This Month in Forest Hills Real Estate: AUG 2014
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Tag Archives: Forest Hills Realtors
JUST LISTED: True 2 BR Coop @ the Lincoln in Forest Hills NY!
Queens Home Team Introduces another GREAT Coop for Sale @ the Lincoln in Forest Hills NY!
Privacy and convenience are featured in this lovely Forest Hills Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This true 2 BR Coop is located in the sought-after community, the Lincoln Cooperative…
Located in prestigious Forest Hills, Queens NY and close to all of the best that Queens NYC has to offer. This Unit Features: Lovely true 2 Bedrm, 1,150 sq ft, On 3rd Floor. High Ceilings, Large Windows, Hardwood Floors, Neutral Paint Scheme. Bedrm Located As Corner Unit With Lovely Views. Plenty Of Closet Space. Close To Express Mta Trains. Easy Access To Transportation, Shopping, Restaurants, And More. Some Furniture Can Be Sold W/Purchase. Zoned Ps 196 School. The M & R train at 67th Ave is within .3 miles. Within half a mile you can also access the E, F, and LIRR. Located at the Lincoln development, this 127 unit, 6 story building was built in 1948. Community District 406, City Council District 29, and Police Precinct 112. With a Walkscore of 91, it is no wonder why this area of Forest Hills is so desirable. Forest Hills is easily accessible by subway, rail, bus and car. The commercial heart of Forest Hills is a mile-long stretch of Austin Street between Yellowstone Boulevard and Ascan Avenue. Don’t miss out on the opportunity to own a unique and rare true 2 bedroom apt in a great location of Forest Hills! WHAT THE SELLER SAYS: “This is a very quiet & friendly building with a very attentive super. My apt lets in lots of natural sunlight and the location is centrally located for everything (highways, public transportation, etc).”
This Lincoln Coop for sale is located at 67-71 Yellowstone Blvd #3H in Forest Hills NY. Forest Hills is a unique neighborhood in the New York City borough of Queens.
This Two Bedroom Forest Hills Queens Coop for sale is being offered at $343,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2640107/. George Herrera & Abigail Herrera are Forest Hills NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Forest Hills NY.
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370
BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: August 2013
Courtesy of George & Abigail Herrera w/the Queens Home Team @ Keller Williams Realty Landmark
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: July 2013
Forest Hills NY Real Estate Market Snapshot
Forest Hills NY Home Sales: 44 – Last Year: 50
Forest Hills NY Median Home Price: 257,500 – Last year: $250,000
Inventory: 375 – Last year: 534
Month’s Supply: 7.3 Months
Forest Hills NY Home Sales
Forest Hills NY Home Prices
Courtesy of George & Abigail Herrera w/the Queens Home Team @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
| June 2013 | George@QueensHomeTeam.com |
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Copyright 2013 by MLSLI. Any dissemination or reproduction of this information in violation of copyright laws is strictly prohibited. While believed to be accurate, MLSLI does not guarantee its accuracy. This report was generated Tue Jul 16 13:31:34 PDT 2013. |
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This Month in Forest Hills Real Estate: June 2013
June 2013 Forest Hills Market UpdateThe recovery of the Forest Hills housing market now appears to be well under way. Month’s supply is now at 7.6 months which means we are moving closer to a balanced market. While demand is still high even with credit conditions constraining buyers, the low level of inventory is having a significant effect in the neighborhood, especially with residential homes and condos. Due to current market conditions, March, April, and May saw a significant jump in sales velocity. April & May typically see the most significant gain in inventory in any given year, meaning low levels of inventory are likely to persist throughout the year. Residential and Coop prices continued to rise in May, however, condo prices are down. Homes sales have continued to rise, but prices overall are down a modest percentage year over year and have been for six consecutive months. With affordability still at historically high levels, the market is continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed buyer or seller to enter the market.
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 7.6 months
- Last Month – 8.8 months
- Last Year – 11 months
Interest Rates
Interest rates ticked up to 4.125% this month. With yields on treasuries rising due to overall economic recovery and anticipation of the Federal Reserve cutting back on monetary easing, we could see mortgage rates slowly trend up in the future.
Forest Hills NY Home Sales
Home sales in May reached a seasonally adjusted annual rate of 54, an 46% increase from April and an 8% increase from May of 2012. This is the fastest annual sales pace the market has seen since the 2009 tax credit. May would have been the sixth consecutive month of year-over-year gains, however, super storm Sandy caused sales to dip in February. Even with these gains, the market is still being constrained by tight credit and inventory. The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the current pace.
