Rockaway Real Estate
Sorry to say I disagree with John Baxter's assessment regarding the value of homes in the Rockaways. Yes, the country is in serious financial distress. Yes, the foreclosure rate is an abomination, but we did not do this. Both buyers and lenders were irresponsible. Lending institutions must evaluate income, credit reports, and perhaps, in the days of yore, demand a co-signer, or simply refuse to give a mortgage. Buyers must be fiscally realistic. We are not living in a vacuum, as there is ample support available to the consumer. Realestate lawyers, accountants and financial advisors are there to help a home buyer determine what they can and cannot afford as well as explain fixed-rate mortgages, opposed to adjustable rate.
With the amenities of living at a beach resort, and within close proximity to the city, I think the Rockaways have been devalued for too long. This should be an expensive area and remain as a sound investment in properties.
While I may wish to live in the Trump Towers and drive a 2009 Lexus, I know those luxuries are way beyond my means. Does that infer others should be denied them, or that values should be halved so that they are more accessible?
I appreciate what I have, but I am not willing to declare my home as worth 50 percent less than it is to atone for the greed and outright corruption of lenders and buyers having nothing to do with me or the wide margin of Rockaway home owners.
Hopefully my fellow residents are also keeping faith with the area's value. Unless there is a socialist takeover of the government, people best live within their means, knowing if you cannot afford something, you should not attempt to buy it. The Freddie-and-Fanny fiasco should be a wake-up call to lenders, one that will reinstate ethical responsibility in mortgage approval.
You do not resolve a recession by undoing a much-needed gentrification of a valuable waterfront community. Rockaway has just begun to blossom, while the Hamptons and Fire Island were way ahead of us for too long.
While we may have to remain stalled for some time, this area should not decrease in value by 50 percent or abandon plans that were in place to make greater improvements in the future.
We were under evaluated for far too long to take a quantum leap backwards.