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Any Staten Island homeowners that could help me?



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amother
Bronze


 

Post Fri, Apr 24 2015, 2:27 pm
We have been renting an apartment for a few years and have a down payment saved up. We would like to buy a house in staten island but I am confused about whether or not it is a good time to buy. I keep hearing people say that interest rates are low and it is a good time to buy. However, prices of houses in Staten Island have gone up considerable over the past few years. Is it still considered financially smart time to buy?
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shoshanim999




 
 
    
 

Post Fri, Apr 24 2015, 2:33 pm
I don't live in staten island but in response to ur question, nobody truly knows if home prices will go higher or not. If u would ask 100 "experts" u would get many different opinions and theories about which direction prices r going in. That being said, since prices usually do go up it reasonable to assume that home prices will be higher in a few years from now. Nobody knows for sure.
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doctorima




 
 
    
 

Post Fri, Apr 24 2015, 4:22 pm
I highly doubt that SI prices will actually go back down, especially now that the Chassidim are starting to move there, a trend that will likely only accelerate as it picks up critical mass, which will drive the prices even higher. Combined with the amazingly low interest rates which will likely start going up this summer, I'd say that from a financial perspective, the sooner you buy, the better.
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Amarante




 
 
    
 

Post Fri, Apr 24 2015, 4:46 pm
Not from Staten Island but it's unlikely that real estate prices will go down - especially in New York City. Staten Island seems to be the next very desirable market from what I've read as people are getting priced out of Brooklyn. The melt down in 2007 was caused by a number of factors that aren't in play at this time. Also, real estate prices did NOT go down a lot in many places including neighborhoods in New York City - unlike areas in Las Vegas, Florida and parts of Southern California.

That said, you should look at buying a house that you can afford and that you want to live in for awhile. Sometimes life holds unexpected twists, but, at least in my opinion, people should buy only when they feel they are ready to put down roots and then if the price goes up or down, it doesn't matter.

I have been living in the same place for over 20 years. When I first bought, it was a wee bit of a stretch but not enough so that it was much more than rent would have been - especially after the tax deduction for mortgage interest. Over the years, my price has gone way up and then way down and now is back up again pretty much - but it really doesn't impact me since I don't need to sell and I never looked at my home equity as an ATM to finance other stuff - I just was very boring and paid off my mortgage :-)

ETA - If you sell a house a short time after buying, you wind up losing money unless the value has gone WAY UP. Closing costs are high and most sellers have to pay 5% or 6% to their real estate agent. And moving itself is expensive.

So buying a house and being boring and paying your mortgage is a good thing because over time you will wind up owning the house and be able to either live in it for much less than rent would be or sell it to downsize for something less expensive. Or - if worse comes to worse - you can even get a reverse mortgage when you are old and be able to live off the equity you have accumulated in your house.

And one thing to consider about buying a house in New York City is that real estate taxes are much more favorable for homeowners than in New Jersey or Westchester. People who own a home pay a much lower rate than commercial or other forms of real estate and there is also a strong tax base. In smaller communities the real estate taxes from private homes pretty much represent ALL of the income for the municipality and so they are shockingly high.
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mirror




 
 
    
 

Post Fri, Apr 24 2015, 5:42 pm
It is a good time to buy.

The reason prices went up recently is that the market was depressed for a five-year period (in NY).

I know someone who bought a property six years ago and sold it last year for the SAME PRICE, even though she put in renovations.

The prices are increasing now because an increase is long overdue.
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amother
Purple


 

Post Fri, Apr 24 2015, 6:18 pm
Right now houses are going at premium prices because of the new chassidim who are moving in. It's hard to say what will happen. Either you can get in now. Or wait a year or two and see if the chassidish movement falls back. I have heard that these new neighborhoods often don't end up taking off the way that they were envisioned

I know this wasn't really helpful
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amother
Teal


 

Post Sat, Apr 25 2015, 9:06 pm
I think the houses have gone up in Si from when we bought ( almost 3 yrs ago)
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staten islander




 
 
    
 

Post Sat, Apr 25 2015, 10:04 pm
House prices have definitely gone up as hasidim are moving in. I would advise you to buy-it's a great community
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amother
Orchid


 

Post Tue, Apr 28 2015, 9:52 am
I'm curious, is the insurance higher in Staten Island than in Brooklyn because it's closer to the water?

