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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by lululu
Posted by Beth1210
everyone can interpet the same facts differently
I am so over this debate- we seem to have it every week
I find the debate pretty interesting. But i guess thats why i work in this industry...... If it got old to me, I would have a whole bunch of other issues to deal with!
I find it interesting too and I work in commercial lending so r/e prices are a dailty topic- thats why I posted it, to get peoples opinions.
Agree to disagree!
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Posted 7/6/06 4:24 PM  |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Meaghan729
Posted by lululu
Posted by Beth1210
everyone can interpet the same facts differently
I am so over this debate- we seem to have it every week
I find the debate pretty interesting. But i guess thats why i work in this industry...... If it got old to me, I would have a whole bunch of other issues to deal with!
I find it interesting too and I work in commercial lending so r/e prices are a dailty topic- thats why I posted it, to get peoples opinions.
Agree to disagree!
IMAGE
well - please continue to post the articles - I enjoy them. And if someone doesnt want to participate in the debate they certainly have the option not to post....
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| Posted 7/6/06 4:27 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by lululu
Posted by SweetestOfPeas
on another note... I've read a lot of articles by these so-called experts… I would love to know how they can say that the market here will continue to appreciate. The average household income on LI is $76K. how much higher can they really go? 
I just find it funny how every expert says something different. And I agree - prices simply can not continue to appreciate at the rates that they have in the past because no one can afford to buy houses - JMO.
JMO but I think the housing prices here have peaked. unless everyone in the market for a house on LI gets a HUGE raise, I just don't see them going much higher.
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| Posted 7/6/06 4:27 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
Posted by lululu
Posted by SweetestOfPeas
on another note... I've read a lot of articles by these so-called experts… I would love to know how they can say that the market here will continue to appreciate. The average household income on LI is $76K. how much higher can they really go?
I just find it funny how every expert says something different. And I agree - prices simply can not continue to appreciate at the rates that they have in the past because no one can afford to buy houses - JMO.
JMO but I think the housing prices here have peaked. unless everyone in the market for a house on LI gets a HUGE raise, I just don't see them going much higher.
oh I like that scenario!! raises all around 
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| Posted 7/6/06 4:28 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Somethings gotta give, right?
Actually wall street bonuses were at record highs last year..... I think it depends on which market you are looking in. My town has a lot of wall street professionals that commute to the city so while i thought we would see a major decline (I also thought that we would see this right after we purchased because I have that kind of luck!), it just hasnt happened yet. Not saying it wont happen, just that i havent seen it yet.....
But I agree - the majority of people couldnt afford homes on LI to begin with and now with rising rates it is that much more unaffordable. People will start to realize that in order to provide a good quality of life for their children it may mean sacraficing living near friends and family and moving to a more affordable part of the country.
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| Posted 7/6/06 4:32 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: Somethings gotta give, right?
Meaghan- I don't have anything against your articles
I am sure I will continue to read them- I am just getting tired of writing the same things
everyone knows my opinion- I don't care who agrees and who doesn't
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| Posted 7/6/06 4:32 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by lululu
Actually wall street bonuses were at record highs last year..... I think it depends on which market you are looking in. My town has a lot of wall street professionals that commute to the city so while i thought we would see a major decline (I also thought that we would see this right after we purchased because I have that kind of luck!), it just hasnt happened yet. Not saying it wont happen, just that i havent seen it yet.....
But I agree - the majority of people couldnt afford homes on LI to begin with and now with rising rates it is that much more unaffordable. People will start to realize that in order to provide a good quality of life for their children it may mean sacraficing living near friends and family and moving to a more affordable part of the country.
not everyone works on Wall St... or the city.
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| Posted 7/6/06 4:33 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
Posted by lululu
Actually wall street bonuses were at record highs last year..... I think it depends on which market you are looking in. My town has a lot of wall street professionals that commute to the city so while i thought we would see a major decline (I also thought that we would see this right after we purchased because I have that kind of luck!), it just hasnt happened yet. Not saying it wont happen, just that i havent seen it yet.....
But I agree - the majority of people couldnt afford homes on LI to begin with and now with rising rates it is that much more unaffordable. People will start to realize that in order to provide a good quality of life for their children it may mean sacraficing living near friends and family and moving to a more affordable part of the country.
not everyone works on Wall St... or the city.
