dont know if any of you guys agree, but what these real estate brokers are doing to this neighborhood is wrong!!!!! How are these people convincing owners into selling at these overpriced numbers??? I have been to many open houses and asking over 700k for a 3 bedroom colonial home that is in horrible condition is plain stupid.

If the brokers gave them the facts like.....looking at the comparables at what that style home goes for(real market value) , or the condition of their home, and not giving out false hopes...maybe just maybe homes would sell alot faster. Believe me, I know. We have been looking at all the homes advertised on MLS & Craigslist and every week for almost a year the same old, in need of repair, overpriced and wrecked listings. If the brokers gave real advice as to market value minus condition then maybehouses would move faster. Just look at the houses on 69th ave between olcott and metropolitan.

The HOMEPOWER listing has gone unsold for over a year. Why you ask....first the condition is horrid and the broker lists it as recently renovated. Went to the open house and this house needs work (alot) If the broker listed it at 80k below the 619k asking the might have some offers (Market Value Minus Condition = Real Price ) Also the Century 21 listing right across the street asking 759k ..... are they CRAZY!!!???!!! The house better come with a maid and butler for that price. You brokers better wake up and do your homework before selling owners false hope, cause in the end you guys are not credible and worthy of the title of brokers...just A-HOLES

Yeah, readme pointed out a very good point. There is one realty/brokers office in particular that always ALWAYS tells the owners their house is worth a lot more than the market price.

They have destroyed many many deals on a regular basis when they find out a home is about to be sold by other agencies, they would call up, or knock on the owner's home sometimes even 10-11pm at night and tell them they have a much higher offer. These guys would produce a fake binder. Binder is actually a misnomer because it's not really binding in a legal sense. Along with that fake binder with a fake highly inflated offer, they would ask the homeowners sign exclusive with them. This is essentially a con.

A lot of the older agencies do practice good ethics but there are brokers, I have one in mind in particular, who essentially calls up any house that goes on the market and tells the owners their houses are worth a LOT more than the market price. Of course when a homeowner hears this and this broker tells them they have buyers ready to buy at a much higher price the homeowner will turn down the realistic market deals.

It's a problem. Pretty bad one. I'd like to hear any ideas or suggestions on dealing with this. This is one of several reasons why prices often times seem overinflated for a particular house at times. I am not making a statement projecting future prices, of course.

there are a number of websites that gives you estimate of your home prices. I don't know how accurate they are but I think some shows recent sales of houses around the area. If a realtor tells you your house is worth significantly more than those prices, that's probably not a realtor you want to work with. That's for the sellers. At the same time you want someone who knows the neighborhood and the market well such that they make sure you don't get too little money for your property. In other words, stay away from people without at least a good 6-7 years of experience. And that's 6-7 years where they are actively selling houses, not counting the first 3-4 years when they are still trying to learn the ropes.

The brokers in Forest Hills LIE - constantly. Months old listings are (re)listed as new. Prices are not moved down even when there is a clear gap between market and expectation. And worst of all, brokers constantly lie and tell me that they are EXTREMELY busy. This is in a summer period where there has been significant reuction in sales volume. They must think all the buyers are idiots and can be herded into paying high prices. I am amazed at how buildings like the Pinnacle and Windsor are priced. I have found cheaper listings in Upper East Side (Manhattan) for similar apartments

Reply to : Forest hills buyer [Anonymous]


The brokers in Forest Hills LIE - constantly. Months old listings are (re)listed as new. Prices are not moved down even when there is a clear gap between market and expectation. And worst of all, brokers constantly lie and tell me that they are EXTREMELY busy. This is in a summer period where there has been significant reuction in sales volume. They must think all the buyers are idiots and can be herded into paying high prices. I am amazed at how buildings like the Pinnacle and Windsor are priced. I have found cheaper listings in Upper East Side (Manhattan) for similar apartments


LIE is positively right!! I sometimes check craigslist to see whats going on in the market around me and i am always seeing the same old listings. The two buildings you mentioned are def way over priced. For the money they ask I would prefer to live in the city. (Cmon we are in queens county!!) How can you ask city priced sq footage??

As far as these brokers being EXTREMELY busy......... they are busy trying to sell some of these dumpy houses before their exclusives run out (and heads up their arses)

HEY REALTORS!!!!!!!! Price the houses correctly and sell some houses ,cause your contributing to an already leveling market

you aren't kidding about the selling agents around forest hills - some of these agents price their listings high in order to price the owners out of the market - so they can purchase the house on their own after the seller gets desperate and sells it for real low - and then they flip them for a rational selling price in order to make a profit. there are a few particular agents in the area who are currently practicing this disgusting act. if you want to buy houses and flip them - do so as a buyer, not a representing selling agent - you are messing with good people's lives and well being...and you thought used car dealers are scum huh...

it's just disgusting some of these agents - there are good ones out there though who are realistic and reliable and are truly looking for you best interests - stick with the ones who have a reputable background - not those who are wheeling and dealing...

if you brokers are reading this.........look at all your inventory (hahahaha) drop the prices, give us owners real market prices and make the deals happen!!!

