TRENDS & DATA

Queens Prices Reach New Highs Despite Slowdown in Manhattan and Brooklyn

Queens Prices Reach New Highs Despite Slowdown in Manhattan and Brooklyn

By Emily McDonaldSep. 26, 2018
Image of queens home prices
Home prices in Queens rose 7.1 percent since last year, reaching a new high of $536,028, according to the August 2018 StreetEasy Market Reports[i]. Home prices in Queens are now 23 percent higher than they were in 2013, driven largely by the overwhelming demand for affordable homes across the city.
Despite the fast pace of price growth, Queens remains relatively affordable compared to Manhattan and Brooklyn where prices were stagnant at $1,154,908 and $726,874, respectively. Queens also had the highest share of price cuts in the city at ten percent, up 3.4 percentage points over last year. Queens homes moved off the market quickly, selling after a median of 62 days, more than a month faster than the 99 days homes spent on the market in Manhattan... Clique link above to read full report...

Comments

Post a Comment

Popular posts from this blog

NYC Sales Market Strengthens in April!!

Image
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the  StreetEasy April 2019 Market Reports,  the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context:  The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. Th...
Read more

Anne Eisenhower Finds Buyer for Her $35M Southampton Estate

Image
Claverack, the  $35 million  Southampton estate belonging to  Anne Eisenhower (yes, like the president!) has finally found a buyer. Sotheby's Harald Grant, who's listed the property for years now, "confirmed" to the  WSJ  "that the three-story house ... was in contract and due to close before the end of the year." Sadly, Grant stayed mum about the price, but most brokers still think it'll rank as one of the top sales of the year. And seeing how Eisenhower paid  only $5 million  for the place in the '90s, she stands to profit no matter what. In other news, if all this talk about Eisenhower has left you wanting more history, take a look at  this post , which shows how Claverack has changed over the years by Ian Ratner,Curbed ---------------------------------------------------------------------------------------------------------------------------------- A historic 19th-century Southampton mansion owned by Anne Eisenhower, a gran...
Read more

WHEN IS A COMMITMENT LETTER NOT A BANK COMMITMENT: WHEN THE PURCHASER FORFEITS THE DEPOSIT BECAUSE OF IT

WHEN IS A COMMITMENT LETTER NOT A BANK COMMITMENT: WHEN THE PURCHASER FORFEITS THE DEPOSIT BECAUSE OF IT   All real estate agents and purchasers beware!! In residential real estate transactions where financing is involved and the contract of sale is contingent on the purchaser's ability to obtain financing (of course there are transactions which allow the purchaser to obtain financing that do not provide for a contingency), it is imperative the purchaser and the buyer's agent understand the complexities of the mortgage clause in the contract of sale.   The purchaser has been pre-approved by a lender and the transaction is well on its way to a successful conclusion depending on the application review by the cooperative corporation or condominium board of managers, if applicable. True to her word, the lender issues a commitment within forty-five days of the contract execution. Unfortunately for the purchaser, seller and the real estate agents, the commitment is anyth...
Read more