Tag Archives: Real Estate

House of the Day: 240-02 66th Avenue Flushing


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

240-02 66th Avenue

This home is all about location! Smack dab in the middle of school District 26, this home is within walking distance of shopping, theatres, supermarkets, local restaurants and banks. There is even an express bus to Manhattan that stops nearby. Total taxes for this home are $4,626 and the listed price of this home is $598,000. The lot size of this home is 20X100.

This home is provided by Hu Business Intl Group Co., Ltd. 133-46 37th Avenue Apt 1, Flushing, NY 11354.

718-762-2688. For more info, visit www.hubzg.us.

House of the Day: Douglaston 3 Bedroom 2.5 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

240-31 67th Avenue

This three-bedroom home in a prime Doulaston location has spacious bedrooms, two-and-a-half baths and a sunny and warm interior. Conveniently located close to shopping and transportation, you will never worry about getting all your errands done on time. This house is also located near some of the best schools in Queens – P.S. 221, M.S. 67 and Cardozo High School. Total taxes for this home are $5,106 and the listed price is $595,000. The lot size of this home is 20X100.

This home is provided by Keller Williams Rlty Landmark, 32-55 Francis Lewis Boulevard, Flushing, NY 11358.

718-475-2700. For more info, visit www.kwnyhomes.com.

House of the Day: Bayside Colonial 4 Bedroom 4 Baths


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

 

56-30 E Hampton Blvd
BAYSIDE, NY 11364
Total Taxes: $5,679
List Price: $950,000

 

SEC/AREA: Oakland Gardens

Colonial, Detached, # Families: 1
12.0 rooms, 4 Bedrooms , 4 Full Baths

 

School District: Community District 26
Year Built: 2000

 

Construction: Brick
Lot Size: 50 X 100
Appearance: Excellent

 

10 Years Rebuild From Bottom To Top, New Outer Wall, Windows, Doors, Roof & Backyard. Lovely Maintained Charming Colonial, Jacuzzi Room With Sauna Steaming Room, Lots Of Closet. Close To Cardozo High School.

 

Read More: MLSLI.COM


House of the Day: 1 Family Brick Tudor in Maspeth


| jlane@queenscourier.com

Maspeth Brick Tudor 1 Family Home

Maspeth: Brick Tudor 1 family in Maspeth Plateau 3brs 2.5bths full finish base private driveway updated kitchen & baths, hardwood floors, ample closets. View of the Manhattan Skyline. Excellent move in condition, great location must see.

 

 

Eddie Saeed

Cell: 917-846-4638
eddie.saeed@gmail.com

Broker Associate / Since 1989
When You Are Ready “Sell With Eddie”

President’s Circle 2009 / Top 3%
Leading Edge Society 2008-2010-2011
President N.E.Q.C (L.I.B.O.R) 2009-2010
Prudential Douglas Elliman RE
Ranked # 1 in New York
Cell: 917-846-4638
Oh, by the way…
I am never too busy for your referrals!

49 Avenue and 5th Street to become new retail cluster in LIC?


| ddynak@queenscourier.com

5-28 49 ave retail new

Up until recently, the Chocolate Factory Theater was the only commercial space on 49th Avenue west of Vernon Blvd. When Case Enrique, a Mexican cuisine restaurant opened last week next to what locals call the Shady Park (official name is Andrews Playground), we started to predict a new retail block for Hunters Point. There is evidence to support such plans. Besides Plaxall’s planned mixed-use building at 49-09 5th Street, which will feature a small storefront on the ground floor, we have just began to market a wonderful new 6,200-sq-ft retail space at 5-28 49 Avenue. Formerly an auto shop, the property actually runs all the way through to 50th Avenue on the other side, and is adjacent to a lovely garden managed by NYC Dept of Parks.

 

What will it be? Another restaurant? A long-awaited hardware store, perhaps?

Hunters Point’s Newest Condo – 51st Avenue, between Vernon & 5th St


| ddynak@queenscourier.com

529 51 ave

Finally something happening on the empty lot on 51st Avenue between Vernon Blvd and 5th Street. The 10,000-plus square foot site of previously-rumored Met Foods at 5-29 51 Ave was purchased in November 2011 for $2.5 million, to soon become the newest condo development in Hunters Point. A development team behind similar small condominium project in LIC is clearly betting on recent strengthening in prices, coupled with reduced supply, now that most ofLong IslandCity’s condos are close to 100% sold. No retail space is planned for the ground floor, unfortunately, so at least for now Ale Wife restaurant/bar right across the street and Flo-re-sta florist will remain the only retail establishments on the block.

