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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Site on LI Bubble
Link
ETA: Sorry I thought I posted this on the Home Board 
Message edited 2/14/2007 1:51:37 PM.
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Posted 2/14/07 1:48 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
zaidam
*************
Member since 1/07 1519 total posts
Name:
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Re: Site on LI Bubble
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| Posted 2/14/07 2:02 PM |
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Alli06
Baby #3 coming this June
Member since 8/05 6721 total posts
Name:
A
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Re: Site on LI Bubble
I totally agree with this article. My DH and I have been house hunting for about 8 months. All we see is small houses that needs tons of work for over 400k.
A real estate agent told us the other day that "Her office had a meeting about prices of homes going up". Now, I guess she thought I was young and stupid. I am sorry!! I can't believe this for one moment. How can house prices be going up, when they can't sell them at the prices they are now.
I love LI and I don't want to move. I do not like the south at all, and I have been down to look. I want to stay here.
I know someone who just bought a 399K house with no money down. They are going to pay a 4k a month morgatge, and the house needs tons of work. That is crazy!!! My DH and I have good jobs, but we could never afford 4k a month. We would just have enough left over for utility's and food, nothing else. Who can live like this? You are living for your house, and I don't want to do that. I want to be able to enjoy my life. I want to be able to put money in the bank each month, in case of an emergency. I don't want to be living in debt, because of owning a home.
It seems you would have to make at least 150-200k a year starting out to own a small home and have money in you savings.
Message edited 2/14/2007 2:14:32 PM.
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| Posted 2/14/07 2:06 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Site on LI Bubble
"You may be safe from the crash providing that you:
Haven't bought a house in the past few years (except for the rich who can afford to take the loss).
Haven't drawn equity from your house (many have used equity to pay off credit cards only to ring them back up).
Haven't taken out a non-traditional loan using a non-subprime loan (especially the no-money down crowd).
Have a job that can withstand a housing recession.
Have a good amount of money in the bank in case you lose a job (A recession is coming). "
While I agree that many people bought and they shouldnt have (used exotic mortgages) and that LI housing prices can (and probably will) come down, this list is idiotic.
first of all, if you just bought a house, you are safe from the crash if you plan on keeping your house for the long term. And everyone in every housing market needs $ in teh bank in case of someone losing their job, not just on LI
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| Posted 2/14/07 2:18 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Site on LI Bubble
I have been looking on a off for 2 years and I just told my Dad to have his Real Estate agent in FL call me and start to give me info on homes down there
for $500K here- I can have a 50 year house that needs to be gutted house that I don't like
or for the same money in FL I can have a brand new 4 bedroom home in a gated community with a club house, marina, pool, every up grade you could ever want etc.
and be close to my family
of course he already wants to call the moving truck- but I want to gather all the info before I buy a home here -
Message edited 2/14/2007 2:45:56 PM.
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| Posted 2/14/07 2:20 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Site on LI Bubble
They have been saying this for almost a decade. As long as a buyer isn't counting on flipping a house quickly, I am sure they will be fine. While I do think house pricing will go down on LI, I doubt they will plummet (and the amount they go down will depend on the area).
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| Posted 2/14/07 2:39 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Site on LI Bubble
Posted by TheLorax
They have been saying this for almost a decade. As long as a buyer isn't counting on flipping a house quickly, I am sure they will be fine. While I do think house pricing will go down on LI, I doubt they will plummet (and the amount they go down will depend on the area).
I agree. The housing prices will not plummet because face it, LI is a popular place to live. It is near NYC and that will always keep LI booming (unlesss some sort of natural disaster strikes.) Its not like a house is going to be 500K today and 300K next year.
The people who are losing out are those who bought in 2004/2005/part of 2006 at the height of the craziness and are now trying to sell (and make a profit!).
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| Posted 2/14/07 2:49 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Site on LI Bubble
Posted by SweetTooth
Posted by TheLorax
They have been saying this for almost a decade. As long as a buyer isn't counting on flipping a house quickly, I am sure they will be fine. While I do think house pricing will go down on LI, I doubt they will plummet (and the amount they go down will depend on the area).
I agree. The housing prices will not plummet because face it, LI is a popular place to live. It is near NYC and that will always keep LI booming (unlesss some sort of natural disaster strikes.) Its not like a house is going to be 500K today and 300K next year.
The people who are losing out are those who bought in 2004/2005/part of 2006 at the height of the craziness and are now trying to sell (and make a profit!).
exactly- the people who took crazy non tradtional mortages on houses they couldn't afford to begin with- and thought they would make a ton - it's not happening
they came late to the party- it's the same thing with the stock market
buyers aren't willing to just pay anything a seller asks anymore- the market has changes- and sellers that don't adapt will be in trouble
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| Posted 2/14/07 2:53 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Site on LI Bubble
property is an investment. yes the value may go down periodically, but it will always go back up!
I do believe the issue with the people who took out creative loans to get their house.
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| Posted 2/14/07 7:27 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Site on LI Bubble
I don't have anything to add to the RE prices on LI but I will say this... the economy on LI is not as healthy as it was only a few yrs ago. LI companies used to pay well above the nat'l avg so the higher RE prices didn't have much of an impact. but that is no longer the case. companies OOS pay just as well if not better than many jobs here hence the massive exodus.
it is so sad 
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| Posted 2/14/07 8:30 PM |
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