Queens County Is Seeing A Housing Boom Increasing Affordable Housing Options Throughout The Borough

The New York Post recently published an article highlighting something that many have known for years.  That is that Queens County has increased options of housing with new construction happening all throughout the borough.  The article indicates that middle class families are finding relief in Queens as rental prices have remained moderate due to increased apartment choices.  Queens has always been an affordable option in NYC as median rent is an estimated $600 less than other areas of the city.  The NYC Economic Development Corp. (NYCEDC) registered 2,847 new housing units in February, with 1,234 of those in Queens.  This is 43% of all housing units in the city and a 300% increase for the last 12 months preceding.

Long Island City has been the center of the housing boom for the borough, however other areas are seeing new developments as well.  According to construction data analyzed RentCafe in June 2017, Long Island City led the nation in most new apartments since 2010.  The neighborhood had 66% more apartments built than the 2nd placed locale.

Queens Chamber of Commerce President Thomas Grech said of housing starts “we’ve been waiting for someone to notice this for a while. Queens has become very popular, and it is a low-cost housing alternative for many in the city. We have, as we speak, between 20,000 and 40,000 housing units being built in a cluster in Long Island City as well as in certain parts of Jamaica, which is also an up-and-coming area.”

Most recently Curbed New York highlighted the development boom in and around Jamaica, Queens.  The 15 new projects is overall impressive and the centerpiece project is The Crossing at Jamaica Station.  The project will have 669 affordable housing units across two buildings adjacent to the Long Island Railroad Station hub.  Clearly these are major changes that will change the landscape of the borough for decades to come.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/queens-county-is-seeing-a-housing-boom-increasing-affordable-housing-options-throughout-the-borough/

US New Construction Home Sales Hits 25 Year High

With the demand for houses maintaining a ferocity and the supply for existing home maintaining a low level, US home buyers have decided to go to route of purchasing new construction.  Sales of new homes were purchased at a pace not seen in 25 years and sales of new construction homes increased 17.5% in November from a month earlier.

According to the report released by the Commerce Department, new home sales last month increased to a seasonally adjusted annual rate of 733,000 units compared to 624,000 in October.   It is the biggest monthly gain since January 1992.
New construction homes have increased steadily and the inventory of existing homes continue to fall.  Some of the demand is also precipitated by an increasing economy and 17 year low in unemployment.  Sales of existing homes has also increased at sizzling pace which will see an estimated 5.81 million sold within the year and a 3.8% increase year over year.   This has amounted to a significant shortage while demand is strong in all regions.

In the Northeast, sales of new construction homes increased by 9.5%.  The Western region lead the overall charge with an increase of 31%.  This was followed by the South with an increase of 14.9%, then the Northeast and the Midwest having the 6.9% increase.  Median sales prices increased by 1.2% to $318,700 and the average sales price is $377,100.

The numbers falls in line with Homebuilder confidence levels which we reported on and can be read here.  According to the survey, homebuilder confidence hit a high of 74 on their index.  The number reached according to the survey is the highest since 1999.

If you are an investor or homeowner looking for management of a new construction or existing residence than Blue Harbour Property Management is for you.  We are a full service NYC property management company representing commercial and residential buildings and homes in Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/us-new-construction-home-sales-hits-25-year-high/