Home Buying in Westbury>Question Details

Knick71,  in Bronx, NY

Does anyone know why there has been a rash of foreclosures in Westbury? Looking to buy a house but prices

Asked by Knick71, Bronx, NY Wed Jan 28, 2009

there seem unstable.

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5
Obviously Paltow has no license to lose.

Knick does not know more about Westbury than a Realtor. If he did, he wouldn't be asking the question. Perhaps Knick is [ahem] "low income" himself [I WONDER what image those words bring up in Paltow's head].

Knick, my suggestion is to go on the school district website, check the scores, take a couple of day trips down to the island, drive around, spend some time at the local library and shopping areas, ask to see a few houses, and when you think you're comfortable, decide whether or not you want to buy.
0 votes Thank Flag Link Sun Feb 8, 2009
Knick,

many parts of Westbury are considered low income and are not desirable to live in.

Don't listen to these guys about "buy now". the market is coming down and it will keep coming down this year. Expect 10-15% lower at least. Several close friends of mine have purchased homes in the last year. Their realtors kept saying that the market was turning around and home prices would come up. In one instance, the market fell another 20% that year (he bought in Cali).
Patience is the name of the game my friend. Realtors want the quick sale and the higher commission as a result of a higher sale price. Work on your own schedule, not theirs. take your time and make sure you do your homework. You can know more about a property and an area than the realtor. They are knowledgeable experts, yes, but you can be too.
0 votes Thank Flag Link Sun Feb 8, 2009
In many of the mid to lower income neighborhoods, you will probably find more foreclosures and short sales than in more affluent areas. I don't think there are any particular reasons why Westbury would have more than many of the other areas in Long Island or the country. If you plan on living in the home you are looking to purchase for more than five years, I would recommend that you certainly buy now. If you are a first time home buyer, there are many opportunities out there for you right now. Also, prices are low, interest rates are historically - the sooner you start paying a mortgage and stop paying rent, the better. If you have any further questions, please feel free to contact me.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Fri Jan 30, 2009
Hi

Foreclosures (REO) and Short Sales are a result of sub prime lending
in the past years. Lenders were giving financing to anybody that
could breath.
Westbury is not the only town. They are in every town. I just saw one
for $1,300,000 in Roslyn Heights. The are in Queens, Nassau and
Suffolk.
My office is in Westbury and the majority ok listings are not foreclosures.
0 votes Thank Flag Link Thu Jan 29, 2009
No particular reasons other than the economy and those teaser rate loans resetting, which makes people default (they cant afford the house).

Take advantage of the situation and get a bargain house with bargain interest rates.

If you wanna see whats on the market, I can show foreclosures, new construction or existing inventory.

Thanks.
Web Reference: http://www.uvpinc.net
0 votes Thank Flag Link Wed Jan 28, 2009
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