House of the Day: Long Island City 4 Bedrooms 2.5 Baths


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004
21-30 45th Ave
LONG ISLAND CITY, NY 11101
Total Taxes: $2,506
List Price:  $769,000

Other,  Attached, # Families: 1
10.0 rooms,  4 Bedrooms , 2 Full Baths , 1 Half BathsSchool District: Community District 30
Year Built: 1881

Construction: Brick
Lot Size: 16 X 100
Appearance: Good

 

Interior Features
Eat-in kitchen, 2 kitchens
Dining room: Lr/Dr
2 stoves, Washer, 2 refrigerators
Fireplace
Wall to Wall Carpet
Fuel/Heat Type: Gas, Steam
A/C: 1

 

Contact Info
Request a Showing

Teodora E Gomez

E-Mail Realtor

ERA/Top Service Realty Inc

21921 Jamaica Ave
Queens Village, NY 11428

Tel: 718-464-5800
Visit Our Website     Email Office

Refer to MLS Number 2444123


With Rents Continuing to Rise and Home Prices Off Their Highs Now Might Be The Right Time to Buy!


| helen.keit@kw.com

The April 2012 issue of Smart Money has an article on housing which states how home prices are down a third from their 2006 peak (according to Standard&Poor’s/Case-Schiller 20-City Housing Index) and rents have been rising year over year except for 2009-2010.

Economists often look at a measure of 15 times your annual rent compared to the purchase price of a home to determine if the time is right to buy a home (the purchase price being lower than the rental computation). Here in the New York Metro area with higher average prices the formula might be harder to justify. However if you are confident with your job and financial situation, now is the time to consider buying a home.

We just closed on a sale of a 4 bedroom home where the couple is carrying a $417,000 mortgage at a rate below 4%. Their monthly principle and interest was $2000 and they had been previously paying $1900 a month in rent. Including taxes and insurance they would still have made a good financial decision considering the tax benefits of owning and eventual appreciation.

According to Linda Bonarelli, President of Multiple Listing Service of Long Island, “For the past four months MLSLI has reported that the number of monthly contracted sales has been higher than the year before. This is an indication that the real estate market is in recovery and we are optimistic that this trend will continue as we approach the traditional spring sales season.”

 

Demand Still Outpacing Supply


| stephen.preuss@cushwake.com

We currently have an excessive demand issue in the commercial real estate marketplace.  There is an aggressive appetite across the board in almost all sectors and there is a very low supply of available properties for sale.  Some products, such as multi-family and quality retail and mixed-use properties, have the most current demand due to the low vacancy along with the plentiful and attractive financing available for most buyers.  Overall on just about all asset classes, there are multiple offers to be had.

 

To illustrate this lack of supply when a desirable product does come available you have such pent up demand that it drives the pricing through reasonable fundamentals and attracts buyers whom may not typically entertain such an asset.  Recently, I put into contract a residential development site in Bayside a few blocks from Bell Boulevard.  It is a site in which you can build approximately 18,000 SF and is under contract for $110 per buildable square foot.  Most of the past trades of similar properties sold for 30% lower than this site.  We were able to attain close to 30 offers within one month of marketing which drove pricing up.  After discussions with most of the bidders they conveyed they were willing to pay more because they have not seen any similar sites available for the past several months and didn’t know when another would be available.  We even had several bidders from surrounding areas look at this site since there was no supply in their neighborhoods.

 

I expect this dynamic to change.  The supply is normally fed by discretionary sellers who willingly decide to sell their properties.  During the turbulent market over the past few years the sellers decided to withdraw from this option.  With the increasing stabilization of pricing along with the upcoming increase in capital gains taxes and the next leg of distressed properties coming through the pipeline, I would expect an increase in supply over the next year.  On average the turnover of properties has been 2.6 percent a year of the total stock in which we have been anemic running less than half of that figure of the past few years.  While I don’t believe we will return to that average number in the near future I do believe we will begin to steadily increase from current levels.

State of the Market


| helen.keit@kw.com

On 880 Radio today in a business segment it was stated that the stock market is up 24% since October and that investors should expect things to be bumpy over the next several weeks etc.  The question they asked is where do you put your money in this environment.  They mentioned Warren Buffet as saying he would buy single family distressed homes at todays 4% interest rates and rent them out , gaining good appreciation over time.

 

I would say this is an excellent strategy as long as you do your due diligence and buy correctly, analyze rental income for the area and size of apartment or house, and factor in repairs, periods of vacancy and other costs that could impact cashflow.

 

When you own rental property you at least have some control over your investment  as opposed to having your money subjected to the volatility of the market and politics beyond your control.

Hotel to rise on Skillman Ave in Long Island City


| mpantelidis@queenscourier.com

Courier/Photos

The City University of New York (CUNY) is aiming to check in to the borough’s new hotel hotspot.

