BY SAMANTHA WANDERER
The average price of a condo in Long Island City has passed the $1 million milestone, making it the first neighborhood in Queens to reach this mark, according to a new report from Modern Spaces.
The report covered residential real estate trends in the Long Island City, Flushing, and Astoria neighborhoods in the third quarter of 2019. It detailed growth in both rental prices and condo sales.
All three neighborhoods had a quarterly increase in closed prices. The average condo price in Flushing increased this quarter, and it is now approaching the $1 million mark at $911,751 per unit. Astoria’s closed unit prices increased by 8 percent, and the price of units in contract rose by 9 percent this quarter.
The price of Long Island City units that entered into contract also rose by 8 percent. This increase can be attributed in part to new luxury developments, but older units have not lost their value either. The neighborhood’s most expensive unit sold in the third quarter was actually from a building constructed in 2008, The Powerhouse Condominium.
The average price of closed units in Astoria rose by 8 percent this quarter, and closed sales rose by 5 percent. This put Astoria’s sales at a 54 percent increase from last year. The rental markets in Long Island City and Astoria both saw a quarterly increase in the net price of units per foot: up 6 percent for Long Island and 14 percent for Astoria.
Long Island City’s rental prices are up by 5 percent year over year. The market is expected to keep growing, despite new rent regulations that took place in June that might have slowed it down. Queens Plaza had the most growth in Long Island City this quarter, with the average net price per foot rising 9 percent.
Astoria’s rental market is still made up largely of one and two bedroom units, and 82 percent of the market’s inventory met this description.
To see the full report, click here.
