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…
Read More
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….
Read More
Oct. 17, 2023 By Ethan Marshall According to a report from doxo, the average household in Ridgewood spends 18.2% less on car ownership each month than the national average. While the average cost in the United States is $674, it is just $551 in Ridgewood. When it comes to expenses on auto insurance, Ridgewood households…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
Oct. 11, 2023 By Ethan Marshall According to Property Shark’s foreclosure report for New York City during the third quarter of 2023, Queens experienced the second-largest amount of foreclosures this year. With 167 foreclosures in the borough, only the first quarter of 2023 saw a larger amount in Queens, with 171. Compared to the third quarter of 2022, Queens experienced a 11% year-over-year increase. There were 17 additional first-time filings that occurred. Compared to the 148 foreclosures in the previous quarter, there was a 13% increase. Elmhurst was determined to be the epicenter for Queens foreclosures. Of the 167 foreclosures…
Read More
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,…
Read More
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…
Read More