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Why are houses still so expensive in Forest Hills?????
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Post Why are houses still so expensive in Forest Hills????? 
When are prices going to come down??!?! Why are houses still so expensive in Forest Hills? The real estate bubble has burst! it's time to bring down the prices you realtors!

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Because sellers still think it is 2005/2006 and real estate agents are still idiots

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In most Real Estate Bubbles, prices tend to stick on the way down. But they will go down. It's basic Economics 101. The price of housing has been pretty stable for over 100 years based on affordability to the average buyer. It will have to come back to that level (somewhere around 2001/2002 prices) for houses to sell enough to work through all the inventory. Just hold on.

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You can see prices coming down already. Slowly but coming down. So don't worry so much if you can wait another year or two. Stay with renting. Renting is king these days.

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Prices are coming down but too slowly. But to my understanding, sellers are a lot more willing to negotiate. We will see how much further rent goes down. I think if rent stabilizes it could possibly signal a bottom. I do not think, prices in forest hills are too high compared with say long island city or brooklyn heights. Especially for the school district, this is not at all unreasonable. But tha'ts my opinion only of course.

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Post Re: Why are houses still so expensive in Forest Hills????? 
jacqueR wrote:
When are prices going to come down??!?! Why are houses still so expensive in Forest Hills? The real estate bubble has burst! it's time to bring down the prices you realtors!


First of all, who said anything about the "real estate bubble" bursting in NYC?!
Secondly, home prices are NOT set by agents or brokers. The plain and simple truth is that prices are set by buyers and sellers. Sellers ask for what they think their property is worth and the buyers either agree (i.e. BUY) or disagree (i.e. DON'T BUY). Naturally, real estate agents make a higher commission for higher sales prices, but then again, think about it, if a home doesn't sell at all, they make SQUAT!
How did prices get so out of control? It was the BUYERS who bought into all that "Bubble" crap and turned the real estate market (in NY at least) into a feeding frenzy. It was the buyers who thought (encouraged by brokers, no doubt) "Oh, no, we gotta act now or we'll miss the boat." or "Oh no, if we don't decide this minute, we'll be priced out of the market for all of eternity!" or ďOh Honey, I absolutely HAVE to have this place. If we lose it, Iíll DIE!. Offer they man anything he wants and then some!Ē. It was the BUYERS who got into those asinine "bidding wars" over any so-so property that they wouldn't have looked twice at a couple of years before. And it was the SELLERS who laughed all the way to the bank.
As for why Forest Hills is so expensive, all I can say is "Have you seen what has been happening to the rest of Queens lately?! It's grotesque! The ugly, tacky, unprofessional (I strongly suspect developers have been hiring talentless daughters-in-law as designers) monstrosities that are popping up all over Queens like a bad rash are absolutely depressing. For Example See: The House That Ate Queens Take a drive around Queens someday and I PROMISE that this is only one MILD example.
My husband and I are current home shoppers and finally decided to confine our search to Forest Hills Gardens only because the community association supports and ENFORCES historic preservation. Not too many communities in Queens left to do that. Douglas Manor and maybe some others?
I canít bear the thought that any time someone pitches a "For Sale" sign across the street, we'd have to worry that some beautiful historic 1900's Tudor was going to be destroyed and replaced with only heaven knows what. We've decided that this is well worth paying a premium for. I imagine that the wider area of Forest Hills benefits from this as well. And the conveniences (transport, shopping, etc) are hard to beat.
Remember what I've been told is the FIRST lesson any Real Estate Agent learns: There is a buyer for every house at the right price. And thatís capitalism baby.


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I don't think houses are expensive at all in Forest Hills. Considering it's distance from midtown and it's on the express subway line, I feel pretty good about prices we are looking at now.

That's the whole reason why we are looking here because we are priced out of manhattan even for a small 2 bedroom.

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Post Re: Why are houses still so expensive in Forest Hills????? 
Alexa wrote:
jacqueR wrote:
When are prices going to come down??!?! Why are houses still so expensive in Forest Hills? The real estate bubble has burst! it's time to bring down the prices you realtors!


