Queens Real Estate Market Update: AUG 2015

This_Month_In_Queens_Real_Estate_AUG_2015Queens Real Estate Market Update: AUG 2015

The pace of home sales continued to slow in July according to the Long Island Board of Realtors. July marked the highest year over year decrease in home sales this year at 11%. In other words, last July there were 736 home sales in Queens, while only 655 homes were sold this July. With that said, we have seen that buyers are getting stimulated to enter the market due to the trend of slowly increasing interest rates. Prices on the other hand, continued to rise in July, exacerbated by inventories failure to keep pace with the rising demand across Queens county. As rates rise they will likely continue to push buyers into the market in the near term; however, higher rates will eventually slow demand as affordability is reduced.

Month’s Supply: 6.9 Months
Last Month: 7 Months
Last year: 8.4 Months

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.

This_Month_in_Queens_Real_Estate_AUG_2015

 

Interest Rates

Queens_NY_Interest_Rates30-year interest rates continued to climb slowly in July. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.09%; 15-year fixed rate, 3.25%; 5/1-year adjustable rate, 2.96%.

 

Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_AUG_2015

Homes sold at a seasonally adjusted annual rate of 655 homes in July, down 5.1% from June and down 11% from the same month of the previous year. July was the second highest year over year decrease we have seen for home sales since August of last year. Indicators show August will likely be a strong month due to a rise in buyer activity as a result of the slow increase in interest rates; however, they point to the sales continuing to slow because inventory has not been able to keep up with demand, and the rise of interest rates will affect affordability, which ultimately leads to less home sales. Specifically, Residential home sales are down 5.2%, Condo sales are down 2%, and Coop sales are down 21.1% compared to July of last year. Over the last 12 months, sales are 4.7%.

 

Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_AUG_2015Home prices increased once again in July to a median price of $420,000. The rate at which prices are increasing appears to still be increasing with July showing a year-over-year increase in prices of 9.1% and a monthly increase of 7.4%. Over the last 12 months, prices are up 9.3% which is higher than the 4-5% that is considered a healthy market. Specifically, Residential home prices are up 8.9%, Condo prices are up 8.7%, and Coop prices are up 2.3% compared to July of last year.

 

Queens Housing Inventory

There were essentially the same number of homes for sale in July as there were last month, however, demand continues to grow at a faster rate. At the moment, we have 4,482 homes for sale in Queens, while last month there were 4,333. This led to the months of supply of inventory, which measures the relationship between supply and demand, to drop slightly to 6.9 months in July. This number remains tight as low interest rates spur more buyers to enter the market, and new home construction has not yet reached a pace which would provide significant relief to many of the County’s hotter markets.

Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.

George and Abigail Herrera_Queens Home Team at Keller Williams Realty_HEADSHOT_ROUNDBUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Home Team Announces Another 2BR/2BTH Coop at the Indiana Development in Forest Hills, NY 11375 For Sale!!!

George & Abigail Herrera Introduce another 2 Bedroom, 2 Bath Coop for Sale in Forest Hill, NY!!!

Privacy, great views, and convenience are featured in this lovely Forest Hills Coop for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This Coop is located in the sought-after community of Forest Hills.

Located in prestigious Forest Hills and close to all of the best that New York City has to offer, the 2 Bedroom, 2 Bath in Forest Hills is one of the city’s premier neighborhoods.

2 Master size Bedrooms with 2 Full Baths, in this spacious Coop Located In the heart of Forest Hills near Trendy Austin Street Restaurants and Shops. Huge Living Room. Eat In Kitchen. Office space/Dining area. Plenty Of Closet Space. Great Natural Sunlight Exposure. On the corner of Yellowstone Blvd. Less Than .4 Miles To Express E, F, R, & M Train. Nearby Parks And Entertainment. All Utilities Included In Maintenance.
This Coop is located at 67-25 Dartmouth Street in Forest Hills,NY. The 2 Bedroom 2 Bath Coop for sale is being offered at $380,000. For more information, the Queens Home Team at Keller Williams Realty Landmark II at: 646-751-7549. Full details are available at: http://www.exclusivequeenshomes.com

George & Abigail Herrera are local Forest Hills, NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Forest Hills, NY. George, Abigail, and the Queens Home Team can be reached at the Keller Williams Realty Landmark II office which is located at 75-35 31st Ave, Ste 202, East Elmhurst, NY 11370.

