From April 1st to today (May 12th) 57 houses went into contract or closed in Elmont, NY. Not bad since everyone seems to think that the market is slow right now. These numbers came from my own reasearch with the help of the multiple listing of long island.
Out of those 57 houses for sale, 16 of them were either foreclosures or short sales. The majority of the inventory consisted of capes and colonials and the prices ranged from $270k all the way to $510K!
A bank owned colonial on Doherty Ave in Elmont, NY sold for $270k. It was only on the market for 22 days. This 3 bedroom, 2 bath colonial needed some TLC and was a great investment property or perfect for the first time home buyer. For $270K the new owner got a great bargain! I took a drive past it a few weeks ago and saw lots of busy workers putting a new roof on the 3 bed, 2 bath colonial. That is probably just the begining of what is to come for that house. I’m sure when all is done the house will be beautiful and have a much higher market value.
Its a shame that there aren’t more investors out there to help the community of Elmont. Where are all the investors for these foreclosures and short sales? We need them to get out there and save this neighborhood! Stop building these huge houses on streets like Meacham Ave and leave those properties for commercial buildings. Go into the quieter streets away from the traffic and noise, find those diamonds in the rough and fix them up and get them sold. You’ll find that you will probably get more money out of your investment and a shorter time on the market.
Source Christina Giannakopoulos Licenced RE Agent
http://www.longislandrealestatehomesonline.com/003422
