Kin's Blog: Kin Tsui (Kin Real Estate)

Sale of condo & co-op show improvement over last year. Inventory level is high except condo.

Inventory as at 05/06/10:

10 units of 2-family - median asking price $739,000 (30 months supply)*

29 units of 1-family - median asking price $595,000 (17 months supply)*

17 units of condo - median asking price $319,000 (7 months supply)*

179 units of co-op - median asking price $189,000 (19 months supply)*

*Based on the closings in the first quarter 2010.

Units closed in the first quarter 2010:

1 units of 2-family - median selling price $500,000

5 units of 1 family - median selling price $440,000

7 units of condo - median selling price $270,000

28 units of co-op - median selling price $164,000

Units closed in the first quarter 2009:

2 units of 2-family - median selling price $585,000

4 units of 1-family - median selling price $467,500

0 unit of condo - median selling price $195,000

8 units of co-op - median selling price $184,000

Source: MLS of Long Island

Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area.

290,000 jobs was created in April, that is a good news!

However the unemployment rate hits 9.9% (15.3 million persons) because more people going back looking for jobs.

Among the jobless 6.7 million or 45.9% were unemployed for over 27 weeks.

About 2.4 million persons were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

The unemployment rate in New York-Northern New Jersy-Long Island Metropolitan area are 9.3% in Mar. 2010.

Source: U.S Department of Labor

The co-op is located at 57-10 Junction Blvd, #3C, Elmhurst, NY 11373.

It was sold for $275,000, closed in Oct. 2009.

The co-op is a 6-stories building, managed by Bellmarc.

Built in 1961, it is about 1200 square feet, maintenance fee is $807.

The location is just one block to Quens Center Mall and three blocks to Queens Blvd.

The co-op is located at 33-26 92 St, #1P, Jackson Heights, NY 11372.

It was sold for $170,000, closed in Jan, 2010.

The co-op is a 6-stories building, managed by Wentworth Management.

Built in 1958, it is about 900 square feet, maintenance fee is $570 which includes electric, gas, water, heat & real estate tax.

The location is just few blocks to 37 Ave & Roosevelt Ave.

Sales of co-op & condo both increased comparing to 2009, inventory is still over a year's supply.

Inventory as at 05/03/10:

44 units of 2-family - median asking price $769,000 (22 months supply)*

17 units of 1-family - median asking price $578,000 (12 months supply)*

62 units of condo - median asking price $404,000 (15 months supply)*

74 units of co-op - median asking price $199,000 (18 months supply)*

*Based on the closings in the first quarter 2010.

Units closed in the first quarter 2010:

6 units of 2-family - median selling price $676,500

4 units of 1 family - median selling price $565,000

12 units of condo - median selling price $392,500

12 units of co-op - median selling price $175,000

Units closed in the first quarter 2009:

6 units of 2-family - median selling price $865,000

6 units of 1-family - median selling price $460,000

1 unit of condo - median selling price $195,000

9 units of co-op - median selling price $192,000

Source: MLS of Long Island

Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area.