This Month in Queens Real Estate: DEC 2014
by queenshometeam
 Queens Real Estate Talk
Dec 17, 2014 | 474 views | 0 0 comments | 16 16 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends

Dec 2014 Queens NY Market Update 

The pace of home sales continued to decrease in November and inventory continued to track below last year’s levels as well.  Sales are well below those seen in the same month last year while prices are well above those seen in the same month last year. Prices continued to track above those from the previous year. Inventory continued to decline heading into the colder months of the year, and they continued to remain below last years levels as well, resulting in fewer home sales. Inventory will likely continue to tighten in upcoming months, but it is unsure what will happen as a result of the decrease in home sales that have been consistently below last year’s levels.

Month’s Supply: 6.2 Months

Last Month: 6.3 Months

Last year: 6.9 Months

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.


Interest Rates

Queens_NY_Interest_Rates

30-year rates remain below 4% after dipping last month due to concern surrounding the global economy and Europe. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.99%; 15-year fixed rate, 3.17%; 5/1-year adjustable rate, 3.01%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_DECEMBER_2014

The seasonally adjusted annualized rate of home sales reached 618 homes in November, this was the lowest pace of sales for all of 2014. The pace of sales decreased 16.7% below last month’s sales pace, and was 16.8% below the same month of the previous year. This was the eighth consecutive month of year-over-year decreases in home sales for 2014. Residential home sales are down 11%, Condo sales are down 30%, and Coop sales are down 21% compared to November of last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_DECEMBER_2014

The median home price for Queens County in November was $415,000, according to the Long Island Board of Realtors. This was .9% below the previous month and 9.2% above the previous year. Year-over-year price growth has been at an average of 7.6% for five consecutive months now, a sign that home prices are still increasing at a significant rate, however, coupled with the consistent decrease in home sales over the second half of the year, it is likely that home prices should stabilize to a more sustainable level in 2015. Residential home prices are up 6.5%, Condo prices are down 1.5%, and Coop prices are up 2.5% compared to November of last year.



Queens NY Housing Inventory

The number of homes available decreased 21.9% compared to the same month of the previous year, with 4,469 Queens homes available for sale in November. This translated to 6.2 months of supply. The decrease in the pace of sales is likely due to lack of inventory, not a lack of demand. We are still experiencing a tightening in inventory conditions which is affecting the purchasing options for Queens home buyers. As we move into the cooler months of the year, we will likely begin to see inventory tighten more for the first quarter, but we are hopeful that more inventory will hit the market in 2015 to help stabilize the pace of sales across the county.

Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.


BUY
www.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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NYC Employment Law — Pre-tax Transit Benefits
by cjleclaire
 Stephen Hans Blog
Dec 17, 2014 | 456 views | 0 0 comments | 16 16 recommendations | email to a friend | print | permalink

As employers, sometimes it is difficult to keep with the employment law changes, which is why you should consult periodically with an employment defense lawyer and stay apprised of new laws.

At the end of October 2014, New York City Mayor Bill de Blasio signed the Affordable Transit Act  into law. Under the new law, NYC companies with 20 or more full-time employees must offer their employees pre-tax transit benefits. The new act follows the limits already established by the IRS , which allows a $130 pre-tax benefit that can be deducted from salaries for mass transit expenses. Advantages the new law offer for employers and employees are:

  • Employees can opt into the new program and save over $400 a year on Metro Card expenses
  • Employers save more than $100 a year per employee in tax liability
  • An estimated 450,000 New Yorkers not currently offered pre-tax transit benefits now have access to them

The new law goes into effect on January 1, 2016. Employers violating the law are subject to civil penalties but have 90 days to correct a violation before having the penalty imposed. Also businesses have a grace period until July 1, 2016 to adjust to the law and are not subject to penalties occurring prior to that date.

The intent of the new law is to make mass transit more affordable for New Yorkers, and it is also an initiative aligned with deal with climate changes.

Stay on top of legal changes by consulting with skilled lawyers. Our employment defense attorneys at Stephen Hans & Associates offer employers decades of legal experience that helps protect their rights along with their bottom lines.

