Affordable prices for homes on ocean | Barbara Corcoran's column

 Friday, February 15th 2008, 4:00 AM
 
The train station in Manhasset - just 35 minutes to Penn Station.

Q. I've saved up a big down payment and I have excellent credit. I would like to purchase a home on the ocean, and I've been thinking about Manhattan Beach or Belle Harbour, Queens. Do you think home prices will become more affordable, or should I get in now?

A. I spoke with John Reinhardt, the very handsome owner of Fillmore Real Estate in Brooklyn. He told me that Manhattan Beach, just down the road from Brighton Beach and Coney Island, is still very expensive. Homes there sell for about $2 million, and the fancy ones on the water sell for over $5 million.

There are a handful of lower-priced homes under $1.5 million, but people are chasing them like a pack of hungry wolves, so prices won't be going down anytime soon.

There are lots of buyers combing the beach blocks in Belle Harbour, where prices start at $1.5 million and sell for as much as $3.5 million (and possibly even more) on the water.

So if you're willing to put on your flip-flops and walk a few blocks to the beach, you'll find a cheaper deal. But don't wait for the warm weather or you'll be fighting the crowds at the height of competition.

Q. I am looking to buy a one-family home on Long Island. Can you recommend an area that's half an hour from the city with good schools and low taxes?

A. The town of Manhasset is just a 35-minute train ride away and has good schools, small classes and ample funding for students. The taxes there are lower than most towns on the island, about 4%-6%.

Also, South Valley Stream is 40 minutes away, and has even cheaper taxes, around 2%. It also has good schools.

You can find out detailed school information for free at a number of Web sites, including www.schoolmatters.com and www.schooldatadirect.org.

Q. My parents aren't U.S. citizens, but they visit my brother and I a lot, and they would like to buy a three-bedroom vacation property in northern Virginia. I don't believe they have any established credit in this country and they can afford a down payment of only about $80,000. Do they have a chance in the market?

A. In northern Virginia, three- to five-bedroom homes on a quarter acre sell from $350,000 to $400,000. With a 15%-20% down payment, your parents should have no problem buying one.