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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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Long Island housing prices predicted to drop 14.4% between now and May 2009
Good news for anyone who has been waiting to buy.
Housing prices in Nassau/Suffolk are predicted to drop another 14.4% from now until May 2009
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Posted 5/7/08 2:30 PM  |
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Prudential Douglas Elliman Real Estate
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Where is Long Island mentioned in this article? I am trying to find it.
Message edited 5/7/2008 3:16:28 PM.
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| Posted 5/7/08 3:16 PM |
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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by ave1024
Where is Long Island mentioned in this article? I am trying to find it.
For some reason it takes a few moments to load, but eventually below the article you can scroll down and see the 100 areas/cities forecasted, with Nassau/Suffolk being one of the areas.
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| Posted 5/7/08 3:19 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
UGH, I SO regret buying last year, but we had sold our house, and had to do something, guess we should have rented for a while.....
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| Posted 5/7/08 3:24 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by Samson7256
For some reason it takes a few moments to load, but eventually below the article you can scroll down and see the 100 areas/cities forecasted, with Nassau/Suffolk being one of the areas.
Ahhh ok I just saw it. 14.4% drop in one year? 
That means the $465,000 median price house on Long Island is going to drop to $399,000?
Just look at this chart. Granted this is just for Nassau County.
Average March sales in 2008 were pretty much on par with March sales in 2007. The Median took a slight dip. But I posted February's numbers last month and the February 08 median AND average sales price were BOTH UP from February 07.
The only way you are going to see a 14% drop in the median home sales on Long Island is if the island gets hit with that major "Katrina-like" hurricane that wipes out half of the Island's housing. 
Feel free to bookmark this thread and come back to it in May of 2009 if you don't believe me. 
The chance of an overall 14.4 percent drop in the median sales price in one year is pretty much ZERO. 
Also where are they getting their Median price of $460,000 for Long Island from? The sky? Looking at MLS the median home price in Nassau County is somewhere around $445,000 and Suffolk is $360,000.
Maybe they are just taking Nassau County into that theory (since the Feb08 median was about 460k). And if that's the case a 14.4% drop for just Nassau is an even bigger joke.
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| Posted 5/7/08 3:39 PM |
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Unless you are selling, it is, what it is; I purchsed my home in December 2006 and if it is worth less than I paid in 2009, so be it. The only way this is a problem is if I sell, I am not selling so who cares.
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| Posted 5/7/08 4:32 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by TJLealand3
Unless you are selling, it is, what it is; I purchsed my home in December 2006 and if it is worth less than I paid in 2009, so be it. The only way this is a problem is if I sell, I am not selling so who cares.
I agree. I bought in Oct of this year and people said wait a little while, yada yada. If you find the house you want and plan on staying there for 5+ years, I would not wait IMO.
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| Posted 5/7/08 4:43 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
you can't time it...if you want to buy a house, find one you love that you can afford and buy it and live in it.
that's all.
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| Posted 5/7/08 4:52 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by Blu-ize
you can't time it...if you want to buy a house, find one you love that you can afford and buy it and live in it.
that's all.
Agreed. Also when we bought we didnt have 20% in 2006 and right now restrictions on buying would have made it impossible to buy without a decent downpayment. SO there are so many factors to consider (We dont pay PMI and have an 80/20 which would have been impossible now)
Message edited 5/7/2008 5:28:41 PM.
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| Posted 5/7/08 5:28 PM |
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itkocak
Member since 7/07 7639 total posts
Name:
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Message edited 11/18/2011 5:31:06 PM.
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| Posted 5/7/08 8:59 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
i read things like this and question if we're doing the right thing!! HELP SOMEONE! aakk... we are getting the inspection done on Saturday!
I feel like now is a great time to buy and many agree... but I'll DIE if we could get a house for about $50,000 less in another year....
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| Posted 5/7/08 10:12 PM |
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DandN
Twins are here!
Member since 3/06 3597 total posts
Name:
Deirdre
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
We're in nassau. We paid $90,000 less than the original asking price for our house - so I'm happy.
One house we looked at was originally listed at 640,000 or 650,000 - now it's down to 560,000.
Where in nassau are the median home prices 460,000? Not anywhere we looked - everything was much higher.
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| Posted 5/8/08 9:10 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by DandN
Where in nassau are the median home prices 460,000? Not anywhere we looked - everything was much higher.
There are TONS of homes for under 460k in Nassau. Remember the the median sales figures is the SALE figure, not listing figure.
