The Long Island City condo market in 2021 was its strongest on record—with sales volume reaching nearly $1 billion, about three times the previous record set in 2019, according to a new report.
There were 885 units sold in 2021, with a dollar value of $995 million. The number smashed the 2019 sales volume record of $385 million, when 336 condos were sold.
These findings are part of the 2021 Long Island City Condominium Report released by Patrick W. Smith, an independent real estate analyst and Long Island City-based agent affiliated with The Corcoran Group. (This is NOT independent!-JQ LLC) The report is based on closed condo sales within the confines of 37th Avenue to the north, Borden Avenue to the south, the East River to the west and Northern Boulevard to the east.The report is based on closed condo sales within the confines of 37th Avenue to the north, Borden Avenue to the south, the East River to the west and Northern Boulevard to the east. The area is represented in the shaded area
“The Long Island City market did extremely well in 2021 because sellers priced their units competitively and the demand for Long Island City continues to grow,” said Patrick W. Smith, the author of the report. “Long Island City also remains at a significant discount to Manhattan.”
Smith said that the market also benefited from low interest rates and a stock market that has surged over the past two years. He also said that the job market was particularly strong for many of the buyers who work in the tech, finance and legal industries.
He said that Long Island City’s popularity continues to increase as new stores and businesses come to the area—such as Trader Joe’s on Jackson Avenue—and its waterfront parks gain greater recognition.
The sales volume in both the new development and resale market was extremely strong in 2021, according to the report. There were 728 condos sold in the new development market, up from 270 in 2020. Meanwhile, 157 condos sold in the resale market—a record—significantly higher than the 65 sold in 2020, 85 in 2019 and 95 in 2018.
Prices across the Long Island City market were up. For instance, the average price paid for a condo in 2021 was $1,124,000, up from $1,074,000 in 2020. The average price for a one-bedroom last year was $912,000, up from $900,000 in 2020. Meanwhile, the average sales price for a two-bedroom condo was $1,382,000, up from $1,328,000.
The new development market across Long Island City outperformed, with the average sales price on the 728 units sold coming in at $1,134,000 in 2021, up from $1,048,000 in 2020 when 270 units changed hands.
The average increase can be attributed, in part, to the Skyline Tower development, a 67-story luxury condo building with 802 units at 3 Court Square. Closings in the building began in 2021—and 332 sales were recorded, accounting for $415 million in sales volume. The average price paid for a condo in the Skyline Tower—based on closed data– was $1,251,000 million, pushing up the numbers for the overall market.
4 comments:
Looks like the glass boxes ARE popular!
Commie homes...
Hilarious that the words "China" and "Chinese" are entirely missing from the article.
New stores? Yes. The article mentions Trader Joes, but 8 of 10 new businesses are Chinese oriented. I wonder how many of the condos in Skyline -- built by a Chinese developer -- are empty, money-parking apartments.
Chinese like shiny new buildings. They aren't so into the "cute" old dumps that NYC is full off, and that attract whites to Williamsburg.
Who can afford to pay these prices? I thought we were aiming for more "affordable housing".
Post a Comment