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Re: If You Plan On Selling Your Home

Posted by SMAZ on Mon Feb 27 14:33:21 2012, in response to Re: If You Plan On Selling Your Home, posted by Dave on Mon Feb 27 09:11:18 2012.

The concept of the big 0% bracket escapes all these people.





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Re: If You Plan On Selling Your Home

Posted by SMAZ on Mon Feb 27 14:39:12 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 14:08:57 2012.

So go ahead and scare the old lady and tell her to sell to you now or Obama is gonna get her money.

Rip her off.

Nothing makes me happier than a good ol' hustle.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 14:45:15 2012, in response to Re: If You Plan On Selling Your Home, posted by Dave on Mon Feb 27 11:46:55 2012.

Assume they bought a house for $30,000 and when Dad died, it was worth $400,000.

Who said anyone bought a house at that price when "dad died"? That's a totally different scenario.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 14:46:09 2012, in response to Re: If You Plan On Selling Your Home, posted by Dave on Mon Feb 27 11:46:55 2012.

She certainly can afford this because she just got a check for $500,000

How do you know she never took out an equity loan or reverse mortgage on the house?

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Re: If You Plan On Selling Your Home


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Re: If You Plan On Selling Your Home

Posted by AlM on Mon Feb 27 14:48:16 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 14:45:15 2012.

We're talking about olde widows. Generally their husbands died maybe 10-20 years ago, not 40 years ago (though there are exceptions). By 1995 houses were already pretty expensive - most of the gain between 1960 and 2011 occurred by the mid-90s.

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Re: If You Plan On Selling Your Home

Posted by Dave on Mon Feb 27 14:58:33 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 14:11:24 2012.

The 1960's is 50 years ago, Chris. How many people living there now are original owners?

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Re: If You Plan On Selling Your Home

Posted by Dave on Mon Feb 27 15:00:42 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 14:45:15 2012.

No, you misunderstood. Mom and dad bought the house years ago for $30,000 and when Dad died (years later), the house was worth $400,000.

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Re: If You Plan On Selling Your Home

Posted by Dave on Mon Feb 27 15:01:14 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 14:46:09 2012.

How do you know she did?

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 16:04:02 2012, in response to Re: If You Plan On Selling Your Home, posted by SMAZ on Mon Feb 27 14:39:12 2012.

Okay.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 16:05:01 2012, in response to Re: If You Plan On Selling Your Home, posted by Dan Lawrence on Mon Feb 27 14:09:25 2012.

The effects of the law are beginning to take place now. The law was made 2 years ago. THIW Dan Lawrence. The law sets to explode little things every so often, and this is coming to fruit now.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 16:06:05 2012, in response to Re: If You Plan On Selling Your Home, posted by Dave on Mon Feb 27 14:58:33 2012.

The elderly as we are discussing. If you were a young couple that bought a house in the 60's, you are now in your 70's. That's when many people retire, move away, or move in with kids so they sell the house. The point?

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 16:56:29 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 08:04:38 2012.

You can thank the 1997 Congress for that. Prior to 1997, you didn't pay a PENNY in taxes thanks to a "one time exclusion" of 100% of whatever you sold it for. This deal was made by that 1997 Congress to replace the older method. So seniors that didn't sell back in 1996 or earlier missed out ...

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 16:57:10 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 08:05:58 2012.

The 2 year tea party ain't helping either. Alice's ass hurts. :)

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Re: If You Plan On Selling Your Home

Posted by ClearAspect on Mon Feb 27 17:00:08 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 08:23:36 2012.

Why give up a 500000 home in LI thats going to retain value for a home in Florida where homes are plunging in value? Did you miss the whole thing about housing prices crashing in Florida?

Aren't homes an INVESTMENT?

Try again...

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Re: If You Plan On Selling Your Home

Posted by ClearAspect on Mon Feb 27 17:01:27 2012, in response to Re: If You Plan On Selling Your Home, posted by Train Dude on Mon Feb 27 13:51:39 2012.

They don't necessarily keep it for themselves, they pass it down to their children since homes in such areas do retain their values quite well, houses in such areas are worth keeping as Long Island wasn't hit in areas such as Florida where prices literally crashed.

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Re: If You Plan On Selling Your Home

Posted by italianstallion on Mon Feb 27 17:05:34 2012, in response to If You Plan On Selling Your Home, posted by Train Dude on Mon Feb 27 02:04:01 2012.

MUCH ado about nothing.

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Re: If You Plan On Selling Your Home

Posted by Alex L. on Mon Feb 27 17:20:31 2012, in response to Re: If You Plan On Selling Your Home, posted by Dave on Mon Feb 27 11:39:57 2012.

My in-laws. Purchased house in Massapequa for $25,000. Currently valued in the mid $600,000 (based on recent offer by agent, even though house is not for sale).

Same thing would have held true for my parents, if they had lived. House in Brooklyn (Midwood) purchased for $23,900. Current value = $575,000.