Figure home sell on average for around 5% under asking, just do a search on MLSLI for all Nassau Homes priced up to 480k.
You will then see how many homes are out there.
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| Posted 5/8/08 11:15 AM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
See but this is awful for someone like me. I have a house I bought at the peak of the market. I mean the tippy top. It is only one bedroom and now I owe more than it is worth. I don't even have equity to add on and we are ttc. It is going to be so bad when have to decide what to do in a year or two.
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| Posted 5/8/08 3:44 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by sfp0701
See but this is awful for someone like me. I have a house I bought at the peak of the market. I mean the tippy top. It is only one bedroom and now I owe more than it is worth. I don't even have equity to add on and we are ttc. It is going to be so bad when have to decide what to do in a year or two.
are you in a coop? the coops in my area are higher than when I bought in July of 2005. They have not gone down at all.
ETA I do agree that prices will drop, 14% sounds likea lot though. there are so many layoffs in the financial industry right now, and there are many more to come. Older people will be looking to leave soon because of the COL here.
Message edited 5/8/2008 6:55:53 PM.
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| Posted 5/8/08 6:54 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by sfp0701
See but this is awful for someone like me. I have a house I bought at the peak of the market. I mean the tippy top. It is only one bedroom and now I owe more than it is worth. I don't even have equity to add on and we are ttc. It is going to be so bad when have to decide what to do in a year or two.
If I was in your situation I would look to rent it out.
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| Posted 5/8/08 7:08 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
did anyone see the information in today's newsday.
it said that the median home sale price on long island & queens has gone up by $9,000.00 from march to april.
Who knows?!?
I am trying to see my house too. so, i will not make any money off my house. i will pretty much sell it for what i owe. I am not looking to make a killing! Not in this market.
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| Posted 5/8/08 7:26 PM |
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FlowerWife
Positive Vibrations...
Member since 1/08 8423 total posts
Name:
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
we were going to buy this year but we just signed our lease til april of '09 because it was still too expensive for us to buy in the areas we want.
through my own personal research (i am not in any way employed within the real estate industry) it seems like many areas of nassau have gone down significantly in the last year, especially as you get closer out to suffolk. however other areas, like the north shore areas and esp the queens/LI border like douglaston, little neck areas haven't budged, and if anything have only gone up since the only houses for sale are either new builds/complete renovations or complete dumps that need a lot of work. so i wouldnt be surprised if this trend continues and some areas decrease in value significantly while others either remain consistent or go up based on whats available.
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| Posted 5/8/08 9:52 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
$460K is old data
these are mere "guess-timates". no one has a crystal ball. I would take everything this says with a HUGE grain of salt.
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| Posted 5/8/08 10:22 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by ave1024
Posted by DandN
Where in nassau are the median home prices 460,000? Not anywhere we looked - everything was much higher.
There are TONS of homes for under 460k in Nassau. Remember the the median sales figures is the SALE figure, not listing figure.
Figure home sell on average for around 5% under asking, just do a search on MLSLI for all Nassau Homes priced up to 480k.
You will then see how many homes are out there.
ITA. It depends where you looked. Plenty of houses under that price range in Nassau.
Waiting for houses to keep going down is a gamble that people have to take. Only people who bought low and sold high can tell their success stories. But that only after the facts. You never really know when it's going to go back up or still going down.
It's like the stock market. When do you buy and when do you sell? It does not always work in your favor.
As long as you in for the long run, you have no problem.
LI will NEVER be a "cheap" place to be. Location location location. While it has gone down due to the economy I don't see LI being at the same level as cheaper States. If it was, why would people still move out of State to afford a house? We are near NYC, on prime real estate land, near the beach, etc.. People do tend to forget because they lived here all their life. But the bottom line is that LI will never be NC, SC, etc..
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| Posted 5/9/08 12:21 AM |
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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: Long Island housing prices predicted to drop 14.4% between now and May 2009
Posted by smdl
LI will NEVER be a "cheap" place to be. Location location location. While it has gone down due to the economy I don't see LI being at the same level as cheaper States. If it was, why would people still move out of State to afford a house? We are near NYC, on prime real estate land, near the beach, etc.. People do tend to forget because they lived here all their life. But the bottom line is that LI will never be NC, SC, etc..
 Exactly. If you are waiting for a house in Manhasset Hills to drop to $250,000, it will never happen, ever.
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| Posted 5/9/08 7:26 AM |
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