Long Island City prices rebounded

“Since 2009, I’m starting to see the market come back again,” Scully says. “Now everything is above $600 . . . I would say the average is $640 to $800 per square foot.”

Read more: http://www.nypost.com/p/news/business/realestate/residential/long_story_xwjiFdc9TelyI1lpL08AAK/1#ixzz0x45Xomsa

I don't know which is worse - that you read The Post, or that you actually believe it.

HAHAHAHA!

That he's that guy on the subway who licks his finger before each Post page-turn.

"I don't know which is worse - that you read The Post, or that you actually believe it."

Which parts of the story are you questioning? I don't think that baby was photoshopped.

LICComment
Your commitment is to be admired.
Got to love blind faith!

AH, that guy was my Uncle Eugene!

I realize I should probably stop doing this, but old habits die hard. From last month's market report:

"While Brooklyn starts setting off its celebratory fireworks, lets slink over to Northwest Queens, the Elliman category that includes the new development hotbeds of LIC and Astoria. There, median sales prices fell 5.3 percent from the second quarter of 2009, and median new development prices in particular dropped 9.7 percent. The average new development price per square foot now stands at $581. Don't worry, Queens, someday nobody will care whether you were popular in high school Q2 2010."

http://ny.curbed.com/archives/2010/07/15/sales_up_in_brooklyn_and_queens_but_only_brooklyn_gets_price_bump.php

Amazing that LICC would post something that said prices had fallen, given that the premise of every argument he's ever made is the real estate only increases in price.

I understand his Tea Party Economics now, though: he reads The Post.

I see steve still likes making up things I have said.

Hmm, LIC's prices have increased from the market downturn and it is becoming even more popular with families. Seems like time has proven me right and steve wrong, yet again.

How do you get "LIC's prices have increased from the market downturn"

from

"...LIC and Astoria. There, median sales prices fell 5.3 percent from the second quarter of 2009, and median new development prices in particular dropped 9.7 percent."?

LICComm, didn't you read tenemental's post?

"I don't know which is worse - that you read The Post, or that you actually believe it.

HAHAHAHA!"

Grow up you dumb mofo.
Have a look at closing prices in all the condos in LIC. For example, over the past 15 months prices have climbed from about mid 550s to 650s psf as of today. Maybe your continuous losing of your daddy's cash in the stock market is making you even dumber.

Or maybe you should buy a place with your limited cash instead of losing it in the stock market.

if you guys don't switch back into verse format, I swear..... Swann's Way translated into streeteasyese.....

"Have a look at closing prices in all the condos in LIC."

Elliman did, and published the results in their market report. They found that prices fell YOY, especially in new developments.

tenemental, bjw, those 2009 prices were probably for new development closings with contracts that were signed during the market bottom. Prices based on when deals were signed are up, consistent with the quotes on the Post article.

For new condos in the hunter's point area in LIC?
I don't think so.

LICComm, either you worded that wrong or you're confused - the most recent reported prices are *lower* than 2009 prices, so that could not have been the market bottom. Obviously, LIC hasn't tanked like some predicted, but there has been (and apparently continue to be) some decent price correction.

yet

Oh, Carol! Sorry your real estate brokerage business is going badly. Sorry you watch Fox Noise and like to be Tea-Bagged. But really, no need for the ad-homini.

Lowery's right - we should be doing this thread in rhyme.

I'm not seeing it in the 10 or so new developments in Hunter's Point, LIC.

If you look at closings in all of these developments, prices on a PSF basis are all above ABOVE summer of 2009. I don't see NO stinking price corrections since.

SHOW ME PLEASE. I have clients wanting to get in in the mid 550s psf.

Let the pencil ramming COMMENCE!!!!!

Steve,
How's the stock market treating you.

Carol, there's good news then: "The average new development price per square foot now stands at $581."

W67thStreet,
Where's the sub 500 psf in LIC you've been promising over the past 2 years??? Maybe that pencil pierced your brain on the way up. It's clouding your judgment.

I'll make sure you get 6% of the rusted pipe.

The quotes in the articles are anecdotes and asking prices. I realize closings lag contract signings, but aren't many LIC condos move-in ready now? And with no co-op boards, don't the deals close rather quickly? I just don't see a Q2 2010 closing reflecting the prices of a year earlier.

