Prospective buyers of condos in Long Island City will need to have deep pockets — that are hopefully getting deeper.
With the heavy demand for condos in the burgeoning neighborhood, the price of a condo in the market crossed the $1,000 per square foot marker in the first quarter of the year, according to a report by broker Modern Spaces, which expects prices to continue to rise even higher.
Homebuyers pay an average of $877,778 for a condo in Long Island City now, according to the brokerage’s Q1 2015 Market Report.
“Long Island City home prices have been increasing steadily over the past few years,” said Eric Benaim, CEO of Modern Spaces. “The demand for new homes here remains strong and will continue to drive prices higher.”
Last year, no new condos came to the market, according to Benaim. But some condo buildings planned for construction will begin sales of units this year, bringing an influx of new inventory.
Specific prices in these buildings have yet to be announced, but representatives said studios will start in the $400,000s in Liv @ Murray Park North.
That will be a deal for prospective homeowners, since the average price for condominiums in LIC is $678,333 for a studio, $820,000 for a one-bedroom unit, and $1.1 million for a two-bedroom apartment, according to the report.