Kin's Blog: October 2009

Single family was moving well. 2-family & co-op are over-supply. Condo need over 4 years to sell at current pace.

Inventory as at 10/27/09:

41 units of 2 family - median asking price $743,500 (16 months supply)*

20 units of 1 family - median asking price $579,000 (8 months supply)*

54 units of condo - median asking price $400,000 (54 months supply)*

78 units of co-op - median asking price $197,000 (21 months supply)*

*Based on the closings in the first 9 months in 2009

Units closed in the 9 months period from 1/1/09 to 9/30/09:

23 units of 2 family - median selling price $745,000 (volume decreased by 28% year over year)

22 units of 1 family - median selling price $527,500 (volume increased by 22% year over year)

9 units of condo - median selling price $330,000 (volume decreased by 59% year over year)

33 units of co-op - median selling price $180,000 (volume decreased by 28% year over year)

Units closed in the same period last year from 1/1/08 to 9/30/08:

32 units of 2 Family - median selling price $700,000

18 units of 1 Family - median selling price $556,250

22 units of condo - median selling price $359,000

46 units of co-op - median selling price $192,500

Source: MLS of Long Island

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

The inventory level is very high, over 14 months supply, condo may even need almost 4 years to sell all on the market based on the first 9 months sale figure. Median asking price is over-priced.

Inventory as at 10/25/09:

36 units of 2 family - median asking price $717,500 (14 months supply)*

25 units of 1 family - median asking price $594,000 (15 months supply)*

36 units of condo - median asking price $394,500 (46 months supply)*

50 units of co-op - median asking price $234,450 (15 months supply)*

*Based on the closings in the first 9 months in 2009

Units closed in the 9 months period from 1/1/09 to 9/30/09:

23 units of 2 family - median selling price $587,500 (volume decreased by 4% year over year)

15 units of 1 family - median selling price $485,000 (volume decreased by 28% year over year)

7 units of condo - median selling price $311,000 (volume decreased by 30% year over year)

29 units of co-op - median selling price $205,000 (volume decreased by 9% year over year)

Units closed in the same period last year from 1/1/08 to 9/30/08:

24 units of 2 Family - median selling price $682,500

21 units of 1 Family - median selling price $555,000 

10 units of condo - median selling price $361,000

32 units of co-op - median selling price $203,750

Source: MLS of Long Island

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

As per data the current inventory level on the 4 catagories are all over 1-year's supply. 2-family is over 4-years' supply. Asking price is too far from median price for 2-family & 1-family.

Inventory as at 10/25/09:

34 units of 2 family - median asking price $799,000 (51 months supply)*

8 units of 1 family - median asking price $583,500 (14 months supply)*

22 units of condo - median asking price $344,000 (12 months supply)*

169 units of co-op - median asking price $229,000 (15 months supply)*

*Based on the closings in the first 9 months in 2009

Units closed in the 9 months period from 1/1/09 to 9/30/09:

6 units of 2 family - median selling price $495,000 (volume decreased by 62% year over year)

5 units of 1 family - median selling price $425,000 (volume decreased by 66% year over year)

16 units of condo - median selling price $293,750 (volume increased by 166% year over year)

100 units of co-op - median selling price $212,250 (volume decreased by 32% year over year)

Units closed in the same period last year from 1/1/08 to 9/30/08:

16 units of 2 Family - median selling price $750,000

15 units of 1 Family - median selling price $600,000 

6 units of condo - median selling price $310,000

148 units of co-op - median selling price $215,000

Source: MLS of Long Island

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

"There is a harmony in autumn, and a lustre in its sky, Which through the summer is not heard or seen,

As if it could not be, as if it had not been!" -- Percy Bysshe Shelley

"There comes a time when autumn asks, "What have you been doing all summer?"" -- Unknown

"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, Junce, December, August and February." -- Mark Twain.

"No matter it is October or March, Autumn or Spring, booming or recession; there is always a great opportunity." -- Kin Tsui

This unit is located at 3324 Junction Blvd, Jackson Heights, NY 11372.

