Anecdote About Queens NY

I had a conversation today with a co-worker who has been looking to buy a house in Queens since probably about 2003. Obviously, the guy has missed alot of opportunties to get in at a lower price than what is out there today, but he does follow the market in Queens pretty closely.

In any event, he says that the market for houses in the $500k to $700k range has definately softened in some of the nicer neighborhoods over the past two months. In general, he believes houses are sitting longer on the market and that sellers are refusing to move their asking prices lower in any meaningful way.