You’re being Taxed as a Two Family, but is your House a Legal 2 Family?

Many times we meet with homeowners who claim their property is a two family home because they are being taxed as a two family, however, legal use is determined by the NYC Department of Buildings, not the Department of Finance. Therefore, you may be getting taxed as a two family, but in reality, your property may be classified as a one family by the Department of Buildings. Here are a few ways to find out if your property is indeed a legal two family home, and what you can do if you believe it should be a two family…

Certificate of Occupancy Search

This is the absolute best thing you can reference to determine the legal use of your property. You can do a C of O search on the Department of Building’s website: http://www.nyc.gov/html/dob/html/home/home.shtml Just plug in your property address on the left side of the screen, then click “Search”, once in the Property Profile Overview, click the “View Certificates of Occupancy” link. If you have a C of O on file, congratulations, you have a legal document verifying the legal use of your building. Whatever is on this Certificate of Occupancy is the legal use as it stands. You can also view job filings on this page in case a conversion was started in the past but never finished.

Old Buildings Erected prior to January 1, 1938

Old buildings erected prior to January 1, 1938 predate the requirement for Certificate of Occupancy regulations. Therefore, if you do a C of O search and receive a message like this “No Certificate of Occupancy has been issued according to the Building Department’s indexed records”, chances are that your property may have been built prior to 1938 when C of Os were not yet required.

The only remaining option, if there is no C of O, but you strongly believe that it should be a legal two family, is to apply to the city for something called a “Letter of No Objection”. The logic behind this process is that since the home was taxed as a 2 family prior to 1938 then the city could (at their discretion) provide a letter of no objection allowing you to use the home as a legal 2 family home. In recent cases the city has been difficult about providing letters of no objections. In addition, they sometimes require an inspection of the premises which is not a good idea if your home is not currently set up as a two family. If your property is not currently set up as a two family, then an inspection by the Department of Buildings could actually create more issues for you. However, if you are being taxed as a two family, and your property is properly set up as a two family, you will have a better chance of getting a letter of no objection.

The “Letter of no Objection” process requires you hiring the services of an expediter who will have to go thru the following steps:

1) Obtain the tax records from the Department of Finance to show proof that the home was taxed as a 2 family prior to 1938.

2) Prepare the necessary forms to request the letter of no objection from the Department of Buildings.

If you have any questions, or need any help determining the legal use of your property, feel free to contact us at: (347) 921-0895 or Queenshometeam@kw.com

Queens Home Team sells another Bay Terrace Gardens Coop in Bayside NY!

Just Sold_14-20 Bell Blvd_Bay Terrace Gardens Coop_Bayside Queens NYAnother Bay Terrace Gardens Coop $OLD for Top Dollar!

George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their 2 BR Coop located at 14-20 Bell Blvd, Bay Terrace Gardens Cooperative, Bayside, NY 11360. This Bayside coop consisted of 2 bedrooms, 1 Bathroom, and sold for $235,000. This Bay Terrace Gardens coop was on the market for 26 days before contracts were fully executed. The seller of this two bedroom coop at Bay Terrace in Bayside sold the apt for 98% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Bayside Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle.

If you’ve considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible FeesNo Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Home Coop or Condo in Queens, you can call, text, or email our Team Administrator to schedule a free, no obligation Home Buyer Consultation: (646) 751-7549 or ana@queenshometeam.com.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven real estate professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands with people who care!

We look forward to serving you!
Queens Home Team at Keller Williams Realty
75-35 31st Ave, Ste. 202
Queens, NY 11370
P: (347) 921-0895
E: queenshometeam@kw.com
BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Home Team records Highest Sale Price for 1 BR Coop at 218-10/12 43rd Ave Corp in Bayside!

