Thursday, June 26, 2008

2 fam... er, one family house for sale


"The very spacious finished basement offers a full bathroom, full kitchen and a family room." (wink, wink)

From Middle Village, NY 11379 Homes for Sale $699,000 on You Tube.

7 comments:

Frank Lloyd Crap said...

Rest assured this house is perfectly legal. I self certified the basement work myself.

PV said...

Isn't it ridiculous to ask $699K for a house in a middle-class neighborhood like Middle Village where the median household income is around $55,000? Having this in mind, even $300K would be a high price for this house.

I mean who can afford these obscenely overpriced houses? You have to become a mortgage slave and a slumlord to afford it. Seems like it would take years until housing prices in Queens drop to their normal levels. E.g. for this house it would be normal to ask something around $170K. $699K is more than ten times the median income in Middle Village, and that's not a luxury house we're looking at.

If you think I'm a mad lunatic, just check out housing in Rochester, NY where even in the wealthiest suburbs you can find most houses at $200K-$300K.
And don't tell me that housing in Queens is worth the price because it's diverse, vibrant, close to Manhattan, or whatever. Most people in Middle Village don't have six-figure Wall Street incomes to be able to afford a $699K home!

Crappy, I'd like to hear from you about the housing bubble in Queens, especially in Middle Village, Jamaica Estates, Bayside, Fresh Meadows, Bellerose and the like.

bubble boy said...

pv-

i could not agree more with you on this topic- i have posted several times on previous threads about the ridiculous asking prices for homes in middle village-

this home will sit like a lead balloon- Lou Pastorini (nyt)

my theory is most of the homes for sale in middle village are being sold by older people who bought them for a song many years ago and they are waiting for a greater fool to come along and fund their retirement-
maybe during no money down -no doc loans of days gone by but that game is over and so are 699k pieces of crap like this

anyone who buys this place is a fool plain and simple

i am not some poor dreamer either
my wife and i make 150k plus yearly and we have a huge down payment at the ready as well as stellar credit

i prefer to rent as i see no reason to buy an overpriced home in an area i feel is changing for the worse- (read the local rags)

you are right pv how many people that live in middle village can afford this home without three generations of their family under one roof? plus the illegal basement apartment to boot.

thanks but no thanks keep your overpriced home on the market for ever it will not sell at these inflated prices. you will not get what the guy down the street got in 2005 game over

there are homes that have been on the market over 2 years in middle village, not selling huh?

lower the price to what is somewhat in line with the incomes for the area and it will sell, until then pound sand buddy

the current recession, high food and fuel prices and layoffs will only speed up the process

bubble boy said...

pv-

if you want the real numbers for anything related to the bubble and economy read this blog

http://thehousingbubbleblog.com/index.html

i have been for over 3 years and what was said on here by some of the posters years ago has come to fruition

patience pv patience
real estate is cyclical

pv said...

bubble boy,

here's one other good blog you'll like, mostly about housing, but also about the economy and politics in general:

http://housingpanic.blogspot.com

I picked up one of these "crap brochures" at the supermarket, hoping to see some change for the better in house prices, but no! Houses in modest income areas sell for at least $400K. Have in mind the areas I mentioned previously feature McMansions and other Queenscrap, which sell for at least a million!

When I browse through property records and tax evaluations and I see this wasn't the situation about 10 years ago. Go have a look at the sales performance of Julia Shildkret, a real estate agency that works in Fresh Meadows, Bayside and Jamaica estates:

http://juliahomes.com/sellers

The sales seem to increase every year. By eyeball I think the mean for 2002 is about $600K, for 2007 it goes close to a million. I'm curious to see their sales for 2008.

Anonymous said...

Look, the answer is simple.

We have no borders in this country.

There is a flood of people that are willing to pay any price (not dollars, but living with 4, 6 10 people in an apartment)

Infinite demand in the face of finite supply.

Thank you clubhose for making this a sanctuary city, a magnet for, or lets say a billion people around the world.

I hope you choke on your votes that you harvested.

Anonymous said...

This one has teardown potential though.

Middle Village will be Diverse! and Vibrant! like Elmhurst in 10 years.