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the incredible still cruddy housing market on LI

I feel for your son Allen. It can't be fun trying to find a place under these conditions. A co-worker of mine grew up on a farm on LI. Her parents sold off the farm to several developers. She doesn't worry too much about paying the bills anymore.
My cousins stayed in the Chicago area and both paid north of $500k for their little houses on city lots. Our cape cod here in PA with a larger lot was just over $110k. All purchased some time ago. Our place would go for $250 -$300k their places - I don't even want to think about it.:doh:
Of course the CA guys have it good - when compared to Hong Kong!:D It's astounding what location does to the price of a place.

Good luck to your son (and you). Hope he finds what he is looking for.

Wes
 
We got lucky when we bought 5.5yrs ago. The seller had already moved into their dream home and needed to unload it fast...our realtor knew this and we went low and got for well under it's accessed value, unheard of in these parts. Home prices have continued to go up around here, but at a slower pace than before. Our home's value is probably about $60-70,000 above what we paid for it.
 
I've been reading the posts in this thread with great interest. When we decided to move out of Florida four years ago, it was to get away find a nice place for retirement, get away from the rising insurance and tax rates and take advantage of the appreciation on our house. We bought the Florida house (1800sf/4/2) for $135,000 in January, 1998 and added a pool, deck and cage for about $13,000. In 2005, the house next to us with the same floor plan and a pool sold for $399,000.

Another neighbor with a similar plan and lot took advantage of the market appreciation and got his bank to refinance his house to the tune of a $423,000 equity loan. They took the equity and bought two fancy new cars, new appliances, etc. I checked the tax roll just now and his property's current market value is now about $198,000. :eek:

When we made our move, the market had softened somewhat but we still got nearly double our original investment. With the difference in market between Florida and South Georgia, we paid cash for our new place and had enough to completely refinish the interior, add to the shop building and add a utility building for lawn tools, etc. In addition, the lot in Florida was less than 2/10 of an acre and we have an acre at the end of a cul-de-sac here. ;)

Sorry for the rambling. I read what many of you are saying about property values in your areas and am thankful for what we have! :)
 
some good news to share.
My son found a house he likes, put a bid in, it was accepted, he was approved for the mortgage, just waiting on the inspector tomorrow so he can go to contract. The sellers want to move swiftly since its an estate sale.
2800 sq feet, double the size of my home.
3.5 baths, small kitchen, old apppliances, some wood floors, no wallpaper, tiled bathrooms, very dated.
Most likely the home will pass an inspection, so Ill be busy after I finish up my painting and home work so I can begin building furniture for my son.
Im very happy for him, hes a good kid and worked hard his entire life, he deserves a nice home.
 
Bill Satko said:
What about the really important information, like potential shop space???
Click to expand...

single car garage, 10 feet from the neighbors garage, so I wouldnt want to make any enemies. His yard is small, he has a covered(aluminum)deck spanning the entire length of the house so any outdoor furniture he takes will hold its finish. Ill take a picture of things when he moves in.
Hes taking some of the outdoor furniture I have laying around. We will sand and re-0il or re spar urethane it all.
Hes also taking the entertainment unit I made, I have one small table for him in storage I made, and the rest Ill build. Hes getting an older sectional couch(donated by sil) for his main room, so he wont have to splurge for much furniture right away. First a bed, then a dresser, then a dining table is the order Ill build.

No matt, hes on his own with the painting, Ill give him all the supplies he needs. He has his friends, sister, mother, aunts, uncles, cousins, they are all excited for him and Im sure they will all help him. There are no fancy moldings, its all simple walls with simple trim around door and windows.
I think the painting will be quick and easy.
The basement is finished, currently rented out, it has another small kitchen.
He wont rent it out, he wants to put a huge flat screen and make it a rec room area.
 
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