LI homes under $300,000: Many need work, some could be a steal
Dean Bruno is selling the Medford house he grew up in, for $299,999. Credit: Debbie Egan-Chin/Debbie Egan-Chin
Michael Satter is parting with his childhood home — the three-bedroom, two-bath ranch in Shirley his parents bought 42 years ago. And he's asking $299,000.
He and his brother have fond memories of the house, which sits across from a nature preserve, where no one can build. His mother had been living alone in the house, but after she died last year, the brothers decided to let it go.
“It’s quiet, it’s peaceful over there," says the 54-year-old house painter, who lives in the community and loves the neighborhood.
This renovated three-bedroom, two-bath house, listed for $299,000 in Shirley, sits across from the Wertheim Wildlife Nature Refuge. Credit: Coldwell Banker M&D Good Life
Before putting the house up for sale, Satter says, he and his brother installed a new roof, among other improvements.
“My father liked the stucco on the ceiling in the kitchen, and we took all of that out and put new Sheetrock in,” Satter says. “We wanted it to be move-in condition.”
Satter’s home is one of several dozen currently listing for under $300,000 on Long Island — something increasingly uncommon.
There are fewer being marketed for under $200,000, but some of these are either in foreclosure or being sold through banks as short sales — under market value — and require extensive renovation to make them habitable. Other homes, however, have been well cared for through the years and are move-in ready, though might require some updates to meet a buyer's tastes, aesthetics and specific needs. For example, a home listing in Medford for $299,000 is in good condition but some aspects of it, like the wallpaper in some rooms, might seem a bit dated or may not meet with a person's preferences.
Time was when low-priced houses weren't hard to come by.
Homes in areas like Rocky Point, for example, were priced low because they were summer residences, says Nicholas Aliano, a realtor and owner of Aliano Real Estate.
Over the years, the homes have been upgraded and winterized for yearlong living, which has contributed to rising prices.
Steadily pushing up prices as well, Aliano says, has been the combination of a low inventory of homes on the market, a good economy and historically low interest rates. “We currently have half the inventory that we had back in 2006, which was the last time we saw home values reach these heights,” he says.
Also selling his family home is Dean Bruno, 49, of Yaphank.
His parents moved to Medford from the Bronx in 1976, when he was about to enter kindergarten, looking for a quiet suburban neighborhood.
Dean Bruno, seen in the backyard of his family home in Medford, says the neighborhood has changed but is still pleasant. Credit: Debbie Egan-Chin/Debbie Egan-Chin
Bruno says he’s selling the house now because his mother recently moved into an assisted living facility.
“That’s the house that I grew up in,” says Bruno. “Medford in the mid-1970s would definitely classify as quiet.”
Back then, the road was unpaved. The neighbors behind him had a farm with a menagerie of animals, even a bull.
“Everyone knew everyone on the street,” says Bruno, a chief operating officer for a financial services company in Holbrook. “My parents socialized with everyone.”
During the day, the community was filled with kids outside playing together. “It was a great neighborhood to grow up in.”
Over the years, there’ve been changes: The streets have been paved, streetlights now brighten up the block at night and you don’t see as many kids playing as you used to.
But it's still a pleasant neighborhood, Bruno says.
Buying and flipping
A one-bedroom house on Long Island’s North Fork listing for $199,000 happens to be on a busy road, notes realtor Mary Ellen Ellwood of Century 21 Albertson Realty. It’s also somewhat small and probably will need a new roof soon.
This one-bedroom, one-bath ranch in Mattituck, listed for $199,000, is in the North Fork wine country. Credit: Century 21
Still, those factors haven’t scared away potential buyers, many of whom have already expressed an interest in the house, Ellwood says.
“For a single person who just wants a place for themselves, it’s perfect,” says Ellwood, who notes that the current owner had bought the house as an investment and rented it out over the past three decades. “And then for people who are looking for a cheap place as a second home to come out on weekends and enjoy the North Fork, you can crash there on weekends.”
Taxes on the house are an incredible $1,717 a year — but that could change. The house, which dates back to 1940 is small, hasn’t been updated and sits on a small lot, notes Ellwood. “I'm sure when the new owner applies for permits to do work and it's completed, they will raise the taxes,” she says.
Aliano, the realtor, bought a house in Sound Beach as an investment in September 2019, that he’s fixed up and has recently put on the market. His renovation, which cost him about $40,000, didn’t include a complete redo, such as new windows, Sheetrock or moldings.
