Quantcast

The DNAinfo archives brought to you by WNYC.
Read the press release here.

Real Estate Costs Continue to Rise in Jackson Heights, Records Show

By Katie Honan | July 28, 2014 4:18pm
 Real estate prices continue to rise in Jackson Heights.
Real estate prices continue to rise in Jackson Heights.
View Full Caption
Flickr/Leo Gomez

JACKSON HEIGHTS — Home prices continue to rise in Jackson Heights, according to an analysis of the most recent sales.

Sales on single-family homes were up 51 percent in the second quarter, while all units compared with last year were up 22 percent, according to an analysis by Daniel Karatzas, an associate broker at Beaudoin Realty Group and expert on the neighborhood's historic homes.

Five one-family homes sold in the second quarter and posted an average sales price of just under $700,000 — which is higher than last year's year-to-date home sale price of around $608,000.

SIGN UP FOR OUR WEEKLY REAL ESTATE NEWSLETTER

This quarter's average was lifted by the sale of a fully-attached home on 85th Street in the Historic District that sold privately for $905,000.

It's one of 32 Neo-Georgian homes built in 1927 by Robert Tappan, who designed the buildings with a large front garden and slate roofs.

Another single-family home sold last December for $940,000 after being on the market for a few weeks, according to the agent.

That home has five bedrooms, four bathrooms, a fireplace and all of the quaint details original to the house, including crown molding and hardwood floors.

Sales homes in the Historic District, according to Karatzas, are causing a sort of "frenzy" for real estate in the neighborhood.

"It's surprising on how in the last year it's been sudden and seemingly consistent," he said of the sales, which are limited by inventory.

"It's good for sellers," as buyers "are coming out of the woodwork and coming with larger budgets," he said.

A two-family home sold for $725,000 and a three-family house sold just shy of $1 million in the second quarter.

Meanwhile, apartment sales were down slightly compared with last year, Karatzas said.

A total of 75 apartments were sold, but the prices were down from last year. Six of the apartments were pre-war walkups, he said.