This Month in Forest Hills Real Estate: October 2012

Forest Hills NY Market Update

The Forest Hills housing market continues to recover, indicated by consistent increases in both home sales and prices. Inventory levels are still primarily high, which favors buyers. There are pockets of Queens that are experiencing inventory shortages, which puts pressure on prices. Many of the hardest-hit areas during the downturn now have some of the tightest inventories. The return of price appreciation and a stronger market, particularly in those locations, is a welcome signal of returning market health to Queens and Forest Hills.

Some Forest Hills Home buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, sales would be about 10 to 15% stronger, and the related economic activity would create several hundred thousand jobs over the period of a year.

Despite difficult mortgage qualifying conditions sidelining some Forest Hills’ buyers, others are still taking advantage of excellent housing affordability conditions, which is evidence of notable stored-up housing demand that accumulated since 2007. With the Forest Hills’ housing market coming closer to a full recovery and mortgage rates hitting new record lows, the time to buy in Forest Hills, is now.

Forest Hills NY Interest Rates

Mortgage rates this month at or around 3.49% are back at record lows. The decline in the 30-year fixed rates is partially due to a result of the Federal Reserve’s announcement of “QE3.” QE3 is a new bond purchase plan which should help stimulate the ongoing housing recovery. Home buyer affordability remains high for home buyers who buy now while rates are low.

Forest Hills NY Home Sales

Home sales in September dropped by 14% from last month to a seasonally adjusted rate of 43 units, a 43% increase from last year! Residential home sales rose to 8 units, a 60% increase from last year; Condo home sales rose to 3 units, a 50% increase from last year; And Co-Op home sales rose to 32 units, a 39% increase from last year.

Total Number of Homes Sold: 43 – Down 14% from last month & Up 43% from last year. 

  • Residential Homes Sold: 8
  • Condo Homes Sold: 3
  • Co-Op Homes Sold: 32
Forest Hills NY Home Prices

Home prices continue to rise in certain areas of Queens due to shrinking inventory and an increase in demand. Due to the high inventory levels in Forest Hills, supply outweighs demand, thus putting pressure on home prices. The current median home price in Forest Hills is $221,000, down 20.4% from a year ago and 15.8% from last month. This has been the fourth month of year-over-year price gains this year.

Median Sale Price: $221,000 – Down 15.8% from last month & 20.4% from last year. 

  • Residential Median Sale Price: $706,000
  • Condo Median Sale Price: $475,000
  • Co-Op Median Sale Price: $196,500

Forest Hills NY Pending Home Sales

Pending home sales rose in September to 42 new contracts written, an 20% increase from last year. This is the fifth consecutive month of year-over-year pending home sale increases, a good sign that there are qualified buyers taking advantage of the housing affordability conditions. With this increase in home sales, inventory levels should lower which will eventually stabilize the market. In September, of the 42 new pending home sales, 4 were residential homes, 1 was a condo, and 37 were Co-Ops.

Total Number of Pending Home Sales: 42 – Down 43% from last month & Up 20% from last year. 

  • Residential Pending Sales: 4
  • Condo Pending Sales: 1
  • Co-Op Pending Sales: 37

Forest Hills NY Listing Inventory 

Current active listings on the market: 464

  • 88 New Co-Ops hit the market
  • 4 New Condos
  • 10 New Residential Homes

Absorbtion Rate/Month’s Supply

Time it would take to sell the current inventory at the current rate of sales:

  • This Month – 10.9 months
  • Last Month – 10.9 months
  • Last Year – 18.8 months

*6-7 Months is a sign of a stable real estate market. Under 6 months is considered a “Seller’s Market”, over 7 months is considered a “Buyer’s Market”.* 

Tips for Forest Hills NY Home Sellers

While the fall housing market isn’t quite as popular or flourishing as spring or summer, there are still plenty of home buyers now seeking a new home. If you plan to sell this season, keep in mind these common motivations to selling your Forest Hills home this time of year:

  1. First-time buyers. During the fall, there is a higher ratio of first-time home buyers. Families with children plan their home purchase around their child’s school-year schedule, resulting in high traffic of these types of buyers during the summertime. Keep in mind that you will be seeing more first-time buyers, so make sure to cater to what they need and look for in a home.
  2. The holidays. Many people looking to buy a house during the fall are emotionally driven to be in a new home by the holidays, so put yours on the market well before the holiday season rolls around.
  3. Less competition. By selling your Forest Hills NY home in the fall, you will face less competition with smaller inventories than in the spring or summer seasons.

This Month in Queens Real Estate: October 2012

October 2012 Queens Market Update

The Queens housing market continues to recover, indicated by consistent increases in both home sales and prices. Inventories in some of the Queens’ neighborhoods are primarily balanced, which favors neither sellers nor buyers. However, there are pockets of the county that are experiencing inventory shortages, which puts pressure on prices. Many of the hardest-hit areas during the downturn now have some of the tightest inventories. The return of price appreciation and a stronger market, particularly in those locations, is a welcome signal of returning market health.