CUNY recently sent out a request for proposal (RFP) to hospitality industry consultants, seeking ideas on how to develop its lot on Skillman Avenue in Long Island City nearLaGuardia Community College — with the goal of building a teaching hotel, as well as other academic facilities, for its students.

According to CUNY spokesperson Michael Arena, the facility would be both commercial and educational, with students comprising the staff of a fully-functional hotel.
“The hotel and tourism sector is rapidly growing in New York City. There are many jobs connected to it, and there is a strong need for it,” Arena said. “The idea of students being able to take skills they are learning in the classroom and use them in a professional environment is tremendous. That’s what internships are, but in this case we will have the facility connected to the academic program.”

Arena referenced the positive impact of similar facilities at both Cornell University and the University of Pennsylvania as motivation to develop the lot.
Dr. Gail O. Mellow, LaGuardia’s president, also believes the educational opportunities would be vast and highly positive.
“The hotel’s location near LaGuardia would give our students hands-on experience in seeing and helping run a major hotel,” she said. “Students studying accounting, tourism, food and nutrition, marketing and more would have the ability to apply the skills they learned in the classroom to a real-world setting. The educational benefits would be outstanding.”

Zoning permits CUNY to use up to 600,000-square-feet of the lot — part of which is currently used for parking – without the trouble of variances.
Thus far, the response from the private sector has been strong.

“There has been a lot of interest in the site,” said Arena. “The response has been very positive. The RFP went out identifying companies that have expertise in the area, and those companies are responding very strongly.”

Rob MacKay, the director of tourism for the Queens Economic Development Corporation (QEDC), called the project “fantastic news.”

“The hospitality field is very stable in Queens right now, and residents should be able to have solid, long-lasting careers in the industry,” MacKay said. “Furthermore, with the Resorts World Racino, plans for two convention centers, new media interest and TV shows based in borough, I predict that the field will grow exponentially in the near future.”

According to MacKay, city records show more than 7 million visitors spent over $3 billion in Queens in 2010, and the travel sector currently supports roughly 16 percent of the jobs in the borough.

Arena says the decision to develop the plot was based on the premier real estate factor – location.

“It is in a vibrant community close to Manhattan – only a five minute train ride to Times Square,” he said.

A few things to keep in mind if you plan to sell your home in 2012


| helen.keit@kw.com

Listing your home now rather than waiting for the start of the traditional spring home-buying season could be a smart decision.

On average there are fewer homes for sale in January/February and a house that is priced right and staged well will stand out even more with less competition.

Lenders, home inspectors, movers and other vendors also see a seasonal dip in transactions, which could mean a quicker, easier and possibly cheaper time to buy, sell and move.

Even if you’re not quite ready yet it is a good time to start the conversation with an experienced real estate agent who will guide you as to timing of the sales process, accurate pricing in today’s market and which repairs and preparations of your home would net you the most amount of money for the least cost.

Market Update


| helen.keit@kw.com

One of the key drivers of homes sales, the employment rate, is beginning to show promising signs of a turnaround. The four-week average for jobless claims, as of November 19, was 394,250, a drop of 3,250 from the previous four weeks, and at the lowest levels since April. Consumer confidence also rose 15 points in the last month, and is now at its highest point since July of this year. Eric Green, Chief Market Economist at TD Securities Inc. said, “The trend remains very constructive. Jobless claims are back below 400,000, which seems to be the pivot point in terms of a strengthening labor market as opposed to a weakening one.”

In addition to improving employment conditions, home affordability also improved as interest rates fell further, opening the door for more first-time home buyers who accounted for 34% of the sales in October, an increase from 32% last month and over last year. The western United States saw the greatest increase in home sales, which were up 4.4% month to month and up over 15% from last year.

A strengthening job market, along with encouraging signs from the housing sector, including a 10% jump in pending sales for October, are strong economic forces. While mortgage lending still remains a challenge, these forces may send a signal to banks to relax lending regulations and allow for a more rapid recovery.

 

Interest Rates

Mortgage rates continue to push lower, dropping to 3.98% from 4.23% in October of 2010, offering historic affordability to today’s home buyers. While mortgage lending conditions continue to be a challenge, more and more people are seeing the advantage of buying a home sooner rather than later. Lawrence Yun, NAR chief economist, said, “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this indicates more buyers are taking advantage of the excellent
affordability conditions.”

 

Home Sales

Existing homes sales improved 1.4% in October, or to an annual pace of 4.97 million, a 13.5% increase from October of last year. Even more dramatic, was the jump in pending home sales, which surged in October by 10.4% from September, and were up 9.2% from October 2010. This jump in pending sales could lead to a strong fourth quarter as signs continue to point to a pent-up demand brought on by current lending conditions of mortgage providers.