Forest Hills NY Home Prices
Median home price was $250,000 in May, no change from April but a 2.9% decrease from the same month last year. This makes May the sixth consecutive month of year-over-year price drops. This is mainly true for Coops because there are still hundreds of Studios & 1 bedroom Coops that are sitting on the market due to low demand for them. Junior 4 apts and two bedroom apts are still the most popular choice among Forest Hills home buyers so prices have increased modestly for these types of homes. Residential inventory is very scarce, so prices have actually been increasing for these types of property as well and it is very likely that residential home sellers can receive up to, if not over asking price for their homes right now.
Forest Hills NY Housing Inventory
Inventory saw a moderate decrease in May, dropping 5% from April levels to 367 existing homes for sale, that’s 25.3% lower than what we saw in May of 2012 and is still representative of a somewhat balanced market in the neighborhood. Residential Homes are in high demand among buyers, however, we are experiencing the biggest shortage with these types of properties. There is still a large supply of Coops on the market and Buyers typically have more leverage at the negotiating table when it comes to studio Coops & 1 bedroom Coops, not so much with Junior 4’s and 2-3 bedrooms due to the higher demand. In any case, there are still less Coops on the market than there were last year so if you are a Forest Hills Coop owner, now may be a good time to cash out before inventory levels increase again.
Courtesy of George & Abigail Herrera @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: May 2013
February 2013 Forest Hills Market Update
As the Forest Hills housing market recovers we are seeing considerable increases in demand, resulting in a stronger market. Currently, there is still more supply than there is demand, but the good news is that home sales are rising, we are moving closer to a balanced market, and low mortgage rates are continuing to keep affordability conditions at historically favorable levels.Homes are selling much faster then they were last year, and multiple bidding is becoming more common. The best homes (Price + Condition) are selling much closer to asking price if not full asking, so buyers need to move quickly. With historically low interest rates, decreasing inventory, and the rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a home in Forest Hills NY.
Absorption Rate/Month’s Supply
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 8.8 months
- Last Month – 8.7 months
- Last Year – 18.2 months
Absorption Rate/Month’s Supply for Forest Hills Coops: 9 Months
*When inventory supply is above 6 months the market is said to favor buyers, and when inventory supply is below 6 months the market is said to favor sellers.
Forest Hills NY Interest Rates
Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.
Forest Hills NY Home Sales
Home sales in April were down from last month’s figures at 36 units. Sales are up 24.1% from year-ago levels, making this month the 3rd month of year-over-year sales unit increases this year. Forest Hills Residential Home Sales increased from last year to 5 units, while Forest Hills Condo home sales remained the same as last year at 2 units, and most significantly Forest Hills Coop home sales rose 26% from year ago levels to 29 units.
Total Number of Homes Sold: 36
- Residential Homes Sold: 5
- Condo Homes Sold: 2
- Co-Op Homes Sold: 29
Forest Hills NY Home Prices
The current median home price decreased in April to a seasonally adjusted $247,500, which is up 31.6% year over year. April marks the 2nd month of year-over-year price increases this year, and the strongest year-over-year increase since November 2012. Residential home prices are up 2.2% in the last 12 months, while Condo home prices are down 22% in the last 12 months, and Coop home prices are up 2.3% in the last 12 months. The decrease in inventory has put moderate pressure on home prices to rise because it has led to a rise in demand among Forest Hills Home Buyers.
Median Home Sale Price: $247,500
- Residential Median Sale Price: $690,000
- Condo Median Sale Price: $448,000
- Co-Op Median Sale Price: $223,000
Forest Hills NY Listing Inventory
Inventory levels in April decreased by 5% to 386 existing homes for sale. The number of homes on the market represents a 8.8-month supply, indicating that Forest Hills is still in a buyer’s market, however, we are gradually moving towards a balanced market. Inventory is down 24.3% below a year ago when there was 510 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand but inventory is limited, and Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain the most popular choice among Forest Hills home buyers and though there is less inventory than last year, there is still plenty of inventory to choose from.
Current active listings on the market: 386
- 97 New Co-Ops hit the Market
- 5 New Condos hit the Market
- 8 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George & Abigail Herrera @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: April 2013
March 2013 Forest Hills Market Update
Home sales and prices confirm that a slow recovery is continuing in the Forest Hills housing market: sales have been above year-ago levels for 8 of the last 12 months, while prices have experienced 4 months of year-over-year gains in the last 12 months.
