Long Island City is showing serious signs of life after the COVID-19 pandemic froze the nation’s fastest growing neighborhood over a year ago. LIC has seen one of the most dramatic growth spurts over the last decade, with condominium properties appreciating by over 60% since some of the first condos launched back in 2006. This is especially compelling since as recently as 20 years ago the area was very much a ghost town.
Read MoreIn deconstructing the data from February’s sales activity, I am struck by a few compelling data points which show where the market is most healthy...see below
Read MoreThe average price of apts which received signed contracts in October ‘20 was $1,170M for coops, $2,904M for condos
YOY, average price of coops went UP from October ‘19 by 4.7%, whereas average price of condos went UP 27.8%
Average discount in October was 10.3% from original price for coops, 11.9% for condos, both increased by over 30% from October ‘19
