I am considering buying a 2-family property in Douglaston or Little Neck, Queens (zip 11362 / 11363) - do you

Asked by LI Home Buyer, Nassau, NY Wed Mar 12, 2008

think the market will slow down in that area. So far, the trend is flat but no decline in pricing. Should I wait or go ahead with offers?? Are there better areas within the Tri-state where I can invest in real estate?

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11
Janice Eubank, Agent, Little Neck, NY
Sat Apr 25, 2009
Hi Sharon....Good Question.  No one can know for sure if Little Neck or Douglaston has reached its bottomHowever, because I work and live in Little Neck for 24 years I can say that prices are much lower and there are many people looking to live here. If you find a house that you like, I say go ahead and make that offer.
Are you going to live in the 2 family or is this stickly an investment? This matters. There are certainly other areas in the Tri-State that are also great investments. We can talk about this further, if you like. You can reach me ast 646 229 2699 Thank you and good luck Janice Eubank.
1 vote
Sandeep Shri…, Agent, Little Neck, NY
Thu Mar 26, 2009
Hi Sharon, my office is in Little Neck. The prices have come down in LN / Doulaston like anywhere else in Queens. But LN / Douglaston have always been desireable areas for various reasons. Its definitely a good time to buy as the mortgage rates are extremely low (4.75 % or lower) . If this will be your primary residence then its even better because the rates are better for primary residence than investment property. My company owns a mortgage bank and a title company. I can help you in your search for a 2 family. Please feel free to call me at 646 594 6447 or e-mail me at sshrivastav@laffey.com You may also search our website for any properties single family or multi-family at laffey.com
1 vote
James Scacal…, Agent, Brooklyn, NY
Mon Nov 18, 2013
Little Neck and Douglaston offer you a glimpse of suburban life within New York City which is what makes the area desirable. Everyone gets nervous before making such a large investment. I would be glad to assist you but would need to know more about what you are interested in. You can reach me at 917 755 1877 or jscacalossi@regis.org

James Scacalossi
Charles Rutenberg Realty
Licensed Sales Representative
917 755 1877
0 votes
James, do you think she is still looking to buy 5 years later? I mean the question was posted in March of 2008.......
Flag Mon Nov 18, 2013
Joyce Kim, Agent, Bayside, NY
Tue Apr 10, 2012
I think investing in those area is a great idea because the rental income is relatively very high and stable, means keep demanding high. one of the reason is those two area and bayside is wellknown by the school ranking. school ranking can not build up over night. so parents want to live same house as long as they can until children graduate school or they buy their own house to stay in the same school district. Pricewise got much flexable for multifamily house. I do renting, selling and management at the same time. any questions? please call me at 917-568-1133, thanks!
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Wed Dec 29, 2010
Ira do you think she is still looking, almost 3 years later?
0 votes
Ira Cohen, , Flushing, Queens, NY
Wed Dec 29, 2010
Buying real estate to live in can be loosely stated as being an investment.

However when I think of buying real estate as an investment there's only one way to look at it.

That way is to determine before you buy if the income potential from the property will be one of three scenarios.
I liken the scenarios to a baseball game....

A Home Run... is when your income from rent adds up to more than the costs of owning the property.
That is a Positive Cash Flow and people start on the road to wealth because the tenants are usually (especially in the long run of a 15 - 30 year mortgage) increasing the owners net worth once a month.
They are also providing the owner with Passive Income. ( That's getting money without whether or not you work).
A Triple... is when your income from rent equals your expenses....still an excellent deal in my book.

A Double... is when you have to pay something ( hopefully not more than you're accustomed to paying in rent).

Even during the real estate crash as long as you and/or your tenants were still able to pay the rent..you would be able to survive being "under water" as far as your house being worth less than your mortgage.

For me this is part of how I became finacially independent from my second year out of college. It's the best legal game in town and most people can do it. .... Email me and I'll walk you through the rest ................................................................................Ira1222@aol.com
Web Reference:  http://keitteam.com
0 votes
Zack, , Westchester County, NY
Wed Mar 26, 2008
Real estate prices have absolutely skyrocketed the past years and rents have not come anywhere close. Since then houses are plummeting back to earth at an accelerated rate. For a graph of the case-schiller index adjusted for inflation, look at this: http://bp0.blogger.com/_pMscxxELHEg/R-k6W9DCIVI/AAAAAAAABwo/… All these things add up to real estate being a horrible investment. From a buy and hold standpoint, if you didn't sell in 2005-2006, you did worse than gov't inflation protected bonds. Currently rents won't even pay for your sinking investment. If you've run the numbers as an investment and found you can make it profitable, go ahead but i'd double and triple check those numbers.
0 votes
Georgia Parr…, Home Buyer, New York, NY
Wed Mar 26, 2008
If your strictly looking for an investment property and not going to be utilizing it at all - I would suggest looking at other areas where you would get more bang for your buck. Areas like Douglaston or Little Neck are very desirable and unless you plan on living there I wouldn't suggest to purchase and then rent out.
Because in the end no matter how much rent you can possibly get for the two apartments - its still not going to cover your mortgage. To me that's like buying a brand new car and making the monthly payments and then never driving it. Make offers if you plan on living there - if not look at other areas in the city for an investment.
0 votes
Henry Cunala…, , Bayside, Queens, NY
Wed Mar 12, 2008
The market slow down should not affect Douglaston or Little Neck as much as other neighborhoods. So if you like a property like it go ahead and make an offer.

Good Luck

Henry
Web Reference:  http://www.henrycunalata.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Wed Mar 12, 2008
I have a 2-family in Astoria...prices are still rising! Gerry is right...it's all about location. Now is the best time to buy!
Web Reference:  http://GailGladstone.com
0 votes
Gerry Vazquez, Agent, NY,
Wed Mar 12, 2008
Sharon, Location, location, location. As you know, Douglaston and Little Neck are very desirable places to live. Contiguous to highly desirable NW Nassau but w/the benefits of the City (including dramatically lower property taxes). People want to live in the area and they're willing to pay for the privilege. BTW: Will you live in one of the units? Let me know if you'll need help in analyzing your purchase/investment options. GerryV
0 votes
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