Priced at $249,000, this two-bedroom, one-bath home in Sound Beach has a living room with a brick fireplace. Credit: Aliano Real Estate/Photografix Studios
“And because of that, I didn’t have to look for that top dollar premium that some of these houses are getting,” Aliano explains. “I left it where I could market it right under the 250 [thousand dollar] price range.”
“But my $40,000 goes a little bit more than the average person’s $40,000, because I have contractors that I deal with on a regular basis,” says Aliano, adding that he did a lot of research to learn what the cost of each project should be.
Purchased in May 2019 for $160,000, an investment home in Wyandanch was renovated and is now on the market for $298,918. The house attracted interest right away, but the deal fell through when the prospective buyers couldn’t get financing, notes listing agent Jamell Givens of Globalized Realty Group.
“Whether it’s an up market or down market, a house that is priced right will sell quickly,” Givens says.
Here are a few homes listing for under $300,000:
The year-round Mattituck home, listed for $199,000 in the North Fork wine country, is less than a half-mile from the town boat ramp. Credit: Century 21
Asking price: $199,000
Community/ schools: Mattituck; Mattituck-Cutchogue Union Free School District
Property taxes: $1,717
Features: A year-round home in North Fork wine country, this one-bedroom, one-bath Ranch has an open-floor plan, deck, propane heat, and is three-tenths of a mile away from the town boat ramp.
Listing agent: Mary Ellen Ellwood, Century 21 Albertson Realty
Listed for $299,000, this three-bedroom, two-bath ranch-style house in Shirley has been completely renovated and is across from the Wertheim Wildlife Nature Refuge. Credit: Coldwell Banker M&D Good Life
Asking price: $299,000
Community/ schools: Shirley; William Floyd School District
Property taxes: $9,436
Features: A three-bedroom, two-bath ranch-style house that’s been completely renovated with new roof, windows, doors, paint, floors, carpet, kitchen, bathrooms and central air conditioning. The house is across from the Wertheim Wildlife Nature Refuge.
Listing agent: Paul Peluso, Coldwell Banker M& D Good Life
This three-bedroom, one-bath ranch-style home in Wyandanch, listed at $299,918, has been renovated with new hardwood floors and a new kitchen, among other things. Credit: Globalized Realty Group
Asking price: $299,918
Community/ schools: Wyandanch; Wyandanch Union Free School district
Property taxes: $5,685
Features: A three-bedroom, one-bath ranch-style home that’s been renovated with new hardwood floors, new kitchen with stainless steel appliances and granite counter and updated bathroom.
Listing agent: Jamell Givens, Globalized Realty Group
This Medford house in on the market for $299,999. Credit: Debbie Egan-Chin/Debbie Egan-Chin
Asking price: $299,999
Community/ schools: Medford; Patchogue-Medford School District
Property taxes: $11,330
Features: A 1,478-square-foot ranch-style home has three bedrooms, two baths. There’s a large master bath, eat-in kitchen with vaulted ceiling. The house, which is on a .52 acre lot, is close to the high school.
Listing agent: Heather Felice and Joyce Roe of Douglas Elliman Real Estate
This recently renovated two-bedroom, one-bath two-story home in Sound Beach, on sale for $249,900, has an eat-in kitchen. Credit: Aliano Real Estate/Photografix Studios
Asking price: $249,900
Community/ schools: Sound Beach, Miller Place Union Free School District
Property taxes: $7,466
Features: This recently renovated two-bedroom, one-bath, two-story home has a living room with brick fireplace, eat-in kitchen with white cabinets, tile floors, stainless steel appliances and Cambria quartz counters. The second bedroom has new carpet and completely new bath.
Listing agent: Nicholas Aliano, Aliano Real Estate
Fix-up versus a redo
The sky’s the limit for what you can do to rehab a house, says Evan Lewitas, vice president of Center Island Contracting, a home remodeling company based in Farmingdale.
“Most people want, at a minimum, kitchens and baths, all the way up to a complete gut, second-story addition and then wall to wall, top to bottom, all new,” says Lewitas.
Center Island Contracting will actually go out and find a home in need of rehabbing and bring a client in to consider buying it and having his company fix it up. They’ll then present the client with the figures for acquiring the property and the renovation costs. “And, we’ll do a 3-D visualization on what it will look like,” he says.
Lewitas’ company assists owners to assess what construction costs would be incurred for any renovation.
“I’ve had customers spend $100,000 on a renovation before they moved in. I’ve had customers spend $500,000 before they moved in. It’s really up to what the person really wants to invest,” Lewitas says. “They’re making their own dream house at the budget they want to be capped at.”
