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
Groups warn about upcoming tax lien sales
Groups warn about upcoming tax lien sales
Popular Stories
Photos by Suzanne Monteverdi/QNS
PHOTOS: 'The Crown Room' is the newest hot spot on Bayside's Bell Boulevard
Photo via Shutterstock/Inset via Twitter (@JJGotti27)
Mob veteran, Gotti grandson & five other Queens guys pinched for arson and robberies: feds
Photo via Wikimedia Commons/Matthew Straubmuller
Paul Simon will play an intimate concert in LIC to support local arts nonprofit


Skip to toolbar
Web Analytics