Just Listed: 3 Family Home For Sale at 19-08 81st St in East Elmhurst Queens!

George & Abigail Herrera  Introduce another Three Family for Sale at 19-08 81st St in East Elmhurst, Queens NY!!!

Privacy, great views, and convenience are featured in this lovely East Elmhurst 3 Family Home for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This 3 Family Home is located in the sought-after community of East Elmhurst.

Located in prestigious East Elmhurst and close to all of the best that New York City has to offer, this 3 Family Home in East Elmhurst is one of the city’s premier neighborhoods. This particular 3 Family Home offers:Large 4,500 Sq Ft Corner 3 Family Brick Semi Attached House for Sale. Private Driveway that fits up to 3 Cars, with Garage that fits 2 Cars. Full Basement not finished. Hot water and Heater Boiler Room. 2 Closets. 1st Floor with 1 bedroom, 1 bathroom, Kitchen and Living Room. 2nd and 3rd floor are L-Shaped apartments. Efficiency kitchenette with Living room and Dining Room. Front Terrace. Master Bedroom with Full Bathroom. Second bedroom have built in closets. Full bathrooms. Lining Closets are located in the hallway. Backyard Terrace. Property is tenant occupied, but will be delivered vacant. Projected rent roll is $5,500/mo. Community School District 30.

This 3 Family Home in East Elmhurst is located at 19-08 81st Street in East Elmhurst,NY. The 5 Bedroom, 5BTH, 3 Family Home for sale is being offered at $999,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (718) 968-5538.

George & Abigail Herrera are local East Elmhurst, NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in East Elmhurst, 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.

8 Things to Consider when Buying a Coop in Queens

1. Down Payment - Most Coops will require down payment of at least 20%, so if you are looking to buy a Coop, your best bet is to make sure that you have at least 20% down + Closing costs and additional reserves after the purchase. Otherwise you will be limited to the very few 10% down Coop developments in Queens, or you may need to speak with your loan officer to see if you can qualify to purchase a Condominium.
 
2. Debt-to-Income Ratio - Some Coops have specific DTI requirements in order to qualify to purchase in their developments. Make sure you ask if there is a DTI requirement, and if so, what it is. Sometimes Coops will not have a set DTI requirement, but even in those cases, we advise buyers to keep their DTI below 34%. This is a rule of thumb in Queens, and if you can stay below this number, you will look good on paper which will help you when your application goes to the management company.
 
3. Employment History - Most Coops like for prospective purchasers to show a good length of employment, and some even have a minimum requirements for an applicant’s employment history. So, if you’re looking to buy a Coop, make sure that you have been with the same Employer or in the same line of work for at least 1-2 years. Otherwise, you will likely face challenges getting passed management companies.
 
4. Income Requirements - Some Coops have specific income requirements to purchase in their development. These can vary drastically from development to development so make sure you ask if there is an income requirement. A good rule of thumb is to just make sure your income is consistent over the last 2+ years. If there are drastic changes or variances in your income (increase or decrease), it may raise a red flag to management companies when they review your application.
 
5. Adjusted Gross Income -  Most Coops will ask for, and review, your last two years tax returns as part of the application process. When they do this, they will most likely review your Adjusted Gross Income because this is the amount reported after all credits, deductions, etc. This is especially true if you are self employed or a business owner, so before buying a Coop, make sure that your AGI is consistent and solid. If you write all of your income off, it may also raise a red flag to management companies when reviewing your application.
 
6. Credit History - Most Coops will request a full credit report as part of the application process and when they review your application, they will most likely review your credit scores, open accounts, and overall history. So, if you have derogatory items or negative credit history, it may raise red flags to management companies as well.
 
7. Reserves after Purchase - Some Coops will require that you have a certain amount of funds left over after the purchase of the apt. This is aside from your down pmt and closing costs, so it is advisable to make sure you have reserves left over after the closing. Otherwise, upon review of your application, a management company may become concerned that you are wiping out all of your savings on the apt.
8. Timeline - Buying a Coop is much different than buying a Condo or Residential home in Queens. The process is longer from contract to close, mainly because of the Coop application process. This application process is usually very involved and requires a lot of work on the buyer’s part. On average, you can expect at least 3 months from contract to close, maybe two months of it is an all cash deal. We have seen some deals get delayed and prolonged for up to 5 months so be prepared in case it drags out. 

Hope this helps you in your House Hunt! 
If you need any help with your Coop search, feel free to contact us and we can arrange a free Queens Home Buyer consultation with one of our Coop specialists:
P: (347) 921-0895
E: Queenshometeam@kw.com

Coming Soon: 3 Family Brick Residential Home in East Elmhurst. ASKING $999,000

George & Abigail Herrera Will Introduce another 3 Family for Sale in East Elmhurst NY!!!

Privacy, great views, and convenience are featured in this lovely East Elmhurst 3 Family Home for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This 3 Family Home is located in the sought-after community of East Elmhurst.

Located in prestigious East Elmhurst and close to all of the best that New York City has to offer, this 3 Family Home in East Elmhurst is one of the city’s premier neighborhoods. This particular 3 Family Home offers: Large 4,500 Sq Ft Corner 3 Family Brick Semi Attached House for Sale. Private Driveway, with Garage that fits 2 Cars. Full Basement not finished. Hot water and Heater Boiler Room. 2 Closets. 1st Floor with 1 bedroom, 1 bathroom, Kitchen and Living Room. 2nd and 3rd floor are L-Shaped apartments. Efficiency kitchenette with Living room and Dining Room. Front Terrace. Master Bedroom with Full Bathroom. Second bedroom have built in closets. Full bathrooms. Lining Closets are located in the hallway. Backyard Terrace

This 3 Family Home in East Elmhurst is located at 19-08 81st Street in East Elmhurst,NY. The 5 Bedroom, 5BTH, 3 Family Home for sale is being offered at $999,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (718) 968-5538.

