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Apartment Hunting in Queens- Tenants looking have no clue how many dozen others are looking for the same type apartment.Average new listing is show an average of 10-20 times in a week. The New York City real estate market is one of the hottest in the country, if not the hottest.
The second quarter of this year saw an unprecedented increase in all residential home sales in the New York City real estate market.
Not surprisingly, the average sales price in the New York City real estate market increased significantly in one year’s time.
In continuing with the trend, Manhattan condos again had the largest impact on overall sales prices in the greater New York City real estate market. The New York City real estate market is so massive, and covers such a wide spectrum of demographics, that we have decided to cover each borough individually.
No more than a few months removed from the first quarter of this year, prices in the Manhattan housing market have resumed their upward trend after a short period of stagnation. The Manhattan real estate market has benefited immensely from several key indicators: a strong local economy, employment gains, a booming tech center, tight credit conditions, low inventory and low mortgage rates.
Buyers continue to be challenged by a distinct lack of inventory and the speed in which the market is moving.
The Brooklyn real estate market, much like its neighboring boroughs, saw housing prices surpass previous records. It wouldn’t be right to discuss the state of the New York City real estate market without crediting Queens for its most recent contributions. If you haven’t noticed the trend by now, New York City is one of the hottest housing markets in the country.
Despite being separated from the rest of New York by a sizeable bay, Staten Island has seen an uptick in real estate activity on par with the other boroughs.
Small-Town Feel:While Staten Island is itself a big city, it has inherited a small-town feel. Affordability: Rental prices on Staten Island are noticeably less than in other popular areas of the city, which would explain the recent influx of young renters. Location: There is no denying that Staten Island’s close proximity to Manhattan has made it a desirable place to live. Selective Development: Staten Island real estate investing has seen a renewed interest in selective areas.
The boroughs of New York have experienced a real estate boom as of lately, and the Bronx is no exception. The Bronx has captured the attention of the entire New York City real estate investing community, as both commercial and real estate investors have taken a keen interest in the area. Today, the Bronx is hot on the heels of Brooklyn and Queens in today’s real estate boom, and shows no signs of slowing down.
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From absorption rates to sales prices, the borough of Queens continues to enjoy a strong real estate market. As Brooklyn continues to become its own entity rather than simply a cheaper alternative to Manhattan, prices in the borough have been on the rise.

Additional reports have found that the median sales price for Queens sales and rental markets has increased by double digits when compared to last year. Overall, the west Queens region, which includes Corona, Glendale, East Elmhurst, Maspeth, Jackson Heights, Ridgewood and Middle Village, experienced the largest increase in sales prices. While the overall picture was one of increased prices, a few areas did see a decrease in prices.
Despite a decrease in sales prices in some areas, northwest Queens has experienced a 10.2 percent increase in rental prices from $2,528 to $2,787 when comparing year-to-year figures. Copyright © 2002-2008 , An independently owned and operated member of The Prudential Real Estate Affiliates,Inc. In 2015, the judge presiding over a NY divorce case sanctioned an attorney who represented himself in the divorce case. Supported by a strong economy and even stronger fundamentals, New York continues to make improvements to its housing sector. At $10.4 billion, home sales in all five boroughs increased an impressive 17 percent over the course of a year.
As recently as the second quarter of 2014, the average sales price in all the five boroughs was $826,000. Over the course of one year, the sales price of the average Manhattan condo increased 31 percent to $2,353,000. The increase may be attributed to a stall in inventory growth, as bidding wars have raised prices. For these reasons, and many more, Manhattan saw increases in every housing indicator over the previous year. Today’s sales price represents the highest it has been since the market peaked in the second quarter of 2008, when sales prices reached $1,025,000.
Nonetheless, sales activity is higher than the long-term average, and experts expect conditions to improve for buyers in the coming months.
The rate in which prices have appreciated served to place more homes on the market, as owners were more inclined to sell for higher profits. However, that record was short lived, as this last quarter saw sales prices raise even higher. During the second quarter, 2,539 homes were sold, which represents a 1.1 percent decrease from the previous quarter. The northeast section of Staten Island has seen a lot of money put into development of waterfront neighborhoods. Younger generations, in particular have begun to move to Staten Island for many of the reasons listed above. Not to be outdone by its neighboring boroughs, the Bronx has positioned itself to receive a steady flow of commercial and residential activity. Individual investors and huge developers have migrated their attention towards the Bronx and its promising future.
In fact, during the last quarter, the absorption rate in Brooklyn was the fastest it has been in eight years with sales increasing by 8.8 percent when compared to the second quarter in 2015.
As a result, Queens is enjoying the “spillover” from Brooklyn as prices in Brooklyn continue to rise. When comparing June 2015 and 2016 figures, the median sales price for a home in Queens increased by 20.8 percent from $385,001 to $465,000. The Rockaways, for examples, experienced a 5.4 percent decrease from $387,038 in June of last year to $366,020 in June of this year. You can replace and put wood floors but at your own expense.If you see something unique, be prepared financially and have your paperwork handy. Positive gains were seen in all five of New York’s boroughs, and it looks as if the trend will continue. Sales in Manhattan saw the biggest increase, as they proceeded to surge 20 percent in the last year to $5.96 billion. Even in the face of steep gains, the number of sales in the same area increased a modest 2 percent.