The building is on Junction blvd between Northern Blvd & 34 Ave. It is a six stories building built in 1959.

The maintenance is $541 which includes electricity, gas, water, heat and real estate tax.

The unit is about 650 square feet.

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

Asking price is $129,000.

For Virtual Tour, click here or visit our web site www.KinRealEstate.com

The store located at 7101 Kissena Blvd was re-opened on Oct 13, 2009.

The location is at zip code 11367 which is Kew Garden Hills, also known as Kew Gardens Hills or Flushing.

This is one of my favorite stores. They sell all kind of stuff even laptop this time. Their price is very competitive. It is too bad they had to file bankruptcy last November and their stores all closed down.

There were many people in the store yesterday, the parking lot was full.

From the chart above it is obvious that the prices are still in a downward trend.

The chart below showed the volume picking up, hit the peak last year in Queens & Nassau, surpassed the peak in Suffolk. 

But price drop with higher volume is showing more pressure on sellers. Also there are so-called "shadow inventory", which banks own but didn't put on the market yet and also includes homes that owners want to sell but are waiting for a better price, which will hit the market eventually.

The end of First-time homebuyers credit which will end in Nov 30, 2009 may also have a impact on the real estate market.

Is the real estate market hit bottom yet? May be for this year. In longer term, I don't know but I doubt it.

Source: The Multiple Services of Long Island

The units in contract was improving comparing to last month and last year. But the median price was still falling in Queens, Nassau & Suffolk.

....................... Inventory ............*........... Units in contract ......................*....... Months Supply(1)

................. Sept 09 ...... Sept 08 ......*..... Sept 09 ..... Aug 09 ..... Sept 08

Queens ...... 9800 ........ 11377 ........*...... 864 ......... 758 .......... 690 .......*........ 11.3

Nassau ....... 9516 ........ 10259 ........*..... 1005 ........ 952 ......... 828 .......*........ 9.5

Suffolk ..... 12822 ........ 14413 ........*.... 1112 ........ 1090 ......... 912 .......*....... 11.5

Median Price on closed properties:

................ Sept 2009 .... Sept 2008

Queens .... $341,500  ... $400,000 (-14.63%)

Nassau ..... $405,000 ... $446,000 (-9.19%)

Suffolk ..... $338,000 ... $360,000 (-6.11%)

Note: (1) Based on contracts in Sept 09

Source: Long Island Board of Realtors

The unit is located at 33-45 94 St, Apt 3A, Jackson Heights, NY 11372 - 2 bedrooms 1.5 bath about 1000 square feet. It was sold for $184,000 in October, 2009. 

The building is a 6-stories building which was built in 1959.

It is located on 94 St between Northern Blvd & 34 Ave, just few blocks to 37 Ave & Roosevelt Ave for subway & shopping.

The monthly maintenance fee is $666 which includes electric, gas, water, heat & real tax. The Co-op is managed by Wentworth Management.

Inventory as at 9/30/09:

16 units of 2 family - median asking price $760,000 (21 months supply)*

25 units of 1 family - median asking price $549,000 (6 months supply)*

21 units of condo - median asking price $299,000 (14 months supply)*

151 units of co-op - median asking price $189,000 (24 months supply)*

*Based on the closings in the first 8 months in 2009

Units closed in the 8 months period from 1/1/09 to 8/31/09:

6 units of 2 family - median selling price $519,000 (volume increased by 50% year over year)

31 units of 1 family - median selling price $485,000 (volume decreased by 26% year over year)

12 units of condo - median selling price $311,500 (volume decreased by 14% year over year)

49 units of co-op - median selling price $160,000 (volume decreased by 39% year over year)

Units closed in the 8 months period from 1/1/08 to 8/31/08:

4 units of 2 Family - median selling price $630,000

42 units of 1 Family - median selling price $500,000 

14 units of condo - median selling price $285,000

81 units of co-op - median selling price $174,000

Source: MLS of Long Island

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