REAL ESTATE
Queens foreclosure numbers begin to decrease: report
BY SUZANNE MONTEVERDI
smonteverdi@qns.com / @smont76
Aft er seeing highs in 2017 not recorded
since the Great Recession, Queens is
beginning to see a decrease in fi rst-time
foreclosures, according to a new report.
An analysis published by researchers
Photo via Shutterstock
Sales in Queens HOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
FLUSHING WOODSIDE JAMAICA WOODHAVEN
Under $500,000
220-55 46th Ave., Bayside
$228,000
Co-op
1 bedroom, 1 bathroom
Emma Velanis
Lovett Realty Inc.
$500,000-$900,000
55-14 Main St., Flushing
$729,000
Condo
3 bedrooms, 2 bathrooms
Wei Lin
Century Homes Realty Group LLC
Over $900,000
162-49 13th Ave., Beechhurst
$1,420,000
Single Family
3 bedrooms, 1 and a half bathrooms
Heather Pickus
Douglas Elliman Real Estate
Under $500,000
50-21 39th Pl., Sunnyside
$228,888
Co-op
1 bedroom, 1 bathroom
Oscar Lopez
RE/MAX Legacy
$500,000-$900,000
37-49 81st., Jackson Heights
$578,000
Condo
2 bedrooms, 2 bathrooms
Ling Qin Lin
Tony & William R E Brotherhood
Over $900,000
69-55 44th Ave., Woodside
$1,525,000
Single Family
3 bedrooms, 3 bathrooms
Lap Chan
Wagner & Kelly Inc.
Under $500,000
116-21 197th St., Jamaica
$439,000
Single Family
3 bedrooms, 1 bathroom
Gary Lewis
Real Estate Authorities Inc.
$500,000-$900,000
242-33 89th Ave., Bellerose
$649,000
Single Family
4 bedrooms, 2 bathrooms
Elsie Tavarez
Listed NY Realty LLC
Over $900,000
129-04 160th St., Jamaica
$1,300,000
Multi-Family
6 bedrooms, 4 bathrooms
Carmela Marra Merollo
Exit Realty United
Under $500,000
63-45 Saunders St., Rego Park
$269,000
Co-op
1 bedroom, 1 bathroom
Benjamin Shen
Century Homes Realty Group LLC
$500,000-$900,000
83-71 116th St., Kew Gardens
$518,000
Condo
2 bedrooms, 1 bathroom
Jisun Kim
Promise Realty LLC
Over $900,000
95-15 91st Ave., Woodhaven
$975,000
Multi-Family
6 bedrooms, 2 bathrooms
Julio Garcia
Winzone Realty Inc.
at PropertyShark determined that
the borough saw a 13 percent year-overyear
decrease in the fi rst quarter of 2018
— opposing the citywide trend. While
Queens recorded 303 foreclosures, the
most of any borough, it was the only borough
to see a signifi cant decrease to start
2018.
Th e borough’s 11434 ZIP code, which
covers areas of Jamaica, Hollis and St.
Albans, continues to record the highest
foreclosure activity in the borough.
A total of 35 foreclosures were reported
in the fi rst quarter of the year within the
ZIP: one of the highest numbers recorded
throughout the city.
In another report released
last month, Jamaica was also
fl agged as one of 10 of the
“most seller-friendly” residential
markets throughout the
city for 2018. Th ere, according
to StreetEasy, homes are
less likely to see a price cut and
sell more quickly than in other
city neighborhoods.
Neighboring ZIPs 11412,
11413 and 11433, which
include the neighborhoods
of St. Albans, Laurelton and
Springfi eld Gardens, also registered
some of the highest
foreclosure numbers in the
borough.
ZIP codes 11361, 11103,
11105 and 11371, covering
areas of Bayside, Astoria and East
Elmhurst, were the only in the borough
to post no foreclosures to start the year.
Th e only other borough to see a
decrease in the fi rst quarter of the year
was Manhattan, which only saw a slight
reduction aft er not registering any substantial
fl uctuations in recent years.
Brooklyn, the Bronx and Staten
Island each saw a 64, 33 and 226
percent increase, respectively.
Aft er peaking in 2008, new
foreclosures in NYC dropped
steadily in following years until
numbers bottomed out in 2012.
A “slow but steady” increase followed.
In 2017, home foreclosures in
Queens surged by 40 percent,
with a total of 1,260 fi rst-time
foreclosures recorded for the
borough that year. Th is mirrored
a citywide trend, according to
PropertyShark, where foreclosure
auctions in the fi ve boroughs
“exploded.”
The PropertyShark study
focused on residential properties
scheduled for auction for the fi rst time in
2017. Residential properties included in
the analysis were single- and two-family
homes and condo and co-op units.
Queens homes
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