Closing Bell: Bidding Wars in Forest Hills

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It’s no surprise that the homes in Forest Hills sell for a lot of money, but DNAinfo reports that houses are now reaching record high prices. 72 Tennis Place, pictured above, sold last year for a record $4,300,000. Actually, since last summer brokers report that nice homes on the market bring in bidding wars and deals involve as much as 50 percent cash. A few years ago, sales over $3,000,000 were unusual, now homes sell at full ask or over ask.

Although homes in Forest Hills Gardens command the highest prices, a growing number of buyers look for property right on the outskirts, which can be 30 to 40 percent cheaper. A Forest Hills townhouse, on average, costs around $800,000 — for a detached home prices range around $1,000,000 to $1,250,000. Buyers are also drawn to three-bedroom co-ops in the neighborhood, which usually sell for $530,000 and up.

Home Prices in Forest Hills Surge Amid Bidding Wars, Experts Say [DNAinfo]