Just Sold_218-10 43rd Ave_Queens Home TeamGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their 1 BR Coop located at 218-12 43rd Ave #3A, 218-10/12 43rd Ave Cooperative, Bayside, NY 11361. This Bayside coop consisted of 1 bedroom, 1 Bathroom, and sold for $174,500. This 218-10/12 43rd Ave coop was on the market for 64 days before contracts were fully executed. The seller of this one bedroom coop at 218-10/12 43rd Ave in Bayside sold the apt for 97% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Bayside Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle. 

If you’ve considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible FeesNo Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Home Coop or Condo in Queens, you can call, text, or email our Team Administrator to schedule a free, no obligation Home Buyer Consultation: (646) 751-7549 or ana@queenshometeam.com.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven real estate professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands with people who care!

We look forward to serving you!
75-35 31st Ave, Ste. 202
Queens, NY 11370

P: (347) 921-0895

E: queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Just Listed: 1 Family Brick Home in Jackson Heights, NY 11372

George & Abigail Herrera Introduce another 1 Family Home for Sale in Jackson Heights NY!!!

Privacy, great views, and convenience are featured in this lovely Jackson Heights 1 Family Home for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This 1 Family is located in the sought-after community of Jackson Heights.

Located in prestigious Jackson Heights and close to all of the best that New York City has to offer, the 1 Family House in Jackson Heights is one of the city’s premier neighborhoods.

This well maintained one-family house in Jackson Heights has been in the same family for over 40 years. Featuring a full basement, formal dining area, kitchen and living room. The second floor is comprised of 3 bedrooms and one full bath. The house is attached with an indoor parking garage that also features 2 parking spaces outside which the current owner rents out. This home is less than .3 miles away from the E & R train at 65th Street. Less than .4 miles to the E, F, R, M, 7 AT Roosevelt Avenue station. Just minutes from the Brooklyn Queens Expy and nearby parks. You will find shopping stores and restaurants along 37th Avenue for your entertainment. You can easily call this one family house your new home.
This 1 Family Home is located at 34-30 71st Street in Jackson Heights, NY. The 3 Bedroom 1 Bath Home for sale is being offered at $750,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (718) 968-5538. Full details are available at: http://www.exclusivequeenshomes.com

George & Abigail Herrera are local Jackson Heights, NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Jackson Heights, NY. George, Abigail, and the Queens Home Team can be reached at the Keller Williams Realty Landmark II office which is located at 75-35 31st Ave, Ste 202, East Elmhurst, NY 11370.

Just Listed: 2 Bedroom Coop at the Beech Hills Development in Douglaston, NY 11362

George & Abigail Herrera Introduce another 2 Bedroom Coop for Sale in Douglaston NY!!!

Privacy, great views, and convenience are featured in this lovely Beech Hills Coop for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This 2 Bedroom Coop is located in the sought-after community of Douglaston.

Located in prestigious Beech Hills Development and close to all of the best that New York City has to offer, the 2 Bedroom Coop in Douglaston is one of the city’s premier neighborhoods. This particular 2 Bedroom Coop At The Beech Hills Development features A Formal Dining Area. Efficiency Kitchen. Electric Included In Maintenance. Laundry In Building. Corner unit with Attic for light storage only. Development Features A Courtyard. Nearby Parks, Restaurants, Shopping Centers And Other Entertainment. Blocks away from Community School District 26. Minutes away from the Long Island Expressway.

This Beech Hills 2 Bedroom Coop is located at 244-01 61st Avenue in Douglaston, NY. The 2 Bedroom, 1 Bath Coop for sale is being offered at $215,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (718) 968-5538. Full details are available at: http://www.exclusivequeenshomes.com

George & Abigail Herrera are local Douglaston, NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Douglaston, NY. George, Abigail, and the Queens Home Team can be reached at the Keller Williams Realty Landmark II office which is located at 75-35 31st Ave, Ste 202, East Elmhurst, NY 11370.