Buying a house in Lake Success
The Village Club at Lake Success includes an 18-hole golf course where residents enjoy privileges. The course was in use on Sept. 2, 2016. Credit: Johnny Milano
Lake Success, an incorporated village within Great Neck, is one of Long Island’s best-kept secrets, says Village Mayor Adam Hoffman.
“I don’t think people are aware of all of the facilities we have,” Hoffman says. “But once you’re there and you find it, you never want to leave.”
Included among those facilities is the Village Club at Lake Success, an 18-hole golf course where residents enjoy exclusive benefits. There’s also a restaurant and a catering hall that hosts weddings and social gatherings.
The village has its own police department, an Olympic-sized swimming pool and the Lake Success Summer Camp, which is open to residents’ children aged 3 to 8.
Most facilities have been redone in recent years and current development in Lake Success is mostly limited to the construction of individual spec houses and an Alzheimer’s facility, Hoffman says.
Lake Success was originally comprised mostly of expanded ranches, but many purchasers have rebuilt them as Colonial-style homes, says Janet Marcus, an associate broker at Daniel Gale Sotheby’s International Realty. Marcus says an entry-level home is around $800,000, and the inventory of listed houses is not large because the area is just under two square miles.
With Lake Success located on the southernmost point of Great Neck, Marcus says benefits include an easy commute to Manhattan, accessibility to highways and local hospitals, and the school district.
This Colonial with four bedrooms and 2.5 bathrooms is listed in September 2016, for $898,000, a starter home in Lake Success. Credit: Edna Mashaal Realty
Most students attend Great Neck South High School, which in April was listed as the 19th best school in New York and 136th best in the nation by U.S. News & World Report.
SALES PRICES
Lake Success is a village within Great Neck, where between Aug. 1, 2015, and Aug. 31, 2016, there were 329 home sales with a median sale price of $1.2 million, according to the Multiple Listing Service of Long Island. The low price for that period was $445,000 and the high was $8.55 million. During that period a year earlier, there were 306 home sales with a median sale price of $1.053 million. The price range was $350,000 to $19.88 million.
SCHOOLS
This ranch, on the market in September 2016 for $1.595 million, has three bedrooms and three bathrooms. The price is considered a trade-up in Lake Success. Credit: Coldwell Banker Residential Brokerage
Most students attend Great Neck South High School. In 2015, 78 percent of graduates earned a Regents diploma with advanced designation. The school had the same percentage in 2014.
OTHER STATS
Town: North Hempstead
Area: 1.8 square miles
ZIP codes: 11020, 11042
Population: 2,934
This newly constructed Colonial, listed for $3.5 million in September 2016, has six bedrooms. It's considered high-end in Lake Success. Credit: Laffey Fine Homes
Median age: 52.7
Median household income: $158,929
Median home value: $1.41 million*
LIRR to NYC: From Great Neck, 24 to 40 minutes at peak
Monthly ticket: $252
School district: Great Neck
Sources: 2010 census; mlslI.com; LIRR;*Based on sales in the past six months, according to MLSLI
RECENTLY SOLD
West Woods Road, $3.145 million
After 340 days on the market, this newly constructed six-bedroom Colonial sold for $522,540 less than its asking price. The home has 6.5 bathrooms, a two-story foyer with a curved staircase, a formal dining room with coffered ceilings, an eat-in kitchen and a family room. The second-level master suite includes his-and-hers closets. The full, finished basement includes a movie theater. The 6,000-square-foot home is set on a nearly half-acre. Taxes have not yet been determined.
Meadow Woods Road, $1.250 million
This six-bedroom Colonial sold for $48,000 less than its asking price after 102 days on the market. The 1943 home has 3.5 bathrooms, a formal living room and dining room, a den and an eat-in kitchen with a banquette. There are three fireplaces in the home, which is about 3,020 square feet. The property is 100 by 173-feet. Taxes are $23,751.
Olive Street, $950,000
Originally listed for $1.050 million, this five-bedroom expanded ranch sold in May after 230 days on the market. Built in 1955, the home has four bathrooms and a formal living room and dining room with a two-way fireplace. The eat-in kitchen includes a door that opens to the side yard of the 100-by-120-foot property. Taxes are $17,121.
NOW ON THE MARKET
Starter, $898,000
This four-bedroom Colonial, in the Lake Success Country Club community, includes 2.5 bathrooms, a formal living room and dining room, a den and an eat-in kitchen. Taxes on the 75-by-100-foot property are $15,766. Edna Mashaal, Edna Mashaal Realty, 516-504-8884.
Trade-up, $1.595 million
This three-bedroom, three-bathroom ranch has a living room with high ceilings and skylights. There’s a formal dining room and an eat-in kitchen with a breakfast counter. Taxes on the 0.4-acre property are $18,045. Eva Lee, Coldwell Banker Residential Brokerage, 516-570-1580.
High-end, $3.5 million
This newly constructed six-bedroom Colonial, on a 0.33-acre lot, has 6.5 bathrooms and an eat-in kitchen with a large marble center island. The finished lower level, with 10-foot ceilings, features a movie theater and gym area. Taxes have not yet been determined. Janet Berookhim, Laffey Fine Homes, 516-263-7072.
ON MULTIPLE LISTINGS
Number of houses: 33
Price range: $898,000 to $6.798 million
Tax range: $15,766 to $97,578