Some buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, sales would be about 10 to 15% stronger, and the related economic activity would create several hundred thousand jobs over the period of a year.

Despite difficult mortgage qualifying conditions sidelining some buyers, others are still taking advantage of excellent housing affordability conditions, which is evidence of notable stored-up housing demand that accumulated since 2007. With the Queens housing market coming closer to a full recovery and mortgage rates hitting new record lows, the time to buy in Queens, is now.

Absorption Rate12.8 Months (Under 6 months is the sign of a seller’s market, over 6 months is the sign of a buyer’s market, and 6 months is the sign of a balanced market).

Interest Rates

Mortgage rates this month at or around 3.49% are back at record lows. The decline in the 30-year fixed rates is partially due to a result of the Federal Reserve’s announcement of “QE3.” QE3 is a new bond purchase plan which should help stimulate the ongoing housing recovery. Home buyer affordability remains high for home buyers who buy now while rates are low.

Queens Home Sales

Home sales in September dropped by 17% from last month to a seasonally adjusted rate of 568 units, a 7% decrease from last year. Residential home sales dropped to 341 units, a 10% decrease from last year; Condo home sales dropped to 43 units, a 12% decrease from last year; And Co-Op home sales mirrored last years home sales, remaining at 184 units.

Queens Home Prices

Home prices continue to rise in certain areas of Queens due to shrinking inventory and an increase in demand. The current median home price is $375,000, up 7% from a year ago and 9% from last month. This has been the fourth month of year-over-year price gains this year, all of which have occurred since May.

Queens Pending Home Sales

Pending home sales rose once again in September to 646 new contracts written, an 11% increase from last year. This is the third consecutive month of year-over-year pending home sale increases, a good sign that there are qualified buyers taking advantage of the housing affordability conditions. In September, of the 646 pending home sales, 380 were residential homes, 55 were condos, and 211 were Co-Ops.

Tips for Queens NY Home Sellers

While the fall housing market isn’t quite as popular or flourishing as spring or summer, there are still plenty of home buyers now seeking a new home. If you plan to sell this season, keep in mind these common motivations to selling your Queens home this time of year:

  1. First-time buyers. During the fall, there is a higher ratio of first-time home buyers. Families with children plan their home purchase around their child’s school-year schedule, resulting in high traffic of these types of buyers during the summertime. Keep in mind that you will be seeing more first-time buyers, so make sure to cater to what they need and look for in a home.
  2. The holidays. Many people looking to buy a house during the fall are emotionally driven to be in a new home by the holidays, so put yours on the market well before the holiday season rolls around.
  3. Less competition. By selling your Queens NY home in the fall, you will face less competition with smaller inventories than in the spring or summer seasons.

Another GREAT Co-Op for Sale @ The Fairview in Forest Hills NY!

Open House Set For Saturday, October 20th (12pm – 2pm) at 61-20 Grand Central Pkwy Unit #C608. 

Privacy and great views are featured in this lovely Coop in Forest Hills. Offered for sale by Abigail Herrera of Keller Williams Realty Landmark, the home is located in the sought-after community of The Fairview Cooperative. Full details are available at:  http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2532979/

Located in prestigious Forest Hills, and close to all of the best that New York City has to offer, Fairview at Forest Hills is one of the city’s premier cooperatives. This particular Coop offers 756 square feet, 1 bedroom, a private balcony with excellent views of the Manhattan skyline from the 6th floor, central air conditioning, ample closet space, high ceilings, and parquet wood floors. Maintenance includes all utilities.

Additional amenities of the Fairview Cooperative include 24Hr Doorman & Security, 24-hour roaming Guard, handyman on duty until 10:30pm 7 days a week, on-site Management, modern laundry facilities, olympic size seasonal pool & club, and storage facilities.

This Forest Hills NY Coop is located at 61-20 Grand Central Parkway, Unit C608 in Forest Hills NY. Featuring acres of parklike grounds and recreational facilities, Fairview at Forest Hills offers something for everyone. While the average Forest Hills cooperative gives you four walls, and nothing else, there is nothing average about Fairview at Forest Hills. That’s because Fairview at Forest Hills isn’t just another building hemmed in between other buildings. It’s a master-planned community. Its dramatic Y-shaped residential tower, soaring 15 stories skyward, is a Queens landmark. And the apartments are benchmarks for value and quality. Apartments at Fairview at Forest Hills are extremely spacious. Many have terraces, dens, windowed kitchens and oversized walk-in closets.

When you live at Fairview, you enjoy a complete lifestyle. The Fairview has an enormous pool and a recreation center (memberships are available at a nominal fee), or you can stroll around the parklike grounds. And right at our doorstep is Flushing Meadow Park and lake, with all of their recreational facilities.

