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Home Sales in Queens Take a Dip in 2011, But Prices Keep Up

Catalin — Wed, 01 Feb 2012 12:45:34 +0000

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The number of homes sold in Queens decreased slightly in 2011 with 9,128 properties changing hands, our latest analysis shows. The Y-o-Y decrease is 11%, while compared to 2006 (when the number of transactions reached a 7-year peak), the decrease is 39%.

At $305,000, the yearly median sale price has stayed flat for a third consecutive year. The median sale price in Q4 2011 was $300,000, a 5% decrease over Q3 2011 and a 6% decrease over Q4 2010. The zip code with the highest median sale price in 2011 was 11109 ($694,000), comprising 3 neighborhoods: Hunters Point, Sunnyside and West Maspeth. Here are some interesting properties that exchanged hands:

131 Beach 139th Street
The most expensive residential property sold in Queens in 2011 was the single-family home at 131 Beach 139th Street. The beautiful oceanfront residence first hit the market on May 2nd, 2010 with an asking price of $5,379,000. More than a year and several price chops later, it finally sold for $3,200,000 on September 27th. The current seller had previously put down $3,400,000 for it on September 7th, 2006.

5 Center Drive
The second biggest transaction in Queens in 2011 was the single-family home at 5 Center Drive, Whitestone. The custom-built, brick colonial house first hit the market on July 24th, 2010 with an asking price of $3,250,000. It sold on April 29th, 2011 for $2,625,000.

The most expensive condo sold was the #PH9 penthouse at 46-30 Center Boulevard. Located in Long Island City’s building “The View” (which was covered by Curbed on many different occasions), the penthouse sold for $1,660,000 on November 22nd.

From left to right: The oceanfront house at 131 Beach 139th Street, the home at 5 Center Drive and "The View" building in Long Island City

Finally, here’s the complete top 10 of the biggest Queens real estate residential transactions in 2011:

Address	Sale Price	Sale Date
131 Beach 139th Street	$3,200,000	09/27
5 Center Drive	$2,625,000	04/29
134 75th Road	$2,600,000	07/12
181 Beach 145th Street	$2,600,000	10/04
46-10 Dongan Avenue	$2,570,000	02/11
6 Center Drive	$2,350,000	10/28
5 Russell Place	$2,300,000	02/01
252-19 Thornhill Avenue	$2,300,000	08/29
12 Greenway North	$2,275,000	05/11
19 Markwood Place	$2,275,000	10/11

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Forest Hills has most multimillion dollar homes of any neighborhood in Queens

calin — Wed, 24 Feb 2010 14:08:26 +0000

With a median sale price of $680,000 in 2009, Forest Hills is one of the most expensive neighborhoods in Queens. The neighborhood features more multimillion dollar sales of single family homes since 2005 than any other neighborhood in Queens . 170 single family homes in the neighborhood sold for over $1 million since 2005, peaking in 2007 with 41 homes sold above $1 million.

105 Greenway South | Source: Terrace Realty

2009 had the highest price paid for a Forest Hills property in the past 5 years. 105 Greenway South, located in the private community of Forest Hills Gardens, closed for $3,775,000. The property was on the market for about 2 years and closed with a price chop of $4,220,000 from its initial asking price ($7,995,000). Terrace Realty brokered the sale.

The majority of multimillion dollar sales happened in the private community of Forest Hills Gardens, including the top 3 most expensive sold homes : 105 Greenway South, 20 Shorthill Road, and 147 Greenway North. However, the area northwest of the Gardens across Queens Boulevard has had intense activity in the luxury real estate market with over 40 multimillion dollar homes sold in the past 5 years (see map below).

The first month of 2010 saw 3 transactions over $1,000,000 in the area. Two of them, 49 Groton Street and 18 Summer Street, were also the two most expensive single family homes sold in all of Queens in January 2010.

The most expensive home currently on the market in Forest Hills is 95 Tennis Place, priced at $3,250,000. Halstead has the listing.

Homes sold for over $1 million in Forest Hills

95 Tennis Place | Source: Halstead.com

View current homes for sale in Forest Hills, Queens.

Note: for the current report we have analyzed single family homes sold for over $1 million in Queens and Forest Hills between January 2005 through January 2010.

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Queens: Properties resold for profit

laura — Tue, 23 Jun 2009 14:13:15 +0000

PropertyShark has analyzed properties purchased in Queens between 2005 and 2007 that were resold in 2009. We found that there were 263 property re-sales in Queens since the beginning of 2009. Of this total, 110 were sold at a lower price while 153 were sold at a higher price. On average, prices for properties resold in 2009 were 6% higher than the original price. Here are two price change examples.

Lookup any NYC property with PropertyShark.

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