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Re: If You Plan On Selling Your Home

Posted by Train Dude on Mon Feb 27 17:59:14 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 17:00:08 2012.

There are the other realities of life. Some people want to get away from NY winters. Others may want to get away from Long Island's oppressive property tax, heating oil and electric costs. The bottom line is that I can sell my home for $400,000 and buy a comparable home in Florida for $200,000 - while reducing my other costs by half, there is a real gain in the standard of living to be had.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 18:17:43 2012, in response to Re: If You Plan On Selling Your Home, posted by SelkirkTMO on Mon Feb 27 16:57:10 2012.

What can they do with a Democratic controlled Senate and Executive Branch.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 18:20:02 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 17:01:27 2012.

You are correct, Long Island (as well as most of the NYC metro area) wasn't hit nearly as hard as much of the rest of the country. While obvously it isn't 2007 there either, the value Long Island lost is only the value that was gained between 2001 and 2007. Most homes are still worth at least over double what they were in the 1990's.

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 18:22:23 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 18:17:43 2012.

Looks like a shitload of damage to me ...

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Re: If You Plan On Selling Your Home

Posted by Dave on Mon Feb 27 18:26:34 2012, in response to Re: If You Plan On Selling Your Home, posted by Alex L. on Mon Feb 27 17:20:31 2012.

Fine, so assume your in-laws sold today for $600,000 net, a gain of $575,000. Subtract the $500,00 exemption and they owe 3.8% on $75,000 or $2,850. A pittance compared to what the check they deposited from the sale.

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Re: If You Plan On Selling Your Home

Posted by Olog-hai on Mon Feb 27 18:26:56 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 18:17:43 2012.

Nothing, of course. But the left needs their bogeymen.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 18:28:19 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 17:00:08 2012.

Absoltuely false. Plenty of people scale down and move to Florida (and I put florida in quotes and said fill in a blank, which you ignored). But let's use Florida. You can sell your $600,000 home on Long Island, stop paying $19,000 in taxes for that, retire to Florida to some Condo for less than a fraction of that, and pay much less taxes. And FURTHERMORE, I also mentioned moving in with a daughter or son which many do (thus sell the house). Or move out of a larger home with large upkeep (another thing you failed to consider in trying to do your usual putting my posts down). Or move to a condo where there's now exterior maintenance. There's MANY reasons for someone elderly to NOT stay in their too large, expensive, high upkeep, with no family around home.


Try again.

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 18:30:22 2012, in response to Re: If You Plan On Selling Your Home, posted by Olog-hai on Mon Feb 27 18:26:56 2012.

Priceless comment, mein herr ... :)

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Re: If You Plan On Selling Your Home

Posted by RockParkMan on Mon Feb 27 18:31:37 2012, in response to Re: If You Plan On Selling Your Home, posted by SelkirkTMO on Mon Feb 27 18:30:22 2012.

Jawohl.

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 18:34:55 2012, in response to Re: If You Plan On Selling Your Home, posted by RockParkMan on Mon Feb 27 18:31:37 2012.

Bitte. :)

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 18:43:22 2012, in response to Re: If You Plan On Selling Your Home, posted by Dave on Mon Feb 27 18:26:34 2012.

What check? how do you know they didn't have an equity mortgage taken out when values were high? Or a reverse mortgage?

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Re: If You Plan On Selling Your Home

Posted by ClearAspect on Mon Feb 27 18:51:24 2012, in response to Re: If You Plan On Selling Your Home, posted by Train Dude on Mon Feb 27 17:59:14 2012.

You can get a house for even less! A friend of mine who does real estate they had "hotel condos" for as little as 40K!

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Re: If You Plan On Selling Your Home

Posted by RockParkMan on Mon Feb 27 18:52:06 2012, in response to Re: If You Plan On Selling Your Home, posted by SelkirkTMO on Mon Feb 27 18:34:55 2012.

Ein Prost.
:-)

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 18:54:23 2012, in response to Re: If You Plan On Selling Your Home, posted by RockParkMan on Mon Feb 27 18:52:06 2012.

Slaint! :)

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Re: If You Plan On Selling Your Home

Posted by ClearAspect on Mon Feb 27 18:57:33 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 18:28:19 2012.

I think thats false as well, those who can afford such houses, Ive seen actually buy the property in Florida and keep their LI home, simply because of the value. You don't want to go and buy a place which loses value. Those who usually buy in Long Island are well aware of the taxes and Suffolk is cheaper than Nassau in taxes (though expensive). Also by using the stats about the housing crash, people ARENT moving to Florida at least the 2011 census says so. NY is better than Florida anyway... Florida is ... boring.

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Re: If You Plan On Selling Your Home

Posted by Train Dude on Mon Feb 27 18:59:23 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 18:51:24 2012.

I know. I'm not fond of Florida because it's a flat state but the idea of a winter home is inviting so I'm looking.

