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
Kim, how many Realtors are there in Elmhurst and the surrounding areas? I bet hundreds if not thousands. they can't sell 65 condos...how pathetic
How many Condo's with Tax abatements are on the market in ELmhurst 11373? Also, how do the tax abatements work?