Jamaica Estates tops list of NYC neighborhoods where home sales have risen most

Jamaica Estates tops list of NYC neighborhoods where home sales have risen most
By Gina Martinez

Jamaica Estates topped the list of New York City neighborhoods where home sale prices have risen the most, according to a new report from the real estate blog Streeteasy.

Streeteasy looked at areas in New York City where closing prices were up by the largest amount from the third quarter of 2016 to the same period in 2017.

“Changing sale prices can reveal a lot about the strengths and appeal of a neighborhood,” the blog said.

According to Streeteasy, while median recorded sales prices show where prices are rising, this is not necessarily an indication that the value of all homes in the area have gone up. The metric used indicates that the overall price of homes in the area is increasing based on the homes sold within the given time period. Streeteasy also said that quickly rising prices can indicate a changing landscape.

“The price of homes in a neighborhood can go up for many reasons,” Streeteasy Senior Economist Grant Long said. “For example, the value of existing homes in the area may have gone up. Bigger homes may be for sale in the area or newer, more upscale homes may be on the market.”

At No. 1 on the list Jamaica Estates had a median recorded sales price of $435,440, up 186 percent with 34 recorded sales over the 12-month period. According to Streeteasy, Jamaica Estates has long been considered a “sleepy bedroom community” but has been back in the spotlight after the election of President Donald Trump, whose childhood home is located at 85-15 Wareham Road. His early childhood house was put on the market recently and is currently being rented out on Airbnb.

Despite the publicity surrounding the president’s home, Streeteasy said Trump cannot take all the credit for the neighborhood’s recent popularity, saying it has been a place to watch for a while now. The blog attributed upsurge in prices to “healthy growth in population since 2011, strong growth in interest among buyers and renters, comparatively low prices and convenient access to the New York City subway and Long Island Railroad systems.”

Coming in second was Clearview, which Streeteasy indicates is a section between Whitestone and Bayside. The median recorded sale price in Clearview was $650,000, up 132 percent from the year before with 51 recorded sales.

Behind Clearview was another northeast Queens neighborhood, Little Neck, with a median recorded sales price of $607,000, up 117 percent from the previous year with 80 recorded sales.

Rounding out the top five was another surprise with Elmhurst, which had a median recorded sales price of $692,000, up 69.7 percent from 2016, with 126 recorded sales.

According to Streeteasy, contributing factors to the higher prices in Elmhurst are the rising population, proximity to subways and the current price level as key indicators of the neighborhood’s growing appeal.

“Elmhurst’s recent surge in recorded sales price and volume cannot be ascribed to new development activity,” the blog said. “Instead, the major sales in Elmhurst reflect the mixed housing stock of the neighborhood, and include a large share of multi-family homes. Last quarter, Elmhurst saw several multifamilies sell for nearly $1 million.”

The only neighborhood outside of Queens to make the top five was Midtown South, which came in fourth with a median recorded sales price of $1,339,591, up 107 percent from 2016, with 36 recorded sales.

Reach Gina Martinez by e-mail at gmartinez@cnglocal.com or by phone at (718) 260–4566.