The real estate market is in a midst of a collapse that will leave Long Islanders holding the bag on debt that easily outweighs the worth of their home. Isn’t that right?
Not so fast my friend.
Forbes on Monday released a list of best places for real estate deals - and wouldn’t you know it - Long Island’s on the list.
Here’s what Forbes wrote about our Island:
Second are markets like Long Island and Washington, D.C. are traditionally strong areas that are recovering from speculation, especially in the D.C. condo market and by Long Island’s second-home buyers. Once these areas stabilize, the market as a whole should return to health.
“Long Island is continuing to slip, but a modest amount,” says Jonathan Miller, president of Miller Samuel, a New York-based real estate appraisal and consultancy firm. “In [Long Island] the upper-end market was the market of choice for speculation and tear downs.”
Forbes also wrote that Long Island shouldn’t be hit too hard by the nationwide jump in foreclosures.
“In [Long Island] the upper-end market was the market of choice for speculation and tear downs.”
…then why do 20 yr old 2 BR condos cost $275k?
I think it just follows the saying: The rich get richer, the poor get poorer. You don’t really see a downside in high income areas and these houses are still selling for the most part. In the poorer areas, the houses aren’t moving at all.