BY TRONE DOWD
Although Southeast Queens has a bit of a reputation for being less desirable than say, certain parts of Manhattan and Brooklyn, even Queens, a look at the reality of the situation reveals much more about the state of housing in the area. Southeast Queens’ real estate scene is thriving with large, quality homes available for customers looking for something a little more luxurious.
Though the community bore the brunt of the foreclosure crisis after the 2008 financial collapse, across Southeast Queens, the marketplace is thriving.
For many in the community, the epitome of posh Southeast Queens is the community of Addisleigh Park in St. Albans. Known for being the home of jazz greats in the early 20th Century, and baseball icon Jackie Robinson, the neighborhood, named a historic district in 2011, today is still Southeast Queens’ most exclusive.
Homes in the community still cross the half million threshold, including one Tudor-style home at 173-05 113th Ave. The four-bedroom home with a lawn and a finished basement is listed for $549,000 according to Zillow. A few blocks away at 112-54 172nd Place, a three-bedroom, two-and-a-half bathroom one-family home is listed for $569,000 on Zillow.
A look over the statistics for other areas of Southeast Queens, including Springfield Gardens, Jamaica, Hollis, South Ozone Park and Far Rockaway, shows that the interest in high end homes has grown from quarter to quarter across the board. There has been an increase in median sales price for every portion of Southeast Queens, with the exception of South Ozone Park every quarter so far.
According to a report conducted by StreetEasy.com, Springfield Gardens saw a six percent increase in its median real estate sales price, with prices going from $335,000 to $350,000 to $370,000 between the last three quarters. Compared to the last couple of years, the average price of a house increased about 14 percent since 2014, and 21 percent since 2013.
And that trend is reflected in some of the housing available on the market. Located at 140-12 181 St. in Springfield Gardens, a two family townhouse with three bedrooms and two bathrooms per home and a finished basement is currently going for $725,000. The house, which was built in 1940, is just 10 minutes from both the Jamaica shopping center and John F. Kennedy Airport, making it a convenient location for any New Yorker.
According to the same report, Jamaica, which is rapidly becoming known for its businesses, liveliness and diversity saw one of the largest increases in median sales prices. In 2015, the average price for a home in Jamaica is around $340,000. That is up 50 percent from 2014 and up an astonishing 212 percent from 2013.
One home, located at 187-10 Jordan Ave. shows that the houses on the market are not afraid to show off the upscale reputation Jamaica has been gaining in the last five years or so. Built in 1930 and currently going for $508,000, this two-story home features three bedrooms, one and a half bathrooms, a fireplace, hardwood floors, a garage and a spacious backyard, all tucked deep within the residential areas of one of Queens ever growing sections.
Hollis also saw an increase in median sales prices as well, with prices currently set at $420,000 on average. This is up 15 percent from the last two fiscal quarters, 13 percent from last year and from 2013.
South Ozone Park was the only part of Southeast Queens that saw a drop in median sales price from a previous quarter. While the average price was $374,000 in the most recent quarter according to the Streeteasy report, it was a eight percent decrease from the previous quarter’s $405,000 average. In terms of the year to year changes however, there was an overall increase, rising just one percent over 2014 and 16 percent over 2013.
Located at 129-45 135th St. in South Ozone Park, one pre-war Townhouse first built in 1925 features three bedrooms, two and a half bathrooms a number of different amenities including a large backyard with a storage shack, a private driveway and finished basement. The home is also located near major highways including the Van Wyck, the Belt Parkway and the Nassau Expressway making it easy to get the kids to school and to work in the morning.
Lastly, Far Rockaway, like many of the areas in Southeast Queens, saw an overall increase in the median sales price of the area, which currently sits at $330,000. Increasing 15 percent over the previous two quarters, the Far Rockaway area is still holding strong in the housing market just three years after the events of Hurricane Sandy which made a lasting impact on the area.
The Southeast Queens real estate scene is growing rapidly, and the market is catching on. For those interested, be sure to jump on things now before the area’s most expensive homes become even more out of the average working man or woman’s price range.
Reach Trone Dowd at (718) 357-7400 x123, firstname.lastname@example.org or @theloniusly.