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4Q 2008 Queens Market Overview Available For Download

January 23, 2009 | 11:41 pm | | Reports |

The 4Q 2008 Queens Market Overview that I author for Prudential Douglas Ellimanis available for download.

The President and CEO of Prudential Douglas Elliman, Dottie Herman, is a big believer in publishing market data to create more transparency for consumers in the market her firm serves – Manhattan to Montauk.

Other reports we prepare can be found here.

Customized tables for the 4Q 2008 Queens [data]( and a series of updated [charts]( are available on our corporate site.

A report excerpt

…The regional economy and the continued difficultly for buyers to obtain financing continues to restrict the level of sales activity in the Queens housing market. Sellers continue to price property “behind” the market, while buyers who can get credit see less urgency in their purchase decision due to an increase in the number of properties to choose from. There were 39.1% fewer transactions in the quarter with a total of 2,737 compared to 4,491 sales in the same period last year. The number of sales is 52.7% below the level of activity seen two years ago. However, the number of listings slipped this quarter as compared to the prior year quarter. Listing inventory contracted 2.3% to 9,822 units from 10,053 units in the prior year quarter. Because listing inventory is expected to move in the opposite direction as the number of sales, this decline in inventory is believed to be an anomaly. However, the pattern suggests that there are fewer “casual sellers”…

The media coverage of the report is available here as they were obtained (in no particular order).


3Q 2008 Queens Market Overview Available For Download

October 29, 2008 | 1:36 pm | | Reports |

The 3Q 2008 Queens Market Overview [pdf] that I author for Prudential Douglas Elliman [PDE] is available for download. Due to demand, I expanded the Long Island/Queens Market Overview into two separate reports.

To review the report methodology.

An excerpt

…Both price indicators have declined nearly every quarter since the first quarter of 2007. Median sales price in the current quarter is $400,000, down 11.4% from the $451,250 of the prior year quarter and down 20% from the $480,000 market peak in first quarter 2007. Average sales price reached $436,575 this quarter, down 8.8% from the prior year quarter average sales price of $478,752 and down 11.2% from the $485,455 average sales price for the first quarter of 2007. The market trends by quintiles showed a wide range of price trends. The entry level or first quintile was $175,000 and showed no change in median sales price from the prior year quarter. The weakest segment was the third or middle quintile, that saw a 25.8% decline in median sales price to $335,000 from $451,250 in the same period last year…

Download report: 3Q 2008 Queens Market Overview [pdf]

[Tonight] A Trifecta Evening In Long Island City

September 18, 2008 | 2:28 pm | | Public |

Long Island City has been one of those segments of the New York City real estate market that has quietly experienced fairly broad consumer acceptance in a short period of time. This is evidenced by the large level of purchase activity over the past several years in response to new development efforts. As a result, residential support services are entering the market at an impressive pace.

Located in Queens, Long Island City has signifiant linkage to Manhattan. The new residential condominium developments in Long Island City are generally selling for roughly half the price per square foot of similar product in Manhattan and yet is only a few minutes away from Manhattan via subway. (That’s how I plan to get there tonight.)

At 6:30 this evening, Dottie Herman, CEO of Prudential Douglas Elliman and I will first speak at The Powerhouse Condominium and then at 7:30 we will speak at L Haus Condominium to the brokers attending the event. Her firm’s New Homes Development Group is handling the marketing of both developments plus a nearby property that is already being marketed called The Foundry and they are included in the event as well.

Should be fun.


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