Home Buying in 11530>Question Details

Rcja, Home Buyer in 11530

What is the market like in Garden City in the $800 - $900k range? Are houses selling quickly, or is it still?

Asked by Rcja, 11530 Thu Jun 4, 2009

a buyer's market? Are houses value at $1 million selling for less?

Help the community by answering this question:


Now is a wonderful time to buy a home in Garden City! This is probably the best opportunity many of us have seen in a long time. There are 52 homes currently on the market priced between $700,000 to $1 million. Of course, the homes that are priced well, in the best condition, in the most desirable area and offering the most value, are selling quickly. Those homes will have the greatest interest from buyers, and at times, multiple offers. Of course, the interest rates overall are at historic lows as well. It couldn't be a better time for buying a home in Garden City!
I am the Broker/Owner of RE/MAX Village Manor. We represent both Buyers and Sellers. If you are looking to buy a home, you should be represented by a Certified Buyers Representative (of which I am, as well as several Associates in my office.) A Buyer's Agent will work in your best interests and can help you strategize and negotiate in today's buyers' market. If you have any further questions, please feel free to contact me at (516) 385-9777.
Michele Mayo, GRI, SRES, ASP, CBR, CLHMS
RE/MAX Village Manor
(516) 385-9777
Web Reference: http://www.MicheleMayo.net
1 vote Thank Flag Link Fri Jun 5, 2009
I am a lifetime resident of Garden City and happy to report that the activity in Garden City has picked up considerably. The most popular sales are in the $600k to $1.200,000 range with a higher concentration in the $600k-$800k range. You must keep in mind that there is a lot of inventory ( 149 homes available) and you must stragically price your property at market value if you are looking to sell for the most amount of money and in a relatively short period of time.The good news is that over 30 homes have closed since January and there are 48 homes currently in contract.
My husband and I are Broker Associates with Prudential Douglas Elliman (the largest company on Long Island) and list and sell many homes in Garden City and the surrounding areas. Our company provides top of the line service from Manhattan to Montauk. .
If you'd like a complimentary evaluation of your home and looking to relocate, we have the tools to do the job. I am also a licensed home stager and can provide tips to help you prepare your home for sale. Feel free to call us anytime.

Lynn Pisani, GRI,CBR,PSC
Lic. Broker Associate
Lic. Property Staging Consultant
Prudential Douglas Elliman Real Estate
0 votes Thank Flag Link Fri Jun 5, 2009
The listing market is now divided into 2, and possibly even 3 categories. The sellers who remember what homes listed for 2 years ago, and those who are more realistic about the current market. The 3rd being those few homes that are under-priced. I know that one of my clients who was looking to trade up in Garden City listed his home for $1.1 million, and had multiple offers at that price. I have a buyer now who bid asking price almost immediately for a house priced at $599,000 that was an estate sale in the Mott section. There are all kinds of customers out now. You will have to look at what is in your price range, and start to define what type of house you are looking for, style, condition, and location all affect the listing and selling price.
0 votes Thank Flag Link Fri Jun 5, 2009
Hi there,
Garden City as an area is reporting a healthy number of properties under contract and closed on the LI MLS. You ask if it is a buyer's market and if houses valued for $1MM are selling for less and the quick answer to both of those questions is yes. There is good inventory on the market and while prices have taken a hit over all, the greater "discounts" are on homes in higher price points. In addition, buyers are smart and, in this price bracket, want to, if possible, stay under $1MM in order not to subject themselves to NYS's Mansion Tax. That said, houses priced well and not requiring a lot of work are selling at a good pace. And, the price point you ask about is seeing good activity. There are definitely buyers out there.
Garden City is a wonderful community with much to offer (as you know, your zip is 11530!) and I have customers who are actively looking in the area. If you are interested in listing your home, or would like more market trend information, feel free to email me at maggie.keats@elliman.com. It would be my pleasure to talk to you and help you in any way I can.
0 votes Thank Flag Link Fri Jun 5, 2009
Know the area well, so if you need assistance feel free to call or e-mail. You have many options within your budget, and yes, houses are selling in Garden City and believe or not bidding wars do exit. You may also want to check MLSLI.com under closed properties and see for yourself.

0 votes Thank Flag Link Thu Jun 4, 2009
Funny you should ask that. I just went on MLS and saw more contract than I could believe that were signed recently in Garden City. I have been doing mortgages there for both buyers and those who want to refinance for over 10 years. I now have 1 house in contract, and have 3 active refis, including one closing tomorrow. Homes are going into contract right now in all price ranges. It was a little slow during the winter, but it has really picked up recently. Garden City encompass a large area geographically for a village on Long Island, and there are many homes. If there is any information I could help you with, particularly about mortgages, please feel free to call or e-mail me.
Robin Silverberg
Senior Loan Officer
Preferred Empire Mortgage
0 votes Thank Flag Link Thu Jun 4, 2009
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