How to Read Addresses in Queens NYC

by George Herrera, Realtor & Co-Owner of the Queens Home Team at Keller Williams Realty.

Queens is a very unique county in New York City. Not only is it the most diverse county in the world, but we also have a very unique way of navigating through the borough. If you’re not familiar with the address system it can be a pain to find addresses in Queens New York, however, once you know how the grid works, it’s smooth sailing. With that said, here are a few things you should know about Queens addresses, the street grid basics, and general theory behind the whole thing…

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Queens Real Estate Market Report: OCTOBER 2015

Queens_Real_Estate_Market_Report_OCT_2015Queens Real Estate Market Report: October 2015

The pace of existing home sales rose in September, but remains slightly below the pace from the same month last year. Demand for existing homes appears to remain high even after rebounding to post-recession highs this summer. Prices have not begun their usual seasonal decline for the latter part of the year; instead, they continued to increase in September and they remain well above prices from the same time last year. Inventory remains tight, contributing to year-over-year price gains, but has eased slightly on a monthly basis. As interest rates remain low moving into the fall, the Queens housing market is likely to continue to post year-over-year gains in the upcoming months. Overall, we are seeing fairly high, summer-like demand for Coops, Condos, and Residential Homes. The anticipation of a rate increase by end of year seems to have buyers moving quicker to find a buy something.

  • Month’s Supply: 6.5 Months
  • Last Month: 6.75 Months
  • Last year: 6.9 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.
Queens_Real_Estate_Market_Update_OCTOBER_2015

Interest Rates

Interest_Rates30-year interest rates took a slight downward tick again in September as global growth concerns continue to impact markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.91%; 15-year fixed rate, 3.11%; 5/1-year adjustable rate, 2.92%.

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Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_OCT_2015Homes sold at a seasonally adjusted annual rate of 761 homes in September, up 2.1% from August and down 2.6% from the same month of the previous year. Surprisingly, we aren’t seeing a falloff from the rebound effect seen this summer after weather subdued home sales in key regions this spring. Sales in September were slightly below year ago levels, but they reached a high point for the year of 2015. Specifically, Residential home sales are up 5.5%; Condo sales are down 2.6%; And Coop sales are down 14.2% compared to the same month last year.

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Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_OCT_2015Home prices rose again in September to $430,000, up 1.2% from August and still up 7.5% from the same month of last year. As we move into the fall months, we should begin to see some seasonal alleviation on prices; however, year-over-year gains will likely remain strong especially considering the fact that interest rates are remaining very low. Specifically, Residential home prices are up 7.1%; Condo prices are up 2.1%; And Coop prices are down 2.4% compared to the same month last year.

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Queens Housing Inventory

The actual number of homes for sale in September was down 4.5% compared to the same month of the previous year. This equaled a total of 4,495 homes for sale in Queens and led to months supply of inventory, which measures the relationship between supply and demand, to drop to 6.5 months. This number remains tight as low interest rates spur buyers to enter the market. New home construction has recently shown signs of increasing across the county; however, this recent uptick has not yet been enough to alleviate pressure on existing homes.

Click Here to search for Homes Coops and Condos for Sale in Queens NY

Blog and Queens Real Estate Market Report provided 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 2_HEADSHOT_ROUNDBUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

Original Article: http://blog.queenshomeselling.com/buying-a-home/queens-real-estate-market-report-oct-2016/

Price Change: 1BR Coop at the Greenbriar WAS $185K, NOW $175K (85-15 Main Street Briarwood NY 11435)

George & Abigail Herrera Introduce another One Bedroom Coop for Sale in Briarwood NY!!!

Privacy, great views, and convenience are featured in this lovely Briarwood 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 Briarwood

Located in prestigious Briarwood and close to all of the best that New York City has to offer, the Coop in Briarwood is one of the city’s premier neighborhoods. This particular Coop  offers: Spacious one bedroom Coop apartment, built in closet with tons of space for clothing, shoes, etc. Large living room area. Long kitchen that leads into a section that is ideal for a dining area. Kitchen full of top to bottom wood cabinets. Tile Backsplash throughout the sink, counter top and stove area. Dishwasher. Laundry Room in the building. 24hr Doorman. Seasonal Outdoor In-ground Pool. .1miles from E & F Train lines. Nearby to the Grand Central Expwy.  With Nearby Parks, Groceries and Entertainment Briarwood is an ideal place to move. This lovely one bedroom can be your next home or Subleased as an investment.

This Briarwood NY Coop is located at 85-15 Main Street in Briarwood, NY. The 1 Bedroom 1 BTH Coop for sale is being offered at $175,000. 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 Briarwood NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Briarwood 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: 1 Family Brick Home in Rego Park (89-18 63rd Ave Rego Park 11374)

George & Abigail Herrera Introduce another 1 Family Brick Home for Sale in Rego Park NY!!!

Privacy, great views, and convenience are featured in this lovely Rego Park 1 Family Brick 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 Rego Park.

Located in prestigious Rego Park and close to all of the best that New York City has to offer, the 1 Family Home in Rego Park is one of the city’s premier neighborhoods. This Beautiful 1 Family Brick Home with many new updates and upgrades throughout. Upon entering, a bright large living room with hardwood floors and a cozy fire place greets you. Comfortable newly renovated eat in kitchen with Italian porcelain Marcacarona floors and beautiful back splash over sink and stove counter top. Kitchen features new Frigidaire brand stainless steel oven, dishwasher, and fridge, and a built in microwave. 3 good size bedrooms located on second floor. Master bedroom has two closets. Recently updated bathroom with Italian porcelain Macacarona floors and glass door shower. Full basement has large closets with plenty of storage space and a separate laundry room with washer and dryer included in home purchase. Many new features include boiler (2011), hot water heater (2005), and roof (2010). Doors located in the kitchen and basement lead you to a private backyard with entry to a 1 car garage. This home also features a party driveway that connects to the garage. The home is in a great location less than .4 miles from the E, M, and R trains in Community School District 28. This beautiful home could be yours with nothing to do but turn the key and unpack your bags

This Rego Park, NY 1 Family Brick Home is located at 89-18 63rd Avenue. The 3 Bedroom 1 BTH Home for sale is being offered at $750k. 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 Rego Park, NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Rego Park, 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.

Another Raving Fan!!!!

Peter W- “Thank you to the team at Queens Home Team – Keller Williams Realty for helping me to find my home. They were 100% professional and worked hard to make sure I was happy. My realtor, Sonia Martinez, was always accommodating in showing me places that fit my budget. She never once tried to upsell me and always stressed that I have to be comfortable with whatever I choose to purchase. Abigail Herrera walked me through the co-op application and interview process, which can be somewhat intimidating. But with these two at my back, I felt confident every step of the way that the team would make this happen. And it did! I am forever grateful and would highly recommend them to anyone looking for a home!”

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

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.