FOR BREAKING NEWS VISIT www.queenscourier.com february 12, 2015 • REAL ESTATE • The Queens Courier 47 ▶ real estate These five Queens neighborhoods were the borough’s hardest places to sell houses in 2014 BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre 2014 was a great year for Queens real estate. More than $3.6 billion was spent on investment properties, according to a recent report, and in the final quarter of the year, the borough saw strong home sales. However, for a variety of reasons, such as price points and disinterest in the area or homes, some Queens neighborhoods lagged far behind the borough’s selling rate. The biggest loser for 2014 is Springfield Gardens, which had a 55 percent absorption rate, a metric showing rate of sales by calculating what share of home listings either went into contract or were removed, according to data compiled by real estate website StreetEasy. Meanwhile the borough’s selling rate increased from 74 percent in 2013 to 82 percent in 2014. Springfield Gardens, is a mostly residential neighborhood in south Queens without a major downtown or transportation hub. It is bounded by John F. Kennedy Airport to the south, and residents have had to deal with low flying planes passing directly above their homes. StreetEasy data scientist Alan Lightfeldt explained that there could be a variety of explanations for why homes don’t sell as quickly in some areas. “There are a number of reasons why inventory does not move, but they can generally be grouped into two categories: price and quality,” Lightfeldt said. “The home may be in disrepair, requiring a lot of investment from a buyer. Or, the price just isn’t generating offers for the seller.” Ridgewood, which is seeing rising demand and soaring prices in the rental market, took second place when it comes to lowest house sales. Maspeth, St. Albans and Far Rockaway round up the bottom five. The good news is that even the neighborhoods at the bottom are improving in sales. For example, St. Albans ranked fourth in the borough in both 2014 and 2013, but median prices are rising and the selling rate is improving, according to the research. “Even the slowest moving Queens neighborhoods saw a higher absorption rate in 2014,” Lightfeldt said. “This is a sign that fewer Queens listings are falling by the wayside and buyers are snatching them up.” Real estate investors shelled out $3.6 billion for Queens properties last year BY LIAM LA GUERRE lguerre@queenscourier.com @LiamLaGuerre Queens’ relatively low land prices, access to public transportation and growing popularity has helped the borough attract a significantly larger amount of money from real estate investors in 2014 than in previous years, according to a new report. Firms and individuals shelled out about $3.65 billion last year to buy Queens investment properties— large-scale real estate costing at least $850,000—which is a 25 percent increase from 2013, according to a report by Ariel Property Advisors. The study pointed out that about one-third of the investment properties in Queens last year were development sites, which alone accounted for more than $1 billion, or a 191 percent gain when compared to 2012. “Queens still presents developers with the opportunity to produce large-scale developments, and they are willing to pay a premium for prime sites,” said Daniel Wechsler, vice president of Ariel Property Advisors. Wechsler pointed out that land parcels with at least 50,000 square feet of buildable rights were purchased all over “The World’s Borough,” including Astoria, Long Island City, Elmhurst, Woodside, Glendale, Jamaica, Ridgewood and Flushing, “further indicating the bullish attitude of investors on the entire borough. “ The report found that 925 properties were traded during the year, which is also a 25 percent year-overyear increase. Some of the year’s highest profile transactions include the $110 million sale of the Standard Motors Building in Long Island City, which traded for just $70 million in 2008, and the sale of a 53-building portfolio in Kew Gardens Hills for $216 million. There was also the $26.5 million sale of a garage near Queens Place mall in Elmhurst, which has about 227,352 buildable square feet. “Exceeding your expectations.” PATCHOGUE Better Than Brand New; This 3 Bedroom, 1 Full Bath Ranch Has Been Completely Renovated Sparing No Expense. Delight Your Senses In This Bright & Airy Home Featuring Granite, Stainless, Marble & Wood. Brand New Roof, Windows & Doors. Explore The Fabulous Fun & Activity Filled Village Of Patchogue. Close To Maintenance Free Living For Just $268,972. MARIA PASCARETTI myrealtor925@verizon.net • (631) 741-7156 ••• Call Maria today to schedule a showing! •••
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