REAL ESTATE Queens rents take dive, but home market still strong: report BY ROBERT POZARYCKI [email protected] @robbpoz Is the rent too damn low in Queens? Not quite, but average rental prices in the “World’s Borough” plunged by nearly 11 percent over the last year, according to a report from Douglas Elliman Real Estate. Median rents were down 10.7 percent THE COURIER/File photo Queens home sales remain strong even as rental prices dropped nearly 11 percent over the last year, according to a report from Douglas Elliman Real Estate. Sales in Queens HOMES – CO-OPS – CONDOS Listings and photos courtesy MLSLI NORTHWEST NORTHEAST SOUTHWEST SOUTHEAST CORONA DOUGLASTON MASPETH JAMAICA $400,000 & Under 34-41 85 St., Jackson Heights Price: $399,000 Bed(s): 2, Co-op Bath(s): 1 Broker: Steven Baroumis, SBNY RE $400,000 - $800,000 32-18 53 Pl., Woodside Price: $665,000 Bed(s): 3, Single-family colonial Bath(s): 1.5 Broker: Tenzing Phunsur Winzone Realty Inc. $800,000 + More 104-57 Roosevelt Ave., Corona Price: $1,400,000 Bed(s): 11, Three-family colonial Bath(s): 3 Broker: Martin Dabao, Realty Executives Today $400,000 & Under 147-37 Beech Ave., Flushing Price: $369,000 Bed(s): 2, Co-op Bath(s): 1 Broker: Fiona Lai, Keystone Realty USA Corp $400,000 - $800,000 14-50 142nd St., Whitestone Price: $685,000 Bed(s): 4, Single-family cape Bath(s): 1 Broker: Hind Hatoum, Keller Williams Rlty Landmark $800,000 + More 318 Kenmore Rd, Douglaston Price: $2,749,000 Bed(s): 6, Single-family Tudor Bath(s): 4.5 Broker: Deirdre .Oconnell, Daniel Gale Real Estate $400,000 & Under 133-14 135th Pl., S. Ozone Park Price: $260,900 Bed(s): 2, Single-family colonial Bath(s): 1.5 Broker: Isaac Genosar, Gotham REO Realty Inc. $400,000 - $800,000 53-04 69 St, Maspeth Price: $798,000 Bed(s): 3, Single-family colonial Bath(s): 2 Broker: Lina Chen, Winzone Realty Inc $800,000 + More 63-22 82nd Pl., Middle Village Price: $989,000 Bed(s): 3, Multi-family Tudor Bath(s): 2 Broker: Jaroslaw Kaszuba, Exit All Seasons Realty PICTURED LISTING $400,000 & Under 172-02 Victoria Rd., Jamaica Price: $399,000 Bed(s): 3, Single-family cape Bath(s): 1 Broker: Helen Keit, Keller Williams Rlty Landmark $400,000 - $800,000 93-35 207th St, Queens Village Price: $470,000 Bed(s): 3, Single-family colonial Bath(s): 2.5 Broker: Joseph Simone, Charles Rutenberg Realty Inc. $800,000 + More 198-05 McLaughlin Ave. Holliswood Price: $899,000 Bed(s): 5, Single-family exp cape Bath(s): 4 Broker: Shirline Chowdhury, Realty Executives Today in Queens year-over-year while overall inventory was also down 11.9 percent, the report noted. The average rental price in June was $2,749, or $40.15 per square foot. Last June, the average rent was $2,896, or $45.69 per square foot. The report, which analyzed the market in northwest Queens, refl ected overall “weaker results” in that region. Results, however, “were mixed across apartment sizes as median rental prices of studio and three-bedroom units were higher, while one- and two-bedroom apartments were lower respectively.” Landlords also had to wait longer to rent out their units, as the average number of days on the market increased from 31 to 36 days over the last year. Even with the nearly 11 percent dip, renting an apartment in Queens isn’t exactly cheap. The average studio apartment in June 2015 went for $2,348, while the average apartment with three or more bedrooms was $10 shy of $4,000. While the rental market took a hit, sales in Queens were strong during the second quarter in 2015, Douglas Elliman reported. The median sales price rose 8.5 percent to $385,001 over the last year, marking “the fourth consecutive quarterly increase and the 10th gain in the past 12 quarters.” The median co-op price rose 5.4 percent to $215,000, while the condo median prices surged by 12.8 percent to a new record of $468,000. The median price for a one- to three-family home also spiked by 6.3 percent to $510,000. Further refl ecting a sellers’ market, the inventory of available one- to three-family homes, as well as co-ops and condominiums, dropped 12.6 percent. Sales increased 5.6 percent, and the average time on market for listings dropped to 92 days, down from 110 at the same time last year.
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