Saturday, October 25, 2008

Queens house prices plummet

The credit crunch continued to grip residential real estate in Queens during the third quarter. The median sales price there declined 11.4% to $400,000 from the comparable period of 2007, according to a Prudential Douglas Elliman report released last week.

Sales also plunged 35.2% to 3,240 transactions for the quarter, compared with the year-earlier period.

Queens’ average sales price, a figure that includes the most and least expensive purchases, fell by 8.8% to $436,575 for the quarter, compared with $478,752 for the same period of 2007.

Home sales, prices down sharply in Queens

The Rockaways were the only part of the borough in which the average home price increased in the third quarter of this year compared with the same period last year. It rose 4%, from $458,219 to $477,322.

Surprisingly, the average new condo in Queens in the third quarter sold for $575,021, up 13% from $508,762 in the third quarter of last year. That was probably due to more high-end condos coming on the market, Miller said.

Meanwhile, existing co-op prices climbed 4% to $236,245.

Home prices down - but condos rise


Anonymous said...

Sounds like the new condos were the smarter investment.

Anonymous said...

No, it just means when the real glut happens, the condo-owning morons will lose their shirts.

Anonymous said...

Who pays top dollar for inferior workmanship in a bad economy?

Anonymous said...

"Sounds like the new condos were the smarter investment."

Only if you intended on flipping it instead of living in it.

Anonymous said...

The prices were so unrealistically high two years ago that this should have been expected - and it was.

faster340 said...

But it's not stopping the greedy ass owners and real estate people from selling the single family home on the oversized lot to contractors at a price only contractors can afford!

Anonymous said...

The days of developers ruining our lives will soon be over.

Anonymous said...

Prices don't seem to be plummeting in Forest Hills. Saw a grand prewar in the Gardens with great bones that needs a lot of work--
but it does face the LIRR tracks and there's nothing to be done about that. The unit has been on the market for a year and the asking is 799K. Whoever owns it is eating 1700 a month in maintenance--you would think that would go down like raw cactus.

Anonymous said...

I do not see the market coming down in Queens.

With the poor economy, hot foreign money is looking for a haven and poor illegals nead housing as they look for employment.

Queens is the marriage of greed and desperation.

Anonymous said...

This is what I see happening in Queens:

1) The prices of the homes WILL come down.
2) There will less and less foreign money because foreign markets are suffering just like we are.
3) There won't be the need for too many illegals doing dirty work when Americans have little money to spend.
4) Wall Street will continue to lay off people increasing the supply of housing(especially luxury homes) and with lower demand, there will be a big problem.
5) Foreclosures will continue to rise.
6) Developers will be scared sh*# to buy an investment property.
7) Bloomberg will one day crown himself emperor of NYC.

Anonymous said...

This is what I see happening:

1) developers will continue developing
2) NYers will reelect bloomberg in a landslide
3) Queens crappers continue their endless bitching about everything and continue to prove to unable to make any changes so finally move out to the suburbs. Queens is happy to see them go and is better off for it.

Anonymous said...

Remember it was we "bitching" posters who alerted Bloomberg and his boys (and you) about an impending doomsday scenario regarding the dangerous bloated economy of NYC long before it finally hit the skids!

Then the fall came!

So I guess that "Queens Crap" posters were right all along.

Not bad for a bunch of "amateurs", after all, eh?

You just continue pushing your pipe dream of NYC rising like the Phoenix from its own ashes by next year.

This economic downturn is here
and staying longer than you estimate BECAUSE IT'S WORLDWIDE
and out of Mayor Mike's control!

I suspect he's already moved his
money to safer havens at the first signs of this recession.

He won't be hurting but the rest of us surely will.