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Liz Pendens
2010 Feb 20, 6:56am
A very nice 3 bed/2 bath house w/2 car detached garage in same place/similar parcel is asking $899,000 (but that is also high). Max rent for that would be about $1800/mo. As things are not good, quite likely less.
The best of the best parcels in that area, with new home/5 bdrms on 3 acres, asks $25,000 for MD-LD rental. Might settle for under $20,000.
Pretty views but this is NOT the Hamptons. That's the other side of the bay. But seems the realtors want buyers to think so.
The east end of Long Island desperately needs a reality check. Everyone thinks they have the next P. Diddy summer party site.
Liz Pendens
2010 May 21, 6:46am
Whooo-whaaa. Down to $660 G's.
Told ya they were uber-delusional up these ways.
Liz Pendens
2010 May 23, 1:25am
Is this the house the dick on it is falling apart?
Hey, I take no responsibility for this dick. It's on it's own.
Taxes: $7,600
List Price: $699,000
From a local paper:
"Beautiful views, 1 BR cottage of .5 acre. Use as is or fix up... seller may hold paper. Also for rent @ $1,350".
So you can drop $100,000 putting 10% down (after the 2% transfer tax, NYS fees, closing costs) and still pay 3.5 times the asking rent. Then be responsible for maintenance for a 1 Bed/1 bath house that 'needs TLC'. Nice.
$3771 (say 6% p/i) + $633 ptax + abt $300 hoi & mandatory Fed flood insurance = $4704 w/o mortgage insurance.
I guess they don't expect anyone to look at the numbers? Nice property but if someone buys they're nuts. BTW, the school district sucks.
http://www.mlsli.com/unidetailsredo.cfm?mlnum=2258559&typeprop=1&phm=1
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