There are several headwinds blowing against the real estate market including uncertainly about conflict the Middle East, relatively high interest rates and other economic uncertainty. In the last 6 month, Queens in total has seen a drop in the number of sales of around 33%. Meanwhile, Brooklyn sales are up over 10% and Manhattan sales are stable. In all cases, sale prices are actually increasing. All in all, the rate of sales does vary based on where you are selling, the type of house you are selling and what price you are trying to get.
First a look at the submarkets in Forest Hills:
• Coop sales are down 34% while prices up 6%. The avg sale price is $410k, vs an average list price of $390k and with the Days On Market for sold Coops of 264, +44% vs. the prior year.
• Condo sales Down 60%, with an avg selling price $1,090k, up 43%. The price is distorted by a large number of sales at a new development, The Austin, which has seen the highest prices ever in Forest Hills for Condos. The Days On Market for condos sold was 155 ,+77% vs. the prior year.
• House (detached, attached or semi-attached) sales are down 7% with an average selling price $1,443k with on market listing price average of $1,882k; a large gap showing that lower priced houses are selling faster than larger ones. This is not a large sample size but 3-4 bedrooms actually up in price more than 10% over the previous year. Days On Market for sold houses was 99, +35 vs. the prior year.
What doesn’t show in the numbers is the condition of the houses that have sold or are on the market. For examples, fully renovated 3 bed houses or townhouses, if the renovation is more modern, are selling for record prices. Here are a few examples, starting with houses:
92-15 68th Ave, Forest Hills, sold for $1,550,000. It is a fully attached townhouse, Wolosoff Brothers design with a modern renovation, 3 beds and 2.5 baths, 1,380 square feet. At this price, over $1,123 per square foot. A year or so ago, this house would like likely sold for $1.3 to $1.4 million.
69-45 Manse St, Forest Hills, detached wood frame “Archie Bunker” house, beautifully renovated 3/4 beds, 2.5 bath house with finished basement and built-out attic, large private back yard but no garage. This is probably the first of this model of house (there are hundreds of these in Forest Hills) that isn’t on a corner lot that has sold for more than $1.5 million.
205 Puritan Ave, Forest Hills Gardens, sold $2,380,000. This Atterbury-designed semi-attached townhouse was beautifully remodeled with 4 beds, 3.5 baths, outdoor terrace on top of attached 2 car garage on a corner lot. Bright and sunny with lots of light with 2,493 sq feet. This establishes a new price for a semi-attached townhouse that is somewhat distant from public transportation.
165 Slocum Crescent St, Forest Hills Gardens, $4,135,000. There have only been a handful of sales more than $4 million in the area and this house is probably the smallest house This sale is slightly older, from March of this year. This was exceptionally renovated on a corner lot, 4/5 bedrooms, 4.5 baths, finished basement with standard ceiling, strong curb appeal with a 2 car attached garage and 4,725 sq feet
Here is a look at a Condo sale at “The Austin”, the new luxury Condominium that is priced like Manhattan.
78-29 Austin St, Townhouse #4, Forest Hills sold for $2,399,000. It is a 2,437 sq foot, 3 beds, 2.5 bath “townhouse” floorplan in a brand new condo building with more amenities than any other local Condo. The location is actually at the eastern edge of Forest Hills, not that close to main shopping and restaurant district. A very high price for a condo in this area, priced like a much larger detached house in Forest Hills. The median price for a house is Forest Hills is actually around $1.5 million.
Here is a Coop sale that is a bit out of the norm but shows the possibilities for renovated coops in good buildings and convenient location.
10 Holder Place, Apt 3C, Forest Hills Gardens sold for $1,170,000. This beautifully renovated 2 bedroom, 2.25 baths with high ceilings in the Premier Coop in Forest Hills Gardens. It has 1,415 total sq feet on an upper floor with a monthly maintenance fee of nearly $3,000. This is perhaps the first 2 bedroom Coop to sell for nearly $1.2 million.
So despite all of the headwinds out there, there are still record-breaking sales still happening locally. Finding the right price for the size, condition and location for a property to sell is key and I am here to help you.
For buyers, there does continue to be an undersupply of properties available but there are some gems out there that I can help you find.
Bruce