First of all, who said anything about the "real estate bubble" bursting in NYC?!
Secondly, home prices are NOT set by agents or brokers. The plain and simple truth is that prices are set by buyers and sellers. Sellers ask for what they think their property is worth and the buyers either agree (i.e. BUY) or disagree (i.e. DON'T BUY). Naturally, real estate agents make a higher commission for higher sales prices, but then again, think about it, if a home doesn't sell at all, they make SQUAT!
How did prices get so out of control? It was the BUYERS who bought into all that "Bubble" crap and turned the real estate market (in NY at least) into a feeding frenzy. It was the buyers who thought (encouraged by brokers, no doubt) "Oh, no, we gotta act now or we'll miss the boat." or "Oh no, if we don't decide this minute, we'll be priced out of the market for all of eternity!" or ďOh Honey, I absolutely HAVE to have this place. If we lose it, Iíll DIE!. Offer they man anything he wants and then some!Ē. It was the BUYERS who got into those asinine "bidding wars" over any so-so property that they wouldn't have looked twice at a couple of years before. And it was the SELLERS who laughed all the way to the bank.
As for why Forest Hills is so expensive, all I can say is "Have you seen what has been happening to the rest of Queens lately?! It's grotesque! The ugly, tacky, unprofessional (I strongly suspect developers have been hiring talentless daughters-in-law as designers) monstrosities that are popping up all over Queens like a bad rash are absolutely depressing. For Example See: The House That Ate Queens Take a drive around Queens someday and I PROMISE that this is only one MILD example.
My husband and I are current home shoppers and finally decided to confine our search to Forest Hills Gardens only because the community association supports and ENFORCES historic preservation. Not too many communities in Queens left to do that. Douglas Manor and maybe some others?
I canít bear the thought that any time someone pitches a "For Sale" sign across the street, we'd have to worry that some beautiful historic 1900's Tudor was going to be destroyed and replaced with only heaven knows what. We've decided that this is well worth paying a premium for. I imagine that the wider area of Forest Hills benefits from this as well. And the conveniences (transport, shopping, etc) are hard to beat.
Remember what I've been told is the FIRST lesson any Real Estate Agent learns: There is a buyer for every house at the right price. And thatís capitalism baby.


Alexa, I think you are wrong. When a seller calls a broker, they usually ask the broker, how much do you think I can sell my house for? The broker presents them with a list of comparables, and if the seller wants a higher price than what other houses have been sold in the area, the broker tells them that they can try to list the house at that price, they expect a sucker to come around. Of course, everyone wants millions for their houses, but it is up to the broker to tell them exactly what is going on in the neighborhood. So in short, the broker has a lot to do in deciding the price, after all, house's owners are not in the business of selling houses. Since most of us know what went on with the market, it is a good idea to ask the broker for the activity of the property, going back to when the market was crazy. Most brokers don't want to do it, because they want the high prices to continue. My husband and I did that, and finally after insisting the broker had to show us how many times the house had been sold in recent years. Such house was sold in 2002 for $300K, and was sold again in $2004 for $890K. The jump was ridiculous, that meant that the house was way over-priced. This is what people have to watch out for. This was in NJ. The problem with all those people who after buying houses realized that they couldn't afford to pay their mortgages is that apparently they don't know what half of million is. To me, it doesn't matter if the bank gives me a mortgage at $4%, still I have to pay the bank half million. I rather pay higher interest, for $300K. Still, $300K is a lot of money for a working person.

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Anonymous wrote:
Because sellers still think it is 2005/2006 and real estate agents are still idiots


Exactly, that is the problem. And still there are idiots buying houses. And at this time, no one has any idea what is going to happen. It is only common sense, if every house in the market is $300K and up, that means that to buy a house one has to be rich. These prices, considering the cost of living, are way to high yet. My husband and I have been looking to buy for 5 years. We have seen houses at $500K which need work, they are old houses, and I have ask the real estate agent, ok. and let's say for some reason, we will have to sell the house in 2 years, what will happen? For how much can we sell it? An honest broker told us, no one knows, you might not be even be able to sell it for the same price you buy it. Of course, it makes sense, because the cost of living keeps going higher, and no one knows who is going to be loosing the job. It is a very big risk to make this kind of commitment now a days.

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you can find out how much a house sells for on sites like zillow and blockshopper queens. use acris to find out how many previous owners, how long they owned for and what mortgage was taken out.

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It looks like some houses are coming back down to the $500K level. I am hoping to come in if we break just slightly below. But mortgage rate it seems just rose back up a little again. I hope this is not going to stop the declining prices.

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Anonymous wrote:
It looks like some houses are coming back down to the $500K level. I am hoping to come in if we break just slightly below. But mortgage rate it seems just rose back up a little again. I hope this is not going to stop the declining prices.


Wait no further!! buy now before you get left behind like in the early 2000's, these prices wont last!! dont miss the bus

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Post smells like...? 
you can smell a real estate broker a mile away on these posts - un-educated in value and design, and completely unnecessary to the process - seriously - they get the same percentage for a little pr and advertising as the designer of the residence who might work on it for a year. Totally overvalued profession - and yes I've used several - never again.

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It looks like some houses are coming back down to the $500K level.




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It's mind boggling how expensive real estate has become, even after the bubble burst. When I look at the property records for houses in the area, I see that they hold their value nicely. This is great for the owner, but maybe not so good for the buyer. It's ok, though, nearby towns are definitely a buyer's market.

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