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C R Y D E R P O I N T 6 APRIL Sweet Spot Resurgence in Market Makes Cryder Point the Go-To Place in Queens To say Queens has been getting a lot of attention lately would be a gross understatement. Entering 2015, leading travel guidebook company Lonely Planet selected the borough as its #1 must-see U.S. destination of the coming year. MSN.com named Queens one of the hottest 15 American cities and Popular Mechanics included it in its rundown of the 14 top places in the entire country to start a business. The borough’s real estate market has certainly followed suit, turning its attention from formerly popular Manhattan and Brooklyn to Queens. Indeed, the real estate market in Queens over the past 24 months attests that the borough’s current uptick in popularity is not merely hyperbole, according to three major Cryder Point real estate agents. “About 2-3 years ago, we went through a slump in prices at Cryder,” says East Coast Real Estate broker Marcia Coughlin, who began her career 30 years ago selling luxury condos in Manhattan. “At one time, we had inventories of more than 20 units… A two bedroom sold for $250,000 unrenovated to $310,000 renovated. Now we’re seeing prices over $400,000, which is amazing.” Paul and Marsha Gellert of Shares of New York, who have more than 80 years of experience combined and consider themselves experts in Cryder Point and nearby LeHavre, cite similar eye-popping numbers. “In 2013, an unrenovated two bedroom, two bath was going for about $370,000,” says Paul. “Today, you’re looking at easily $475,000.” Of course, the renewed interest and increased 6 cryder point courier | APRIL 2015 | WWW.QUEENSCOURIER.COM sales have inevitably led to a decrease in inventory, further enhancing prices. And yet, these seemingly steep prices have not seemed to deter buyers. “The inventory is low and the apartments sell quickly,” says Coughlin. “I have lists of people wanting and waiting for certain lines, and I sell them as quickly as I get them.” There are certainly other determining factors to the popularity of a particular unit beyond size and whether or not it needs renovation. The old adage remains true: location, location, location. Units on higher floors are more greatly coveted, as are those facing the water. But overall, the demand for any unit, regardless of the details, has soared. “Less than a year ago, we offered a two bedroom, one bath for $365,000,” Paul and Marsha explain. “Mere days after a single open house, it sold for $385,000, more than its list, which is unheard of.”


CP042015
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