Rising home sales coupled with a decrease in inventory, may lead to a rise in home prices. However, affordability remains historically favorable because home prices have not risen much & rates are still at all time lows. This means there is still great value for buyers in the current market.
The uptick in homes sales & pending homes sales together with the decrease in available inventory, leads to a positive outlook on a recovering forest hills housing market. With mortgage rates at historically low rates, and with the increase in demand for Forest Hills homes, now marks one of the most favorable times in history to buy or sell a Forest Hills NY Home.
Absorption Rate/Month’s Supply
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 8.7 months
- Last Month – 10.2 months
- Last Year – 12.2 months
Absorption Rate/Month’s Supply for Forest Hills Coops: 9.7 Months
*When inventory supply is above 6 months the market is said to favor buyers, and when inventory supply is below 6 months the market is said to favor sellers.
Forest Hills NY Interest Rates
Interest rates this month changed very little from last month, with rates at or around 3.54% for a 30-year mortgage. “In the history of mortgage interest rates since 1971,” states Gary Thomas, “the 30-year fixed rate has been below 4% in only 15 months, and those have all been in the past 15 months.”
Forest Hills NY Home Sales
Home sales in March were up 28% from last month and 25% from last year. Residential Home Sales were up 100% from last year while Condo Sales remained even with 2012, and Coop home sales were up 25%. So, Residential sales were up significantly while condo sales remained steady, and coops are still a popular housing choice among Forest Hills home buyers so they have also been selling more than last year.
Total Number of Homes Sold: 50
- Residential Homes Sold: 10
- Condo Homes Sold: 3
- Co-Op Homes Sold: 40
Forest Hills NY Home Prices
The current median home price dropped in March to a seasonally adjusted $250,000, which is down 4% from last month and 4.4% year over year. March marks the seventh month of year-over-year price drops in the last 12 months. A sign of the slow recovery when it comes to forest hills home prices. The good news is that Coop home prices are up year-over-year.
Median Home Sale Price: $273,500
- Residential Median Sale Price: $668,500
- Condo Median Sale Price: $690,000
- Co-Op Median Sale Price: $237,900
Forest Hills NY Listing Inventory
Housing inventory levels increased 10.6% to 406 existing homes for sale, which represents a 8.7-month supply, still a buyer’s market, but rising home sales may change that soon. Inventory is down 20.5% year over year, when there was a much higher supply of homes. This is a strong sign that the market is headed towards a balanced market, however, historically balanced markets never last more than 6 months.
Current active listings on the market: 406
- 91 New Co-Ops hit the Market
- 4 New Condos hit the Market
- 12 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George Herrera of Keller Williams Realty Landmark.
This Month in Forest Hills Real Estate: March 2013
February 2013 Forest Hills Market Update
The Forest Hills housing market is showing some improvement. The main trend to call attention to is the tightening inventory. Home prices are still below year-ago levels, but housing demand has picked up, resulting in low levels of inventory in many areas of Forest Hills.
Tight inventory is a major factor in the market. Buyer traffic is continuing to pick up, while seller traffic is holding steady. Inventory is low for a number of reasons: Housing demand has picked up, banks have slowed the pace of foreclosures, and many homeowners who wish to sell their homes simply cannot because they do not have enough equity to make a down payment on their next home. However, as home prices continue to rise and more people can afford to sell their homes, inventory levels will increase.
The typical Forest Hills home is taking 3 days longer to sell, than it did a year ago. Now marks one of the most favorable times to buy or sell a home in Forest Hills. There is an urgency to buy now while mortgage rates are at record lows and before home prices increase more significantly.
Absorption Rate/Month’s Supply Time it would take to sell the current inventory at the current rate of sales:
- This Month – 10.2 months
- Last Month – 7.2 months
- Last Year – 9.9 months
Absorption Rate/Month’s Supply for Forest Hills Coops: 9 Months
*When inventory supply is above 6 months the market is said to favor buyers, and when inventory supply is below 6 months the market is said to favor sellers. Forest Hills NY
Interest Rates
Mortgage rates are still low, but have risen slightly this month to around 3.56%. Last month, NAR President Gary Thomas stated that even though interest rates should gradually rise as the year progresses, they are still expected to stay below 4% during the first half of the year.Forest Hills NY Home Sales
Home sales this month decreased by 30.2% from last month to a current seasonally adjusted rate of 37 units, down 24.5% from year-ago levels. Residential 1, 2, and 3 family home sales decreased from 7 home sales in 2012 to 5 home sales in February 2013. Condo sales dropped from 5 condo sales in February 2012 to 2 sales in February 2013. Coop home sales also decreased from 37 units sold in February 2012, to 30 units in February 2013.
