Home Buying in 11375>Question Details

rssraj, Home Buyer in 11375

Forest Hills home value

Asked by rssraj, 11375 Mon Jun 10, 2013

Guys - I have a simple question. If a detached house in a decent neighborhood of Forest hills (not gardens) sold for $750k in March 2008, what would it sell for today?

If anybody here has insight into the downturn and trends in Forest hills around that time, they should be able to answer this question

Thank you!

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Answers

11
All things being equal the price would be from about the same price level to 10% higher. In 2008 there was a downturn and it has crawled back to those levels. The 10% upturn comes from the current lack of good homes on the market.
0 votes Thank Flag Link Sun Jan 26, 2014
Unfortunately more information is needed. The old adage of location location location! applies here. Home values are determined by comparing sales of similar houses in a geographical area. Thus I would need to know your address, because some areas have increased substantially, while others have not. It is ironic how in the 1980's people living on the Ridgewood border with Brooklyn emphasized their house was in Ridgewood. Today, those home owners are saying their home is in Bushwick, because the property values there have increased!

If I can be of further assistance, feel free to contact me at jscacalossi@regisorg

James Scacalossi
Charles Rutenberg Realty
Sales Representative
917 755 1877
0 votes Thank Flag Link Wed Jan 8, 2014
Hi,

I live in Forest Hills and do a of lot business there. Currently, detached houses outside of the Gardens sell for around $1,300,000.

Michael Richman
Associate Broker
Kian Realty
917-991-2628
mrichman@kianrealtynyc.com
0 votes Thank Flag Link Wed Jan 8, 2014
There is currently a big shortage of Detached Houses in Forest Hills so all things being equal, you might get a bidding war if you price it right. Remember everybody does a price search these days so it is important not to overprice the listing price too much so everybody who can afford it will find it. What the other agents said is true. There are a few other factors needed to determine the right price.
0 votes Thank Flag Link Wed Jan 8, 2014
Has a listing agent I would love to give you free of
charge a CMA report and a personal report on your home.

Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Thu Jun 13, 2013
Hi,

There are a lot of factors that affect the current price of real estate. Without knowing the address and condition of a property, it is not possible to even venture a reasonable guess what it would sell for today. Having said that, as a resident and active broker in Forest Hills, I can tell you that prices did not drop as much as in other areas and with a lack of inventory for sale, prices are rising.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Thu Jun 13, 2013
Without any basic information, as the other agents mentioned, I would assume if it is in Forest Hills and at least a few blocks away from the train stations, it did not lose much or is at that current value. Contact me at ASoto@corcoran.com and I can do a quick area search for you in our database.
0 votes Thank Flag Link Tue Jun 11, 2013
Depends, too many factors involved for a fair answer; therefore why not simply review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there...
0 votes Thank Flag Link Tue Jun 11, 2013
Again, it depends on the exact location. Interior square footage takes precedence, but extra lot space increases value.
0 votes Thank Flag Link Tue Jun 11, 2013
How much of value is given by appraisers to lot size vs interior square footage?

Thanks
0 votes Thank Flag Link Tue Jun 11, 2013
That answer depends on the old real estate adage -- location location location It all depends on the street, the condition of the house, lot size, garage, backyard, etc. Bank appraisals are based on what similar houses sold for in that 6 month time period. Forest Hills did not go down as much as other areas did in 2008 -2012. If you would like any further assistance, I would be glad to help you. James Scacalossi 917 755 1877. Licensed Sales Representative for Charles Rutenberg Realty
0 votes Thank Flag Link Mon Jun 10, 2013
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