From DNA Info:Brooklyn’s overheated real estate market is pushing house hunters into Queens, said Rick Rosa, a Douglas Elliman real estate agent who has been working in Long Island City since 1999.
“With a hot neighborhood comes increased pricing and low inventory. It pushes people into buying in areas they would not have considered,” Rosa said.
“Now their eyes are much more open to coming to Long Island City.”
Rosa had never witnessed the crossover of house hunters from Brooklyn to Long Island City before this year, he said, adding that the area's new buildings that are full of amenities have been a big draw for many young families.
“The development of the waterfront is really attracting a lot of people,” Rosa said. “The waterfront from Williamsburg to Greenpoint to Long Island City: it's all one track…and Long Island City has the best view of Manhattan, not to put down Brooklyn.”
As Brooklyn has become a “destination” rather than a “cheaper alternative” to Manhattan, the Queens' market is experiencing growth, Miller said.
The median sales price in Queens increased 9.9 percent to $390,000 and the average sales price rose 10.6 percent to $441,417, according to the Elliman report. Listing discounts also fell, from 6.9 percent to 5.8 percent.
“Queens really is coming into its own this year,” Miller said. “Markets like Long Island City are certainly thriving and are the direct beneficiaries [of] the search for affordability in Brooklyn."
Haven't we been hearing how hot the LIC real estate market is for the past 10 years or so? "Queens really is coming into its own this year." You mean that whole time, it really wasn't all that?
Is it actually now or is this yet more hype?
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