Jackson Heights Life

Get Connected => Real Estate & Home Improvement => Topic started by: Shelby2 on April 11, 2014, 11:21:26 AM

Title: Queens rules! Borough’s real estate market heats up
Post by: Shelby2 on April 11, 2014, 11:21:26 AM
http://www.nydailynews.com/new-york/queens-rules-borough-real-estate-market-heats-foreigners-would-be-brooklynites-swoop-article-1.1751979

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Homes in Jackson Heights, a Queens neighborhood seeing strong demand.

BY PHYLLIS FURMAN
NEW YORK DAILY NEWS Thursday, April 10, 2014, 10:59 AM

Bidding wars. All-cash deals. Foreign buyers.
Manhattan? No, Queens!
The borough's housing market is heating up as low inventory, strong demand and a spillover of buyers priced out of Brooklyn are lifting property values.
The average price of a home in Queens jumped 10.3%, to $429,544, in the first quarter, according to a report from Douglas Elliman.
The average price of a luxury home in Queens rose 19.5% to $1.03 million.
The total number of sales in the borough surged a whopping 32.8% to 3,156.
"It's crazy," Jim Pappas, the owner of Jackson Heights-based real estate brokerage Rock Realty, told the Daily News.
"There's a frenzy."
Neighborhoods riding the wave include Astoria, Long Island City, Jackson Heights and East Elmhurst.


Read more: http://www.nydailynews.com/new-york/queens-rules-borough-real-estate-market-heats-foreigners-would-be-brooklynites-swoop-article-1.1751979#ixzz2yaizXkft