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Queens Residential Market Drops, Except for the Pricey Stuff

"The 2Q 2007 Long Island/Queens Market was characterized overall by weakening prices, rising inventory and a declining sales," begins an email from Miller-Samuel, which has just issued its latest report for Prudential Douglas Elliman. Dear God, is the bloom off the Long Island City rose? Someone hold us! Oh, wait, there's more: "However, the changes varied widely by market. Condos showed the most price growth with Queens leading the other markets." In fact, while the median sales price of a Queens residential property fell 4.3% to $469,000 from the same period of time in 2006, the upper 20% of the market showed a 4.6% increase to a $852,973 average sales price. In other words: Rockrose, keep building those waterfront condos!
· Market Reports [Miller-Samuel]