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Queens home prices reach record high
A weekly feature bringing you the industry's latest intel
According to this week’s market reports, Queens home prices reached a record high in January and the U.S. industrial real estate sector registered a $6.7 billion drop in the fourth quarter.
Residential
Sales | StreetEasy
The prices of homes in Queens reached a record high in January, jumping by five percent to $512,082. The increase was partly due to robust numbers in the Rockaways, which saw prices increase by 22.2 percent to $525,425. The area, which was the least expensive Queens neighborhood in October 2017, has risen to become the third-most expensive area in the borough. Read the report here.
Sales | TOWN Residential
There were 765 contracts signed in Manhattan between Jan. 29 and Feb. 25. Co-ops accounted for most of the deals at 376 transactions, followed by condos at 355 and condops at 21. Most of the deals were for homes in the $600,000 to $1 million price range. The segment accounted for 209 transactions. Read the full report here.
Sales | Olshan
The Manhattan luxury market continued its hot streak. There were 29 contracts signed at $4 million and above between Feb. 19 and Feb. 25, marking the fourth consecutive week in which total contracts stood above 20. The most expensive contract for the period was for the seventh floor unit at 993 Fifth Avenue, which went into contract with an asking price of $17 million. Read the report here.
Commercial
Commercial Real Estate Volume and Pricing Trends | Ten-X
The U.S. industrial real estate market may be descending from its peak. After two consecutive quarters of growth, the sector registered a $6.7 billion quarter-on-quarter decline in deal volume in the fourth quarter of 2017. The weak numbers may be due to tax reform. Investors were said to have delayed closings to take advantage of more favorable conditions under the new tax law. Read the report here.