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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Home Prices Predicted to Drop In Suffolk
Drop 13.4% in the next year!
link to CNN Money article
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Posted 3/24/10 1:17 PM  |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: Home Prices Predicted to Drop In Suffolk
thats just fantastic, and by fantastic, I mean really cr@ppy.
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| Posted 3/24/10 1:23 PM |
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dcl08
<3
Member since 4/07 3915 total posts
Name:
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Re: Home Prices Predicted to Drop In Suffolk
when will this be???
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| Posted 3/24/10 1:27 PM |
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Re: Home Prices Predicted to Drop In Suffolk
sorry, but it makes me glad since it will make it easier for us to buy by then 
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| Posted 3/24/10 1:27 PM |
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Re: Home Prices Predicted to Drop In Suffolk
Posted by eddiesmommy
thats just fantastic, and by fantastic, I mean really cr@ppy.
Sorry for you Melissa but yay we will be buying a house this year!!!!! They can go up next year!!!
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| Posted 3/24/10 1:27 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Home Prices Predicted to Drop In Suffolk
I'm not moving for quite a while, so yearly fluctuations don't really affect me. I can always get the house reappraised, and maybe have lower taxes, though.... 
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| Posted 3/24/10 1:43 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Home Prices Predicted to Drop In Suffolk
Remember, suffolk county is a BIG place with a diverse housing market - you could have the hamptons off 25% and Smithtown up 10%. The market is super local, take these reports with a grain of salt.
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| Posted 3/24/10 1:49 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: Home Prices Predicted to Drop In Suffolk
every time I sell a house - I call my Dad a former broker in the late 80s
he can not believe the prices of some of the houses I have sold...
I wont name towns- but you can buy a house for less then $100k in suffolk- which is going to pull down the average and the median
the cheapest one I sold so far was $105k in farmingville
I am going to show one in an hour for $95k in a town that will remain nameless
a house that my friend paid $380k for in 2005....I just sold the same floor plan in the same development for $240k bank owned
but only $10k less then a house I just sold in rocky point- not in distress
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| Posted 3/24/10 2:11 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Home Prices Predicted to Drop In Suffolk
There's no way to determine how that broad number will affect such a large county on a town to town basis.
The spec house my DH has for sale in Bridgehampton is contract for the full listing price of a whopping 11 MILLION, its been for sale for almost a year so although the Hamptons have "dropped 20%" the right house in the right area still sells for good money. Suffolk's real estate market is very complex, always has been.
We bought two investment properties in very close proximity of each other in a lower income area two years ago for just over 100k each...last month a house that is the same size as our property on the same block just sold for 259,000 and it needs work. for the record there are almost 500 homes for sale in that town.
Its really impossible to take any of these predictions and apply them to an entire county.
However it is great news for all of those house hunting now if it plays out to their benefit.
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| Posted 3/24/10 5:43 PM |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: Home Prices Predicted to Drop In Suffolk
house by my parents - in a desirable area - went from in the 500's to SUPER low 300's, nice house, too.
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| Posted 3/24/10 9:29 PM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: Home Prices Predicted to Drop In Suffolk
Lots of people told me that although prices will still fall, interest rates are going to go up.
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| Posted 3/24/10 9:37 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Home Prices Predicted to Drop In Suffolk
Better not, now that we own our home out here LOL
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| Posted 3/25/10 8:47 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Home Prices Predicted to Drop In Suffolk
Posted by CJMommy
Lots of people told me that although prices will still fall, interest rates are going to go up.
I agree! And just because the price of home are going down doesnt mean your taxes are going to go down either.
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| Posted 3/25/10 1:01 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: Home Prices Predicted to Drop In Suffolk
I definately think some towns are faring better than others. I really have not seen this happening in our town and specifically in our neighborhood. Homes here are selling within 2 weeks and really close to asking. I would say that prices are right where they were about 2.5 years ago when we bought. There is also A LOT of construction and additions being put on to houses.
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| Posted 3/25/10 3:04 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Home Prices Predicted to Drop In Suffolk
Posted by jellybean1420
Posted by CJMommy
Lots of people told me that although prices will still fall, interest rates are going to go up.
I agree! And just because the price of home are going down doesnt mean your taxes are going to go down either.
ITA, they can increase taxes even still.
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| Posted 3/25/10 3:55 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: Home Prices Predicted to Drop In Suffolk
Posted by CJMommy
Lots of people told me that although prices will still fall, interest rates are going to go up.
Yeah but you can always refinance once the rates drop again right?
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| Posted 3/25/10 4:02 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: Home Prices Predicted to Drop In Suffolk
Posted by Kidsaplenty
Posted by CJMommy
Lots of people told me that although prices will still fall, interest rates are going to go up.
Yeah but you can always refinance once the rates drop again right?
Yes
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| Posted 3/25/10 4:16 PM |
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