I'm also on Long Island. Stil in the planning stage. But once I start, I plan to buy properties to rehab and then flip. It's always good to network and stay in touch with people doing the same thing.
I'd hate to rain on anyone's parade, but have you guys or ladies had any experience with the housing prices on LI? The risk/reward isnt really there. Even fixer uppers are goingfor 250k. Unless you buy in real rundown areas. I wish you the best of luck. I would look into other areas of the state for better deals
Yes indeed! Long Island prices are high compared to 4 years ago. And we don't know if they will keep going up or come down some. For that reason I plan to rehab and flip. I would not want to hold long term at this time, except for my own home which already has nice equity. I made the mistake in 1990 where I rehabbed a house and then rented it out for 3 years. In 1993 I sold it and just broke even because the early 90's had a down turn in the Real Estate market. I just broke even only because I added value initially by rehabbing it. If I would have sold it immediately after the rehab I would have had a nice profit.
That mistake kept me away from real estate as a business until now. This time I'll do it right.
Being a landlord is not a bad thing, it's just a different business. We all have to decide what our specialty should be and that also depends on when and where we do it.
Yes, the prices are rising steadily around Sand's Point, Jones Beach and elsewhere on the Island and they do in another 60 mayor coastal arias nationwide. It's depressing because no one knows where the mess would stop. And if the money and investments don't start flowing via regular businesses we'll soon have to start paying for the opportunity to invest and lose money.
In it's core, devaluation of the Dollar on the international scene has a lot to do with what is going on in country. Top banks again plays the central role in this new leverage game of circulation driven over inflated values so if we can learn anything from the history, maybe one should ring the alarm bells and worn the Wall Street that they are being watched this time, before it becomes late for youngest baby boomers to move to Florida.
Omega1, I think that your macroeconomic viewpoint of inflationary signals in the global economy is somewhat valid.
Nevertheless, there are many factors that contribute to the escalating cost of real estate in this area. There are also many factors that contribute to inflation, not just devaluation of the dollar.
Moreover, how can you validate your case of inflation influencing the cost of real estate in certain regional areas? While in Sands Point a home might sell for $10M (they're always high there) in Schenectady NY, you might be able to afford a city block for $20K. This presents an interesting argument on inflation being the cause.
Perhaps the other factors i didn't mention above are really influencing the prices.. Nonetheless, as tight as the market gets, and as high as the prices become, I'm learning that you can still make money. It's just more complicated.
I'm also on Long Island. Stil in the planning stage. But once I start, I plan to buy properties to rehab and then flip. It's always good to network and stay in touch with people doing the same thing.
Glenn
[ Edited by joel on Date 02/14/2004 ]
Try visiting the Group Section where there is more information about the Long Island REIA.
I'd hate to rain on anyone's parade, but have you guys or ladies had any experience with the housing prices on LI? The risk/reward isnt really there. Even fixer uppers are goingfor 250k. Unless you buy in real rundown areas. I wish you the best of luck. I would look into other areas of the state for better deals
True that.
Long Island prices are pretty high...
But the thing I wonder is whether or not they are inflated.
Are the home values going to come back down in the next 5 years? 10 years? 15 years?
I wonder what you all think.
i think i will be a few years before prices start to come down...once interest rates start to go up.
Yes indeed! Long Island prices are high compared to 4 years ago. And we don't know if they will keep going up or come down some. For that reason I plan to rehab and flip. I would not want to hold long term at this time, except for my own home which already has nice equity. I made the mistake in 1990 where I rehabbed a house and then rented it out for 3 years. In 1993 I sold it and just broke even because the early 90's had a down turn in the Real Estate market. I just broke even only because I added value initially by rehabbing it. If I would have sold it immediately after the rehab I would have had a nice profit.
That mistake kept me away from real estate as a business until now. This time I'll do it right.
Being a landlord is not a bad thing, it's just a different business. We all have to decide what our specialty should be and that also depends on when and where we do it.
Fellow NY investors and other REI wannabes,
Yes, the prices are rising steadily around Sand's Point, Jones Beach and elsewhere on the Island and they do in another 60 mayor coastal arias nationwide. It's depressing because no one knows where the mess would stop. And if the money and investments don't start flowing via regular businesses we'll soon have to start paying for the opportunity to invest and lose money.
In it's core, devaluation of the Dollar on the international scene has a lot to do with what is going on in country. Top banks again plays the central role in this new leverage game of circulation driven over inflated values so if we can learn anything from the history, maybe one should ring the alarm bells and worn the Wall Street that they are being watched this time, before it becomes late for youngest baby boomers to move to Florida.
Cheers. Alex.
Omega1, I think that your macroeconomic viewpoint of inflationary signals in the global economy is somewhat valid.
Nevertheless, there are many factors that contribute to the escalating cost of real estate in this area. There are also many factors that contribute to inflation, not just devaluation of the dollar.
Moreover, how can you validate your case of inflation influencing the cost of real estate in certain regional areas? While in Sands Point a home might sell for $10M (they're always high there) in Schenectady NY, you might be able to afford a city block for $20K. This presents an interesting argument on inflation being the cause.
Perhaps the other factors i didn't mention above are really influencing the prices.. Nonetheless, as tight as the market gets, and as high as the prices become, I'm learning that you can still make money. It's just more complicated.