BTW, biked over the WB & Pulaski w/ a friend recently, caught Water Taxi Beach late on a weeknight. It was close to closing, nearly empty, and the DJ had shut down. Fantastic setting for a laid-back drink.

bjw, the elliman report is for LIC, Astoria, Sunnyside and Woodside, so it is not and direct comparison. and the second quarter 2009 had several new buildings finish and the new development buyers closed and moved in. Those contracts could have been signed up to two years prior, before the market downturn.

If you look at when deals were signed, prices are up in LIC from a year ago. The area has held up well, prices have come back, it continues to be popular and more families are moving in. For some reason, this really bothers steve, but he has to deal with his own emotional stresses.

bjw, hadn't seen your post (or the charmers that followed) before sending, but yeah, I assumed LICC had his post backwards.

Glad you asked about the stock market, Carol: I just checked, made $30,000 today.

Handily beating Druckenmiller.

"Glad you asked about the stock market, Carol: I just checked, made $30,000 today."

30,000 dollars? You are indeed a crackhead. I made 3 billion dollars today too.

Handily beating Soros.

$581 psf?

For a bunch of morons that have never set foot in LIC, i'm surprise all you idiots pretend to know the housing market in LIC so well. Pull up the closing of all the new condos in hunter's point LIC over the past 12 months. 581 psf my ass.

putterman... nice nice

i've recently looked around LIC (Hunter's Point) and seen higher listing psf but lower sales psf relative to 2009, with freebies (cabanas, parking spots. storage, maintenance charges, etc.) thrown in to pad the sales psf. These are sales that went into contract in 2010. The higher listing psf may be to adjust for the large discount developers know they have to offer.

LIC/Hunter's Point seems to be a pleasant place to live and good for families.

Are you absolutely certain you want us to psf your ass?

carolst, you sell your ass for $581? my my... so cheap

CarolSt -- Im looking in wmburg and have never even been to LIC, but wondering -- how much is a new condo with balcony and view ppsf run?...Non-view..how much roughly...I suppose the answer will be a range.

"how much is a new condo with balcony and view ppsf run?...Non-view..how much roughly...I suppose the answer will be a range. "

Who am I...your broker?

You made statements implying familiarity with the market. Never mind.

Damn fine neighborhood for a poland springs route

"You made statements implying familiarity with the market. Never mind."

Because my answer doesn't address anything. You just don't simply buy a place because the PSF is at a certain range. If you have never visited the neighborhood or any of the buildings, why would the range of psf matter to you? That's why i won't even bother with these questions.

Your answer could be verse.

Really, Carol, one would expect a borker such as yourself to be better mannered. Honey and flies, you know.

Steve,
You trying to get cute with me? I'm a real estate broker and not a stock broker. I got no tips in helping you turn your brokerage account around.

I never said you were a cock broker....

truthskr... nice nice..

bjw, the elliman report is for LIC, Astoria, Sunnyside and Woodside, so it is not a direct comparison. And the second quarter 2009 had several new buildings finish and the new development buyers closed and moved in. Those contracts could have been signed up to two years prior, before the market downturn. I'm not surprised tenemental couldn't figure that out, but I thought better of bjw.

If you look at when deals were signed, prices are up in LIC from a year ago. The area has held up well, prices have come back, it continues to be popular and more families are moving in. For some reason, this really bothers steve, but he has to deal with his own emotional stresses.

"

I never said you were a cock broker....

truthskr... nice nice..
"

my..point...exacttly.

CarolSt
Wow, long time huh?
How did everything go in the big house?

bjw, the elliman report is for LIC, Astoria, Sunnyside and Woodside, so it is not a direct comparison. And the second quarter 2009 had several new buildings finish and the new development buyers closed and moved in. Those contracts could have been signed up to two years prior, before the market downturn. I'm not surprised tenemental couldn't figure that out, but I had thought better of bjw.

If you look at when deals were signed, prices are up in LIC from a year ago. The area has held up well, prices have come back, it continues to be popular and more families are moving in. For some reason, this really bothers steve, but he has to deal with his own emotional stresses.

