BY MICHAEL STAHL
With Manhattan inventory levels as low as they’ve been in recent memory and Brooklyn’s prices reaching inconceivable heights, Queens’ real estate has suddenly become a hot commodity. Certainly, it was only a matter of time before buyers came knocking on the doors of Queens brokers, but with agencies across the Borough reporting the highest sales volume figures in their respective histories this past year, it’s clear that the once-forgotten Outer Borough has finally arrived on the real estate scene, with no signs of retreat.
Six months ago, a Long Island City condo closed for a Queens record $3.35 million, making headlines as the ink dried on the contract. Though the Borough is perhaps best known for humble, middle-class homes, the Long Island City sale indicated that luxury properties were becoming a driving force in the local market, only providing a helping hand to the already-climbing prices. Still, the pacing of the market has been relentlessly fast, with plenty of $1 million-plus homes closing within weeks of getting a listing.
Kim Parshley, a broker at Astoria’s Halvatzis Realty for 14 years, said, “we had nine houses for sale last June and July and sold eight of them in just one day. The prices are the highest they’ve been since I started, and properties are selling extremely fast.”
A key reason for this abundance of movement is the low interest rates available, making once–unthinkable purchases very real possibilities for a diverse crop of buyers.
“The Queens market is aggressively active,” Tomer Hillel, of the Hillel Realty Group in Ridgewood, said. Speaking of the neighborhood in which he works, he added, “In the past year, prices have jumped up roughly 20 to 30 percent. Two-family homes are now selling for up to $900,000.”
Income-generating four-family homes go for $1.2 million, Hillel said, while six-family homes have closed for over $1.5 million.
Here are a handful of homes in various Queens neighborhoods that have recently been purchased, and rank among the biggest sales in the Borough:
A two-family, brick home, this residence is located near two top-ranked Queens schools – P.S. 122 and Frank Sinatra School of the Arts – and features a pre-war design over nearly 2,000 square feet. According to Realtor.com, the property matured in value by nearly $300,000 since its prior sale just eight years ago.
111-22 77TH AVE., FOREST HILLS
Sold for $1.225 million,
(via Madeleine Realty)
This white, colonial-style home in one of the Borough’s most sought-after neighborhoods boasts five bedrooms, three full bathrooms, a formal dining room, an eat-in kitchen, and a family room, plus a finished basement and a garage on the more than 5,100-square-foot lot.
135 BEACH 141ST ST,. ROCKAWAY PARK
Sold for $1.3 million,
December 5, 2014
Located in the small, affluent neighborhood of Neponsit on the Rockaway Peninsula, with Atlantic Ocean views from the residence’s master bedroom, this modern, single-family home was constructed in 1970 and features 2,600 square feet of living space over two stories.
Another colonial-style abode located in one of the most uniquely interesting sections of Queens – the five-street long Crescents community – just closed last week. The single-family home sits on a 4,000-square-foot lot with an attached garage and has three bedrooms, three and a half bathrooms, and central air conditioning.
Adjacent to the exclusive West Side Tennis Club on a quarter-acre plot and built in 1925, this classic pre-war, single-family home spans nearly 4,700 square feet of living space over three stories.
7 SUMMIT PL., COLLEGE POINT
Sold for $2.85 million,
This two-story, Mediterranean-style townhome was built in 2002 on a 10,500-square-foot lot steps away from Powell Cove. It has five bedrooms, six and a half bathrooms, a chef’s kitchen with top-of-the-line appliances, formal dining rooms, and a water- and bridge-view lounge on the top floor. There’s 7,387 square feet of living space, a detached garage, and a backyard with an outdoor cooking area.