Which neighborhood are the chasidim moving into?

Where would we fit in if we watch TV and movies, have a pet dog and I don't wear socks? What part of Staten Island would we fit into (if any?)
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doctorima




 
 
    
 

Post Tue, Apr 28 2015, 10:10 am
There's really only 1 main established community in Si, which is called Willowbrook. Even though it's in NYC, the attitude there is OOTish, very open, accepting, and non-judgmental. So that's where you'd be looking. That also happens to be where the Chassidim are moving, since it has some established infrastructure, and isn't far from BP. It will be interesting to see how it all plays out.

I don't live there, so no idea about insurance, though Willowbrook is many miles from the water, and it would have to be quite a storm to affect Willowbrook (which was untouched by Sandy).

The other 2 neighborhoods are the Yeshiva of SI community, which is quite right-wing and really only for their talmidim, and Eltingville, which is much smaller and less established than Willowbrook. Eltingville is growing slowly, but mostly through young kollel families moving in. Both of these are much farther from Brooklyn than Willowbrook.
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amother
Orchid


 

Post Tue, Apr 28 2015, 12:24 pm
Thanks! What about the schools in SI? Which one would we fit into?
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amother
Powderblue


 

Post Tue, Apr 28 2015, 3:36 pm
I live in Staten island. Not sure about the insurance my husband handles that lol. Regarding the schools, there are 2 schools. Rjj is the more frum school. Separate boys and girls schools. Most (but not all) parents cover their hair. Not all parents r super yeshivish. Very warm environment. Jfs is more modern. Mixed classes boys and girls. Many kids are not frum. They get kids from bklyn and jersey whereas Rjj is 99.99% local kids.
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amother
Silver


 

Post Sun, May 22 2016, 8:10 pm
doctorima wrote:
There's really only 1 main established community in Si, which is called Willowbrook. Even though it's in NYC, the attitude there is OOTish, very open, accepting, and non-judgmental. So that's where you'd be looking. That also happens to be where the Chassidim are moving, since it has some established infrastructure, and isn't far from BP. It will be interesting to see how it all plays out.

I don't live there, so no idea about insurance, though Willowbrook is many miles from the water, and it would have to be quite a storm to affect Willowbrook (which was untouched by Sandy).

The other 2 neighborhoods are the Yeshiva of SI community, which is quite right-wing and really only for their talmidim, and Eltingville, which is much smaller and less established than Willowbrook. Eltingville is growing slowly, but mostly through young kollel families moving in. Both of these are much farther from Brooklyn than Willowbrook.

There is another SI community that you left out - Heartland Village/ New Springville, near the SI mall. Though I don׳t know that much about the orthodox population there, it is mixed. It's an established orthodox community, though not as big as Willowbrook. There are Israeli's, modern orthodox, and maybe some more right wing as well. I know of 3 Shulsthere, but there are probably more: New Springville Jewish Center(Rabbi Nate Segal, who is Nachum Segal's brother); a Chabad Shul, and Sephardi Shul.The Glatt Kosher Butcher is located in this neighborhood.
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amother
Silver


 

Post Sun, May 22 2016, 9:00 pm
amother wrote:
I'm curious, is the insurance higher in Staten Island than in Brooklyn because it's closer to the water?

Which neighborhood are the chasidim moving into?

Where would we fit in if we watch TV and movies, have a pet dog and I don't wear socks? What part of Staten Island would we fit into (if any?)

Willowbrook has a very mixed, and accepting orthodox community. You would definitely fit in. There are modern orthodox, including the type that you describe yourself; You would probably be comfortable davening in the Young Israel of Staten Island, which is the first & largest Shul in the neighborhood. It attracts a mixed crowd from Kippah Srugah to more right wing. All are friendly, & comfortable with one another. There is the Agudah, Rabbi Pollak's Shul, at least one Sephardi Shul, & several shtieblach. As far as I know, they all have a friendly & accepting atmosphere.
Though the blocks are mixed, I think there is probably a greater concentration of more right wing families in the "up the hill" section of the neighborhood. Even though I know that Chasidim are moving in, I have so far maybe seen one family in the "down the hill" area where I live.
As far as your first question: Although Staten Island may be surrounded by water, it's a pretty big island, and Willowbrook is not at all close to the water.
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