What is the market value percentage loss for homes in the commack new york area?

Asked by Marta, East Northport, NY Thu Aug 7, 2008

I live and owned a home in East Northport, commack school district. There has been a decrease in the market value of these homes. What is that percentage compared to other towns around that area.

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Cori Kaplan, , Huntington, NY
Thu Aug 7, 2008
Hi Marta,

The market in our area reached its peak in 2005. It fell 15%over the next 2 years(2006 and 2007). We don't have figures for 2008 yet but they are anticipating another 7 or 8% drop.

Remember the market appreciated 100% from 2000-2005.

There are some markets that have appreciated in the last 2 years. The greens in Melville is one of them. Unfortunately, single family homes in E. Northport is not one of those markets.

If you would like to keep informed about what is selling in your neighborhood, visit my wesite or call me directly, 631-944-8829.

Cori Kaplan
1 vote
George Fitzp…, Agent, Syosset, NY
Tue Oct 12, 2010
I would need to know what time frame you are using for your reference.
Please call or email me: 631-404-6655, gfitzpatrick@coachrealtors.com.

Thanks
0 votes
Timothy Corr…, , Norwalk, CT
Thu Aug 7, 2008
Your answer about the percentage loss for homes in Commack can be found right here on Trulia.com. The median sale price in the second quarter of 2008 was $428,500, an 8.7 percent drop from the same period in 2007. Conduct your own research on this site to find out this decline in comparison to other towns in that area, which you can do by typing in the town in which you're interested, then clicking on any individual active listing, scroll down, and click on what I think says "more graphs and charts." Incidentally, I'm a review appraiser for a major lender.
0 votes
Right Brain, , New York, NY
Thu Aug 7, 2008
There are no areas that are appreciating in general, there are areas that appear to be appreciating because markets decay from the bottom: lower priced houses quit selling which make the median and average sale data indicate a rise in price, often a substantial one.

One of the saddest, and most useless, web sites is Zillow.com (it must be a horror for LI realtors to deal with): Tiger Woods buys a house for $65,000,000. and then Zillow resets housing price within a half mile based upon that sale. Then it produces nifty, and useless, charts showing the "rise" in price.

Volume confirms price. Without volume, and there is none anywhere in Long Island, expect the long slow slide to continue.
0 votes
Phil Svendsen, , Huntington, NY
Thu Aug 7, 2008
The comparison of percentage value loss of homes in the western Suffolk area say between Commack and other nearby towns (from the best of 2007 to 2008) would be very hard to generalize about and would naturally vary from situation to situation, in my opinion. However, I would say in general, the buyer in this type of sluggish market has some slight advantage in making a lower or more flexible (lower/less competitive) starting offer than normal, with probably a better chance of eventual success than he/she had over the same subject/above time period.
0 votes
Franklin Bla…, Agent, New York, NY
Thu Aug 7, 2008
You are in an area that is in demand that would offer you the opportunity of a higher sale value then other communities in Suffolk. Believe it or not, some areas of L.I. actually gained in value where others may have decreased in upwards of 30%. The main reason why for that drastic a decrease is that the homes in many areas were way overvalued and with this market, corrected to the average area price for that demography. In summation; each home and each community needs a Realtor to demonstrate the active sale prices for that home today and offer you solutions to get you the highest price possible without puffing the sale price over where it should be. If you know an area broker that you can "trust," the realtor should be able ot demonstrate in black and white, clearly and simply, their strategy and price to market your home.
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