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Score

Great Neck, NY

8 Meryl Ln

1.3M

5 beds

3 baths

2,727 sqft

5 bd • 3 ba • 2,727 sf

This analysis was generated on 2/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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List Price

$1,290,000

Price/Sq.Ft

$473

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Location in Great Neck: Great Neck is a highly desirable area known for its excellent schools, safe neighborhoods, and convenient access to New York City. Great Neck consistently ranks among the top school districts in New York State, with graduation rates exceeding 95%. • Large square footage: at 2,727 square feet, the property offers ample living space for a family or individuals who value spaciousness. The average home size in the United States is around 2,500 square feet, making this property larger than average. • Five bedrooms and three bathrooms: the property's five bedrooms and three bathrooms provide ample accommodation for a family or for hosting guests. The average household size in Great Neck is approximately 3 people, suggesting that the property can comfortably accommodate a typical family. • High median income area: Great Neck has a high median income of $129,479, indicating a strong local economy and a desirable demographic profile. The median household income in Great Neck is significantly higher than the national average of around $70,000. • Proximity to New York City: Great Neck offers convenient access to New York City via the Long Island Rail Road (LIRR), making it an attractive location for commuters. The LIRR provides direct service to Penn Station, with travel times ranging from 25 to 35 minutes.

The Bad

• Lack of property details: the listing provides minimal information about the property's features, room details, and utility systems. This lack of transparency makes it difficult to assess the property's true value and potential. • Unknown build year: the absence of a build year makes it challenging to estimate the property's condition and potential maintenance needs. Older homes may require significant repairs or upgrades to meet modern standards. • High price per square foot: at $473.05 per square foot, the property's price is relatively high compared to the national average of around $250 per square foot. This high price point may deter some buyers. • No property description: the absence of a property description leaves potential buyers with limited information about the property's unique features or selling points. • No utility information: the lack of utility information makes it difficult to estimate monthly operating costs. Utility costs can vary significantly depending on the property's size, age, and energy efficiency.

The Ugly

• High purchase price: at $1,290,000, the property represents a significant financial investment. The average home price in Great Neck is around $900,000, making this property more expensive than average. • Potential for high property taxes: Great Neck is known for its high property taxes, which can significantly increase the overall cost of homeownership. Nassau County, where Great Neck is located, has some of the highest property taxes in the United States. • Unknown property condition: the lack of information about the property's age and condition raises concerns about potential maintenance or repair costs. Older homes may require significant renovations or upgrades to meet modern standards. • Risk of bidding wars: Great Neck is a competitive real estate market, which can lead to bidding wars and potentially paying over asking price. This can drive up the final purchase price and make it more difficult for buyers to secure a property. • Limited information and potentially outdated aesthetics: the outdated interior design elements suggest that significant renovations may be necessary to modernize the property and align it with current market trends. Renovation costs can range from $50,000 to $200,000 or more, depending on the scope of the project.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Families prioritizing access to Great Neck's highly-rated public schools, as the area is known for its excellent educational institutions. The average Great Neck school spends $28,500 per student, compared to the national average of $15,100. • Buyers seeking a suburban residential environment with convenient access to New York City via the Long Island Rail Road. The LIRR provides a direct commute to Penn Station, with travel times ranging from 25-35 minutes, depending on the specific train schedule. • Individuals or families looking for a property with the potential for customization and renovation to suit their specific tastes and needs. Given that the year built is unknown, there is an opportunity to update and personalize the home. • Buyers who prefer a larger home with ample space for a growing family or for hosting guests, given the property's 5 bedrooms and 3 bathrooms. The 2,727 square footage provides substantial living space compared to the average apartment size in New York City, which is approximately 700-900 square feet.

Not For

• Buyers seeking newly constructed or recently renovated homes with modern amenities and updated features. The unknown build year and lack of property details suggest that the property may require significant renovations. • Individuals or families on a strict budget or those seeking affordable housing options. The high price point of $1,290,000 and the likely high property taxes in Great Neck make this property less accessible to budget-conscious buyers. • Buyers who prefer low-maintenance properties with minimal upkeep and repair requirements. Given the unknown age of the property, there is a higher likelihood of needing repairs or updates to essential systems. • Individuals who prioritize living in areas with low property taxes. Great Neck is known for its high property taxes, which can be a significant financial burden for homeowners. • Buyers who desire detailed information about a property's features, room dimensions, and utility systems upfront. The limited details provided in the listing may deter those who prefer transparency and comprehensive information.

