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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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declining areas in suffolk
can you please list them so i know which they are.. i only know of one and thats centereach.
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Posted 4/16/08 4:03 PM  |
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Prudential Douglas Elliman Real Estate
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: declining areas in suffolk
Would like this info also 
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| Posted 4/16/08 4:20 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: declining areas in suffolk
How do you mean declining? Falling house prices? Stores closing? What is happening in Centereach that is causing a decline?
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| Posted 4/16/08 4:29 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: declining areas in suffolk
Posted by rojerono
How do you mean declining? Falling house prices? Stores closing? What is happening in Centereach that is causing a decline?
I'm curious too-I don't know what this means.
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| Posted 4/16/08 4:56 PM |
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lucyloo
nope
Member since 1/06 9758 total posts
Name:
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Re: declining areas in suffolk
I honestly don't know of any. It seems to me that most places are improving like Patchogue.
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| Posted 4/16/08 5:05 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: declining areas in suffolk
declining market as in there are x amount of forcloures in that area...so you have to put down at least 10% or more
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| Posted 4/16/08 5:09 PM |
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EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
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Re: declining areas in suffolk
Strictly speaking from my experience dealing with clients in foreclosure, the areas we have the most clients in are Mastic, Mastic Beach, Shirley, Centereach, Selden, Port Jeff Station, Farmingville, Ronkonkoma, Coram, Medford and Lindenhurst.
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| Posted 4/16/08 7:35 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: declining areas in suffolk
I don't understand this "declining" stuff, the wording makes it sound like an area is going downhill.
I don't understand how the number of foreclosures in a zip code means the area is declining? Can someone explain this to me?
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| Posted 4/16/08 8:56 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: declining areas in suffolk
Posted by SweetTooth
I don't understand this "declining" stuff, the wording makes it sound like an area is going downhill.
I don't understand how the number of foreclosures in a zip code means the area is declining? Can someone explain this to me?
I don't know for sure but...
I was "told" that the more homes that are in foreclosure in your area (zipcode, town, county, etc.), the more your house declines in value.
In mortgage-talk it's one of the items they look at for a risk-profile. When they look to provide financing, they use that as one of many criteria assessing whether the loan gets made.
It makes sense to me that some areas that are "decreasing in value" would make mortgage companies pause and require more money in the house. Back in October, the banks I was dealing with were getting out of 80/20's. And, I heard many are staying out of secondary financing for right now as well.
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| Posted 4/16/08 8:59 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: declining areas in suffolk
this really does make it harder to get a home..
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| Posted 4/16/08 9:14 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: declining areas in suffolk
each lender may have a different guideline they are working with. I'm in contract on an investment proptery that is in what I consider a declining
market or area & so far I haven't heard a peep about needing more money.
I'd call my lender if I were you.
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| Posted 4/17/08 7:00 AM |
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MrsMagoo
LIF Infant
Member since 1/07 111 total posts
Name:
Danielle
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Re: declining areas in suffolk
Smithtown is now considered a "Declining Market neighborhood" also.
From what I understand...basically houses are sitting on the market longer, and the average house prices keep dropping.
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| Posted 4/17/08 8:41 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: declining areas in suffolk
Aren't almost all areas in Suffolk decilining? The percentage of foreclosures has increased all over the county, not just in certain zip codes.
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| Posted 4/17/08 9:04 AM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: declining areas in suffolk
someone mentioned Lindenhurst, but the funny thing is, I just received a notice that the value of our house just went up. Which of course I guess also means our taxes will be going up.  So I don't know that Lindy is in the declining area, but I could be wrong.
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| Posted 4/17/08 9:14 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: declining areas in suffolk
Posted by SweetTooth
Aren't almost all areas in Suffolk decilining? The percentage of foreclosures has increased all over the county, not just in certain zip codes.
Basically. To pin point it on just one area isn't correct. It's wide spread.
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| Posted 4/17/08 9:14 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: declining areas in suffolk
Oh no my friend is in Bayshore zip 11706 --is this considered a declining area--they were thinking of getting work done to their home. OMG how the heck to I broach this subject
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| Posted 4/17/08 1:59 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: declining areas in suffolk
Posted by sometimesmommy
Oh no my friend is in Bayshore zip 11706 --is this considered a declining area--they were thinking of getting work done to their home. OMG how the heck to I broach this subject
I wouldn't mention anything to her. If she is planning on living there long-term, this decline will not affect her or her resale value. It will only make a difference if she plans on selling in the immediate future.
Just from what we've seen from house-hunting lately in Suffolk, I've seen the most in the 3 Village area with a ton of short sales out of the areas we've been looking.
Message edited 4/17/2008 3:21:40 PM.
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| Posted 4/17/08 2:40 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: declining areas in suffolk
Posted by nov04libride
Posted by sometimesmommy
Oh no my friend is in Bayshore zip 11706 --is this considered a declining area--they were thinking of getting work done to their home. OMG how the heck to I broach this subject
I wouldn't mention anything to her. If she is planning on living there long-term, this decline will not affect her or her resale value. It will only make a difference if she plans on selling in the immediate future.
Just from what we've seen from house-hunting lately in Suffolk, I've seen the most in the 3 Village area with a ton of short sales out of the areas we've been looking.
I wont-kinda think she will find out on her own when they go try to get a HELOC to pay for thier extension. Wow its crazy this market.
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| Posted 4/17/08 4:06 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: declining areas in suffolk
it sure does seem like its all over suffolk
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| Posted 4/17/08 4:43 PM |
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