The oversupply of luxury homes for sale in Queens has been reduced from the approximately four year supply of a couple of years ago to a current 20 month supply. While this still represents an oversupply of homes listed for $900,000 and up, it does show that sales have improved in this category (of course some sellers have decided not to sell taking their home off the market). Many lenders have been much more open to lending in this jumbo loan arena as it has become more profitable for them to do so, as noted in recent financial news, although scrutiny of buyers is intense as for all buyers today.
According to Long Island Board of Realtors MLS, for 2012, luxury homes that have sold in Queens closed under $2,000,000. New York Times.com reported a top sale of $5.1 million for a Neponsit home located on the water in this beachfront community.
For those homeowners who want to gain extra square footage and “the house of their dreams” now is a great time to trade up at today’s low interest rates.