North Shore Towers Courier n January 2015 13 2015 Real Estate Broker with Greenthal Property Sales at North Shore Towers in 1998. A proud member of the National Association of Realtors, the New York State Association of Realtors, and the Long Island Board of Realtors, she is a past President of the Women’s Council of Realtors and winner of the 2008 Member of the Year Award. Rappaport, reports tremendous gains, more than 30% in some instances, over 2014 prices (note the blue vs. red bars in the graph). Even her most modest increases, those for studio apartments were up nearly 20%. According to Magic of Great Neck Realty Associate Broker Annette Kroll, who’s been selling apartments at North Shore Towers for 28 years, the average price per share of apartment sales between 2013 and 2014 represents the largest increase of share price between any two consecutive years. “In 2013, there were a total of 144 resales with an average share price of $138.20,” she says. “Through November 2014, there have been 103 resales with an average share price of $174.06, more than 20% greater than 2013.” Rappaport believes the surge in interest at The Towers goes back to the aftermath of Hurricane Sandy. “Homeowners felt burdened with maintaining their homes; the constant blackouts, water damage and destruction to property.” Kroll, too, pointed to the infamous storm as a key to The Towers’ sales surge. “In the wake of Hurricane Sandy, our doors were opened to the hundreds of relatives and friends (including their pets) of our residents/shareholders,” she says. “This helped many people realize that with North Shore Towers’ full time generators, its incredible amenities and service oriented staff, ‘this was the place to be.’ There is no other facility that affords its residents the lifestyle of North Shore Towers.” But is this rise over the past year indications of sustained growth or merely a temporary aberration? “I believe as long as the inventory stays low and the interest rates remain low the prices will continue to remain stable and possibly rise,” says Rappaport. Although both Rappaport and Kroll are optimistic, they admit to traditional variables, such as the volatility of the stock market, gas prices and the possible rise in interest rates, as always playing a role in determining the movement of the housing market. But Queens, in particular, appears primed for significant growth. The emergence of high-end luxury residences in Long Island City and Astoria Waterfront and recent proposal of a new stateof the-art convention center at Sunnyside Yards by former Deputy Mayor Dan Doctoroff, show an interest in the Borough, absent in years past. And that interest goes beyond state borders. Leading travel guidebook company, Lonely Planet, recently named Queens “the must-see U.S. destination of the coming year, topping such perennial favorites as New Orleans, Greenville, North Carolina and California’s Mount Shasta region. Queens also received the honor of being named one of the 15 hottest American cities for 2015 by MSN. com, which cites the incredible diversity of restaurants and cultural attractions in Queens as one of the reasons for the borough’s “hotness.” Given the upswing in residences at North Shore Towers over the past year and the sudden enthusiasm for Queens by real estate developers and travel experts, the housing market at the co-op is in line to continue to increase, making 2015 a very good year!
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