Half of Queens Homes Now Selling Below $400K

For the first time since at least 2005, half the apartments and houses in Queens cost below $400,000. A new report from Miller Samuel and Douglas Elliman pegged the median sales price for the first quarter at $393,000, representing a 4.8 percent annual decline and a slight drop, too, from the fourth quarter of 2008.

A sign of the times? Perhaps. Actually, probably so, given that the first-quarter numbers reflect deals negotiated post-Lehman.

The number of...

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