Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Queens Home Prices Down 10%
Wednesday, January 21, 2009
New York, NY –
Home prices in Queens dropped more than 10 percent from a year ago. That's the news from brokerage firm Prudential Douglas Elliman's fourth quarter report. Of the five boroughs, Queens has faced the greatest number of foreclosures, but there's a silver lining. WNYC's Lisa Chow reports.
REPORTER: Coop boards may have stringent financial standards, but one thing's for sure. These standards protected the price of coops even in Queens, which saw increases of one percent as the price of everything else -- condos and one- to three-family houses -- fell. Subprime and exotic mortgages, with their looser requirements, hurt the market, particularly in South Queens.
Dottie Herman is president and CEO of Prudential Douglas Elliman.
HERMAN: They were low economic areas, and people got it with no money down, those are all going to be in foreclosure. And I don't know who's going to buy them because you can't get those kind of mortgages now.
REPORTER: And yet, Herman says, investors with cash in hand may see an opportunity here to buy houses, potentially blocks of houses at huge discounts. For WNYC, I'm Lisa Chow.