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Re: If You Plan On Selling Your Home

Posted by LuchAAA on Mon Feb 27 19:02:58 2012, in response to Re: If You Plan On Selling Your Home, posted by Train Dude on Mon Feb 27 18:59:23 2012.

If you buy in Florida, get a condo, not a single family home. You can get something cheaper, close to the beach or rivers and not have to deal with maintenance.

Florida is fun for a few weeks at a time, but it's too hot and it gets old fast.

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Re: If You Plan On Selling Your Home

Posted by Train Dude on Mon Feb 27 19:06:32 2012, in response to Re: If You Plan On Selling Your Home, posted by LuchAAA on Mon Feb 27 19:02:58 2012.

But it's so flat.......... I inherited a place in Sunrise (Pine Island Dr.) about 15 years ago and sold it as I had no use for it at the time. I'm finding I can buy "the same" condo for 1/2 of what I sold it for. I'm more interested in possibly Ponce's Point, though.

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Re: If You Plan On Selling Your Home

Posted by ClearAspect on Mon Feb 27 19:18:41 2012, in response to Re: If You Plan On Selling Your Home, posted by Train Dude on Mon Feb 27 19:06:32 2012.

I think there's some "Hotel Condos" in Daytona in the 50-100K range. 1 Bedroom, very cheap maintenance from what Ive been told. Yes Florida is very Flat... and muddy...

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 19:33:19 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 18:51:24 2012.

Plenty. But more desirable condos will be more.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 19:34:21 2012, in response to Re: If You Plan On Selling Your Home, posted by RockParkMan on Mon Feb 27 18:52:06 2012.

Now we're talking a common language.

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Re: If You Plan On Selling Your Home

Posted by ClearAspect on Mon Feb 27 19:34:53 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 19:33:19 2012.

That may be true, but if you want a simple place to use for vacations or summers/ winters in Florida, a 40K condo wouldn't be that bad.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 19:36:36 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 18:57:33 2012.

Suffolk is absolutely cheaper in taxes (and homes too, depending on where you are of course. Sagaponic for example has average median price of 4 million, but we aren't talking those areas, lol).

But specifically said Queens and Nassau and left out Suffolk in my post.

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Re: If You Plan On Selling Your Home

Posted by LuchAAA on Mon Feb 27 19:37:01 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 19:33:19 2012.

There's a real estate show on local 860 AM. Guy is in Gulf Coast real estate and always bashes Southeast Florida as being "Bankers and Gangsters".

You're right about pricing.

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Re: If You Plan On Selling Your Home

Posted by GP38/R42 Chris on Mon Feb 27 19:37:57 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 19:34:53 2012.

I wasn't talking about a vacation home, but rather scale down and retirement, but yes, you can get a second home cheap there, or not as cheap depending on where you go.

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Re: If You Plan On Selling Your Home

Posted by RockParkMan on Mon Feb 27 19:40:50 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 19:34:21 2012.

BEER SUMMIT!!!

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Re: If You Plan On Selling Your Home

Posted by SMAZ on Mon Feb 27 19:42:30 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 19:18:41 2012.

Daytona is a Third World Shithole.

If he wants to live in such a place, he can get an even cheaper place in some favela in Sao Paulo, Brazil.



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Re: If You Plan On Selling Your Home

Posted by SLRT on Mon Feb 27 19:48:55 2012, in response to Re: If You Plan On Selling Your Home, posted by SelkirkTMO on Mon Feb 27 05:43:37 2012.

I read it.

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Re: If You Plan On Selling Your Home

Posted by SelkirkTMO on Mon Feb 27 19:56:22 2012, in response to Re: If You Plan On Selling Your Home, posted by SLRT on Mon Feb 27 19:48:55 2012.

So then it's 3.8% of the entire bundle?

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Re: If You Plan On Selling Your Home

Posted by gp38/r42 chris on Mon Feb 27 20:02:04 2012, in response to Re: If You Plan On Selling Your Home, posted by ClearAspect on Mon Feb 27 19:18:41 2012.

Daytona is not nice at all....theres no wonderits cheap. There are plenty of MUCH nicerplaces to live in Florida.

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Re: If You Plan On Selling Your Home

Posted by gp38/r42 chris on Mon Feb 27 20:02:55 2012, in response to Re: If You Plan On Selling Your Home, posted by SMAZ on Mon Feb 27 19:42:30 2012.

Lol! I just said the same thing!

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Re: If You Plan On Selling Your Home

Posted by SMAZ on Mon Feb 27 20:06:18 2012, in response to Re: If You Plan On Selling Your Home, posted by gp38/r42 chris on Mon Feb 27 20:02:55 2012.

WE AGREEEEEE!!!!! ;->>

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Re: If You Plan On Selling Your Home

Posted by Dave on Mon Feb 27 20:34:11 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 18:43:22 2012.

How do you know that they did?

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