From the Daily News:
Queens homeowners are feeling the pain of the housing slump.
The volume of home sales in the borough fell by 9% in the third quarter, compared with the same period last year, according to a report from NYU’s Furman Center for Real Estate and Urban Policy.
The decline exceeded the drop in home sales citywide, which measured 4%.
Queens also stood out when it came to declining property values. Prices in the borough have depreciated 30% from their peak levels, which were reached in the fourth quarter of 2006.
18 comments:
Somehow I get the feeling that a substantial part of the cash involved in bailing out major financial institutions has ended up in the hands of private individuals who have used it to accumulate property in Manhattan (and parts of Brooklyn).
How else to explain that property values in Manhattan continue to rise as they decline everywhere else, including nearby Queens?
Let's go to the good news...
In Queens in October 2010 according to MLS there were 543 closings.
In Queens in October 2011 according to MLS there were 561 closings.
The dump next to us was sold in 2007 for 510,000 but is valued a lot closer to 300,000. I'd say that it was never worth what it sold for and that whoever bought it was just dumb enough to think that values on such distressed properties would continue to rise. So, to take the top value as a base and then suggest prices have "fallen" is a huge error in judgment, the same error that caused this problem in the first place.
Remember Charlotte St in 1970s The Bronx?
Most of Queens will look the same in about 10 years or so.
A damn shame. And our lazy elected will do nothing to stop it from happening.
You have to take a closer look and realize where the housing slump is in Queens. Southeast.
"Queens also stood out when it came to declining property values. Prices in the borough have depreciated 30% from their peak levels, which were reached in the fourth quarter of 2006"
Then WHY has the accessed value of my home and my property taxes still reflect the ridiculously inflated prices of the boom years and continue to skyrocket every year?
Maybe those overinflated home values are seeing a correction.
Home prices in prime northeast Queens neighborhoods aren't suffering that much.
Maybe there are a few holdout sellers that refuse to lower their high asking prices.
What BEAUTYFUL Arche Bunker houses that block. Much like Liberty Park off Cooper ave around the Cematary.
Id buy one of those and restore it to historic "whatever it takes" in a second if the area had good old Archie Bunkers or John Gotti's.
Those old houses dont use much oil or gas to heat winter too. They are rock solid and well insulated where needed...driveways, rear garages !
Real estate values in most of the country are undergoing a correction due to an illegal conspiracy between banks, bond rating agencies, politicians, the media, etc. - so instead of seeing the devaluation of Queens real estate as some sort of aberration it should be viewed as normal fallout from a bubble.
The question should be - what is causing real estate and parts of Brooklyn to remain so OVER-inflated?
You have to take a closer look and realize where the housing slump is in Queens. Southeast.
I second that. Parts in corona, jamaica and even some in jackson heights and astoria are slumping to 300k or 400k.
But northeast queens such as flushing, bayside, fresh meadows, whitestone and malba are still up there. all homes 3br 1.5ba 18x35 starts at 500k. The drops aren't that high...and surprisely there were many house closings in the northeast queens.
I mean both dropped.. but the southern queens dropped to significant levels where as the northeast dropped like 5-10%.. say 550k to 525k or 500k.
So this article is half true. Propaganda.
North Flushing and Bayside are on the decline too. Don't fool yourself 2006 was the largest bubble since the Dutch Tulip bulb bubble of 1637 !
I guess Queens was ALSO better, but will never be "back".
Bye, bye, Obama voters!
Anonymous #6, municipalities will not usually take it upon themselves to lower your assessment. I would check with a local real estate lawyer and see if they would agree to draw up an assessment reduction request for you (some will do it on a contingency basis).
And please remember the low dollar has sheltered NYC from the domestic housing mess by bringing in foreigners. When the Euro crashes, so does NYC real estate.
When the Euro crashes, so does NYC real estate.
Good, I hate real estate agents and company's. These scoundrels have no allegiance to the neighbors !
They bring in ANYBODY.
It was real estate company's and the strong Euro that brought all these euroshitz here in the first place.
Now that the Euro is crashing we should see a huge reduction of these speculators who like to hack up and put "bling" and bowling pins on buidings.
Greeks and Italians are NOTORIOUS for faux brass bling, bowling pins and eurofucco. All it takes is ONE to F_ck up a whole block of row houses. Take a walk around Ridgewood or Astoria
You are deluding yourselves on home prices just as you delude yourselves as to who the illegals are, always denying your own culpability
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