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LIBOR says

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Edward OConor

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I found this in "The REALTOR":

"2007 Long Island Home Prices Mainly Unchanged from 2006

Despite reports of a slumping housing market, Long Island home prices remained stable in 2007 with year ending average prices fairing better than expected. According to the Multiple Listing Service of Long Island, Inc., (MLSLI) the 2007 closed average sales price for a home on Long Island was $515,539. When examining the entire year, the 2007 average price in the tri-county area is virtually the same as 2006. MLSLI reported an average selling price of $516,194 for 2006.

Individually, Nassau County reported a 2007 average sales price of $ 597,044, 1.6% less than a year ago when it was reported at $606,859. Suffolk County reported a year ending sale price of $465,458, which represents a 2% increase over 2006’s average sale price of $456,419. Queens County reported an average sale price of $481,168 which is 2.5% lower than 2006’s figure of $493,253.

Recent housing figures released by MLSLI continue to show a gradual softening of house prices and activity. Joseph E. Mottola, CEO LIBOR/MLS said, “December inventory levels, while 12% higher than last December, are still lower than November 2007.” Mottola further notes that the median inventory price for December is 4% less than it was a year ago, which he says suggests that sellers are continuing to respond to the market with price adjustments.

The National Association of Realtors® (NAR) reports that they expect home prices to recover in 2008. NAR is predicting a 1.8 percent increase in home sales through 2008 after a reported decline in 2007 of 1.4 percent. Over the next few months home prices are expected to hold fairly steady and then begin to improve in the later part of the year. Lawrence Yun, NAR’s Senior Economist says, “Local real estate conditions vary considerably, but with historically low mortgage interest rates predicted for this summer, and sustained job growth, it could be a good time for first time homebuyers with a long-term view to test the housing waters.”


This confirms (to me) that the sales prices (generally) are not dropping, just the list prices. It is an argument that I have with my wife (RE Agent) on a regular basis.
 

Eli Weiss

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Nov 28, 2005
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Certified Residential Appraiser
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I don't care what LIBOR has to say and neither the media......

Same old tricks, the media will keep scaring you with the R word, and tell you how bad the RE market is, and Realtors will tell you that the good old days hasn't changed a bit........

You know what I do my own research, and I know lots of people are hurting....
 

Claude From NY

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New York
This goes back to what we have been saying here all along...it's neighborhood and market specific. Some are up, some are down. They say Suffolk County had a 2% increase. I'm sure the entire county did but tell that to homeowners in markets like Brentwood, Deer Park and Central Islip. The supply there is measured in years, not months. :nono: Okay that's a stretch but I'm not that far from it.

In Nassau County take a look at the village of Sea Cliff...not good. On the other hand I hear that the City of Long Beach has weathered the storm very nicely.
 

Riick

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Aug 14, 2007
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Delaware
Do your own stats.
Have finally dissected one local market fora report, and lo & behold, everything steady until 4h quarter of 2007.
Whoops... 6% drop Prices & price/sqft in 4th quarter -vs- 1st quarter
(( 2% drop Prices, much larger drop in $/sqft - 3rd quarter -vs- 1st quarter ))

Those upgrades in U/W standards and lack 80/20 loans have hit home.
 

James Micozzi

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Jan 13, 2005
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Certified Residential Appraiser
State
New York
This goes back to what we have been saying here all along...it's neighborhood and market specific. Some are up, some are down. They say Suffolk County had a 2% increase. I'm sure the entire county did but tell that to homeowners in markets like Brentwood, Deer Park and Central Islip. The supply there is measured in years, not months. :nono: Okay that's a stretch but I'm not that far from it.

In Nassau County take a look at the village of Sea Cliff...not good. On the other hand I hear that the City of Long Beach has weathered the storm very nicely.

Let's not forget mastic, mastic beach, shirley, patchogue, as well as my own town of Lindenhurst. Down, down, down.
Ed, you have to go town by town, village by village. Plus, NAR will say anything to start moving all the inventory they have. :new_all_coholic:
 

Tony V

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Mar 29, 2005
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New York
By taking a large area and grouping them together and then attempting to use those statistics to show a needed/wanted result is a Salemans way of showing that something is not what it is....

Would that make the neighbood boundries for Central Islip; Long Island Sound to the north, The Atlantic ocean to the south, The Nassau-Suffolk County line to the west and Block Island to the east??:shrug:
 

Kevin Mc

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Jun 7, 2004
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Certified Residential Appraiser
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New York
Town to town.

entry level towns like Levittown have taken a beating yet entry level homes in Bellmore-Merrick (your town I believe Ed) are rock solid. Step up from entry, down a bit etc....it can be so neighborhood specific.
 

Claude From NY

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Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
another thought

LIBOR cant account for the "BS" listings. I'm looking over the market data for an assignment I just received, a 850 sf one family on 107th Ave near Guy R Brewer. Yes, I know I have all the luck.

So far every potential comparable on MLS has the same M.O., a listing that languished on the market and then miraculously closed up to $50,000 higher than the list. Yea, right!
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
By taking a large area and grouping them together and then attempting to use those statistics to show a needed/wanted result is a Salemans way of showing that something is not what it is....
Figures don't lie. .....but liars figure.
 

KenRossman

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Oct 20, 2004
Professional Status
Certified General Appraiser
State
Florida
Almost every Nassau/Western Suffolk market I have appraised in over the last few months is down year over year - some down a lot with huge active inventories. Many areas are skewed by shifting activity at various price points. Many areas effectively have no recent sales - just did a Muttontown SD#2 3500 sf ranch - most recent sale was six months out. Recent appraisals in Hempstead, Levittown, Holbrook, Elmont, Hicksville and many other showed significant decline. LIBOR is full of it...
 
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