May 11, 2012
By Susan Varghese
It’s spring selling season, and although the real estate market has been struggling the past few years, Five Towns realtors say that with the prices dropping, it’s finally starting to look up. According to the Multiple Listing Service of Long Island, a home priced at $399,250 in Nassau County last March saw a 4.8 percent decrease in price last year.
Ronnie Gerber, realtor at Prudential Douglas Elliman Real Estate said, “ The market…it’s going. There are a lot of houses on the market. The rates on the mortgages are very good, that’s what’s driving it. People are taking advantage of the low rates and prices.”
More private homes are being sold, Gerber said. “The reason why things get picked up is that people don’t know when the prices have hit rock bottom until prices start going up. People are feeling like the rates are as low as they’re going to be. They feel like it’s time to make a purchase.” The pressure to buy while prices are low is a common sentiment in a fluctuating market.
In the past month, a $2,200,000 home in Hewlett Harbor, a $370,000 home in Cedarhurst, a $310,000 in Woodmere, and a $265,900 home in Inwood have been sold. In Nassau County, there have been 524 homes, 38 condos, and 58 co-ops this year through March 2012. Pending home sales in Nassau have increased by over 11 percent over last year, with 982 sales pending.
Milky Forst of Milky Forst Properties said that there are definitely more sales than prior years. “Sales are doing a lot better than they were. Prices have come down, there’s definitely a stronger market this year. The Five Towns market has definitely improved, definitely more sales. It’s mainly homes. Co-ops haven’t picked up yet and aren’t doing as well.”
Over 10 co-ops and condos have been sold since January in The Five Towns, with co-ops ranging in price from $32,000 to $205,000 and condos from $155,000 to $350,000.
Susan Hollander of South Shore Estates noted that there are still many rentals, but sales have been picking up. “Houses are selling because prices have reached reasonable asking prices. People are coming out of the woodwork now. The market is promising and looking forward. I believe that I’m optimistic about the market.”
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