As a result, there are few markets across the country that can rival the housing activity witnessed in Manhattan.
The average price per square foot went up 5.7 percent from the previous quarter, and is now about $1,340. At this point, Manhattan should contribute immensely to New York City real estate investing, or at least to those looking at higher-end flips.
Increases in the Brooklyn real estate market are directly correlated to improving economic conditions and low, but ever-increasing inventory numbers.
No more than four months ago, homes were on the market for an average of 112 days, or 34.8 percent longer. Perhaps even more importantly, however, are the proactive steps towards building a better housing sector the new mayor has taken. Over the course of a year, home values in the Bronx real estate market increased by as much as 7 percent.
Over the last decade, the Bronx has experienced increasing demand for housing but unfortunately did not have the supply to meet it. Thanks to a strong local economy combined with rapid employment growth and ongoing population growth expected for the area, demand for real estate in both boroughs is expected to remain strong. Furthermore, the borough saw an increase across all property types, including one-, two- and three-family homes, condos and co-ops. Central Queens, which includes Forest Hills, Floral Park, Rego Park, Queens Village, Fresh Meadows, Bellerose and Hollis Hills, saw a 35 percent increase from $311,670 to $420,750.
At the same time, rent for two-bedroom apartments decreased by 14.3 percent from $3,400 to $3,996. New York City real estate investing, both commercial and residential, looks as if it will see a lot of activity in the coming months. Total considerations for residential sales in Brooklyn jumped 10 percent, and are now approximately $2.16 billion. Recent data suggests that sales prices recently rose an additional 0.7 percent to $788,529. Over the course of a year, the amount of time a home spent on the market declined by 36 days. Perhaps even more importantly, sales volume continued to rise in the face of falling inventory. Bill de Blasio has launched a massive affordable housing construction campaign to contribute to the growth of New York City. Home sales in the Bronx are highlighted by several promising areas: Riverdale, Fieldston, Parkchester, Westchester Square, and Castle Hill, Soundview. Queens has also seen the number of available homes decrease by 14.5 percent while the average price increased to $526,943 making it the highest price the borough has experienced in 13 years.
Data highlighted by the Real Estate Board of New York’s (REBNY) Second Quarter Residential Sales Report suggests that all five boroughs saw increases in total consideration, sales volume, and average sales prices in the second quarter of 2015.
Not surprisingly, larger apartments saw prices increase at a faster rate, outpacing their smaller counterparts. However, the number of sales remains 2.1 percent above the 2,619 ten-year quarterly average.
Demand in Brooklyn should catch the attention of the New York City real estate investing community.
The Queens borough is just one example of why New York City real estate investing is such an attractive option for investors. Meanwhile, Sunnyside and Woodside have both seen a double-digit increase in condos as well as one-, two- and three-bedroom homes.

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Comments to «Real estate market in queens ny 2015»

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