No. 7: Long Island, N.Y. – (Nassau-Suffolk, N.Y.)
Cost of Living: 40 of 50
Housing Opportunity: 48 of 50
Unemployment Rate: 17 of 50
Average Salary: 24 of 50

Indeed, though the median home price in the Los Angeles metro area has dipped from $525,000 to $319,000 over the last two years, Angelinos still face one of the least affordable housing markets in the country. According to the NAHB/Wells Fargo’s Housing Opportunity Index, only New York, Long Island, N.Y., and San Francisco are more expensive.

Obviously we talk a lot about prices here on HIB. It’s one of our favorite subjects. There’s been a lot of back and forth about this in the comments of late and I just wanted to weigh in a bit.

It’s really hard to know where prices are, at least in the short term. Median prices in the Village did actually go up a bit, but that’s very misleading. When you’re talking about a very small area with a small number of sales, changes in the median price reflect more a change in the mix of housing sold.

Two metrics we can look at, inventory and the difference in selling vs asking prices, point to a continued and sustained downward spiral in housing prices in the short and even medium term. The fact that these trends persist, even in the face of historic low mortgage rates, indicates to me that there’s still a lot of air in the housing bubble.

The bottom line is, houses aren’t appliances or cars. Each house is different and has its own individual price. There are good deals to be had, even in a hot market and there are bad deals (tons and tons of them) even in this terrible market.

The missus and I didn’t get to see inside of any of these places. Mostly because none of them were really on our radar for various reason. We were debating about asking to see 71 Mason, given its price and its location in the Presidential Section, but we drove by it a few times to snak a peek and I really didn’t like the look of the place.

Let me know if you like the pictures. I’m inlining them directly from MLSLI, not copying them.

13 Washington St

• MLS# 2080244 – Zillow Page
• Sold: $535,000 – 8/14/2008
• Prior Sales: 02/02/1999 – $185,000
• 3 bedrooms – 1.5 bath – Colonial
• Taxes: $8,570 – Village Taxes: $774

A nice, updated colonial in the Presidential section.

71 Mason Ave

• MLS# 1995941 – Zillow Page
• Sold: $350,000 – 8/14/2008
• Prior Sales: 11/29/2005 – $435,000
• 3 bedrooms – 1 bath – Colonial(?)
• Taxes: $6,636 – Village Taxes: $500

Like they say on Flipper Nation, “The ugliest girl on the block, you make her pretty” and this house certainly qualifies.

We saw this one on MLS last year some time in the spring. I figured out which house it was based on the MLS map and we drove by it a few times. The impression we got from the outside wasn’t a good one. There were never any pictures of the inside of the place. I assumed, based on the 2005 sale and the condition of the house that it was a foreclosure or pre-foreclosure.

The house was bought in 2005 for $435,000 listed at $420,000 and eventually sold for $350,000. That was a lot of money somebody lost in a very short period of time.

54 Paumanake Ave

• MLS# 2034516 – Zillow Page
• Sold: $490,000 – 8/8/2008
• Prior Sales: 11/09/2006 – $460,000
• 3 bedrooms – 1.5 bath – Colonial
• Taxes: $5,733 – Village Taxes: $400

A bit of an anomaly here, selling for $30K more than its 2006 sale price. I’m thinking that there were some extensive upgrades done and that the owners lost some money there, but maybe they just got lucky.

49 Cadman Ave

• MLS# 2078866 – Zillow Page
• Sold: $390,000 – 8/8/2008
• Prior Sales: None Listed
• 3 bedrooms – 2 bath – Split
• Taxes: $10,521 – Village Taxes: $842

The last ask for this was $429,000. Looking at the MLS listing and the odd Zillow page, I’m guessing that this is, or at least was, an illegal two family. A mention of two stoves and two fridges is pretty much a dead givaway.

I’m a little dissapointed that I never got in this one.l I don’t think it was on MLS very long. I don’t even remember seeing it listed.

91 Little East Neck Rd

• MLS# 2075323 – Zillow Page
• Sold: $759,000 – Sold Date: 8/1/2008
• Prior Sales: None Listed
• 4 bedrooms – 3.5 bath – Colonial
• Taxes: $15,228 – Village Taxes: $1,633

I’m including this one just for completeness sake. Obviously this one would never even be on out radar.

The last ask for this was $790,000. This house is south of Montauk Ave, although not waterfront or waterview. It’s nice looking, modest 13 room mansion.

38 Tappan Ave

• MLS# 2066353 – Zillow Page
• Sold: $416,000 – 8/15/2008
• Prior Sales: None Listed
• 4 bedrooms – 2 bath – Exp Ranch/High Ranch
• Taxes: $8,269 – Village Taxes: $634

Babylon Village ammenities but the W. Babylon school district. These houses are usually a good deal, but we’re pretty set on the Babylon School District if we can swing it.