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Homes in Ridgewood

Buying a home during the market crash in 2008 might have seemed like a scary proposition back then, but those who did are now cashing in, according to a recent study by Property Shark.

The study analyzed data on all the condos and co-ops that were purchased in New York City in 2008 and then sold a decade later in 2017, and the results showed a $177,000 increase in median prices overall. In Queens, prices rose roughly 32 percent during that time and the median price is now $285,000.

With inflation factored in, the median price would have been $258,000 in 2008, meaning the current price increase would be a more modest 10.5 percent.

The neighborhoods in Queens that saw the highest increases in real estate pricing are easy to guess. Long Island City saw the most expensive transactions and a median price increase of $285,000. The most expensive sale in the borough was a unit at 509 48th Ave. that sold for nearly $2 million in 2017, which was a 70 percent jump from what it sold for in 2008.

Astoria showed the largest increase in median price at $310,000. Ridgewood and Glendale also saw a significant increase of $170,300 in median price, likely a byproduct of neighboring Bushwick showing one of Brooklyn’s largest price increases.

As for the most active area of Queens related to this study, Forest Hills had 31 properties that were purchased in 2008 and sold in 2017, but its median price rose just $57,000.

Still, there were many areas in the borough that fell on the opposite end of the spectrum. Queens had the most neighborhoods with no sales that qualified for the study, and seven ZIP codes actually saw a decrease in sale price.

One property in Broad Channel sold for $31,000 less than it was purchased for in 2008, while another sale in the Laurelton area went for $17,000 less.

In Howard Beach, an area that was hit hard by Superstorm Sandy in 2012, eight qualifying sales were made at a median loss of $11,250.

The study also notes that Queens and Brooklyn had the same number of properties that were purchased in 2008 and sold in 2017, but Queens remained much more affordable.


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