Kin Tsui

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