If you dont your open house signs will start to rust and you wont be able to afford new ones cause you all arent making commissions hahahahaha

I think the trick is that homeowners want to sell for a high price. While competing agencies would want to be the agency to unload a property ASAP before any other agencies gets to sell it and make the commission.

Since there are always buyers if a house is cheap enough, a bad agency would just try to make you sell your house asap for a really low price and move onto next house to unload.

The trick is probably finding an agency that will not overvaluated your house just to make you happy and work with them. Then try to unload your house for below market price to just any random buyer who lack the financials.

People looking to buy real estate in Forest Hills - I have good news and bad news. The good news is that prices have started dropping. The bad news is that compared to other places the drop is rather small. Of course, the same units remain on the market for a long period of time and (re) show-up from time to time as a new listing. In certain cases, the same units have stayed on the market for almost one year now (priced high a year ago and no change in price in a year even though the general market is down down down). I hope the buyers continue showing the discipline and bring the asset values back in line with current real life incomes.

The real estate agents are getting a little anxious. I have seen units as far as 65th road / avenue and yellowstone boulevard being described as a part of "heart of forest hills". Of course, this is preposterous, unless you believe that the heart is five square miles in size. Also a number of units near the 67th avenue / drive / road and queens boulevard are showing up for sale.

The Windsor fever has started to crack (ever so slightly). The building seems 40% ~ 50% empty. One only has to walk past it around 7:00pm on a weekday. Some of the early planning stage buyers have managed to sell their units at a profit (check out www.zillow.com; use 10824 71st road, forest hills, ny 11375 as the address to see the prices that have been paid for recent flips). A number of other units are on sale and the owners continue to believe that the new buyers (who of course are driven by exclusivity and will salivate to pay Manhattan prices to buy a property in Queens - yeah right) will be happy to pay $900,000 for 1000 square feet units. The same tired ads keep running at various locations ("hurry hurry ... this is an awesome and large 2BD / 2BR and will not last". Sure. Sure).

The Kennedy building continues to believe that they are highly exclusive and the best place in Forest Hills (sure guys, that was the case 30 years ago. Check out the demographics - the average age of the building population will be above 55). I have heard that the board continues to be as nasty and idiosyncratic as before (some things never change) and lays down a "high bar" in choosing new buyers. i am sure that helps in getting a high price.

Finally, I have noticed that a significant number of B TYPE units (18B, 23B, 21B, 24B etc.) are showing up for sale in The Pinnacle (Forest Hills, Queens). This is interesting. While the pricing is kept high, the B units are the smallest two bedroom two bathrooms (2BD / 2BR) units. Thus every "smart" owner wants to get out at a high prices as soon as possible. In some cases, the buyers believe that they should get as much/more money (per square foot) for their apartments than even The Windsor (despite The Pinnacle being a 1992 building and The Windsor being a 2005 building). Personally I would'nt touch a single unit until the prices decrease by 25% ~ 30% (again check out zillow.com for price history on various units). I wish the buyers good luck and hope they run for the hills.

Good bye and good luck.

What kind of house can I get for half a million in Forest Hills?

Do you guys know how much down payment people usually expect for houses in Forest Hills?

Reply to : GradioM [Anonymous]


What kind of house can I get for half a million in Forest Hills?


I think it might be a little hard. Right now houses in Forest Hills seem to range from high $500's to $10million or more it seems. Depending on how interest rates go I don't know which way prices might tend. Problem tho is last year had been really good for wall street so I don't know if those guys might start looking for houses. but half a million would be pretty tough.

Wanted to warn you guys about the Balfour (on 112th street and 72nd Avenue). The building looks stylish from outside. The inside smells very very bad. I have no idea what causes this - I think it is a combination of old carpet, unsanitary/dirty airways and god knows what else. I think there is a central air system that does not work well. Phew - the smell was terrible.

Wanted to warn you guys about the Balfour (on 112th street and 72nd Avenue). The building looks stylish from outside. The inside smells very very bad. I have no idea what causes this - I think it is a combination of old carpet, unsanitary/dirty airways and god knows what else. I think there is a central air system that does not work well. Phew - the smell was terrible.


You mean worse than all the other apartment's smell? Phew that's a must see!

According to National Association of Home Builders forecasts here http://www.nahb.org/generic.aspx?genericContentID=631 they don't seem to think interest rates will move up much. So at least according to popular economic views, prices probably are not going to drop much this year or next.

Interest Rates 2004 2005 2006 2007 2008
Federal Funds Rate 1.3% 3.2% 5.0% 5.1% 5.0%
90-Day T-Bill Rate 1.4% 3.2% 4.9% 5.0% 4.9%
Treasury Yields:
One-Year Maturity 1.9% 3.6% 4.9% 5.0% 4.9%
Ten-Year Maturity 4.3% 4.3% 4.8% 4.8% 4.9%
Freddie Mac Commitment Rates:
30-Year Fixed-Rate Mortgages 5.8% 5.9% 6.4% 6.4% 6.5%
One-Year ARMs 3.9% 4.5% 5.5% 5.5% 5.4%
Prime Rate 4.3% 6.2% 8.0% 8.1% 8.0%


Probably good news for homeowners but also for buyers who are going to get a cheap enough mortage. But of course this is prediction for the entire nation. Local variations we'll have to see. As with all forecasts take it with a grain of salt.