I™ve just sold a Single-family property at 244 Winchester Ave. in Staten Island. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.
While it™s been a difficult run real estate wise the past couple years in Mariners Harbor and Graniteville it appears, at least for now, prices have generally held steady in both neighborhoods over past four months. However, over the past year, home value still declined, with 9% year-to-date (YTD) drop in median home prices in both areas. (YTD= Year to Date)
Another statistic to take note of is, the average days on the market for a home to sell. Along with sale prices, the average days on the market has generally remained steady over the past four months in Mariners Harbor and Graniteville. However, currently it’s up quite substantially year-to-date with the homes sitting on the market an average of 191(YTD) days before selling. Consequently, that is up from the 128 days (YTD) average during the same period last year, which is about 49% increase. There is a silver lining in that the worst of the market took place just around the months following Wall Street’s downturn in late September/ October. Since that point, while the numbers aren’t great, they have remained relatively steady since January ’09.
Sales volume has seen a decrease from last year of about 16% with 158 Sales taking place last year , over this year™s 133. What are homeowners giving as far as a discount on ask to sell prices? Well that number stands at just about 93 1/2% and that’s down from latest years 94 3/4% ask to sell numbers. For a rundown on these statistics you can always request a market snapshot of the area by logging onto www.realestatesiny.com. For a full updated listings and homes for sale in both Mariners Harbor and Graniteville you can follow the link.
Below is a rundown of recent sales in both Mariners Harbor and Graniteville. The home sales information comes courtesy of the New York City Department of Finance, which issues a monthly report of rolling home and property sales across New York City. The homes listed below are not necessarily those marketed and sold by licensed real estate agents or brokers. Homes listed with a price of N/A means the property transferred without money considerations. You can get a list of recent sales around an address here.
Neighborhood/Property Type/Address/Sold Price/Closing Date.
MARINERS HARBOR / ONE FAMILY HOMES / 219 SOUTH AVENUE 10303 / N/A / 3/31/2009
MARINERS HARBOR / ONE FAMILY HOMES / 110 VAN PELT AVE 10303 / $86,190 / 3/18/2009
MARINERS HARBOR / ONE FAMILY HOMES / 215 DIXON AVENUE 10303 /$280,000 / 3/12/2009
Graniteville / ONE FAMILY HOMES / 464 VAN NAME AVENUE 10303 / $349,830 / 3/12/2009
MARINERS HARBOR / ONE FAMILY HOMES / 346 GRANDVIEW AVENUE 10303 / $1,000 / 3/10/2009
Graniteville / TWO FAMILY HOMES / 2 AMADOR STREET 10303 / $265,000 / 3/10/2009
MARINERS HARBOR / ONE FAMILY HOMES / 228D GRANITE AVENUE 10303 / $149,792 / 3/9/2009
MARINERS HARBOR / ONE FAMILY HOMES / 145 SIMONSON AVENUE 10303 / $221,567 / 3/6/2009 (more…)
Today, there was some good news out of City Hall that the South Beach firehouse, Engine Company 161, was saved from budget cuts. However there is an irony to the story, and that is, economic stimulus funds were used for its funding. So, you may ask …what is the problem with that? Well, it really serves as a mask for some serious budget issues in the nation™s largest city. While this story may play out well, there is a chasm in this budget down the line that’s going to need more than some economic stimulus Band-Aids to cure. Between rising pension costs, falling tax revenues, Wall Street job losses, and Manhattan™s substantial downtown real estate there is no doubt about it, being one of the city bean counters can’t be easy. The pension cost factor has to be pretty huge, considering the fact that all future and current retirees are guaranteed a percentage increase every year. Much of the city’s pension cost was absorbed by the stock market when it was doing great. However, with its recent downturn, that guaranteed interest now has to be absorbed directly by city tax dollars. Thankfully, I’m not one of those people sitting around the table figuring out how to do that math.
For most of the last decade New York City has really sat in budget bliss. Yes, there were a couple of blips here and there over that time-frame. However, it™s hard to imagine just how this economic situation is going to shake down here in New York City over the course of the next couple years. You can be rest assured, these times are going to challenge even the most hardened public servants. But today, let’s be grateful one of our long time firehouses here on Staten Island stayed off the chopping block. Most of all, congrats to the folks that put all that work into keeping fire company 161 open for business. However, they should keep those vocal chords tuned, because we™re not likely at end of the road when it comes to the city budget.
Well, here we are again with another home sale report from New York State’s southernmost point, Tottenville. While there is quite a bit of small real estate deals in this report, there were some more notable larger ones too. Taking the price cake on March 16Th, 2009 was a Page Ave land grab of 201,000+ square feet, which settled up at $1.3+. On the residential side, 6 Jo Jo Court, A 6000+ square feet waterfront home, nearly settled up beyond 7 figure territory, but fell just shy at $ 990,000.
