Homes on LI continue to rise ...

Cira Posted: Aug 25, 2003 09:51 AM

Homes on LI continue to rise ...

Did you guys see this on Friday. Homes in Nassau average over $400K. Wow!!!

Newsday article

Wendy Posted: Aug 25, 2003 10:30 AM

Re: Homes on LI continue to rise ...

This makes me happy since we have been dumping a ton of money into our house lately. I know it makes it really hard for anyone who wants to buy though. It's so funny to think that the house my husbands parents built for about $10,000 is now worth so much more!!!

Misty Posted: Aug 25, 2003 10:32 AM

Re: Homes on LI continue to rise ...

We'll never get out there at these prices.

Sassyz75 Posted: Aug 25, 2003 10:40 AM

Re: Homes on LI continue to rise ...

I don't know if I will buy on LI or if I want to live on LI.. I think I'm gonna stick to NJ. The homes are totally overinflated on LI with no hope of coming down. All that money to sit in traffic every second of your life... no thanks.

Misty Posted: Aug 25, 2003 11:05 AM

Re: Homes on LI continue to rise ...

That's exactly how my DH feels. And, the price to commute to work everyday is out of control. To sit in traffic, pay over 200 a month to take the train (that is rarely on time) and to pay thousands in property tax on top of 400K+mortgages. How could any working class family afford to live on LI?

Sassyz75 Posted: Aug 25, 2003 11:14 AM

Re: Homes on LI continue to rise ...

I don't know- it seems impossible!!!
plus I don't want to sit on the train and commute into the city- i HATE that...

jennbaby Posted: Aug 25, 2003 11:18 AM

Re: Homes on LI continue to rise ...

This is really sad. The homes are so NOT worth it & we refuse to buy now because of it.

My friend just bought a home in Levittown for $385, I would never spend that! The area is nice, but to me, not worth it, neither is her home!
They can keep it

VickiC Posted: Aug 25, 2003 11:22 AM

Re: Homes on LI continue to rise ...

I saw this article too, and was floored. I don't know how we're ever going to afford a house. It just makes me depressed.

Sassyz75 Posted: Aug 25, 2003 11:36 AM

Re: Homes on LI continue to rise ...

It's depressing- but I try not to worry about it.. my Mom just calms me by telling me she's seen the market cycle out 2 or 3 times... so the houses will eventually come down a little.

I was raised in an apartment- my Mom didn't own a house till she was 45- so I try not to worry about it.

owning a house doesn't make you better than anyone else... so try not to worry about it and use these years as a non-house-owning newlywed to revel in the fact that you don't have any home-owning responsibilities... i know I am :)

I know $400k for an original levittown cape...ridiculous.

Maybe we should move down South?

dgtlsunshine Posted: Aug 25, 2003 11:53 AM

Re: Homes on LI continue to rise ...

Its crazy the house market. We live in NOVA and we live in a new development of townhomes. We have been there all of two months. Would you believe the houses have gone up 30k in two months. Its crazy.

Teri Posted: Aug 25, 2003 12:24 PM

Re: Homes on LI continue to rise ...

I'm really starting to wonder if we should look elsewhere, but just about any commutable area to NYC is almost as bad

At this point it's not even spending the money, as much as looking at what you get for that money - it's crap!!! Piece of $hit houses that need 2 yrs worth of renovations and $100K poured into them Oh, and taxes that are some people's take home salaries from a part time job

jennbaby Posted: Aug 25, 2003 12:28 PM

Re: Homes on LI continue to rise ...

Sazzy LMAO!!!

owning a house doesn't make you better than anyone else... so try not to worry about it and use these years as a non-house-owning newlywed to revel in the fact that you don't have any home-owning responsibilities... i know I am :)

I know $400k for an original levittown cape...ridiculous.

Misty Posted: Aug 25, 2003 12:35 PM

Re: Homes on LI continue to rise ...

When DH and I were looking before the wedding, we went to see a 3 bedroom cape that had an attached garage. The garage was attached by wooden planks that weren't insulated, and it caused this horrible gas smell to seep into the house. The planks formed an 'enclosed terrace' (i swear that's how these people had the nerve to bill it). This 'terrace' had a man made skylight that was water stained. The kitchen was the size of my current apartment kitchen, but the cabinets were the originals, and it had a 24' stove that looked to be about 20 years old. They painted over old velvet wallpaper (you know that 70's wallpaper with the shiny paper and then velvet flowers?). The paint was peeling up and causing the 'velvet' to bruch right off the wall. The basement had a water line all the way around it and a raised floor to obviously cover the water damage on the original foundation.

All this for the bargain price of 395,000.

curly2003 Posted: Aug 25, 2003 01:01 PM

Re: Homes on LI continue to rise ...

I am so happy we bought when we did. It was expensive a few months back but even moreso now. God am i happy!!!!!!!!!

yabbobay Posted: Aug 25, 2003 01:51 PM

Re: Homes on LI continue to rise ...

Wendy...I can't believe my parents bought their house for $22K!!! and now its worth over $500K...its crazy...but I guess sitting on property for 40 years can do that...

I think buying is a good way to build equity...but remember it doesn't have to be a house...there are tons of condos and coops in great neck, bayside, forest hills...they are great neighborhoods

jessnjoey Posted: Aug 25, 2003 01:57 PM

Re: Homes on LI continue to rise ...

This makes me sooo depressed!!!! We'll never get a house at this rate..I thought with the rates going up the prices would fall back down.

dgtlsunshine Posted: Aug 25, 2003 01:58 PM

Re: Homes on LI continue to rise ...

Thats true look in condos and such.

Yabbobay I need to sit on my house for 40 years then. Thats some nice equity

bride082003 Posted: Aug 25, 2003 02:10 PM

Re: Homes on LI continue to rise ...

I agree, the prices are very high and you get crap! That's why we stopped looking too! We will resume again in a few months when hopefully the prices STOP going up

Cira Posted: Aug 25, 2003 02:28 PM

Re: Homes on LI continue to rise ...

I remember when we looked ... we got frustrated too. Unfortunately the rate increase is just not high enough to cause a plateau in house price increases. But the real estate market is cyclical - so who knows what really will happen. Also keep in mind that starter houses (houses in the $350 - $450 range for Nassau) will probably not go down as soon as luxury houses. There is more of a demand for those type of houses.

Just keep looking ... you'll find your house at the right time for you. And then you'll be excited when prices increase, because that means more equity in your house.

Good luck to all those house hunting!