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Cold Weather, Low Housing Stock Lead to Big Gap in Annadale Home Prices

By Nicholas Rizzi | February 21, 2017 11:50am
 The attached home at 47 Crown Court was the most affordable listing in Annadale in February 2017 at $379,000.
The attached home at 47 Crown Court was the most affordable listing in Annadale in February 2017 at $379,000.
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Courtesy of Joyce Powers

STATEN ISLAND — A shortage of homes on the market due to a lack of inventory and sellers' reluctance to list properties in the winter has led to a big gap in the most affordable listings in Annadale at the start of the year — but buyers are still trying to move into the neighborhood.

The cheapest home listed in Annadale this month started at $379,000, but prices quickly jump from there, according to the real-estate analytics team NeighborhoodX. Compare that to the 10th most affordable listing for the South Shore neighborhood, known for its parks and proximity to public transportation, which is listed at $769,000.

"The large step-up in prices among the 10 most affordable is in part because of the relatively small number of properties in the neighborhood," said NeighborhoodX co-founder Constantine Valhouli.

The cheapest home in the study is a detached condo at 47 Crown Court with two-bedrooms and two-bathrooms listed at $379,000, or $275 per square foot.

Prices then jump to around $579,000 and top out at $769,000, or $648 per square foot, for the detached, three-bedroom "ranch" at 170 Edgegrove Ave. (The NeighborhoodX study excludes listings like short sales and age-restricted housing.)

Real-estate agent Joyce Powers, who's selling 47 Crown Court, said prices for the neighborhood have gone up in recent years, along with the rest of the borough.

The current gap in affordability is caused in part by sellers not listing their homes during the winter months, she noted.

"I think everybody’s waiting for the springtime before they list," said Powers, who has been selling homes in Staten Island and Brooklyn for a decade.

"This is typically a slow time of year, people don’t want buyers trekking through the house."

Still, Powers said she's had a lot of interest in 47 Crown Court because people want to live in Annadale. The neighborhood also offers more space for the money, with an average of $296 per square foot — much cheaper than Brooklyn neighborhoods like Cobble Hill, which can start at $637 per square foot.

"It's a desirable neighborhood," she said. "Easy access to the highway and there are express buses to the city."