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“We Can’t Afford It”

 I woke up this morning to a cold and blustery day here on the Bay.  I shuffled the kids off to school, retrieved my paper, sat down with my cup of coffee and opened up first my e-mail followed by Newsday.  It would seem like a peaceful scene…in reality I had a good friend dropping envelopes off to stuff for a Gala Event (which I was stuffing and checking email and drinking coffee, I really know how to multi task)  and a contractor on the other side of me spackling and creating a dusty disaster of a home all at 8 am but I digress…back to the subject…

 I received an email advising me that is a Village Public Meeting scheduled on two local laws one of the laws to be amended is a local law to override the 2% property tax cap.  I then opened up Newsday with the front cover exclaiming “We Can’t Afford It”.  In an effort to sum up what we all know and realize is that an analysis of 2010 census data, Long Island Assoc. chief economist Peral Kamer found that 4 in 10 homeowners with mortgages used more than 35 percent of their income for housing costs.  The Dept. of Housing and Urban Development recommend 30 percent of total income spent on housing.  So basically we are 5% over the suggested recommendations.  I would bet that if people were really honest the percentage would actually be higher than the 35% that most pay, once you add up the mortgage, home equity, gas, oil, electric, water and finally and most importantly taxes.  Which brings me back to the email that I received today.

As a professional in the real estate industry it will always come back to the inevitable taxes.  Take for example a 2 bedroom ranch in excellent condition, perfect for a young couple starting out or a retired couple looking for single level living, plenty of room for expansion whether you went up or out and an excellent floor plan and really nice rooms sizes.  Potential buyers would walk in the door and fall in love with the home for all of its characteristics.  Then they ask the question…”well, what are the taxes?” and so came the inevitable $16K plus BUT they are being grieved and we are well into the process.  The fact that a two bedroom ranch had the same taxes as a sprawling 4 bedroom colonial across the Bay is just a really tough situation for both the current homeowner and any potential buyers. 

 We run into this all the time in Long Island and it is not limited to our Village.  So, what I suggest, in this market, is that everyone become educated on this issues at hand.  This is affecting a lot more Villages than Amityville.  If you click on the picture it will take you to the Roslyn News Article also pertaining to this issue.  The article today explains the 2% cap and what the Villages are doing around Long Island.

 It is difficult enough for Long Islanders to afford housing, long gone are the single income families, more and more we see multiple incomes in order to afford the costs of homeownership. My advice is simple.  Educate yourself.  An educated client is the best client. 

As always, thanks for reading!

~Jenn

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