While much of NYC’s real estate industry frets about the fluctuating state of the luxury market, in some areas business is booming. According to a recent study by StreetEasy, parts of Queens are on fire and the trendiest and most established parts of Brooklyn — Dumbo, Brooklyn Heights, Cobble Hill and Fort Green — are also enjoying brisk business.
Homes in northwest Queens (Astoria, Long Island & Sunnyside) and the aforementioned Brooklyn neighborhoods spent a median of 70 days on the market during the third quarter, down from the previous year. Properties in south Queens (Jamaica, Ozone Park, Richmond Hill and Woodhaven) fared even better with a median 60 days on the market.
Continued construction and the availability of amenity filled buildings have made northwest Queens very popular. Ease of access to NY transit is another major factor. Many of the neighborhoods have a quick commute into the city, with plenty of local restaurants, stores and activities providing a life-work balance. Though these neighborhoods are expensive, their properties’ relatively short time of the market proves that buyers are willing to pay to get everything they need.
Another factor, of course, is price. The outlying Queens neighborhoods are markedly lower in price than their Manhattan-hugging counterparts and are thus cheaper. When buyers are looking for deals, it’s to these areas they flock. The same can be said of East Brooklyn, including Bed-Stuy and Crown Heights. Here new condos are far cheaper than other parts of the borough such as neighboring Prospect Heights. The time on market for these condos has decreased by 11 days compared to the previous year. The interest for condos priced around the $500,000 mark was highlighted in a recent story in AM New York, which focused on two developments being brokered by Bracha, 335-341 Nostrand Ave and 627 DeKalb Ave. Many of the listed condos are already under contract in both developments.
“We have seen tremendous enthusiasm for 335-341 Nostrand Avenue.,” said Ilan Bracha in the story. “Firstly, it’s a solid product. It’s close to the subway, so obviously the location is crucial. Then the price point makes sense. Why rent when you can own a condo and the mortgage will be less than the rent?” Emphasizing the need to remain flexible, Ilan added, “You always have to adjust to the market to remain relevant. As long as you price right, you can be successful.”