Saturday, January 24, 2009

Home sales down 45% in Queens

From Crain's:

The credit crisis continued to wreak havoc on the residential real estate market in Queens during the fourth quarter, driving the median sale price down by 11.4% from the comparable 2007 period, to $400,000, according to a report released Wednesday by Prudential Douglas Elliman.

It was the sixth consecutive quarter that prices have declined in the borough. The number of sales plummeted more than 45%, to 2,737 transactions, the report stated.


Anonymous said...

Does not seem to stop mighty John Young from his eyes on the prize - one million more by 2030.

The builders are still abuilding and the preservation community is still not taking advantage of this economic crisis to try to halt building (of course since they are in designated communities the building will not impact them to the degree as the rest of us)

Missing Foundation said...

I see a big spike in illegal conversions to fill these homes and to pay the mortgage further tipping the infrastrucure over.

Anonymous said...

I see a big spike in illegal conversions to fill these homes and to pay the mortgage further tipping the infrastrucure over.

I could not express this better. The current glut of new, unfilled fedders Condos on Queens Blvd especially and crappy fill in Condos everywhere else is a testament to a long period of financial reorganization for these properties and filling them with section 8 folks. Many will become rabbit warrens for illegal aliens.

Sarah said...

Not if they cannot find work. If the economy continues to falter and jobs are lost then they will remain empty. What really concerns me is Mr. Mayor buying up 179 distressed homes with taxpayer money. Where this is leading I don't know, but it can't be good. They only way this economy is going to recover is if we let it work its way out. We cannot government spend our way to growth.

Anonymous said...

We cannot government spend our way to growth.

Give Sarah the door prize. No matter which side one sits on the political spectrum, her sentiment is golden.

Anonymous said...

Question: If the prices of homes sold in my neighborhood go down dramatically, why don't my assessment and taxes? I thought they were based on that??Or were we lied to?

Anonymous said...

Let them all be rented so that we can finally make a dent in the insane prices that landlords charge.

pissed off taxpayer said...

Now let's see if Mayor Bum-berg
lowers my real estate tax to account for this drop in home values.

I'm waiting with baited breath!

Anonymous said...

Now let me think ahead a little.

If people don't have jobs and they can't even fill these homes with illegal renters then the owner has to pay to heat an empty house.

Maybe certain areas of Queens will wind up become full of rotting
empty houses and eventually abandoned in a worsening economy?

Remember that same old south Bronx scenario decades back in the day?

Anonymous said...

Final chapter:

Soon to follow in the future abandoned housing stock makes way for "urban renewal" projects to be controlled by the Queens clubhouse!

And thus the saga continues!