The North Shore of Long Island certainly is a curious real estate market. Why would the $600k-$800k market be so adversely affected and the $1 million to $2 million market the least impacted? However, once you get over $2 million, whether it be new construction or existing estates, there is buyer resistance.
Could it be that the $600k-$800k prospects represent the largest group of buyers with income to support that price range, yet feel value is dropping and their jobs are in jeopardy due to the economy? Factor in rising school taxes, cost of utilities, heating a home and gas, you have few buyers who are comfortable.
So what happens over $2 million? Maybe the rich aren’t getting richer…
Could it be that the $600k-$800k prospects represent the largest group of buyers with income to support that price range, yet feel value is dropping and their jobs are in jeopardy due to the economy? Factor in rising school taxes, cost of utilities, heating a home and gas, you have few buyers who are comfortable.
So what happens over $2 million? Maybe the rich aren’t getting richer…