Demographics

Area Median Income

$129,479

Property History

Price History

Ownership Timeline

$1,290,000Financed

Nov 9, 2022

Jian Han, Weiwei ShanJonathan Gad, Talia Topper

Bargain And Sale Deed

Standard Sale (Purchase/Resales)

$1,150,000Cash Purchase

Mar 27, 2020

Jacob SamraJian Han, Wei Wei

Bargain And Sale Deed

Standard Sale (Purchase/Resales)

$760,000Cash Purchase

Apr 16, 2018

Mark S Ricciardi EsqJacob Samra

Referee's Deed - Used To Transfer Property Pursuant To A Foreclosure Sale In New York Counties

Foreclosure

Sunlight Analysis

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Sunlight Analysis

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Risk Assessment

Risk Analysis

• Unknown build year: without knowing the build year, assessing the property's condition and potential maintenance needs is challenging. Older homes may have outdated systems (plumbing, electrical, HVAC) that require costly upgrades. • High property taxes: Great Neck is known for its high property taxes, which can significantly impact the overall cost of homeownership. Property taxes in Nassau County average around 2.5% of the assessed value of the home annually. • Potential for hidden issues: older homes may have hidden issues, such as asbestos, lead paint, or underground oil tanks. These issues can be expensive to remediate and may require specialized inspections. The average cost for asbestos removal ranges from $2,000 to $8,000, while lead paint abatement can cost between $3,000 and $15,000. • Competitive market: Great Neck is a desirable area, which can lead to bidding wars and potentially paying over asking price. According to recent market data, homes in Great Neck sell for approximately 3% above the listing price on average. • Limited property details: the lack of property details in the listing makes it difficult to assess the property's true value and potential. Buyers should conduct thorough due diligence and obtain professional inspections to uncover any potential issues.

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Financials

Monthly Costs

Market Rent (5 bed)

$3,560

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Location & Comparables

Subject Property

Comparable Sales

View on Zillow

Subject Property

Price

$1,290,000

Price/sqft

$473

Layout

5 bd•3 ba

Stats in the Area

Based on 6 comparable properties nearby

Average Price

$1,125,533

14.6%

Your price is 14.6% above average

Median Price

$1,450,000

11.0%

Based on 6 recent sales

Price per Sq.Ft

$367

28.9%

Your price is 28.9% above average $/sqft

Comparable Properties

Address	Price	Sq.Ft	Beds	Baths	$/Sq.Ft	Sale Date
117 Kings Point Road, Great Neck, NY 11024	$5,200	2,762	5	3	$299.6%	12/5/2024
4 Orchard Road, Great Neck, NY 11021	$1,450,000	3,000	5	3	$4832.2%	12/5/2024
34 Strathmore Road, Great Neck, NY 11023	$1,100,000	2,358	4	3	$4661.4%	12/5/2024
11 Hilltop Drive, Great Neck, NY 11021	$1,648,000	3,180	6	4	$5189.6%	12/5/2024
22 Carriage Road, Great Neck, NY 11024	$1,650,000	N/A	4	3	N/A	12/5/2024
2 Brown Road, Great Neck, NY 11024	$900,000	N/A	4	3	N/A	12/5/2024

117 Kings Point Road, Great Neck, NY 11024

Price: $5,200

Sq.Ft: 2,762

Beds/Baths: 5/3

$/Sq.Ft:

$299.6%

Sale Date: 12/5/2024

4 Orchard Road, Great Neck, NY 11021

Price: $1,450,000

Sq.Ft: 3,000

Beds/Baths: 5/3

$/Sq.Ft:

$4832.2%

Sale Date: 12/5/2024

34 Strathmore Road, Great Neck, NY 11023

Price: $1,100,000

Sq.Ft: 2,358

Beds/Baths: 4/3

$/Sq.Ft:

$4661.4%

Sale Date: 12/5/2024

11 Hilltop Drive, Great Neck, NY 11021

Price: $1,648,000

Sq.Ft: 3,180

Beds/Baths: 6/4

$/Sq.Ft:

$5189.6%

Sale Date: 12/5/2024

22 Carriage Road, Great Neck, NY 11024

Price: $1,650,000

Sq.Ft: N/A

Beds/Baths: 4/3

$/Sq.Ft: N/A

Sale Date: 12/5/2024

2 Brown Road, Great Neck, NY 11024

Price: $900,000

Sq.Ft: N/A

Beds/Baths: 4/3

$/Sq.Ft: N/A

Sale Date: 12/5/2024

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