Oct. 18, 2023 By Ethan Marshall PropertyShark compiled a report that shows how the prices and sales of homes across New York City are impacted by flood zones. According to the report, flood zones have had a large effect in Queens since Superstorm Sandy hit the borough in 2012. In 2023, there were a total…
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Oct. 18, 2023 By Ethan Marshall According to MNS Real Estate’s September 2023 rental market report for Queens, there was a 0.23% decrease in the average rent compared to the previous month, from $2,811.34 to $2,804.94. However, the average rental price is still 4.41% more than in September 2o22. The report shows that, compared to August, the average rental price for a studio unit went down 0.78%, from $2,239.70 to $2,222.19. However, the average rental price for a one-bedroom unit increased 0.40%, from $2,736.71 to $2,747.66. Two-bedroom units also experienced an increase, from $3,415.06 to $3,444.97, for a 0.88% rise….
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Oct. 16, 2023 By Bill Parry The city’s arduous public review process is underway for the massive plan to build a new neighborhood at Willets Point. The New York City Economic Development Corporation (NYCEDC) announced Monday the formal beginning of the Uniformed Land Use Review Process, known as ULURP, for the city’s largest all-affordable housing…
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Oct. 12, 2023 By Ethan Marshall According to Douglas Elliman’s report on the Queens rental market for the third quarter of 2023, the listing inventory and sales continued to trend down. This marked the third consecutive quarter in which the listing inventory went down year-over-year, with each falling well below the levels seen prior to…
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Oct. 12, 2023 By Ethan Marshall Zumper released its latest New York City Metro Report, which examines and compares the rental trends for one-bedroom units in several metro cities. According to the report, New York City had the highest median rental price for one-bedroom units last month, at $4,080. New York City’s median rental price…
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Oct. 11, 2023 By Ethan Marshall According to StreetEasy’s September Market Report, the Queens neighborhoods of Flushing, Forest Hills and Long Island City are among those with the most homes entering contracts in all of New York City for the month of September. Long Island City and Forest Hills tied for the third-most, with Flushing placing not far behind them at fifth. Both Forest Hills and Long Island City had 38 homes in contract during September 2023. During that time, the median asking price for homes in contract was $439,500 in Forest Hills and $1,164,636 in Long Island City. Of…
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Oct. 10, 2023 By Ethan Marshall StreetEasy identified the 23 New York City neighborhoods that have the lowest barrier to entry to become a homeowner, with 12 Queens neighborhoods making the list, including six in the top 10 for lowest median asking price. All of the neighborhoods on the list require a monthly carrying cost less than the citywide median rent of $3,500 and a minimum down payment of less than $100,000. According to StreetEasy’s analysis, buying a home in any of the 23 neighborhoods listed would require a minimum annual household income below $150,000. For two of the neighborhoods,…
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Oct. 5, 2023 By Ethan Marshall According to the latest Multi-Family Foundation Plan Application Report conducted by the Real Estate Board of New York, the city is on pace to produce just 10,000 new units this year. This would be well short of the 50,000 unit target set by Mayor Eric Adams and housing experts…
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Oct. 3, 2023 By Ethan Marshall According to research from Visio Lending, New York was determined to be the state most interested in investing in property. This conclusion was drawn from the combination of 11 common search terms related to property and real estate to reveal the average monthly search volume in each state. The states were then ranked from “most interested” to “least interested,” based on searches per 100,000 of the state’s population. New York had 124 searches per 100,000 people, which was far and away more than second place Massachusetts’ 108. Over the past year, New York state…
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Oct. 2, 2023 By Ethan Marshall Following the results of Zumper’s most recent national rent report showing the median cost of rent for one-bedroom units in New York City surpassing $4,000, they decided to review what that amount of monthly rent can get people in other cities across the United States. A total of 10…
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