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Most of the country is still struggling to recover from the Great Recession, including the real estate market. Economist and many others once regarded New York City as relatively immune to housing bubble trouble.

astoria condo auction

Not so, this time around. The adverse effects of developers and investors throwing up new homes at remarkable speeds are still being felt here. Curbed NY recently reported that a condo building in a Astoria, Queens, is going on the auction block in February with apartment prices being slashed up to 67%. The building failed to sell 25 apartments, despite fantastic city views and top-of-the-line amenities. If you’re in the area, open houses begin this weekend.


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9 Responses

  1. Judi Painted it says:

    I dont live in NY (Philly girl here), but Im told its insane expensive. Nice view in the pic.

    • Lili says:

      You're right, housing is very expensive here. You won't get nearly the space for the money that you do in Philly. But the apartments in this auction are starting at $195 which is *well* below the market price.

    • Lili says:

      Make that starting at $195K ;)

  2. I love the colors in the room make everything so pleasant looking

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  4. pixelecho69 says:

    Wow I have family in NY and I was told back then that it was expensive to live in the city I just didn't understand it but now I do ! It's crazy

  5. Irma says:

    A good write up just what I was looking for.

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Lili ZarghamiLili is Editorial Director of HGTV.com. Her personal obsessions include looking for just the right sofa, ogling real estate listings, and reading floor-plans. She has an admitted "chair problem," collecting...


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