LICC, how many times do you have to write the same thing? I don't care what happens in Long Island City, unless I can make a limerick about it!

"I'm a real estate broker"

Hmm. That, then, would be the only honest statement you've made in the last 10 years.

"bjw, the elliman report is for LIC, Astoria, Sunnyside and Woodside, so it is not a direct comparison. And the second quarter 2009 had several new buildings finish and the new development buyers closed and moved in. Those contracts could have been signed up to two years prior, before the market downturn. I'm not surprised tenemental couldn't figure that out, but I had thought better of bjw."

LICC, I just think you mistakenly typed "market bottom" then, because your posts are confusing if not. I'm much more inclined to believe that prices are down versus apartments that closed from contracts signed before the downturn. But it's like I said, there's been a good price correction, in LIC, as everywhere else in this city. It's not the catastrophe that some would want, and I'm genuinely happy to see that the area is doing well and has a supportive community. That's key to the area's long-term health.

And don't knock tenemental. One of the few level-headed posters on this board.

wtf r u talking about? I'm just as level headed as that ninny over there!

"I'm not surprised tenemental couldn't figure that out"

Give me a break, LICC, I'm the only person here that actually posted factual figures, while you're quoting self-interested owners and brokers in a Post puff piece. I even paid one of your local attractions a compliment.

StreetEasy has 3 new developments listed in Sunnyside and 2 in Woodside, making their influence negligible when compared with the 34 in LIC and 28 in Astoria, both of which were noted in my original quote. The most current available data on closings shows a sharp price decline in new developments; regardless of how far you want to look back for contract signings, the trend is down. You're the guy who once suggested that buying with a 3-year time-horizon was a safe bet, and we're supposed to take your word (or Carol St's) that prices are actually trending up?

Way to shill.

Thanks, bjw.

I'm commenting quickly so I did use the wrong term bjw.

From what I see in LIC, prices are still down from the peak, but are significantly higher than the bottom. And the area is doing well.

As usual, I'm just trying to address bad and inaccurate information.

"just trying to address bad and inaccurate information"

... address it to
General Delivery
Long Island City, LI 11101

w67th, you can be exceptionally entertaining, but level-headed doesn't really come to mind. For some reason, I always think of: http://en.wikipedia.org/wiki/Bobcat_Goldthwait

Now tenemental is making up things I have said (3-year time horizon??). Don't get so worked up, just because I pointed out the flaws in your post.

So 33 of the 67 developments you are basing your conclusions on are not in LIC. Okay . . .

What "current available data" are you talking about that shows LIC prices? I live in LIC and see what is going on there- prices are up from a year ago. Fact.

And your "compliment" was back-handed. Water Taxi Beach actually is a nice place and the crowds vary depending on when you go.

Water Taxi Beach! Can't wait to have a picnic there.

No, really....

I'd say Sam Kinnison befor Bcat.

"Now tenemental is making up things I have said (3-year time horizon??)."

What an asshole:

LICComment
about 24 months ago
ignore this person
report abuse
Karl, be careful with any shoot-from-the-hip advice. If you really like the place and can confirm that they are getting $2700 rent on their comparable apartments, then $350k-$375k seems like a very good price. As starfish said, the price and rent numbers actually seem off. You also should check on the percentage of units sold compared to the percentage that will be rentals. The next year in real estate may be difficult, but if you have a 3 year time horizon and the numbers otherwise look good, it could be a good purchase.

http://streeteasy.com/nyc/talk/discussion/4722-greenpoint

This year's closing prices on a PSF basis for the foundry & the powerhouse condos.

The Foundry:
1G - $675
4C - $728
3N - $621
3N - $621
2S - $646
2J - $624
3A - $646
2B - $608
2P - $680
3D - $623
3E - $643 <--last closing unit

The Powerhouse:
320 - $616
912 - $626
907 - $613
303 - $633
609 - $627
608 - $625
510 - $634
1109 - $651
1001 - $647
613 - $650
218 - $683
606 - $644 <--last closing unit

The Powerhouse:
320 - $616
912 - $626
907 - $613
303 - $633
609 - $627
608 - $625
510 - $634
1109 - $651
1001 - $647
613 - $650
218 - $683
606 - $644 <--last closing unit

Yawn.

tenemental- thanks for the foul language.