Total Number of Homes Sold: 37
- Residential Homes Sold: 5
- Condo Homes Sold: 2
- Co-Op Homes Sold: 30
Forest Hills NY Home Prices
The current median home price rose this month to $300,000, and it is 4.5% below year-ago prices, marking February as the first month of year-over-year price decreases, which last occurred in August of last year (2012). This decrease in median home price can be directly attributed to the decrease in home sales. However, if home sales pick up, and with the low inventory levels that we’re experiencing, home prices can surely be expected to rise.
Median Home Sale Price: $300,000
- Residential Median Sale Price: $637,000
- Condo Median Sale Price: $275,000
- Co-Op Median Sale Price: $237,500
Forest Hills NY Listing Inventory
Current active listings on the market: 367
- 79 New Co-Ops hit the Market
- 2 New Condos hit the Market
- 11 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George or Abigail Herrera of Keller Williams Realty Landmark.
A Beautiful Studio Coop for Sale @ The Fairview in Forest Hills NY!!!
Privacy and great views are featured in this lovely Forest Hills, Queens Studio Coop for sale. Offered for sale by Abigail Herrera of Keller Williams Realty Landmark, the Studio Coop is located in the sought-after community of The Fairview Cooperative. Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2561399/
Located in prestigious Forest Hills, and close to all of the best that New York City has to offer, The Fairview at Forest Hills is one of the city’s premier cooperatives. This particular Coop offers a bright & spacious layout for living room, 1 bathroom, an excellent view overlooking the front courtyard from the 5th floor, ample closet space, high ceilings, and wood floors. Maintenance is $653.55/mo, includes all utilities and is 40% tax deductible.
Additional amenities at 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, storage facilities, and limited parking spaces.
This Forest Hills NY Studio Coop is located at 61-20 Grand Central Parkway, Unit B510 in Forest Hills NY. Featuring acres of parklike grounds and recreational facilities, The 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 The Fairview at Forest Hills. That’s because The 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 Fairview Cooperative apartments are benchmarks for value and quality. Coop apartments at The Fairview in Forest Hills are extremely spacious. Many have terraces, dens, windowed kitchens and oversized walk-in closets.
When you live at The 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 he doorstep is Flushing Meadow Park and lake, with all of their recreational facilities.
This Studio Fairview Coop for sale is being offered at $115,000. 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/2561399/.
Abigail Herrera is a Forest Hills NY Realtor experienced in working with luxury properties in Forest Hills NY, Forest Hills NY first-time homebuyers, Forest Hills NY Coops, as well as Forest Hills NY Condos, Forest Hills NY Single Family Homes, Forest Hills NY 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 Home Owner SELLS their Astoria Condo for Top Dollar!!!
Abigail Herrera and her team at Keller Williams Realty Landmark are pleased to announce the sale of the Condo property located at 45-02 Ditmars Blvd. #124 in the Pistilli Grand Manor Condominium of Astoria, NY. This Astoria Queens Condo consisted of 1 Bedroom, 1 Bathroom, and SOLD for $350,000. This Astoria NY Condo is located in the desirable community at the Pistilli Grand Manor and was on the market for 27 days before the contract was fully executed.
The seller of this Astoria NY Condo SOLD the property for 90% of the listing price, showcasing how Abigail Herrera is both skilled and experienced at helping Queens Home Sellers SELL their home for the most amount of money, in the least amount of time, with the least amount of hassle. If you or someone you know is looking to Buy an Astoria Queens Condo, contact Abigail Herrera at Keller Williams Realty Landmark today. We would be happy to show you how we find the very best homes for our buyer clients, our 10 minute phone consultation is proven to narrow down your search so that you only view homes that fit your home criteria.
If you are curious what your Astoria Queens NY Home might sell for, call or text Abigail Herrera of Keller Williams Realty Landmark at: 718-968-5538. We would love to meet your family and evaluate your home free of charge. If you are looking to buy a Queens NY Home for sale, you can also call or text Abigail Herrera and her team at Keller Williams Realty Landmark, we have experienced Realtors who specialize in working with Queens’ home buyers looking in all areas of the borough. Let us go to work for you and show you why so many Queens home sellers & buyers choose us to represent them in the real estate process.
Abigail Herrera with Keller Williams Realty Landmark
Queens Real Estate Market Insights 