Kin's Blog: July 2009

This co-op is located at 3150 140 Street, Flushing, NY11354, on 140 Street between 31 Road & 31 Drive.

It is a six stories building built in 1957. The unit is on first floor (not the ground floor).

The maintenance $670 includes electricity, gas, water, heat and real estate tax.

The location is 1 block west of Union Street, closely to supermarket, shopping.

Asking price is only $159,000.

Virtual tour is posted on our web site www.KinRealEstate.com.

This chart above show the activity from Jun 07 to Jun 09 for the Long Island area including Queens, Nassau & Suffolk.

The real estate sale picked up for 4 consecutive months since it hit a low in Feb. I feel it is just the seasonal cycle; usually sale picked up in about Mar to Aug, then lagged through Sept to Feb.

The stock market went up since March too. I am afraid if the real estate sale figure will decrease for few consecutive months later this year (which is normal for yearly cycle), it will shift the sentiment in this fragile market and draped down the stock and real estate further.

The chart below show the median price. The price showed some stability

In Elmhurst there are too many new condos, at the pace of the first months of this year, it will take over 8 years to sell. It is a long road to recovery.

Inventory as at 07/17/09:

44 units of 2-family - median asking price $772,500 (19 months inventory)

23 units of 1-family - median asking price $589,000 (9 months inventory)

65 units of condo - median asking price $425,000 (8 years inventory)

74 units of co-op - median asking price $199,000 (21 months inventory)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

14 units of 2-family - median selleing price $700,000

16 units of 1-family - median selling price $520,000

4 units of condo - median selling price $200,000

21 units of co-op - median selling price $185,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

21 units of 2-Family - median selling price $690,000

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

Inventory level is high by comparing the current number of listings with the number that was sold in the first 6 months this year. Especially 2-family houses inventory was built up all across Queens.

Inventory as at 07/17/09:

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

9 units of 1-family - median asking price $529,100 (14 months inventory)

22 units of condo - median asking price $354,000 (44 months inventory)

173 units of co-op - median asking price $225,000 (19 months inventory)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

4 units of 2-family - median selleing price $442,000

4 units of 1-family - median selling price $422,500

3 units of condo - median asking price $307,000

55 units of co-op - median selling price $195,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

10 units of 2-Family - median selling price $752,500

10 units of 1- Family - median selling price $587,500

4 units of condo - median asking price $355,000

83 units of co-op - median selling price $195,000

Source: MLS of Long Island

The volume of single family and 2-family improved from the same period last year. Inventory level is still high.

Inventory as at 07/16/09:

150 units of 2-family - median asking price $659,000 (2 years supplies)

79 units of 1-family - median asking price $520,000 (15 months supplies)

31 units of condo - median asking price $299,999 (5 years supplies)

20 units of co-op - median asking price $169,500 (10 years supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

36 units of 2-family - median selleing price $512,500

31 units of 1-family - median selling price $446,000 

3 units of condo - median asking price $342,500

1 units of co-op - median selling price $185,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

24 units of 2-Family - median selling price $650,000

22 units of 1- Family - median selling price $472,000

8 units of condo - median asking price $337,000

8 units of co-op - median selling price $144,500

Source: MLS of Long Island

The market is extremely over-supplied. We are talking about years' supplies. 100% of single family and 35% of 2-family sold were foreclosure. Do you see any "Green Shoot"?

Inventory as at 07/16/09:

184 units of 2-family - median asking price $659,000 (3 years supplies)

38 units of 1-family - median asking price $497,000 (6 years supplies)

75 units of condo - median asking price $315,000 (18.75 years supplies)

53 units of co-op - median asking price $162,000 (3.31 years supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

31 units of 2-family - median selleing price $460,000 (11 units were REO)

3 units of 1-family - median selling price $320,000 (All were REO)

2 units of condo - median asking price $234,000

8 units of co-op - median selling price $148,750

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

33 units of 2-Family - median selling price $662,000

1 units of 1- Family - median selling price $460,000

2 units of condo - median asking price $278,750

14 units of co-op - median selling price $141,000

Source: MLS of Long Island

The inventory level don't look so good except single family. For co-op an average agent may need an average time of almost 3 years to sell: at this difficult time a seller should hire an experienced agent who specialized in selling co-op.

Inventory as at 07/16/09:

17 units of 2-family - median asking price $649,000 (26 months supplies)

16 units of 1-family - median asking price $554,500 (5 months supplies)

23 units of condo - median asking price $289,000 (23 months supplies)

152 units of co-op - median asking price $185,000 (35 months supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

4 units of 2-family - median selleing price $512,500

18 units of 1-family - median selling price $462,500

6 units of condo - median asking price $327,500

26 units of co-op - median selling price $156,500

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

3 units of 2-Family - median selling price $765,000

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

9 units of condo - median asking price $275,000

56 units of co-op - median selling price $173,000

Source: MLS of Long Island

Based on the first six month's data, the inventory level is over 12 months. Single family and 2-family is just half the volume of same period last year. Co-op is what I specialized, the volume shrank about 33%.

Inventory as at 07/15/09:

39 units of 2-family - median asking price $888,000 (18 months supplies)

28 units of 1-family - median asking price $657,000 (12 months supplies)

52 units of condo - median asking price $471,500 (20 months supplies)

80 units of co-op - median asking price $239,000 (15 months supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

13 units of 2-family - median selleing price $738,000

14 units of 1-family - median selling price $593,000

16 units of condo - median asking price $342,000

32 units of co-op - median selling price $215,500

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

26 units of 2-Family - median selling price $737,500

33 units of 1- Family - median selling price $570,000

19 units of condo - median asking price $373,000

48 units of co-op - median selling price $210,000

Source: MLS of Long Island

Based on the first six month's data, the inventory level is very high and the median asking price is too high.

Inventory as at 07/15/09:

18 units of 2-family - median asking price $964,000 (54 months supplies, 19% above median sale price)

32 units of 1-family - median asking price $749,000 (17 months supplies, 18% above median sale price)

68 units of condo - median asking price $399,000 (51 months supplies)

112 units of co-op - median asking price $219,444 (22 months supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

2 units of 2-family - median selleing price $810,000

11 units of 1-family - median selling price $635,000

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

31 units of co-op - median selling price $180,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

15 units of 2-Family - median selling price $830,000

22 units of 1- Family - median selling price $682,500

26 units of condo - median asking price $377,500

71 units of co-op - median selling price $195,500

Source: MLS of Long Island

I was going to Jamaica to take some pictures on a house for a BPO order. The accident happened at the intersection of Grand Central Parkway & 164 St around 5:45 P.M.

The area is Jamaica, also know as Jamaica Estates with zip code 11432.

St John University and Queens Hospital Center  are located in the area. Our office was in the neighborhood, but was moved to Flushing.

There were 40 transactions in the area in the first half of 2009 (as recorded in MLS); 9 were REO. Price ranged from $170,000 to $985,000. Median price was $505,000.