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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
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Spinoff to # of houses on the market + decrease in value...etc.
The post brought up an interesting thought to me. I grew up in the Northport/Centerport area. When I was growing up, there were parts of Greenlawn, E. Npt, Northport and Huntington that I would have NEVER wanted to live in. When housing prices starting shooting up, middle class buyers were forced to look into those areas to buy houses that they could afford which completely changed the landscape of those areas. It has made some of them very nice with costly homes. Now with the decline in the housing market, the real estate bubble bursting, the sub prime crisis, and arms coming due...I think it may force a lot of homes into foreclosure. I wonder if they will revert back to the "undesirable" areas.
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Posted 1/22/08 12:42 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: Spinoff to # of houses on the market + decrease in value...etc.
I doubt it. Even in foreclosure, houses in those areas are out of the reach of many, many people.
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| Posted 1/22/08 1:33 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Spinoff to # of houses on the market + decrease in value...etc.
Posted by shamrock124
Now with the decline in the housing market, the real estate bubble bursting, the sub prime crisis, and arms coming due...I think it may force a lot of homes into foreclosure. I wonder if they will revert back to the "undesirable" areas.
I doubt it, if those people invested a lot of $ in their homes.
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| Posted 1/22/08 1:38 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Spinoff to # of houses on the market + decrease in value...etc.
Posted by Goobster
Posted by shamrock124
Now with the decline in the housing market, the real estate bubble bursting, the sub prime crisis, and arms coming due...I think it may force a lot of homes into foreclosure. I wonder if they will revert back to the "undesirable" areas.
I doubt it, if those people invested a lot of $ in their homes.
I also agree. I find it hard to envision how any of those areas could be considered "undesireable". Another real variable is the school district, and all of those districts are good and imo not changing any time soon.
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| Posted 1/22/08 1:41 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Spinoff to # of houses on the market + decrease in value...etc.
While I do think it's possible that currently "desirable" areas could change into less desirable ones, I do not think it will come about quickly as a response to housing market troubles. The effects of the subprime lending crisis / housing problems may last a few years. Many of the areas I can think of that went from more to less desirable changed over a much, much longer period of time - decades, not months. I personally don't think most neighborhoods are going to change overnight.
I guess it's within the realm of possibility that they could change faster, but I think it's rather unlikely that they will.
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| Posted 1/22/08 1:55 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spinoff to # of houses on the market + decrease in value...etc.
Posted by 2girlsforme
Posted by Goobster
Posted by shamrock124
Now with the decline in the housing market, the real estate bubble bursting, the sub prime crisis, and arms coming due...I think it may force a lot of homes into foreclosure. I wonder if they will revert back to the "undesirable" areas.
I doubt it, if those people invested a lot of $ in their homes.
I also agree. I find it hard to envision how any of those areas could be considered "undesireable". Another real variable is the school district, and all of those districts are good and imo not changing any time soon.
Parts were 10-20 years ago and the school districts have always been considered good. It's amazing to see how much it has changed driven soley by housing prices.
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| Posted 1/22/08 1:56 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Spinoff to # of houses on the market + decrease in value...etc.
Dh and I just got married and before we could really only afford in certain areas or a handyman special, but now I really can afford to go anywere I want except for Muttontown and Brookville etc and during the summer it will be even worst.
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| Posted 1/22/08 2:00 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Spinoff to # of houses on the market + decrease in value...etc.
Posted by shamrock124
Posted by 2girlsforme
Posted by Goobster
Posted by shamrock124
Now with the decline in the housing market, the real estate bubble bursting, the sub prime crisis, and arms coming due...I think it may force a lot of homes into foreclosure. I wonder if they will revert back to the "undesirable" areas.
I doubt it, if those people invested a lot of $ in their homes.
I also agree. I find it hard to envision how any of those areas could be considered "undesireable". Another real variable is the school district, and all of those districts are good and imo not changing any time soon.
Parts were 10-20 years ago and the school districts have always been considered good. It's amazing to see how much it has changed driven soley by housing prices.
I don't disagree and have a bit of insight through my husband. He grew up in the Bay and 11 years ago when we were buying, there were areas in the neighborhoods you mentioned where he wouldn't have lived. But, I think that the fact that the schools have always been good made those areas viable to some buyers.
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| Posted 1/22/08 2:03 PM |
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