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So did everyone see the cover of Newsday today?

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Moehick
Ready for the sun!

Member since 5/05

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Properly perfect™

So did everyone see the cover of Newsday today?

Aye Carumba!

Posted 9/13/05 9:52 PM
 
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checka
She's here!

Member since 5/05

1769 total posts

Name:
Me

Re: So did everyone see the cover of Newsday today?

Yep Chat Icon

Message edited 9/13/2005 9:56:51 PM.

Posted 9/13/05 9:56 PM
 

FireIslandLove

Member since 5/05

12119 total posts

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Re: So did everyone see the cover of Newsday today?

Chat Icon is all I have to say.

Posted 9/13/05 9:56 PM
 

Moehick
Ready for the sun!

Member since 5/05

30339 total posts

Name:
Properly perfect™

Re: So did everyone see the cover of Newsday today?

Well according to the article prices are expected to come down a little...hopefullyChat Icon

Posted 9/13/05 9:58 PM
 

MrsERod
Praying for Everyone.

Member since 5/05

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MrsERod™®

Re: So did everyone see the cover of Newsday today?

Chat Icon

Chat Icon Chat Icon

sorry, couldn't help it!! Chat Icon Chat Icon

Posted 9/13/05 10:01 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: So did everyone see the cover of Newsday today?

I am just buying now... and I am over 100k under the median for Nassau.

So even if prices go down (which I doubt).... but even if they do I shouldn't be affected too much. At least not nearly as much as all the housing 500k and over.

I heard somebody say that it would be in the government's best interest to keep mortgage rates down for at least a few years to help the rebuilding of New Orleans.

I find this to be very plausable... and if this is true... prices will continue to rise and not drop.

Posted 9/13/05 10:13 PM
 

VickiC
Rocking the party

Member since 5/05

4937 total posts

Name:
Vicki

Re: So did everyone see the cover of Newsday today?

I saw that article too. I have actually seen prices of houses being reduced - and by a significant sum - lately.

People I know in the RE market have been telling me that they have seen the market soften in the last 6-8 months and that people who are reducing the house prices are now asking what they should have been asking in the first place instead of trying to get more. I think that there are more houses for sale than buyers at the moment, but that could be due to season change.

Posted 9/14/05 9:29 AM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: So did everyone see the cover of Newsday today?

Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon

Posted 9/14/05 9:33 AM
 

skew
LIF Adult

Member since 5/05

6794 total posts

Name:

Re: So did everyone see the cover of Newsday today?

this #'s quote seems INSANELY low,
"The median price of homes sold in August in Suffolk was $400,000 ......."

median prices in suffolk $400,000? it is a RARITY that homes are sold for 400k, so how could this be the median? condos are not mentioned, so i am assuming that these quotes are for single family homes.

Message edited 9/14/2005 9:46:22 AM.

Posted 9/14/05 9:45 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: So did everyone see the cover of Newsday today?

Posted by skew

it is a RARITY that homes are sold for 400k, so how could this be the median.




I am not sure where you have been lately Chat Icon ... but unless you are talking about East Jesus Long Island (like past exit 65 on the LIE)... most decent homes sell for 400k or more in Suffolk.

Chat Icon

Posted 9/14/05 12:33 PM
 

-Lisa-
---------------

Member since 5/05

6530 total posts

Name:
Lisa

Re: So did everyone see the cover of Newsday today?

Posted by skew

this #'s quote seems INSANELY low,
"The median price of homes sold in August in Suffolk was $400,000 ......."

median prices in suffolk $400,000? it is a RARITY that homes are sold for 400k, so how could this be the median? condos are not mentioned, so i am assuming that these quotes are for single family homes.



It may be a rarity in the areas you want to live in, but its not uncommon in general in Suffolk.

You have to figure in the less desirable/lower income areas that have a much higher turnover, so there are many more sales from these areas in the equation. Areas like Brentwood and Central Islip, have amazing turnover and very FEW sales over $400K (using them as an example because we do a lot of appraisals in these neighborhoods)

Also take into account areas further east - Rocky Point, Sound Beach, Mastic, Shirley - the large majority of homes in these areas are not selling for over $400k.

Throw in Wyandanch, Riverhead, etc and $400K seems like the right price.