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Head Coach Ben Chobhaphand and assistant coach  
Anthony Dulin with Charles Williams.
Head Coach Ben Chobhaphand and assistant coach Anthony Dulin with Charles Williams.
slideshow
St. John's women still undefeated
Dec 17, 2014 | 145 views | 0 0 comments | 8 8 recommendations | email to a friend | print
The Red Storm shot a season-best 54.5 percent from the floor and saw eight different players score on Sunday afternoon, as St. John’s improved to 9-0 with a 66-42 win at home over NJIT. “Obviously I’m happy that we were able to come away with the win today against an improved program in NJIT,” said head coach Joe Tartamella. “Now we move forward and get ready for our weekend tournament coming up on Saturday and Sunday, which is going to be a great test for everybody involved.” Aliyyah Handford scored a game-high 17 points on 8-of-11 shooting in a contest that saw no St. John’s starter play more than 28 minutes. Danaejah Grant was the second of three Red Storm players in double figures with 14, while Jade Walker finished the game with 11 points. Amber Thompson paced the Red Storm with seven rebounds in just 19 minutes of action. Sunday marked the first time this season that the senior forward, who ranked in the top-five nationally in rebounding coming into the game, recorded fewer than 10 boards in any contest this season. The Red Storm received 20 points from its bench against the Highlanders, a season-high. Kyra Dunn led the St. John’s reserves with seven points, while Imani Littleton added six and Tonoia Wade chipped in five. Selina Archer also added two points for St. John’s. Sunday marked the 50th career win for Tartamella, who became the second-fastest coach in program history behind Vickie Kresse to reach the mark. The Red Storm will enjoy the next five days off to focus on final exams, taking the floor for the opening game of the St. John’s Chartwell’s Holiday Classic against Auburn on December 20 at noon.
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Red Hawks center lands scholarship to Div II school
Dec 17, 2014 | 128 views | 0 0 comments | 8 8 recommendations | email to a friend | print
Head Coach Ben Chobhaphand and assistant coach  
Anthony Dulin with Charles Williams.
Head Coach Ben Chobhaphand and assistant coach Anthony Dulin with Charles Williams.
slideshow
LaGuardia Red Hawks center Charles Williams has made school history, becoming the first LaGuardia Community College basketball player to sign an athletic scholarship to attend a four-year college. The 6’9”, 270-pound shot-blocking center will play for Division II Dominican College in Orangeburg, New York next fall. “Charles was and is great as a Red Hawk,” said Coach Ben Chobhaphand. Williams’ scholarship also marks the fulfillment of a promise Chobhaphand made when he recruited the Astoria resident and former William Cullen Bryant High School standout to play at LaGuardia. “Coach said if I came here and played for him I would get into a great school,” Williams said. “I just felt that, with my coaching and his ability, we could help him become a scholarship player,” Chobhaphand said. “His physical size, his coordination and athletic ability for someone his size, I knew we could get him a scholarship.” “As far as the coaching staff, it’s one of the best you could ever ask for,” Williams said. “They’re the best in Queens. Every one of us (players) is going to graduate. We’re not just here to play basketball.” Chobhaphand said he knew of Williams abilities, having coached against him when Williams as at Bryan and he was coaching at Forest Hills High School. “There are not a lot of 6’9” tall, 270-pound gentlemen out there, so he was easy to remember,” Chobhaphand said. “He’s the same size as Lebron James.” Chobhaphand said Williams was one of the first players he recruited after being named LaGuardia coach last year. Williams said he wanted to play for Chobhaphand, whose coaching has produced several professional basketball players, including former Forest Hills High School and St. John’s University standout Maurice Harkless, now of the Orlando Magic. Williams said he will miss LaGuardia’s fans, who have been very supportive of the two-year-old team. “LaGuardia fans, they surprised me,” Williams said. “I did not think we would have so much support, but we have a lot of great fans at LaGuardia. I’m definitely going to miss them.”
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