Jackson Heights apartment sales hit five-year high

November 25, 2013 12:37PM

Apartment sales in Queens’ Jackson Heights neighborhood hit a five-year high in the third quarter of 2013, according to data from local brokerage the Beaudoin Realty Group. More than 110 apartments in the neighborhood sold in the third quarter — a year-over-year increase of 43 percent, up from 78 apartments in that period last year, according to the report.

The fluctuation in mortgage rates over the past few months acted as a catalyst for homebuyers, according to Beaudoin broker Daniel Karatzas.

“Low mortgage rates in spring, followed by the sudden rise in May, convinced many ‘fence sitters’ to finally move forward and purchase,” Karatzas told DNAinfo.

The average sales for condominiums dropped 11 percent year-over-year, while prewar walk-up co-ops saw a 13 percent jump, according to DNAinfo. Prewar co-ops sold for an average of $271,000, while other buildings sold for an average of $197,000, the data show.

Single-family home prices jumped 33 percent, from $485,000 in the third quarter last year to $647,000 in the same period in 2013.

A proposal for a Business Improvement District that would encompass parts of Jackson Heights, Elmhurst and Corona — approximately 880 businesses — has received a mixed reaction from residents and local business owners.  [DNAinfo]  – Hiten Samtani