And thanks for distorting my original comment. You took: "The next year in real estate may be DIFFICULT, but if you have a 3 year time horizon AND THE NUMBERS OTHERWISE LOOK GOOD, it COULD be a good purchase."

and you turned that into: You're the guy who once suggested that buying with a 3-year time-horizon was a safe bet.

Sorry, that was a bit disingenuous.

10-60 Jackson
3D - 644
7G - 691

Sam Kinnison, Bobcat Goldthwait? Where do you get this shit?

He more like Sean Connery doing early Bond, 'From Russia with Love' or 'Goldfinger' is what comes to mind.

tenemental...nice to hear from you! I trust you had a great summer

He's

Disingenuous? There are no valid "if" statements for a 3-year time-horizon ... so basically you're suggesting that buying in LIC works for a 3-year horizon. Malevolent advocacy.

and look at L HAUS closings this year.
It's selling like hotcakes.

http://streeteasy.com/nyc/building/the-l-haus

Hunter's point & Hunter's View condos are all closing above 600 psf.

How the hell is the average closing below 600 psf this year in Hunter's Point view? I haven't even listed the View!!

tenemental- thanks for the foul language.

And thanks for distorting my original comment. You took: "The next year in real estate may be DIFFICULT, but if you have a 3 year time horizon AND THE NUMBERS OTHERWISE LOOK GOOD, it COULD be a good purchase."

and you turned that into: You're the guy who once suggested that buying with a 3-year time-horizon was a safe bet.

Sorry, that was a bit disingenuous.

tenemental- thanks for the foul language.

And thanks for distorting my original comment. You took: "The next year in real estate may be DIFFICULT, but if you have a 3 year time horizon AND THE NUMBERS OTHERWISE LOOK GOOD, it COULD be a good purchase."

and you turned that into: You're the guy who once suggested that buying with a 3-year time-horizon was a safe bet.

Sorry, that was a bit disingenuous.

Thanks, alanhart. He clearly said it, I clearly didn't make it up as he claimed, and you're correct.

The guy was buying new construction two years ago and despite breaking down the numbers for us, made no mention of the developer covering closing costs, so he'd be getting creamed both buying and selling while his tax abatement faded for the next buyer. He also mentioned that the building had been partly converted to rentals, not that he should be concerned about how that might affect the availability of financing when he sold. No matter, 3 years is plenty of time to make it all OK.

With advice like that and quotes from brokers in the Post, LICC is clearly a paragon of credibility.

BTW, not that you deserve an explanation at this point, but stop being so over-sensitive, it wasn't a backhanded compliment. I specifically said it was a weeknight, late, close to closing time. I don't want to be in ANY bar during peak weekend hours. Sitting by the water, feet in the sand on a summer night was awesome. I've actually had good things to say about some parts of LIC and bad things to say about others. It's the hype and shilling I can't stand.

tenemental, you got caught making bad comparisons with out of context data, and misstating what I had said two years ago. Spin all you want, you still don't come out of this with credibility.

tenemental, what are the bad things you have to say about LIC?

I got caught? You claimed I was making things up and then I showed you what you said. You didn't say "I would only agree that 3 years is a safe time horizon under certain conditions." You said "Now tenemental is making up things I have said (3-year time horizon??)."

Maybe if you would man up and admit you were wrong you wouldn't inspire mocking poetry every time you posted.

LICComment
Thinks that three years is enough
Underwater now

L Haus, ha? Here's what that joyous place looks like:

http://maps.google.com/maps?q=11-15+50th+Avenue+in+Long+Island+City&oe=utf-8&client=firefox-a&ie=UTF8&hl=en&hq=&hnear=11-15+50th+Ave,+Queens,+New+York+11101&ll=40.74216,-73.951099&spn=0.001534,0.004128&t=h&z=19&layer=c&cbll=40.742155,-73.951163&panoid=jp_uXQF_zysF8g_NdELq1A&cbp=12,84.29,,0,5

Boy - CAN'T WAIT TO LIVE NEXT TO THE TUNNEL ENTRANCE!

Bring it on.