Just as not everyone falls into the average income of $76k. People need a roof over their head...and while I agree that the market got out of control and has definitely shifted, I don't see any indication of a crash. We're talking about a market that relies on local economics, not national (such as the stock market).
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| Posted 7/6/06 4:35 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
Posted by lululu
Actually wall street bonuses were at record highs last year..... I think it depends on which market you are looking in. My town has a lot of wall street professionals that commute to the city so while i thought we would see a major decline (I also thought that we would see this right after we purchased because I have that kind of luck!), it just hasnt happened yet. Not saying it wont happen, just that i havent seen it yet.....
But I agree - the majority of people couldnt afford homes on LI to begin with and now with rising rates it is that much more unaffordable. People will start to realize that in order to provide a good quality of life for their children it may mean sacraficing living near friends and family and moving to a more affordable part of the country.
not everyone
works on Wall St... or the city.
thats why i said it depends on the market you are in and that in my town in particular, which happens to be made up of a lot of wall street professionals, i havent noticed much of a decline. I didnt mean this to apply to all of long island...... that's what my second paragraph was trying to express.... I am not the best writer, I am a numbers person so sometimes I'm not sure my point comes across accurately.
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| Posted 7/6/06 4:38 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Colleen9304
Posted by SweetestOfPeas
Posted by lululu
Actually wall street bonuses were at record highs last year..... I think it depends on which market you are looking in. My town has a lot of wall street professionals that commute to the city so while i thought we would see a major decline (I also thought that we would see this right after we purchased because I have that kind of luck!), it just hasnt happened yet. Not saying it wont happen, just that i havent seen it yet.....
But I agree - the majority of people couldnt afford homes on LI to begin with and now with rising rates it is that much more unaffordable. People will start to realize that in order to provide a good quality of life for their children it may mean sacraficing living near friends and family and moving to a more affordable part of the country.
not everyone works on Wall St... or the city.
Just as not everyone falls into the average income of $76k. People need a roof over their head...and while I agree that the market got out of control and has definitely shifted, I don't see any indication of a crash. We're talking about a market that relies on local economics, not national (such as the stock market).
I don't see a crash happening either. but the "experts" who say the market here will continue to rise... I just don't see how. there has been a mass exodus from LI for the past 4-5 yrs now. at some point the inventory of homes for sale will FAR exeed the # of buyers.
Message edited 7/6/2006 4:38:40 PM.
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| Posted 7/6/06 4:38 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Beth1210
Meaghan- I don't have anything against your articles
I am sure I will continue to read them- I am just getting tired of writing the same things
everyone knows my opinion- I don't care who agrees and who doesn't
lol, and we are both on the same page on that!
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| Posted 7/6/06 4:40 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: Somethings gotta give, right?
Posted by Meaghan729
Posted by Beth1210
Meaghan- I don't have anything against your articles
I am sure I will continue to read them- I am just getting tired of writing the same things
everyone knows my opinion- I don't care who agrees and who doesn't
lol, and we are both on the same page on that!
I know! that's why I like you so much!
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| Posted 7/6/06 4:40 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Beth1210
Posted by Meaghan729
Posted by Beth1210
Meaghan- I don't have anything against your articles
I am sure I will continue to read them- I am just getting tired of writing the same things
everyone knows my opinion- I don't care who agrees and who doesn't
lol, and we are both on the same page on that!
I know! that's why I like you so much!
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| Posted 7/6/06 4:46 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
I don't see a crash happening either. but the "experts" who say the market here will continue to rise... I just don't see how. there has been a mass exodus from LI for the past 4-5 yrs now. at some point the inventory of homes for sale will FAR exeed the # of buyers.
As a new homeowner, I can only hope the market will contiue to rise  however, at this time last year, I was hopeing for a "crash". I agree with the inventory too...and yet new homes keep going up - it's insane.
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| Posted 7/6/06 4:46 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Meaghan729
Posted by Beth1210
Posted by Meaghan729
Posted by Beth1210
Meaghan- I don't have anything against your articles
I am sure I will continue to read them- I am just getting tired of writing the same things
everyone knows my opinion- I don't care who agrees and who doesn't
lol, and we are both on the same page on that!
