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Jackson Heights Apartment Sales Highest in Five Years

By Katie Honan | November 25, 2013 9:00am
 Real estate has stayed hot in Jackson Heights, with an increase in sales compared with last year.
Real estate has stayed hot in Jackson Heights, with an increase in sales compared with last year.
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Beaudoin Realty Group

JACKSON HEIGHTS — Real estate in Jackson Heights is soaring to new heights.

The number of apartment sales in the neighborhood is the highest it's been in five years, according to Department of Finance data analyzed by a local real estate group.

More than 110 apartments were sold in the third quarter of 2013, which is 43 percent more than during the same period last year, when 78 apartments were sold, according to Daniel Karatzas, an associate broker at Beaudoin Realty Group who released the report last week.

The biggest spike in sales was in postwar co-ops, which Karatzas attributes to their lower prices compared with prewar apartments. Buyers were spurred on by changes in mortgage rates, he said.

"Low mortgage rates in spring, followed by the sudden rise in May, convinced many 'fence sitters' to finally move forward and purchase," Karatzas said.

The average sales for apartments varied, dropping 11 percent for condos, while prewar walk-up co-ops saw a 13 percent jump.

The average cost of prewar co-ops was $271,000, and postwar buildings averaged $197,000.

Home sales prices were low in comparison to prewar co-op prices, Karatzas said, although the average sales price was up compared to the same time last year.

Single-family home costs rose 33 percent — from around $485,000 last year for single-family homes, to $647,00 for similar houses sold this year.

Two-family houses saw a boost, too, of 22 percent.

Karatzas noted that the data does not count the second quarter of 2010, when the first-time homebuyer tax credit ended. But the continued increase means the neighborhood was still a draw for buyers.

"The good news for Jackson Heights is that its large apartments, historic district, and access to public transportation, have made it an increasingly popular destination for many people from all across the metropolitan area," he said.

"Demand for larger apartments and houses has consistently outstripped supply."