You are reading

These Queens neighborhoods are among most in-contract homes for month of September: report

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 the 28 homes in Long Island City, 30 of them were sponsor units (first time on the market), with a median asking price of $1.168 million. This represented a 46% increase from September 2022.

Flushing had 31 homes in contract and the median asking price there was $700,000. StreetEasy credits the addition of new developments for playing a big part in contributing to the success in these neighborhoods, as well as others across Queens. Approximately 42% of all the homes that entered contract were sponsor units, representing a 7% increase compared to September 2022. Condo listings there rocketed up 73.5% since then to 262 this year.

In Queens, a total of 337 homes entered contract last September, representing a year-over-year increase of 1.2%. Despite increasing mortgage rates in the borough, there was still steady sales activity. This may be in large part thanks to a larger amount of listings at more affordable price points occurring there as rising rates limit buyers’ options in other boroughs.

Despite the fact that the median asking price in Queens went up 3.3% to $639,000 in September, it is still much more affordable compared to Brooklyn and Manhattan, where the median asking prices are $1.1 million and $1.6 million, respectively. Fewer homes are entering the market in Queens than other boroughs and many homeowners are locked into much lower mortgage rates than today’s. Still, there are new developments contributing to Queens’ amount of inventory. According to the NYC Department of City Planning, 18,249 new units have been added across 1,120 newly constructed buildings since the COVID-19 pandemic.

As a result of this recent boom in additional buildings and units, there has also been a surge in condos across the borough. Year-over-year, 1,625 condo listings joined the Queens market, accounting for 26.2% of all new Queens listings. Half of these condo listings were in sponsor units inside new buildings.

Recent News

“New York’s Funniest Stand-Up” with Matt Koff

Dec. 6, 2023 by Jill Carvajal

The “New York’s Funniest Stand-Up” competition recently celebrated its 15th year as part of the annual New York Comedy Festival both founded by Caroline Hirsch of Caroline’s on Broadway. New York’s Funniest and previous winners have gone on to become some of the biggest names in comedy.

CB 7 votes to approve phase two of development plan that would bring NYCFC soccer stadium, affordable housing to Willets Point

Community Board 7 (CB 7) on Dec. 4 voted overwhelmingly to approve phase two of the Willets Point Revitalization Plan that will bring 2,500 units of 100% affordable housing — the city’s biggest affordable housing community since the 1980s — a 650-seat public elementary school, a 250-room hotel and a 25,000 soccer stadium as the new home for the New York City Football Club, on what was known as the Iron Triangle across Tom Seaver Way from Citi Field.

Disbarred Queens lawyer pleads guilty to defrauding clients out of millions in real estate scheme: Feds

A disbarred Murray Hill lawyer on Dec. 1 pleaded guilty to defrauding his clients in Brooklyn federal court.

Hyun W. Lee, 51, also known as “Michael Lee,” of Closter, New Jersey, was accused of stealing millions of dollars from his clients in real estate transactions while operating at his law office at 163-07 Depot Rd. in Murray Hill. He pleaded guilty to wire fraud in connection with a scheme to defraud his real estate clients and their counterparties of funds held in his attorney escrow account.