ST. GEORGE — A home in the shadow of the New York Wheel is going to cost you.
The cheapest home currently listed in St. George is only $215,000 — but prices jump up fast, according to real-estate analytics team NeighborhoodX.
The tenth cheapest home goes for $1,199,000 in the waterfront neighborhood.
"One of the reasons that the prices for the 10 most affordable ranged so widely is the relatively limited number of listings currently on the market," said Constantine Valhouli, co-founder of Neighborhood X.
"As a result, the listings tend to step up in price rather quickly, representing a larger portion of the overall market for the neighborhood."
The cheapest home on the market in December was a one-bedroom condo at 50 Fort Place — a building that included several units in the study. It was priced at $215,000, or $242 per square foot.
The most expensive of the 10 most affordable listings in St. Geroge compiled by NeighborhoodX was a five-bedroom Victorian home at 131 St. Marks Place listed at $1,199,000, or $566 per square foot.
The study excludes listings like short sales and age-restricted housing.
The cheapest listing per square foot was $171 for a multi-family home at 222 Daniel Low Terrace listed at $575,000.
The few homes that are available in the neighborhood have historically sold fast, but it's gotten even worse recently, explained Gateway Arms Realty agent Martin Friedman.
Friedman, whose $360,000 listing at 50 Fort Place made NeighborhoodX's study, said his buyers are mainly residents from other boroughs looking for a cheaper place to live in the city.
The neighborhood is home to the St. George Ferry Terminal and under-construction mega-developments like the New York Wheel and Empire Outlets.
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Friedman said the developments have attracted more people to St. George and that residents from other boroughs often don't want to look anywhere else on the North Shore.
"People just want to be there," said Friedman, who's sold in the neighborhood for 16 years.
The low stock, high demand and quick turnover have also led to bidding wars for some properties in the neighborhood, with some homes going for thousands of dollars over listing prices, Friedman added.