This Fairview Coop for sale is being offered at $180,000. For more information, contact Abigail Herrera of Keller Williams Realty Landmark at: (718) 968-5538. Details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2532979/. Abigail Herrera is a Forest Hills NY Realtor experienced in working with luxury properties, first-time homebuyers, Cooperatives (AKA Coops/Co-Ops), as well as condominiums (or Condos), Single Family Homes, Two (2) family, and Multi-Family Homes in Forest Hills, Queens NY.

Abigail Herrera can be reached at the Keller Williams Realty Landmark office, 32-55 Francis Lewis Blvd, Bayside, NY 11358.

BUY:  http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

Another GREAT Coop for Sale @ The Northridge Cooperative in East Elmhurst, NY!!!

Privacy and great views are featured in this lovely Coop in East Elmhurst. Offered for sale by Abigail Herrera of Keller Williams Realty Landmark, the home is located in the sought-after community of Northridge. Full listing details are available at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2532075/

Mint Condition Completely Renovated Studio. Bright & Spacious Top Floor Corner Unit. Deep Closets, Hand Carved Oak Floors, Building Maintained Exquisitely. Laundry Facility On Ground Level. Easy Access To Subway (#7), Bus (Q49), Hwys (Bqe, 495, Gcp). Restaurants, Retail Shopping, And Grocery Store 1/2 Block To Northern Blvd. Close To All! Additional amenities of the Northridge Cooperative include a handyman, modern laundry facilities, parking per waiting list, and much more.

What the Seller Says:

“This is my first place and I’m ready to move on because I’m married now, we need more space. This place was one of the best investments I’ve ever made and I want to help you understand why. With 20% down, you’re paying $854 per month, mortgage + maintenance, and that covers, heating, water, gas, electric and AC. All you need is cable and internet and I’m paying only $75 for both combined. 5 months out of the year, there is a credit from Real Estate Tax and STAR, every year is different and for 2011 it was $141 off combined. But this is also the time they made improvements to the building so the COOP charged $53 and the net credit was really $88. Which would bring the maintenance down to $421 a month, for 5 months out of the year. the apartment is about 566 sq/ft, with a real kitchen and bathroom. As you can see, it is pretty big for a studio. It is on the 6th floor unit, top level, so you don’t have anyone above you; very quiet. The neighbors are courteous, there is a court yard for the COOP, the laundry room is on the ground level, and if anything is broken in the apartment Supers are quick to fix it. It’s about a 10 minute walk to Junction Blvd or 90th Street on the 7 subway line. If you don’t feel like walking, you can catch the Q77, two blocks away to Junction Blvd. Q66, is ¾ of a block away from the apartment and it take you to Northern Blvd Station which has the G, V, R. Q49, is ¼ of a block away and take you to 74th Street Roosevelt which has the E, F, G, R, V, 7. The apartment is on a one way so there is limited traffic. The 115th Police Precinct is on the corner of the same street. There are dry cleaners, Chinese takeout, bagel place, CVS Pharmacy, pizzeria, White Castle and TD bank within 2 blocks and supermarket, KFC and a lot more within 4 blocks. LGA is about $7 cab ride away if you like to travel domestically, but since the apt is not in the flight path, you will not hear a thing. A taxi from Manhattan is about $15- 20 depending on traffic. If you drive, without crazy traffic, to downtown Delancey is less than 15 minutes and 59th and 2nd avenue is less than 20 minutes, only because there are more lights. The unit comes with all the appliances, stove, microwave/vent, air conditioner and refrigerator. It can also be sold furnished with dining table with four chairs, bed frame with mattress, sofa, 54” LCD, TV stand, book shelves, dresser and more; pretty much everything minus our personal belongings.”

This East Elmhurst NY Coop is located at 32-22 92nd St. Unit #602 in East Elmhurst, Queens. Featuring private courtyard grounds, Northridge Cooperative Apts at East Elmhurst offers something for everyone. While the average Forest Hills cooperative gives you four walls, and nothing else, there is nothing average about The Northridge Cooperative in East Elmhurst. That’s because The Northridge isn’t just another building hemmed in between other buildings. It’s a master-planned community and the apartments are benchmarks for value and quality.

This Northridge Coop for sale is being offered at $90,000. For more information, contact Abigail Herrera of Keller Williams Realty Landmark at: (718) 968-5538. Details are available at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2532075/. Abigail Herrera is an East Elmhurst NY Realtor experienced in working with luxury properties, first-time homebuyers, Cooperatives (AKA Coops/Co-Ops), as well as condominiums (or Condos), Single or One Family Homes, Two (2) family, and Multi-Family Homes in East Elmhurst, Queens NY.

Abigail Herrera can be reached at the Keller Williams Realty Landmark office, 32-55 Francis Lewis Blvd, Bayside, NY 11358.

BUY:  http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com.