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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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