Home prices on the rise in Forest Hills

New York /
Jan.January 13, 2014 03:15 PM

Home prices in a coveted Queens neighborhood hit hard by the recession are on the rise, and real estate agents credit a bidding war among families who can’t afford Brooklyn or Manhattan.

Susanna Hof, the owner and a broker at Terrace Sotheby’s International Realty, which specializes in the Forest Hills area, told DNAinfo that prices are higher than they’ve ever been. The median price of a home in Forest Hills is $728,500, according to Property Shark. House hunters can expect to pay about around that price for a townhouse, but more than $1 million for a detached house, Hof told DNAinfo.

“A few years ago, if you got anything over $3 million, it was unusual,” she said to DNAinfo. “Now, for a spectacular large house, you can get up to $4 million.”

A two-story, 3,798-square-foot tudor home at 72 Tennis Place, between Exeter and Dartmouth streets, sold for $4.3 million in October, according to StreetEasy. Its common now for Forest Hills agents to sell at full asking price or higher, and in cash — sometimes as much as 50 percent, agents told DNAinfo. The competition is fierce with the number of home sales in Queens up by 75 percent at the end of 2013 from the same period the year before, Douglas Elliman reported.

Much of Queens isn’t known for convenience, but homes in Forest Hills has always been in high-demand, with under-15-minute commutes to Manhattan and proximity to both LaGuardia and JFK airports. With apartment prices in Brooklyn at an 11-year high, family renters looking to settle down may be opting for Queens’ low-crime, tree-lined streets. [DNAinfo] — Angela Hunt


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)
Bayside shopping center goes for $32M to lead mid-market sales
Bayside shopping center goes for $32M to lead mid-market sales
Manhattan rents rise
As July rents notch another record, brokers eye August dip
As July rents notch another record, brokers eye August dip
Ascent Development’s Tien Vominh and Modern Spaces' Eric Benaim with 45-30 Davis Street (LinkedIn, Modern Spaces, Marvel Architects)
Modern Spaces sues developer over LIC exclusivity agreement
Modern Spaces sues developer over LIC exclusivity agreement
Douglas Elliman Chairman and CEO Howard Lorber (Getty Images)
Sell, sell, sell: Lack of listings dampens Elliman earnings
Sell, sell, sell: Lack of listings dampens Elliman earnings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...