George & Abigail Herrera are local East Elmhurst, NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in East Elmhurst, 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 Single Family Brick Home in Briarwood NY. Asking $750k

George & Abigail Herrera Introduce another Single Family Home for Sale in Kew Garden Hills NY!!!

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

Located in prestigious Kew Garden Hills and close to all of the best that New York City has to offer, this Single Family Home in Kew Garden Hills is one of the city’s premier neighborhoods. This particular 1 Family Home offers: Beautiful One Family Brick Home in Briarwood. Fully renovated. 1st floor featuring; Living room w/fireplace, formal dining room, eat in kitchen w/stainless steel appliances, & half bath. 2nd fl feat: Spacious master bedroom w/full bath, 2 Bedrooms w/built in closets & plenty of sunlight, & additional Full bathroom. Finished basement w/laundry room, & full bath. Private drive way & backyard fits up to 8 cars. Easy access to the Grand Central Pkwy, Union Turnpike and Jackie Robinson Pkwy.  Within a quarter mile to Bus lines Q44, Q20B, QM1 and many more. F and E train is .5miles away. Nearby Main Street Cinemas & Kew Garden Cinemas for an Entertaining night or weekend out. With a walk score of 86, you can accomplish most of your errands nearby. Community School District 28.

This Briarwood Single Family is located at 81-08 Main Street in Kew Garden Hills NY. The 3 Bedroom 3.5 BTH 1 Family 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/listing/mlsid/137/propertyid/2745822.

George & Abigail Herrera are local Kew Garden Hills NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Kew Garden 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.

Thinking about Selling your Queens Home? Start by Googling your Address…

4 Reasons to Google your Address
Your house, coop, or Condo has an online identity, and whether or not you’re thinking about selling, you should know what it is. Here are some of our favorite reasons to Google your address, because you bet that Queens home buyers will…
To see if Megan’s Law Registrants Live Nearby
Safety first. Megan’s Law requires law-enforcement authorities to make information available to the public regarding registered sex offenders in their neighborhoods. Googling your address and “Megan’s Law” will turn up a quick list of nearby registrants.
To See What Nearby Homes, Coops, or Condos are Selling For
The value of your Home, Coop, or Condo is largely determined by the comparables (AKA “comps”). Seeing what neighbors’ homes, coops, and condos sold for will give you a ballpark idea of what your home may be worth, although a visit from a licensed Queens real estate expert is the only way to get an accurate assessment.
To Detect Scammers Trying to Rent or Sell your Home, Coop, or Condo
Internet Scammers have taken to ripping off home information and putting together fake listings, offering other people’s homes for rent, or even lease-to-own. The home, coop, or condo is listed for an extremely low price, then they ask the would-be-buyer or tenant to wire deposit money overseas.
To Learn More about What’s Coming to the Neighborhood
Searching for your address, neighborhood name, development name, and city/state can help you locate permit applications-particularly true for permits that require environmental or neighbor feedback. This way you can know in advance about a new coffee shop coming around the corner, or a large, multi-year building project happening down the street.

Search for your Queens Home, Coop, or Condo address on Google and then Call us, we can help with what to do next…

P: (347) 921-0895 | E: queenshometeam@kw.com

This Month in Queens Real Estate: MAR 2015

TMIQRE QHT HeaderWebMarch 2015 Queens NY Market Update

Homes sales declined in February on a monthly basis, and continued to show declines year-over-year. Prices followed a similar pattern as the sales, posting a monthly decrease, however, prices remain well above the previous year’s levels. Inventory tightened slightly coming out of February and things have remained very tight with winter being the usual lowpoint for the year. However if inventory remains low moving into the warmer months, it could constrain home sales even further and cause larger price increases.

Month’s Supply: 5.7 Months

Last Month: 5.6 Months

Last year: 7 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.

Interest Rates

rates30-year rates remain below 4% but have begun to trend back upward after dropping in the second half of last year amid concerns around the global economy. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.76%; 15-year fixed rate, 3.05%; 5/1-year adjustable rate, 2.97%.

Queens NY Home Sales

queens real estate market report _home sales march 2015The seasonally adjusted annualized rate of Queens home sales declined from January to February to a pace of 564 homes, a 3.3% decline. Queens home sales were 1.4% lower than the same month of the previous year, with February making eleven months in a row of year-over-year decreases. Residential home sales are up 6.4%, Condo sales are down 31.1%, and Coop sales are down 3.7% from the same time last year.

Queens NY Home Prices

queens real estate market report _home prices march 2015The median home price for Queens reported by the Long Island Board of Realtors declined 4.7% in February to $405,000. Queens Home Prices, however, remain 9.6% higher than the same month of the previous year. The consistent rise in year-over-year price growth is probably due to low inventory levels in the last 12+ months. Residential home prices are up 9.3%, Condo home prices are up 11%, and Coop prices are up 2.4% from this time last year.

Queens NY Housing Inventory

The number of homes available decreased 27% compared to the same month of the previous year, with 3,902 Queens’ homes available for sale in February. This translated to 5.7 months of supply. Inventory will likely remain low during the cooler months of the year and then loosen as the weather warms. Still Inventory levels are extremely low, and the low inventory is continuing to drive price increases across the county. With the Spring market right around the corner, we may see a large amount of pent up demand hit the market soon, otherwise, we will likely see the same market conditions persist for most of the year.

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

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