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high $400K ?.
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I have just under half a million saved on and I would ideally like to buy a house with all cash. I know prices in Forest Hills is high. But with the mortgage loan crisis and real estate bubble bursting, I wonder if there is a chance that I can get a good house for around $450,000 or so? What kind of house would I be looking at in Forest Hills? And how much lower will prices go? Thanks for any help.

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You need to save up another $100K to $200K at least to get to the table. Homes in Forest Hills sell for $550K at the lowest and you better believe it needs a lot of work. With $400K you can buy in S. Richmond Hill/S. Ozone Park. The lowest priced homes in Forest Hills are one story attached houses on Austin Street backing the LIRR. Those sell somewhere in the 5's. Forest Hills Gardens, if you find anything, will be $1.5-$1.8M in original and dated condition. $450K cash won't get you into Forest Hills unless you rip someone off or it was from a relative. Single family houses on the south end of Forest Hills (Loubet St, Nansen, Manse etc) sell for $600K at a minimum. The north side of Forest Hills has houses and lots that sell for close to a million, with cash under the table.


Good luck.

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As I understand, before the bubble started, many homes , I could buy for $400K or less. I am sure, maybe when market adjusts, we should see homes, at better prices. Let me continue to save. And I shall find a good house I hope in a year or so. Thank you for answers.

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Well, if you believe we have had a bubble, then I don't see why even a small correction would not bring houses back down to the $400K level.




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Thanks to Reagan and Bush, the major recession in the early 90's lead to a horrible plunge in values. The latest housing boom was mainly post 9/11 where the interest rates hit the bottom and people were buying up everything. In 99 you could get houses in the FH Gardens for 700K-900K, now you won't come close.

Everyone has their own theory for the market, if anyone could predict the future then I would surely listen to them. If houses dip to 400K in Forest Hills there will be more serious problems in the world. Queens/Brooklyn are becoming more popular than ever. With the high taxes in Nassau and the high cost per sq. ft. in Manhattan people are continually moving into Queens and Brooklyn. The demand will keep increasing and increasing the homes' values. The landscape is continually changing, if investors continue to build luxury apts (ie NOVO 64, Windsor) they obviously see the cash cow and demands that exists in the area.

Forest Hills is a great area, and if housing in FH dip to 400K next year why would you buy then, why not wait to drop further. I understand why you wouldn't buy anything today because you want to wait it out to see what happens, but homes are still selling at prices similar to the last couple of years. Although prices haven't jumped as fast as they did between 2000-2004, they are still stable. Declining values is an attribute of economic change in the area, unemployment, closing of businesses, natural distasters, and not just price changes. Just see the effect FH has on the neighboring communities of Rego Park and Kew Gardens. The latest rash of dips are due to the mortgage crisis, concessions, and frauds that occured. People borrowed too much and sapped their equity and can't get that money back. I think the mortgage situation has buyers nervous, but it is still a great time to buy with interest rates still at historical lows and sellers who are eager to get the property off their hands.

good luck.

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Hey Buddy, just wait another year. I'm sure at least those rowhouses will hit the $400K's. You can get a studio in financial district for $300K. And these rowhouses are about as tiny. I don't see why it won't drop to $400K especially since this is far from manhattan.

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