Thursday, March 16, 2006

Lots of Houses for Sale on Long Island

Ask any Realtor in Monmouth or Ocean counties and they will tell you the Jersey Shore is singularly unique and prices will never go down here because the Shore is 1. Close to the cultural attractions of NYC, 2. Close to the beach and 3. Close to Wall Street bonus money. Despite the assertion regarding the Shores uniqueness, the three attributes I described also perfectly describe the attractiveness of much of Connecticut and all of Long Island.

Given the dearth of local media coverage regarding real estate related matters, it’s probably useful to take a look at what is happening in other markets that are similar to the Jersey Shore market. Newsday has an article today that tells us that sales activity in Queens and Long Island is slow and inventories are up substantially year-over-year.

Snip…

“That stalemate has led residential inventory to climb 67 percent on Long Island and a stunning 82 percent in Queens from February 2005 to February 2006, according to data released yesterday by the Multiple Listing Service of Long Island. What's more, the number of home sales is down slightly compared with a year ago.”

Full article….

2 Comments:

Anonymous Anonymous said...

heh. Is there a single market in the country that's NOT described as special and impervious to a downturn by someone?

Thursday, March 16, 2006 7:17:00 PM  
Blogger Boston-Real-Estate-Watch said...

Interesting points you made.

Boston Real Estate

Thursday, March 16, 2006 9:36:00 PM  

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