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The RE market on Long Island is crazy.

We're closing on our house at the end of August after a year of looking. We wanted to be in a very specific area near the water, so there wasn't much inventory. There were five other offers on the house, and I feel lucky that we only had to go 100K over asking. I saved a bunch of houses on Zillow thinking "They're never going to get that" when I look at the asking price, and then I see them sell for hundreds of thousands more. I get that LI is an extension of NYC and there's a lot of money here, but how high can it go? Some of these houses were purchased no more than five years ago with some remodeling and are selling for almost $1M more than they were purchased for. It's crazy.

There are definitely some houses that are sitting if they're priced astronomically high from the jump, and I'm seeing price drops, but a price drop from $1.8 to $1.7 on a house purchased for $750 in 2018.

Just an observation on the hyper-local nature of the RE market.

submitted by /u/ipetgoat1984
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1v3aszy/the_re_market_on_long_island_is_crazy/
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