How does Long Island real estate compare?

Long Island is still one of the wealthy markets so the median prices over here are always going to be better than what it would be than in Detroit ... The seepage is coming more from Manhattan. Their prices are going up. New York City is still one of the most stable places around, only because of the amount of immigration and the amount of apartments that exist in New York City, Brooklyn, Queens, where people could become homeowners, if we can show them that they have the ability.

Downtown Brooklyn 'Renaissance'

Amid the low-end retail outlets, dentists' offices, and courthouses that dot the neighborhood, 11 new condominiums and rental buildings — a total of 1,480 units — are welcoming their first residents.

The newcomers are a mix of Wall Street bankers attracted by the short commute to Lower Manhattan, families trading in their Brooklyn brownstones for condominiums, and 30-somethings fleeing high Manhattan prices, brokers and new residents said in interviews.

Rise in NYC real estate value smallest since 1998

New York City property values will rise 1.44 percent in the new fiscal year, the smallest increase since 1998 when the market climbed a mere 1.35 percent, city finance officials said on Tuesday.

The value of commercial buildings, hotels, apartments and homes will climb to $807 billion from $796 billion last June, the city's Department of Finance added in a statement.

New York City's real estate market has been one of the nation's strongest; the current value is more than double the 1998 total of just under $300 billion.

Housing Slump Hits Long Island as Home Sales Drop

Jan. 16 (Bloomberg) -- Long Island and Queens home sales dropped 25 percent in the fourth quarter and the inventory of properties surged as the housing decline hit residential areas east of Manhattan, Miller Samuel Real Estate Appraisers said.

Sales fell to 6,359 from a year earlier. The median price declined 3.2 percent to $425,000, New York-based Miller Samuel said in a report issued today. A total of 38,769 homes were on the market, 41 percent more than a year ago. The survey excludes the Hamptons.