Real estate website PropertyShark surveyed industry professionals to gauge what neighborhoods would be considered “hot” this year and Long Island City made the list.
The survey, which ran on PropertyShark’s website for one month, was taken by 132 residential brokers, investors and appraisers. Long Island City was the only Queens neighborhood to make the list and ranked number seven, the same ranking as last year. Astoria, which ranked eighth in last year’s list, did not make the cut this time.
In the survey, seven percent of respondents identified Long Island City as one of the top 10 hottest neighborhoods. The median sales price for homes in the neighborhood in 2017 was $435,000, a drastic decrease from the 2016 median sales price — $825,000.
The survey also asked professionals if they thought the L train shutdown would spur Williamsburg residents to move away. Many said yes, with 54 percent of respondents saying the top alternatives for renters would be Bed-Stuy, Brooklyn Heights, Long Island City, Park Slope and Jamaica.
A majority of respondents — 70 percent — also agreed that buying a home will still beat renting in 2018. The year is also considered a buyer’s market rather than a seller’s market, according to the majority of respondents. In the survey, 57 percent of real estate professionals said the market favors buyers this year because of an increased supply of new inventory.
“I think 2018 will see a lot of new development inventory in presales in NYC and Brooklyn,” said Zen Avery from Niche Real Estate. “With many new developments seeing closings end of 2017 into the new year of 2018 I think developers are going to have to compete with almost brand-new product ready to move in on the market. It should create a price leveling or better back-end concessions for buyers.”
To read the full survey, visit PropertyShark’s website.
