Demand and prices keep rising for Long Island City condos

Long Island City Development Condos

Prices are continuing to go up in LIC. Only 6% of the inventory is currently available for purchase, according to the Real Deal, with almost half of the inventory being studios or 1-bedrooms. Modern Spaces expects just 250 more units to be delivered in the next 24 months.

 

LIC Gantry Plaza development construction

But this doesn’t come as much of a surprise, with all the construction still happening along the LIC waterfront. We won’t see many of these condos finished for another year or two, including the 4 new residential towers in Hunter’s Point which aren’t expected to be finished until 2013. Meanwhile, completed projects like the Crescent Club seem to be off to a good start and renting well. We may even see a new price record, if the penthouse at The View, which is listed at $3.25M on StreetEasy, meets it’s asking price.

Long Island City waterfront development

 

Here’s a chart from Modern Spaces’ yearly report that shows the average price per square foot of sold condos Long Island City.

Market Report from Modern Spaces on Long Island City

Image source: Modern Spaces via The Real Deal