Suffolk County is located on the middle and easternmost side of Long Island, New York. This county is known for its suburban homes whose households each have a median annual income of $90,000. It is important to note that traditionally/technically, Long Island had 4 counties. They are Nassau, Suffolk, Brooklyn, and Queens. However, most individuals regard the last two as boroughs of New York. Therefore, when a resident speaks of Long Island, most likely he only refers to Suffolk and Nassau Counties.
This article will discuss the truth about homes for sale in Long Island NY, particularly in Suffolk County. The discussion will focus on market values, location, demographics, and other factors. Useful tips will also be provided.
Brand New Homes
The median selling price for brand new homes for sale in Long Island NY, particularly in Suffolk County, is around $293,000. This value has held steady for more than a year now. The median household income for homeowners in Suffolk is a bit hazy. Some experts say it is around $55,000 while others say it is more akin to Nassau which is $93,000. To be on the safe side, just consider $75,000 the average. If you are earning this much annually and you have regular expenses, then chances are you can afford a home here!
There are also known as distressed properties. Depending on the location, you can actually get hefty foreclosure discounts. For example, Bronx locations average 14.1% foreclosure discounts whereas Albany can go as high as 47% in foreclosure discounts. On average, though, Suffolk County has a 31.8% foreclosure discount rate.
Tip: Bear in mind that most foreclosure homes for sale in long island real are fixer-uppers. On average, you add 10%-20% to the purchase price. However, if you make your own renovations, chances are you will increase the value of the property.
Suffolk is covered by Long Island’s extensive public transport system. This includes but is not limited to:
- Mass Transportation Authority (MTA)
- Long Island Railroad System
- Long Island Expressway
- Southern State Parkway
- Northern State Parkway
- A decent bus line
Suffolk County is a highly developed metropolitan/suburban area. As such, you can find plenty of places to shop, an adequate police force, a dozen hospitals, and 656 schools (public). They also have little ethnic communities. These are areas wherein individuals with the same nationalities congregate and thus conduct business.
Long Island is home to many underdeveloped beaches. Others have been developed, but to date, only the locals know of this secret hideaway. Some of them even have white sand. Suffolk is also the county with the most standing lighthouses.
Tip: You have two options here. You can hire a broker (online or by referral) or you can go on a weekend trip and explore Suffolk County. Before you make your final decision, conduct a personal inspection of the place. Don’t let the broker chat you up or let your family distract you on the way. You want to make sure that the road to and from your top pick, as well as the neighborhood, is to your liking.
Suffolk County has plenty to offer for a single professional or a full household. All you really need is take the time to go there and explore. Try going there during weekends, and take advantage of the weekend or Sunday market!