Kin Tsui

Median Price in Queens and Suffolk were still declining in double digits, but Nassau improved comparing to June last year.

Median Price on closed properties:

................ June 2009 .... June 2008

Queens ... $360,000 ... $406,500 (-11.44%)

Nassau .... $415,000 ... $452,000 (-8.19%)

Suffolk .... $330,000 ... $383,000 (-13.84%)

There were less inventory than last year. Supply dropped to below 12 first time for over a year.

....................... Inventory ............*........... Units in contract ................*....... Months Supply

................. Jun 09 ..... Jun 08 ......*... Jun 09 ..... May 09 ..... Jun 08

Queens ...... 9922 ...... 11697 .......*..... 957 ......... 772 .......... 752 ......*........ 10.4

Nassau ..... 10105 ...... 11067 .......*.... 1081 ........ 888 .......... 889 ......*......... 9.3

Suffolk ..... 12907 ...... 15332 .......*.... 1229 ........ 908 ......... 1041 ......*....... 10.5

Source: Long Island Board of Realtors

If you are first-time homebuyer (who have not owned another principal residence at any time during the three years prior to the date of purchase), you may be qualified for the credit of $8,000 if you puchase a home before Dec. 1, 2009.

So if you are thinking about buying a co-op, you have to hurry to find one in July or August in order to close the transaction before Dec. 1 as the purchase process may take about 3 months.

If you are seller, you should put on the market now to catch those first-time homebuyers.

Since March this year real estate sales picked up, stock market rallied over 30%, Index of Consumer Sentiment rose for a fourth straight month, oil price soared.

I will be very happy if the market keep moving like the last few months, I will make more money than in 2007 when the market peaked. It is just too good to be true.

I remerber Warren Buffett's quotation - "Be Fearful When Others Are Greedy And Greedy When Others Are Fearful". I think it is time to short stock.

I guess it is the last phrase of real estate market. When people cannot afford single family house, they buy condo; when they cannot afford condo, they buy co-op, REO/Real Estate Owned by banks. As I am specialized in selling co-op, maybe that is why my business picked up more.

in the last cycle I remembered the co-op price dropped about 50% from peak to bottom in Flushing; in this time it only dropped about 20%.

I hope my guess is wrong, but for people who buy for self-occupied, it is always a good time. Why pay rent while you can own?

Median Price was still declining from last year.

Median Price on closed properties:

................ May 2009 .... May 2008

Queens ... $365,000 ... $407,500 (-10.43%)

Nassau ... $396,000 ... $438,500 (-9.69%)

Suffolk ... $334,500 ... $360,000 (-7.08%)

There was less inventory than last year, but it might only indicate more sellers realized the realistic price and not motivated to sell, if not necessary.

....................... Inventory ...................... Units in contract ................ Months Supply

................. May 09 ..... May 08 ........ May 09 .... Apr 09 ...... May 08

Queens ..... 10285 ..... 11602 ........... 772 ........ 738 .......... 761 ............. 13.3

Nassau ..... 10298 ..... 10808 ........... 888 ........ 859 .......... 931 ............. 11.6

Suffolk ..... 13189 ..... 15098 ........... 908 ........ 933 .......... 987 ............. 14.5

Source: Long Island Board of Realtors

The accident happened at 12:30 in midnight. A car was smashed into a cape house on Horace Harding Expressway in Kew Garden Hills (Also known as Flushing) with zip 11367.

In Chinese Feng Shui, it is said a house�facing a road perpendicular�is not good (A long knife pointing to�the heart); also a curve road with the road curved toward the house (A curve knife cutting the waist). I am not superstitious, but do believe the wisdom in a scientific way.

The House can be showed as example. The house is on 61st Road facing North, Exit Ramp from Long Island Expressway is about 45 degress toward the house, cars come out the ramp have to curve left to avoid�hitting straight�to the house. Houses with such criteria will just have higher rate of accident.