Nov. 6, 2023 By Ethan Marshall A study conducted by the New York City real estate firm StreetEasy concluded that 35.7% of previously-owned New York City homes on the market don’t get sold. StreetEasy also concluded that the average listing spends a median of 89 days on the market in New York City, compared to…
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Oct. 27, 2023 By Ethan Marshall There was a drop in the median price and sales across Queens during the third quarter of 2023 when compared to the previous quarter, according to a report from the MNS Real Estate firm. Quarter-over-quarter, the median price per square foot of units in Queens dropped 1.7%, from $1,298 to $1,276. Additionally, the median price paid decreased 7.5%, from $832,524 to $770,000. Over this same period of time, the total sales volume of units in Queens dipped 13.35%, from $257,170,075 to $222,843,811. To go along with this drop in sales volume, the amount of…
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Oct. 27, 2023 By Ethan Marshall Gov. Kathy Hochul signed into a law a legislation authorizing a tax abatement program to provide improvements to affordable housing on Monday, Oct. 23. The legislation was sponsored by Queens state Sen. Toby Ann Stavisky and Assemblymember Edward Braunstein. This legislation is meant to improve upon the J-51 Tax Abatement Program, which provided a property tax discount for co-ops and condos that needed to make certain capital improvements, while also helping to offset costs. The J-51 Program expired on June 29, 2022. The J-51 Affordable Housing Rehabilitation Legislation improves upon the program by increasing…
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Oct. 26, 2023 By Ethan Marshall Queens is the most sought-after urban location for renters to live in across the country, according to a new report. The real estate firm RentCafe released its October rental activity report that found that the borough attracted the most engagement from apartment hunters in the month than anywhere else in the nation. Queens, which ranked third place in September, climbed ahead of Arlington, VA, and Kansas City, MO, to move to the top spot in October. This climb to the top was months in the making, as the borough has been making its way…
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Oct. 26, 2023 By Ethan Marshall It takes the typical homebuyer in New York state more than eight years to save for a deposit on a house, putting the state in fourth place in terms of the length of time needed to build a nest egg for a house, according to a study released by SelfStorage.com. New York ranked behind Massachusetts, Montana and Hawaii in terms of the amount of time needed to raise a 10% deposit, based on the cost of living and incomes in each respective state. SelfStorage.com conducted the study by determining the median household income of…
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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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