 

 

 

Home Prices

The national median home price in the U.S. saw a small decline in October to $162,500, from $165,800 in September. This number can be affected by the sale of distressed properties, which typically sell at discounted prices. Distressed properties accounted for 28% of homes sales in October. Yet despite a drop in the median price from last September, the Federal Housing Finance Authority reported that seasonally adjusted prices rose 0.2% in the third quarter from the second quarter in 2011, which could be an early sign of appreciating home prices.

 

 

Inventory

By the end of October, the total number of homes on the market had fallen 2.2% to 3.33 million homes, which represents 8 months of inventory at the current sales pace. Since a record high of 4.58 million homes in July 2008, the inventory of homes for sale has been steadily declining. When homes sell faster than they come on the market, the market comes from its current favor toward buyers into balance or in favor of sellers. This can trigger an appreciation in home prices and lead the way to a stronger recovery.

 

 

 

Deciding to Buy

When first-time home buyers decide they are ready to buy, it is important for them to begin the process by carefully assessing their values, wants, and needs—both for the short and long term. This is a critical step since consultation sessions normally start with the buyers’ values. Afterward, buyers can explore their wants and needs and, once defined, determine actual criteria.

A recent study shows how important the following home-buying factors were to buyers:

• List Price: 72%
• Location: 69%
• Neighborhood: 55%
• Floor Plan: 37%
• Square Footage: 28%
• Schools: 22%

By having the home-buying criteria in mind before walking into a consultation, buyers are off to a better start when meeting with their real estate agent. The consultation allows buyers to fill in any missing gaps within their values, wants, and needs.

 

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.
The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

How Much Is Your Home Worth in Today’s Market?


| helen.keit@kw.com

In the November 30 Wall Street Journal article “Home Prices Edge Downward,” the S&P/Case Shiller home price indexes show that New York metropolitan area home prices have declined 2.6 percent since September 2010; many metro areas have seen steeper declines. National statistics show home values are down 31 percent from their 2006 peak.

It is important to realize that a home’s market value is dependent on many things — price, supply and demand, seasonal markets, mortgage rates and financial markets, condition of the property and location, location, location.  Real estate prices vary neighborhood to neighborhood and block to block.

Reports on national statistics and values stated on web-driven companies such as Zillow, Homes.com and Realtor.com are generated from computer-driven models which estimate values.  These are many times “off” the true value of the home by thousands of dollars.

The December issue of Smart Money cites this problem in “The Fuzzy Math of Home Values,” stating that “these estimates are adding confusion to an already tricky housing market.”

To get a more accurate value for your home call your local real estate professional for a CMA — a Comparative Market Analysis. This analysis will look at the most relevant sales and inventory levels impacting your home’s current value and there is usually no cost for this.

NY’s Middle Class of Real Estate


| ddynak@queenscourier.com

A taxi cab fleet owner told that when he first came to NYC in 1986, he drove someone else’s cab, and by 1994, he managed to own two, managing the business best he could after long shift behind the wheel. By the late 1990’s he owned several and using cell phone and computer, he was able to still drive one of the cars, while managing the others from the road. Today, he owns a fleet of 150 taxi cabs, his own maintenance shop and even a towing company. Recently, he purchased his first commercial property, a large, totally renovated warehouse and office inLong IslandCity. The rate of growth: from 1986 to 2001, he went from owning zero to ten cars. From 2001 to 2011, he went from owning ten to 150 cars. How did he do it? He ignored the doom and gloom forecasts after the 9/11 attacks on the WTC, and he utilized mobile technology, not manpower, to manage his business.

Several construction companies I work with have been founded just in the 90s and today its proprietors own hundreds of thousands of square feet of real estate. Every penny they made, they used to acquire real estate. Every time construction business slowed down to a crawl (every recession and bubble), they kept their men busy building on their own lots or renovating their own properties. Steadily, their real estate holdings grew and grew.

I’ve also met some business owners who over the years ended up purchasing buildings they rented, eventually becoming serious property owners. Even those whose business died out completely (garments, printing and most manufacturing in NY) did well by becoming professional landlords, making a transition from owning a business that needed space, to a business that provided space to others.

The folks mentioned above are not 3rd generation real estate families. They did not get into the real estate game as deep-pocketed multi-national companies or wealthy investors. Most of them are first or 2nd generation immigrants who started their careers in the 80s or 90s, many with zero assets at the start line. They are inspiring individuals who, through hard and smart work, and disciplined investing, show the power of real estate as means of building tremendous wealth. And inNew York City, cumulatively, they play a significant role in shaping the market, alongside of government, old and still-powerful real estate families, and institutional investors. They are the middle class of real estate.