2014 was a really good year for Jackson Heights real estate. So says Daniel Karatzas of Beaudoin Realty Group, who released his fourth quarter sales report on the neighborhood. He remarks on the number of records set in the past year alone: $2,100,000 for a three-family house, $999,000 for a two-family house, $915,000 for a seven-room co-op at The Towers and $750,000 for a six-room co-op at Hawthorne Court. The numbers show that demand has outstripped supply, especially in the second half of the year. But the fourth quarter numbers show a drop in apartment sales, taking into account the lack of units. Karatzas predicts that “the increase in prices may incent some sellers to take the plunge and list their property in 2015.”
In the fourth quarter, 18 homes sold total, up from 15 sales one year ago. The average sales prices for one-, two-, and three-family houses were higher than prior and year-ago periods, ranging between 3.7 and nearly 47 percent. That 47 percent increase comes from the three-family home sales in particular. For the quarter, the average sales price of three families came in high at $1,280,000. That’s because of two sales: a brick home on 76th Street used for commercial purposes sold for $1,250,000 and a building with development potential sold for $2,100,000. The average sales price of a one-family home was just above $700,000 (up 6 percent from last year), with two families boasting an average around $800,000 (up 13 percent).
Looking at all of 2014, the average sales price of homes was 12 percent higher than 2013, a continuation of the upward trend seen over the last five years. (See the graph above.) A total of three one-family houses sold for over $900,000 in 2014, and two two-family homes sold for $999,000.
Now, on to apartments. There were 101 closings in the fourth quarter, but the number of sales was down 34 percent compared with the prior quarter. According to Karatzas, “This is due to the dramatic decline in inventory compared with just two or three years ago, rather than buyers heading elsewhere. In fact, Jackson Heights has become a popular destination for many as apartment prices have surged in Manhattan and Brooklyn.” Average sales prices, in general, are up for co-ops. Since last year, prices on prewar elevator coops are up 5 percent (to $271,314), and up 14 percent for prewar walkup coops (to $452,583). Karatzas finds that over the last eight years, prewar elevator co-ops have sold consistently at a higher premium inside the historic district as opposed to out of it. The premium has ranged from 6 to 40 percent, with a rough average at 25 percent.
After the jump, check out more graphs outlining sales trends in Jackson Heights.