Kenny Dunn Maspeth Real Estate

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the good news is that mortgage restrictions have just been eased. “In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their ‘declining market’ policies, effective June 1,” he said. “This means consumers across the country will have access to safe, affordable financing with downpayments of only 5 percent on most mortgages, with 100 percent financing available on some loan products, and we could see an upturn in home sales this summer.”

Lawrence Yun, NAR chief economist, said eliminating restrictive policies should be a big help to home buyers. “I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant,” he said. “Also, a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York.”

Real Estate Market conditions are local. Here is some current info showing how our NY market is doing.

May 23, 2008 – Sales of existing single-family homes in New York State in April increased by more than 14 percent compared to March, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

New York REALTORS sold 5,838 existing single-family homes in April 2008, a 14.4-percent increase compared to the 5,035 sales recorded in March. The April sales total represents a 14.7-percent decrease compared to the April 2007 total of 6,845.

The April 2008 median sales price of $ $215,000 represents a 2.5-percent increase from the March median of $209,800. The April 2008 median sales price represents a 12.2-percent decrease compared to the April 2007 median of $245,000.

•  single story -

Maspeth, Queens

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Flushing, Queens  -  The 2 story at 43-56 163rd Street has been sold.

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• 4 bath 2 1/2 story - MLS® $549,000 - Reduced

Ridgewood, Queens  -  Free standing building can be used as a commercial store with residential area to be built on top. The zoning is C2-4/R6B. Was used as a Sports Club/Bar. Needs work but has good potential.

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Great Starter Home

• 1 bath, 1 bdrm single story "Ranch" - MLS® $399,000 - Renovated

Maspeth, Queens  -  Nice starter home in Maspeth, Queens. Semi-Detached one family on quiett tree lined street. All pipes have been replaced for the heating system. New walls, doors, window framesand floors in the kitchen and bedroom. Front and back of the house have all new insulation.

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• 2 bath, 5 bdrm 2 story "Colonial" - MLS® $724,000 - Huge House

Maspeth, Queens  -  Beautiful two family brick semi detached home in excellent condition. It has a party driveway with a detached two car garage. Many extras including two new refrigerators, gas heater & hot water, new cement and chimney sleeve. The house is near transportation and shopping. Cal or e-mail for an appointment.

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• 2 bath, 5 bdrm 2 story split "Colonial" - $625,000 - Sold "As Is"

Middle Village, Queens  -  Large detached two family being used as a one family in Middle Village North. The property is zoned B-3. The house has five bedrooms and two full baths. There is a new boiler and hot water heater. It also has a private driveway.

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