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I know people who had to "walk away" from real estate. It used to be very common when interest rates were 10% or ARMS around the same time. It also happened in FL, NV, and AZ. Now that this ancient fact seems like an impossibility validates the posit that this will happen on LI in the future.
There are many homes on LI that people have walked away from. Those homes (and the loans) are never "worked out." The net effect of failing to work bad debt out is that things become overly expensive (in both purchase and rent.) The egregiously high costs of rent are too low from an ROI point of view. The rents are also a function of failure to "work out" zombie real estate.
It used to be recognized that a foreclosure near you would adversely effect your homes value. That is not the case now!
Here are people that walked away (With many people living for free simply by not paying their mortgage;
Who is the sucker; The guy living in a house for free? Or the guy buying a house next to the guy living in his house for free? Or the fellow that said that the costs here were not worth the benefits. Of course you are going to be a good toadie and never walk away.
If anyone plans on "walking away" from their house here on LI please let me know. lol.
I know a few who lived mortgage/tax free for 3 or more years and left the keys on the counter when they left. Hell, their credit score is probably already back to positive by now, and bought elsewhere with the cash saved. The house sold for dirt to a flipper, then resold for less than original, weakening the tax base (which means putting it on the backs of everyone else). Add the Sandy casualties condemned or govt acquired...also taken off the tax rolls. We pay the difference once again. martin may be obnoxious but his over-arching point of "you stay you pay" is pretty friggin apt. Others leave, we seem to pay more. New ones come in, we still somehow seem to pay more! Yeah, it's a little aggravating! lol
Is this LI's idea of a hot market?! Values almost back to 2007 with less tax revenue, while the rest of America is up 7+%? Bronx up 18%. LI math?!
When do we stop being NYC's condo complex and start being a valid entity ourselves? But I digress...save it for my Nimby threads.
Last edited by monstermagnet; 04-19-2017 at 09:33 AM..
I know a few who lived mortgage/tax free for 3 or more years and left the keys on the counter when they left. Hell, their credit score is probably already back to positive by now, and bought elsewhere with the cash saved. The house sold for dirt to a flipper, then resold for less than original, weakening the tax base (which means putting it on the backs of everyone else). Add the Sandy casualties condemned or govt acquired...also taken off the tax rolls. We pay the difference once again. martin may be obnoxious but his over-arching point of "you stay you pay" is pretty friggin apt. Others leave, we seem to pay more. New ones come in, we still somehow seem to pay more! Yeah, it's a little aggravating! lol
Is this LI's idea of a hot market?! Values almost back to 2007 with less tax revenue, while the rest of America is up 7+%? Bronx up 18%. LI math?!
When do we stop being NYC's condo complex and start being a valid entity ourselves? But I digress...save it for my Nimby threads.
Once again the LI market is hot. Nassau and Suffolk are different. Most areas in Nassau are doing very well. Especially when they have a good or walkable train station with a solid SD. Of course Most areas in HHH SD do well in Suffolk and a few other Western Suffolk. NYC real estate drives LI real estate and city folks moving to the burbs don't want to live in Suffolk due to the commute. Suffolk will never ever recover, it's no shock people want to be under 45 mi on the train and that eliminates basically the entire county except CSH and ares of Melville.
It looks like its way more lucrative for MS-13 to give up their criminal ways and get real estate licenses, because I'm getting from the way most posters feel on here, money is not an issue when it comes to real estate in Nassau County. But seriously, since when does property tax go down by itself?
The point of buying a house is so that you look forward to paying off the mortgage. Whats the point when the tax bill is already 800-900 a month.....what do you think it will be when the mortgage is paid off?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
^^ When the mortgage is paid off, its retirement time. And for most that means moving off LI.
Retirement requires you to move out of Long Island. I think immigrants are a big part of the home buying engine, as such three income households may become the transitory norm.
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