Still solvent, with one little exception

Posted by Steve on Friday, May 4th, 2007

Did you know there’s a site that will tell you whether your property values are doomed? It’s true! ZIP code by ZIP code, PropertyShark’s handy Bubble Trouble map lets you know whether you’re still breaking even or should probably go ahead and start selling off pieces of your home as lumber.

The verdict for Central Queens? You’ll be pleased to know that Forest Hills, Kew Gardens and Briarwood are all doing great. Rego Park, however, is in “Triple Bubble Trouble,” the site’s most heinous designation, with drops in number of sales and value of sales plus increased foreclosures. I find this odd considering that Rego Park might be the neigborhood I’d least expect to be in Triple Bubble Trouble. It is, after all, right next to prestigious Forest Hills while being significantly cheaper, and the home to a fairly wide selection of shopping, restaurants and services. It’s got a subway stop and a big community of one of the more affluent immigrant groups out there. If it’s overvalued — and I’m not saying it isn’t — all neighborhoods are overvalued. So what’s the problem? I could understand a drop if the surrounding areas were also affected, but PropertyShark says they’re not.

I’m personally a fan of Rego Park and think the neighborhood has great potential — I would and do recommend it to anybody who’s budget-conscious but still wants a safe, busy and diverse place to live. But it looks like that sentiment is all too rare these days. Three frowny faces don’t lie. Of course, all this gloom only applies to current residents. If you’re looking for a deal and don’t mind taking a little gamble, the market’s loss is your gain.

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