I know! that's why I like you so much!
I like you both! it's great to discuss these things with fellow home-buyers... or soon to be buyers - you get what I mean! 
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| Posted 7/6/06 4:58 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: Somethings gotta give, right?
[
I like you both! it's great to discuss these things with fellow home-buyers... or soon to be buyers - you get what I mean!
we all agree- so there is not much debate!
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| Posted 7/6/06 5:02 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Somethings gotta give, right?
Posted by Meaghan729
I find it interesting too and I work in commercial lending so r/e prices are a dailty topic- thats why I posted it, to get peoples opinions.
Agree to disagree!
IMAGE
I think the topic is really called "Whale's V agina"
I wish I could remember where I heard this quote:
the Pessimist is right in the short term...but the optimist is the one who makes all the money...
probably warren buffett ;) although I'm not donating all of my money any time soon - too bad I can't follow his lead anymore to make my billions
Message edited 7/6/2006 5:05:50 PM.
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| Posted 7/6/06 5:05 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Ricki
Posted by Meaghan729
I find it interesting too and I work in commercial lending so r/e prices are a dailty topic- thats why I posted it, to get peoples opinions.
Agree to disagree!
IMAGE
I think the topic is really called "Whale's V agina"
I wish I could remember where I heard this quote:
the Pessimist is right in the short term...but the optimist is the one who makes all the money...
probably warren buffett ;) although I'm not donating all of my money any time soon - too bad I can't follow his lead anymore to make my billions
I completey agree (especially about a whales va-jay-jay)
however with the housing market - a house is a place to live first and an investment second (IMO)...
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| Posted 7/6/06 5:07 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by Ricki
the Pessimist is right in the short term...but the optimist is the one who makes all the money...
Love it - great quote!
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| Posted 7/6/06 5:09 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by Meaghan729
however with the housing market - a house is a place to live first and an investment second (IMO)...
So is an apartment (a place to live, that is)...you buy a house to invest in your future (imo)...
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| Posted 7/6/06 5:10 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: Somethings gotta give, right?
however with the housing market - a house is a place to live first and an investment second (IMO)...
Meaghan- again such a smart girl- when you are bored with commerical lending- come work for Jake- you would be a super star
too many people don't remember this these days-
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| Posted 7/6/06 5:11 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: Somethings gotta give, right?
Posted by Colleen9304
So is an apartment (a place to live, that is)...you buy a house to invest in your future (imo)...
even thought I went to FIT- I still had to take econ and accounting- and I house is a liabilty on a balance sheet- if you want to invest in your future the stock market will give you better returns in the long run
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| Posted 7/6/06 5:12 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Beth1210
Posted by Colleen9304
So is an apartment (a place to live, that is)...you buy a house to invest in your future (imo)...
even thought I went to FIT- I still had to take econ and accounting- and I house is a liabilty on a balance sheet- if you want to invest in your future the stock market will give you better returns in the long run
A house is not a liability on your balance sheet. A house is an asset and the mortgage is the liability.
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| Posted 7/6/06 5:13 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by lululu
A house is not a liability on your balance sheet. A house is an asset and the mortgage is the liability.
Thank you.
When people say invest in your future, they talk in terms of security. The stock market is not a guarantee...but a roof over your head, that's nice. House rich, life poor 
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| Posted 7/6/06 5:16 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Colleen9304
Posted by Meaghan729
however with the housing market - a house is a place to live first and an investment second (IMO)...
So is an apartment (a place to live, that is)...you buy a house to invest in your future (imo)...
great point. you are investing in your future, but if you are buying a house to live in it is your home first (and of course additional equity, security of not having a landlord that can kick you out) and an investment as well, but a home first.
an apartment in a house - the homeowner either lives there too or owns a primary residence (their home).
If you look at alot of other places in the country - people dont turn their basements into apartments (becuase its cheaper to live so people can afford their house without the additional income) as much as you see here.
and I think that is a cause of housing prices being high here - the lack of alternative housing on long island (apartment buildings/condos/townhomes). look at other places int he country, its more of a mix.
just a thought..
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| Posted 7/6/06 5:17 PM |
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