(Left) Photo of Angelina’s of Tottenville, a Second Empire (Mansard) Style home now Restaurant and catering hall.
Homes listed below were from the June, 2009 publicly issued report on rolling real estate sales from the New York City Department of Finance. The homes and land listed in this report are not necessarily those sold by licensed real estate brokers or agents. Property sold with a price of N/A where those that transferred without money considerations. You can find a full report of home sales around Staten Island here. If you’re looking for homes for sale on Staten Island or just in Tottenville you can follow the links.
Property Type / Address / Sale Price / Closing Date
ONE FAMILY Homes / 17 SPRAGUE AVENUE 10307 / N/A / 4/7/2009
TWO FAMILY Homes / 247 SWINNERTON STREET 10307 /$840,000 / 4/2/2009
TWO FAMILY Homes / 5301 ARTHUR KILL ROAD 10307/ N/A / 3/31/2009
TWO FAMILY Homes / 20 FERGUSON COURT 10307 / $626,223 / 3/31/2009
ONE FAMILY Homes / 6 JOJO COURT 10307 / $990,000 / 3/30/2009
ONE FAMILY HOMES / 44 HONEY LANE 10307/ $520,000 / 3/23/2009
Here is the latest release of real estate sales from the New York City Department of Finance for Eltingville and Huguenot Staten Island. Taking the price cake at $950,000 in this report was a 5,000 square foot home built in 2001, located at 65 Tuckahoe Ave, Huguenot. That puts this home at $190 per square foot, and that™s a pretty darn good deal in this neck of the woods.
Below is a list of recent sales in both areas. Just a note, homes listed in this report are not necessarily marketed and sold by licensed real estate brokers or agents. Homes and land showing a sale price of N/A means the property transferred without money considerations. For real estate data and information on Staten Island™s most recent home sales you can follow the link. You can find homes listed for sale in Eltingville and Huguenot, Staten Island here.
Neighborhood / Property Type / Address / Sale Price / Closing Date
ELTINGVILLE / ONE FAMILY HOMES / 59 LYNDALE AVENUE / N/A / 3/4/2009
HUGUENOT / TWO FAMILY HOMES / 567 SINCLAIR AVENUE 10312/ $540,000 / 4/6/2009
HUGUENOT / ONE FAMILY HOMES / 838 LAMONT AVENUE 10309/ $350,000 / 4/3/2009
ELTINGVILLE / ONE FAMILY HOMES / 8 DORVAL AVENUE 10312/ $323,300 / 3/30/2009
HUGUENOT / TWO FAMILY HOMES / 893 SINCLAIR AVENUE 10309 / $837,510 / 3/27/2009
ELTINGVILLE / ONE FAMILY HOMES / 24 BRANDIS LANE 10312 / $305,000 / 3/26/2009
ELTINGVILLE / TWO FAMILY HOMES / 651 LAMOKA AVENUE 10312 / N/A / 3/24/2009
The combination of better financial and housing news, historic low interest rates, and the $8000 tax credit is spurring significantly more activity on Staten Island. Most of all, positive housing numbers are beginning to take shape here, and across the country.
Signs that some market segments are beginning to look a bit healthier on Staten Island are encouraging. However, market improvement does not necessarily mean higher home prices. Nevertheless, I don’t expect home values to slide any further in certain segments of the Staten Island real estate market.
Nationally, positive housing numbers are taking shape as pending home sales have increased 6.7 percent according to the latest NAR Report. The real question is what’s happening here on Staten Island? Well, as of this post, there are 734 homes in contract, and that’s significant. Staten Island’s home sales in the first quarter of this year did not crack 200 per month, and January stood at the low point with 157 total sales. However, since January of this year, while bouncing a bit, monthly sales have increased steadily. Another other very vital stat is a homes days on the market (DOM) before selling. Island wide the numbers are beginning to decline, while it’s difficult to say this is a sustained decline, the curve has begun head in that direction. What makes this statistic significant is it’s a harbinger of where the market is usually heading.
Back to pending contracts, and why it’s significant. With nearly 734 contracts pending it’s really a precursor for what the sales numbers may look like for the next 3 months, as most contracts would close within that time frame. Quite frankly, based on pending contracts it wouldn’t surprise me if we saw above 220 sales per month over the next quarter. That isn’t something many would have expected considering we have not cracked the Mendoza line in nearly six months. Oh, for those unfamiliar with what the Mendoza line means, it’s an old baseball tag for a player who hits below .200.
