school district.
We were also told that this is one of the few SD's that children are not 'bussed in to'...

Sometimes I do think of moving out of state and just not paying soo much for everything !!

and one more thing...
Who would have thought that a PLASTIC fence would cost SOOOO MUCH !! I cant get over that one..

Bitter here too !

Re: I am impressed by the amount of people who own their own homes(M)

Anna: Isnt the cost of everything so outrageous?? Whenever I start a new project on my house, Im always floored by how much a little piece of wood or pipe or whatever costs. We are looking to replace a front door and its going to cost thousands!! Hello - its only a piece of wood people!

Re: I am impressed by the amount of people who own their own homes(M)

Montauk wasn't always expensive, my parents bought real estate out there dirt cheap, and my uncles bought a motel and more property out there also quite some time ago....that area has just went crazy!

Re: I am impressed by the amount of people who own their own homes(M)

Jenn- my parents purchased my condo from me as an investment property. They now rent it. But I purchased the condo of my own prior to that.