Share on FacebookTweet about this on TwitterEmail this to someone
Share on FacebookTweet about this on TwitterEmail this to someone
Photo: Google Maps
Photo: Google Maps
St. Albans is one of the neighborhoods with a high number of house flipped.

Property values in Queens are steadily on the rise thanks to house flipping.

According to a study conducted by the Center for NYC Neighborhoods, the flipping of small houses have caused an enormous increase in the price of homes within residential neighborhoods, and reduced the number of available, affordable homes.

The study defined “home flip” as a home that is bought and sold within a 12‐month period.

As of 2015, the study showed that Queens neighborhoods such as South Jamaica, St. Albans and Springfield Gardens saw some of the most dramatic increases in property value. These neighborhoods experienced a total of 246 flips over the course of the year.

It was also found that resale profit of homes in New York City as a whole has come to produce an approximate $200,000 payout, more than double the national average.

Currently, house flipping is more profitable than it was at the peak of the housing bubble.

 

Comments:

Join The Discussion



Related Stories
‘We must be bold’: City Council candidate wants community to weigh in on Willets Point site
‘We must be bold’: City Council candidate wants community to weigh in on Willets Point site
City is ‘not shying away’ from Willets Point development project, EDC president says
City is ‘not shying away’ from Willets Point development project, EDC president says
Popular Stories
Rendering courtesy of Cuomo's office
Cuomo announces $375M plan for LIRR Jamaica Station, Port Washington line upgrades
Photo courtesy of Twitter/DOTNYC
You can now pay for on-street parking in Queens using the ParkNYC app
Photo via Google Maps
UPDATE: Cops have a man in custody for two sex assaults of females at a Flushing park


Skip to toolbar