Leaving LI

The NYT has been hatin’ on LI recently. First, there was this article telling us how expensive it is to live on Long Island. Like we didn’t know that already. Then this past week, we’re told that people are leaving because it’s (Hello!) too expensive. Some salient quotes from the article:

Last year, Anthony Panariello, 49, sold his home on Long Island for $510,000, making a hefty tax-free profit. He spent about half of that to buy a brand-new, mortgage-free house in Florida with 4,200 square feet and five bedrooms - more than double the size of his old residence.

Smart guy. I’m sure he won’t miss dealing with snow every year, either.

He also traded his costly 90-minute trip to Wall Street for a
three-minute drive to the new H&R Block office that he is opening next month.

Pretty sweet deal, he gets about 8 hours per week of his life back.

"I've come across, in my development alone, maybe 20 people from Long Island who came here around when I did or more recently," said Mr. Panariello, who lives in St. Augustine.

Hey, Tony, wake up! Florida was settled by New Yorkers! Why do you think the pizza’s so good?

Sixty-four percent of those in the pre-retirement years of 50 to 64 are considering leaving, up from 47 percent last year, the survey found.

Not really surprising. I don’t know anyone approaching retirement that hasn’t at least considered moving somewhere else. Here’s the scary statistic though:

But even more of the 18-to-34 age group contemplate moving out - 70 percent, up from 62 percent last year. Their motivations include the high cost of rentals, stemming from the island's scarcity of apartments. For many young adults, prohibitively expensive down payments have transformed the dream of a starter home into an elusive fantasy. [My emphasis]

Ouch. That can’t be good for businesses wanting to hire young people to work on Long Island.

Just for kicks, I did a little comparison shopping. With the help of Realtor.com, I decided to look around the $300 K price point, perhaps a little bit more than what Mr. Panariello was considering. Consider these two beauties:


The house on the left is located in Riverhead, LI, where I grew up. It’s a 2 bedroom, 1 bath, 575 square foot home with no garage, built in 1940. It’s priced to sell at $299,000.

The house on the right is located in another town I used to call home, Cypress, Texas, just outside of Houston. It is a 4 bedroom, 3.5 bath, 3386 square foot house with a two-car garage, built in 1989. This house is listed at $267,500.

That’s quite a difference. In fact, with the money you save buying the Cypress house, you could install an in-ground pool. Except that wouldn’t be necessary, because it already has one:









Now I know what you’re saying: Location, location, location. True, LI has some very good schools, great beaches, proximity to NYC, and $300/hour attorneys visiting the Hamptons with their trophy wives every weekend. But I think a significant number of people are wondering: Is it worth it? Couple the housing with the taxes and it’s no wonder most young people have considered other places to live.

Mr. Paraniello said that while "the people are wonderful" in Florida, "the only thing I miss is friends and relatives." Well, that "and the Italian food and deli food.”

I’m sure you’ll manage, Mr. Paraniello. Have you tried a Cuban sandwich yet?