26 OCTOBER 10, 2019 RIDGEWOOD TIMES WWW.QNS.COM
GLENDALE & RIDGEWOOD: OUR NEIGHBORHOODS
Glendale’s real estate values may be hot, but
experts say that they’re starting to level off
Photo: Max Parrott/QNS
BY MAX PARROTT
MPARROTT@SCHNEPSMEDIA.COM
@QNS
While Ridgewood has received an influx of millennial
renters driven up the L train corridor in
search of slightly cheaper corridor, Glendale has
remained insulated from those kind of shifts.
The sleepier neighbor to Ridgewood, is filled
with more homeowners. Its lack of transportation
options have insulated it from both from upzoning
and high-rise development. Its housing stock
is filled with older fixer-uppers. But that doesn’t
mean that its property values haven’t grown in
recent years.
In fact, Bob Kueber, a broker Coldwell Banker
Kueber Realty, says that property values are
starting to level off.
“They were climbing at a very steep rate. When
you looked at the average sale price and at $1 million,
that’s a lot. That’s really hot for this area,”
said Kueber.
While most of the new development that’s happening
in Ridgewood, a large amount of the housing
that enters the market for sale in Glendale is
either from estate sales of people who are trying
to take advantage of flush conditions.
Kueber says that the amount of turnover from
sales in recent years stayed remarkably high.
“From January to September there were 113
listings that closed. That’s a lot,” Kueber said. “Of
course that means, you know, houses were coming
to market and they’re getting snapped up.”
According to 2018 American Community Survey,
ZIP code 11385, which comprises Ridgewood and
Glendale, had over twice as many rental units as
owner-occupied. Kueber said that in Glendale,
the ratio skews higher toward homeownership
because they housing stock tends to consist more
of smaller one-family houses.
According to StreetEasy, Glendale had about
one fifth of Ridgewood’s rental stock as of this
August.
With a smaller population like Glendale’s, that
means that when the price climbs above $700,000,
Kueber said that it puts the customers who could
afford it in short supply.
“If you’re going to buy, this is the time to buy
you. Even with that higher cost, your mortgage
payment is still manageable because of the interest
rate,” said Kueber.
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