Kin's Blog: January 2009

Inventory as at 01/19/09:

60 units of 2 family - median asking price $780,000

27 units of 1 family - median asking price $599,000

37 units of condo - median asking price $399,000

60 units of co-op - median asking price $216,000

Units closed in the 6 months period from 7/1/08 to 12/31/08:

7 units of 2 family - median selling price $820,000

3 units of 1 family - median selling price $472,500

3 units of condo - median asking price $395,000

42 units of co-op - median selling price $191,000

Units closed in the 6 months period from 1/1/08 to 6/30/08:

21 units of 2 Family - median selling price $688,500

11 units of 1 Family - median selling price $540,000

20 units of condo - median asking price $359,000

26 units of co-op - median selling price $187,500

Source: MLS of Long Island

The shopping center is located on the south side of Sunrise Highway, across the Westfield Sunrise Mall.

There are less than 15 stores but all are big stores such as McDonald's, Dollar Tree, Staples, Toysrus, Burlington Coat Factory, Waldbaum's etc.

Circuit City closed the store already, next to previous Circuit City location is Linens n Things which filed bankruptcy too.

I hope the next wave of commercial mortgage default will not come. I am afraid that will push the economy into depression.

Median Prices in Queens & Nassau were dropped in double digits comparing to last year, but Suffolk remain the same:

................ Dec 2008 .... Dec 2007

Queens ... $383,000 ... $441,000 (-13.15%)

Nassau ... $370,000 ... $447,500 (-17.32%)

Suffolk ... $385,000 ... $385,000 (no change)

There are less inventory in total. Transactions in Queens increased comparing to Dec 07 and Nov 08:

..................... Inventory ...................... Units in contract ............. Months Supply

................ 12/08 ..... 12/07 ........ 12/08 .... 11/08 ...... 12/07

Queens ..... 9822 ..... 10053 .......... 497 ........ 437 ......... 455 ............. 19.8

Nassau ..... 8592 ....... 8376 .......... 554 ........ 576 ......... 604 ............. 15.5

Suffolk .... 12138 ..... 12425 .......... 661 ........ 658 ......... 620 .............. 18.4

Source: Long Island Board of Realtors

It was opened in October 2008. There are about 100 stores, not that many as the one in Riverhead which has over 160 stores, but it is closer to Queens.

I went there on last Sunday, the 4th which was a nice day. There were not many shoppers.

From the observation I don't think the real estate market or economy hit the bottom yet.

This co-op is located in Jackson Heights, NY11372, on 91 Street between Northern Blvd & 34 Ave. The location is within walking distance to subway #7 & shopping on 37 Ave & Roosevelt Ave.

It is a 6 stories building managed by Wentworth Management.

The maintenance includes electricity, gas, water, heat and real estate tax.

Asking price is $145,000. Please visit our web site www.KinRealEstate.com for virtual tour and details.

There were not many people participated in the event at Queens Crossing in the chilly new year's eve. There were no free coffee nor concert as announcement.

I was expecting at least few hundred people, but it was so quiet.

Wish the economy, the real estate market, the financial market will recover soon!

"Year's end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us." - Hal Borland.

"Cheers to a new year and another chance for us to get it right." - Oprah Wintrey.