Message edited 9/14/2005 12:45:19 PM.

Posted 9/14/05 12:44 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: So did everyone see the cover of Newsday today?

Lisa:

I think she is implying that $400,000 was TOO MUCH.... thinking that most houses in Suffolk sell for under $400,000 (not just the areas you mentioned).



Posted 9/14/05 12:46 PM
 

-Lisa-
---------------

Member since 5/05

6530 total posts

Name:
Lisa

Re: So did everyone see the cover of Newsday today?

Posted by DjPiLL

Lisa:

I think she is implying that $400,000 was TOO MUCH.... thinking that most houses in Suffolk sell for under $400,000 (not just the areas you mentioned).



actually, she said the #'s seemed insanely LOW, as in where can you really buy a house for $400K

Posted by skew

this #'s quote seems INSANELY low,
"The median price of homes sold in August in Suffolk was $400,000 ......."


Message edited 9/14/2005 12:54:47 PM.

Posted 9/14/05 12:50 PM
 

Tah-wee-ZAH
Kisses

Member since 5/05

15952 total posts

Name:

Re: So did everyone see the cover of Newsday today?

I was just recently forwarded all of the multiple listings that sold in the last 6 months in my neighborhood. NOTHING and I mean NOTHING, not even 2 bedroom cottages on less than 1/8 an acre in horrible condition (original kitchen that was painted and 15 plus year old bathroom) sell for less than $400K!!! I've seen small houses (3 bedroom ranches) that are desperately in need of updating sell for $450K.

One realtor explained it to me this way, "East Northport is a gateway community to Northport. The YUPPIES are buying here and then they plan on moving to Northport in a few years." This is his description of most of the people who are buying the smaller houses in the area. Again, this is what he told me.

Posted 9/14/05 6:44 PM
 

skew
LIF Adult

Member since 5/05

6794 total posts

Name:

Re: So did everyone see the cover of Newsday today?

Posted by -Lisa-

Posted by DjPiLL

Lisa:

I think she is implying that $400,000 was TOO MUCH.... thinking that most houses in Suffolk sell for under $400,000 (not just the areas you mentioned).



actually, she said the #'s seemed insanely LOW, as in where can you really buy a house for $400K

Posted by skew

this #'s quote seems INSANELY low,
"The median price of homes sold in August in Suffolk was $400,000 ......."





YUP, that is what i meant. rare to find a home that sells for less than 400k. never said it doesn't happen though. just seems wierd that 400K is the median, when IMO it is on the very low end.

Posted 9/14/05 7:34 PM
 

skew
LIF Adult

Member since 5/05

6794 total posts

Name:

Re: So did everyone see the cover of Newsday today?

Posted by DjPiLL

Posted by skew

it is a RARITY that homes are sold for 400k, so how could this be the median.




I am not sure where you have been lately Chat Icon ... but unless you are talking about East Jesus Long Island (like past exit 65 on the LIE)... most decent homes sell for 400k or more in Suffolk.

Chat Icon



exactly my point YET the median is $400k?

Posted 9/14/05 7:35 PM
 

-Lisa-
---------------

Member since 5/05

6530 total posts

Name:
Lisa

Re: So did everyone see the cover of Newsday today?

Posted by skew

Posted by DjPiLL

Posted by skew

it is a RARITY that homes are sold for 400k, so how could this be the median.




I am not sure where you have been lately Chat Icon ... but unless you are talking about East Jesus Long Island (like past exit 65 on the LIE)... most decent homes sell for 400k or more in Suffolk.

Chat Icon



exactly my point YET the median is $400k?



your perceptions are skewed to the areas you're used to. I'm sure plenty of people on this board have bought "decent" houses for under $400K.

There are MANY areas in Suffolk that do not get values over $400K - these are the areas with smaller lots and higher turnover, and therefore a higher concentration of sales in the lower price ranges which brings down the average.

I'd say at least 50% of the appraisals I do are under $400K. Areas of Riverhead and Wyandanch sell for $250K. THINK about the average small house in Bay Shore, Patchogue, Lindenhurst, Copiague (in addition to the towns I mentioned above) and get out of the mind set of Huntington, Northport, Commack, etc.

Posted 9/14/05 10:03 PM
 
 

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