Tuesday, July 24, 2007

Queens housing 'boom' is really a bust!

While residential real-estate sales in Manhattan continue to hit record levels, the numbers in Queens appear to be mirroring the rest of the nation's housing slump.


Weakening prices, rising inventory and declining sales were prevalent during the previous 12 months, with only a few pockets of categories posting positive growth, according to a quarterly report released today by Prudential Douglas Elliman.

The median sales price of a Queens residential property this quarter was $469,000, down 4.3 percent from a year earlier.

At the same time, a report by the Real Estate Board of New York says Manhattan apartment prices rose 16 percent in the second quarter.

"It's a tale of two cities," said Jonathan Miller, whose firm, Miller Samuel, prepared the report. "Manhattan and Queens are definitely on two different tracks."

Photo from Forgotten NY


Anonymous said...

How could this be? This country has no borders, so Queens has an infinite demand pouring into a finite space.

You have the politicians putting a big neon sign over the borough inviting the whole world to be tweeded.

Oh I get it, the value of property is starting to decline as the borough faces urban deterioration.

Speculators are holding back their money until the situation settles to a new low. In the meantime they are investing in areas with sensible housing policies.

No surprise.

Anonymous said...

A friend of mine who used to work for Douglas Elliman (still in contact with his old "insider" buddies who currently work there) predicted this slump well over a year ago !

And this is just the early stage of the"bigger fall" yet to come !

Not to worry.....all existing surpluses of overbuilt housing can easily be converted into lower income apartments and dormitories for all those little 5'6" brown skinned workers in the service industries to inhabit !

What....you say that
those areas aren't properly zoned for conversion into multi family dwellings ?

We can fix that !

Politicos owned by the NYC real estate industry will just push for a re-zoning !

Is everybody happy now ? !!!

Anonymous said...

sorry for the misspelled words i am just happy reality will finally be settling in soon

long time coming for some delusional folks in queens

Anonymous said...

residential property this quarter was $469,000 Really?? Where in Queens is this figure valid, upon scouring websites, real estate offices, and real estate advertisements I have yet to find a house for under 500k. So please do tell how this could possibly be the median price when I fail to find even one listing under that value? *Unless you include condos which do not accurately reflect the Queens housing stock (purchasing actual land versus stock in a condo). And if there is such a slump, how can sellers in all parts of Queens (Astoria, Bayside, Jamaica Estates, Whitestone, East Elmhurst, just to name a few) still be so bold as to have asking prices breaking the one million dollar mark? This is a freaking scam, everybody sees how they just keep pumping the prices and nobody has the stones to step in and say ENOUGH.

Anonymous said...