Reviving the real estate market in southeast Queens is proving to be a challenge as developers face the difficult decision of pressing forward during uncertain times. NY1's Ruschell Boone filed the following report.
Vacant homes, broken windows, and houses in disrepair -- a snapshot that captures parts of Far Rockaway. It's a far cry from what Susan Anderson was expecting to see when she bought her beach bungalow in 2004.
"The fact that some of them are falling into disrepair, the redevelopment, broken glass and not necessarily being maintained is problematic," said Anderson.
After years of neglect, many thought redevelopment would make the area very desirable. But some developers have now abandoned their projects.
"Sell it, flip it, get out and somebody else eats it. That's happened too much out here," said Anderson.
For decades, much of the land in Far Rockaway was vacant or abandoned. In 1999, the city partnered with the Briarwood Organization to bring below market rate waterfront housing to the Arverne section, sparking building projects in and around the area.
The Arverne projects are still doing well while some developers are struggling to sell. Vincent Riso, a managing member of the Briarwood Organization, says many lack experience.
"Every time the economy rises, everybody and his brother wants to be a developer. And as soon as there is a glitch in the economy, these so-called developers run for the hills," said Riso.
Some who aren't running from the area, however, are renting.
"A lot of them have made the decision to take in city clients section 8 programs and other programs," said Community Board 11 District Manager Jonathan Gaska.
While the effects of the housing slump are very apparent in the neighborhood, local leaders say what's not easily seen is the impact it has had on the local job market.
"When they stop building, those jobs are no longer there," said Gaska.
"The department of preservation and development and the New York City Housing partnership and Obama's workout plans, they are actively working to assume many of the buildings that have been boarded up and abandoned," said Riso.
The renewed efforts would be a welcomed change for homeowners like Susan Anderson who are trying to stabilize, if not increase their property values.