Alanhart, that aside from a small area surrounding Gantry Park, the majority of LIC is a dreary, polluted wasteland full of new developments marketed on the promise of a vital, developing neighborhood that won't be arriving for many years if ever.

I had a few people call me a few months ago asking for my thoughts on LIC as a short term flip. Was that any of you guys testing moi?

Keith(agent provocateur)

http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

On that pic, I particularly like the photo of the sign that says "No Photos. Strictly Enforced."

They need police reinforcements, I think.

Even the bridge in Long Island City is Polish.

Figures.

Steve, the link is very funny and all, but you hardly needed to post a pic of Dhaka to make your point.

Is Khaka, I mean Dhaka in Poland?

You see, AH, where my grandmother lived in Long Island City was actually a much nicer place than all these recently built skyscrapers like L HAUS, in the middle of a highway.

Grandma lived in the house with the pinkish upper story:

http://maps.google.com/maps?q=39-38+29th+Street+Long+Island+City,+NY+11101&oe=utf-8&client=firefox-a&ie=UTF8&hl=en&hq=&hnear=39-38+29th+St,+Queens,+New+York+11101&ll=40.753104,-73.93544&spn=0.000746,0.002064&t=h&z=20&layer=c&cbll=40.753348,-73.935784&panoid=dxcJsYCvkkW3I9LLSrjaNA&cbp=12,23.51,,0,-9.5

Albeit a long time ago, but it hasn't changed much, I have to say.

Better than Gantry State Park, to be sure.

I see steve is still sitting in his dumpy rental on 8th Avenue and 52nd trying to insult other neighborhoods. Priceless.

tenemental, where do you live? Those were some ignorant judgements you made above. So you are telling all the thousands of people who have moved into LIC in recent years, all the people who have lived in the area for generations, and all the new families moving into the area now, and all the new business owners who have opened up in the last 2-3 years, and all the long-time business owners, that other than a small area near the park, the whole area is barren and not a real neighborhood?

I guess you used to have a reputation of being reasonable on this board, but this thread has sure belied that reputation.

LIC, I can't believe you don't like my Grandma's house. Many happy memories there, like the time Mayor Lindsay forgot to plow the streets, & we were stuck there for 3 days.

steve, what was with that Polish quip? I didn't figure you for being prejudiced.

Prejudiced, nah. But I do get a kick out of Polish jokes - gay jokes, black jokes, Jewish jokes, all of them.

Pulaski Highway.

An equal opportunity joker- I like that.

The folks who were there for generations paid a tiny fraction of what recent buyers paid, and the newcomers want something totally different than what the long-timers had, which every article you link to demonstrates. Some of those people are getting it already in the Gantry area, others are rolling the dice hoping it comes soon. Do you really expect anyone to believe that folks buying in Star Tower or Crescent Club aren't banking on dramatic change? Actually, I just checked up on those two buildings and no one seems to be buying in either.

BTW, had you not tried to be dismissive and insulting and accused me of lying I would have happily kept my negative impressions to myself.

I hate politically correct: it's why I couldn't make it in California. Sorry, if you're fat, you're fat, and no way am I changing what I call it.

The word "Fat" is PC-incorrect in California??? What term are you supposed to use- "weight-challenged"?

"prosperous"

tenemental- you jumped into the discussion on your own with a misleading comparison.

Star Tower ran into foundation problems and stopped construction. Then the market downturn hit. I have no idea what is happening with that development now. Crescent Club is at Queens Plaza- yes part of LIC but in a very contained area that is not what people consider the neighborhood area of LIC. The Hunters Point section near the waterfront and east through Jackson Avenue up to the PS1 area is the main part of LIC. Most of the developments in that area have done well and have held up well.

Maybe if you didn't come on here trying to knock other peoples' neighborhood and hurling misinformed insults, you wouldn't have been exposed as lacking credibility and speaking about things of which you do not know.

And where do you live that you feel you can judge other peoples' neighborhood as a "dreary, polluted wasteland"? Do you live in Manhattan, because Manhattan is a hell of a lot more polluted than LIC. Do you live in an old tenement building in the East Village? I know those well, and some may consider those apartments to be quite "dreary". Stop throwing stones at other people's homes.