Thursday, April 16, 2009

Queens home sales take a tumble

From Crain's:

Residential sales in Brooklyn and Queens fell off dramatically during the first quarter—wracking up the biggest drop in five years.

The number of sales in Brooklyn plummeted 57% in the first three months of the year compared to the levels of the same period of 2008, while sales in Queens tumbled 52%, according to the latest quarterly survey conducted by Prudential Douglas Elliman and appraisal firm Miller Samuel Inc.

“The numbers are down in a larger way because new developments are not selling anymore,” said Dottie Herman, president and chief executive of Prudential Douglas Elliman. In fact, both boroughs fared worse than Manhattan, which recorded a 48% drop in number of transactions in the first quarter.

19 comments:

Anonymous said...

Ha, ha, ha....so newly constructed projects aren't selling so good.

Maybe they used some of that tainted Chinese wall board that's making people sick.

WE TOLD YA SO!

Maybe it's time for a name change for those "formidable" Hunters Point eyesores....
"Queens Divest".

Owners might want to sell off and cut their loses if they can (or rent their units)!

Taxpayer said...

Simply not true.

The trillions in stimulus that Schumer and Weiner voted for without ever having the 1100 page bill to read is working.

Obama said so.

Did these people ever read the bill now that it's working?

Stimulus is working! This I know,
for Obama tells me so.
Homes, banks and autos to him belong;
they are weak, but he is strong.

Anonymous said...

The USA (and the rest of the world) is in such a dep hole that a second coming of the Messiah wouldn't help!

The tree of greed has dropped its rotten fruit to the ground!

Anonymous said...

And house in Queens are now selling for what they are actually worth.

Smadraji said...

Nice Posting
Gay

Anonymous said...

Now is time for more absentee landlords to come in, buy up more properties, and shoehorn more people to pay the mortgage!

1 person = $1500

4 people = $3000

Fun fun fun

Anonymous said...

Queens is still WAY overpriced. The NYC market is stubborn and not open to reality. Homeowners still think they can get 600 grand for a 70 yo semi attached that hasn't been renovated since Watergate. Hopefully, these nubmskulls will wake up.

Anonymous said...

Queens is still WAY overpriced. The NYC market is stubborn and not open to reality.

------

Read the previous post to explain why. In a city where people dumbly don't question why tens of thousands more people moving into their community is bad for them, neighborhoods of family homes owned are slowly being transformed into human warehouses.

1 person = $1500
4 people = $3000

Do the math.

You still think of these buildings as family homes.

They are strip mines.

Anonymous said...

incredible your laughing at your own home prices falling, I'd expect nothing less from this blog.

Queens Crapper said...

People who buy their homes to live in them don't care much about short-term market fluctuations.

Artful Dodd-ger said...

People who buy their homes to live in them don't care much about short-term market fluctuations.

-------

Yes, but now the market is defined by absentee landlords.

I guess the people that run this city are sending us a message that only a sucker is stupid enough to think that someone actually wants to raise a family here or live here.

Anonymous said...

The artificially inflated value of many Queens homes is based on the amount of 3rd world "residential" dormitory space it can be cut up into.

Example: Corona & Astoria!

Where you might well find 30 Mexicans crammed into illegal basement quarters.

astorians.com NOT ! said...

The artificially inflated value of many Queens homes is based on the amount of 3rd world "residential" dormitory space it can be cut up into.

--------

don't let the good burgers of astorians.com hear you talking like that.

the area is about to go through a major UPzoning and they have banished all real discussion from the blog.

now they talk endlessly about getting a book store or why the neighborhood is filled with nail salons and 99 cent stores.

meanwhile they think its high cuisine that that there are hooka joints and an abundent supply of restaurants from south of the border.

the stupid f*ks actually talk that they are competing with Manhattan.

i guess you can do that if you banish half the community from the blog.

KJAM said...

love how this is happening but my rent is going up! landlord says rental market is going up and event after I showed them how it has gone down at least 10% on Forest Hills and Kew Gardens they still won't admit it.

Anonymous said...

I'm a real estate broker who works mainly in Queens and Brooklyn. Maybe I'm not a huge player, but it's the small businessman who controls his own destiny that keeps the economy going. ( 26 closings in the last year,about average for me)The prices are fair and remaining steady for quality houses (mostly owner occupied). I SOLD NO NEW HOUSES.I've lived in Queens all my life (57 years). I love it here and I am not planning to move anywhere else.

Anonymous said...

The problem with this other than the painful obvious decline in value, is that the city does not reflect this in the assessment of your property nor give you enough time to dispute the value and change it to a realistic value. Remeber you are paying taxes on some formulation of this value. The hight the value, the higher the tax.

Anonymous said...

Of course people who live in the homes they own care about short term market fluctuation in prices. Most homeowners leverage their homes. The fair market value determines how much or how little they can use their homes to secure other debts

Anonymous said...

Everyone knows that real estate taxes in NYC are terrific. I know people outside the city who are paying 5 times as much, and more, for a comparable parcel.

There are a lot of people who didn't use their homes as a cash machine. Some folks want their home to live in and are proud to be debt-free with a reasonable mortgage.

Anonymous said...

I always thought it was bizarre the last few years the way everyone was mortgaging their homes to the teeth.

The old-timers used to have a mortgage-burning party, now I think the new crowd will have to have a home-burning party to get out from under the mortgage.