Queens Real Estate Up 22% in One Year
Thursday February 16, 2006
Multiple Listing Service reported that the average Queens home sale price increased 22% in the last year , according to the Real Deal website.
"The average closing sales price of a home in Queens was $500,000 in January, up from about $475,000 in December and from about $410,000 in the same month last year."That's even a hefty five percent jump from December to January, and in total proves that Queens is one hot real estate market. It also backs-up the recent report I had from real estate agents that real estate prices in Forest Hills had jumped up in the last few months.
It's great news if you're a homeowner, but also it's harsh news if you're uncomfortable with the teardowns in your neighborhood. There are so many three-family homes under construction in Queens that it's hard to imagine who will live in them.
Will real estate prices take a nosedive when all the properties under construction are ready for sale? What are your thoughts on Queens real estate?
Comments
Queens real estate is overinflated and inevitably will come tumbling down. Forest Hills is only setting record high sales prices because it’s one of the very few decent areas left in New York to live. As with all neighborhoods though, it’s declining little by little due to overpopulation, overdevelopment and sprawl.
Once the area reaches that critical threshhold of unlivability, all of these expensive houses will start to see their sales prices rapidly start to decline.
Combine the fact that real esta
flushing homes,will maintain the property value… apartments ,homes! we are 17 minutes to manhattan..more time for your family! more time for your life!
Marc,
New York unlivable? Maybe if you’re from Iowa!
We may be in a real estate price bubble that has encouraged building speculation, but I hardly think Queens or New York is unlivable. On the contrary, I think it’s a great place to live.
No doubt, Queens is getting more urban, but that’s not sprawl. Sprawl is out in Florida and Orange County where farmland becomes subdivision overnight.
I think Stephanie said it very well — Queens is a great location. Work in Manhattan and quickly commute from home in Queens.