What are the causes for the turnaround, historic low interest rates, the federal tax credit, and yes, even pent up demand. However, I would not assume that all price segments will experience a lift, because of 734 contracts executed 473, of the homes were listed under $450,000. Meaning about 65% of all homes under contract on Staten Island had listed market prices below the $450,000 threshold. This is no surprise either, as a significant part of the market is either first time home buyers who are seeking affordable priced homes, and investors looking for bank owned property and short sales. At this point, both sets of home buyers probably make up a significant amount of the market.
Breaking the tide¦some Staten Island neighborhoods have still seen gains in value year to date (YTD).
Taking the cake was Grasmere, Staten Island, which saw a rise of 4.05% in the Median Sales price (YTD) from $430,000 to $447,500, and a 5 ¼ (YTD) increase in the average sale price from $455,655 to 479,681 from the same period in 2008 . Even better was the average days on the market decreased over 14% (YTD) from 132 days to 112 days.
Apparently, broad based media reports that the sky was falling in real estate didn’t seem to keep buyers at bay here. It further proves that real estate markets sometimes come right down to the neighborhood.
For the most current reports on Staten Island neighborhood market conditions, you can always check back here at Staten Island Real Estate News, Advice and Info for the latest reports.
(Photo Right ©) One of many distinct homes found in Grasmere, Staten Island.
Well, if you’re looking for a price spectrum of where houses can fall in Richmondtown and Lighthouse Hill, you can generally expect home prices to exceed $500,000 territory. Even though in the New York City Department of Finance’s most recent home sales report, it does show 3 Boyce Ave, had a sale price of 500 bucks. However, I’m sure this transfer of this home wasn’t a typical bargain and deed sale. As you can see the report, the neighborhoods of Lighthouse Hill and Richmondtown can still fetch some big numbers, even when the market seemed to be at its weakest. But onward we go…
Taking the price cake in this report was 174 St. George Road, which sits in at the foot of Lighthouse hill, and fell a buck short of six figure territory at $999,999. Running a close second was 51 Kent St., which fetched $945,000 and sits atop of Lighthouse hill. This report even has one of my recent sales at 129 Kensico St., this was a one family high-ranch home that settled up at $585,000, and closed early this year.
( ©Photo Above) A winter look at Historic Richmondtown.
Below, you will find a roundup of all the remaining recent sales in these 2 Neighborhoods as reported publicly by the New York City Department of Finance. As always, I must advise you that property sales listed in this report may not necessarily be those marketed and sold by licensed real estate brokers or agents. Homes listed with a price of N/A means the home and/or property transferred on the closing date without money considerations. You can get recent home sales on Staten Island around an address by following the link. For daily updated listings in both Richmondtown and Lighthouse Hill, you can do the same.
Neighborhood / Property Type / Address / Sold Price / Closing Date
RICHMONDTOWN / ONE FAMILY HOMES / 177 ST GEORGE ROAD 10306 / $560,900 / 3/13/2009
RICHMONDTOWN / ONE FAMILY HOMES / 174 ST GEORGE ROAD 10306 /$999,999 / 3/9/2009
LIGHTHOUSE HILL / ONE FAMILY HOMES/ 51 KENT STREET 10306 $945,000 / 2/18/2009
RICHMONDTOWN / ONE FAMILY HOMES / 3 BOYCE AVENUE 10306 $500 / 2/5/2009
RICHMONDTOWN / ONE FAMILY HOMES / 3509 RICHMOND ROAD 10306 / N/A / 1/29/2009
RICHMONDTOWN / ONE FAMILY HOMES / 129 KENSICO STREET 10306 / $585,000 / 1/23/2009
RICHMONDTOWN / ONE FAMILY HOMES / 201 BARBARA STREET 10306 / $549,000 / 1/16/2009 (more…)
U.S. Housing and Urban Development Secretary Shaun Donovan announced the plan at the National Association of Home Builders Spring Board of Directors Meeting on Friday.
Here are some of the highlights of the plan:
- The credit can only be used as a down payment on FHA insured loans.
- The tax credit cannot be used as part of the 3.5% down payment, meaning buyers still need to come up with minimum 3.5% on their own.
- The tax credit monies can be used for closing costs, or as earlier stated, an additional down payment above the required 3.5% minimum down payment.
- The tax credit is a loan, and held as a secondary lien against the property.
- For all detailed information regarding the plan you can go to the HUD web site. You can also get a copy of information the program here.
Please be aware of entities soliciting services on tax credit lending. A good local resource here on Staten Island is Neighborhood Housing Services a non profit agency that handles various government related housing programs locally. You can see their website here.