Prices in Astoria Soar, Pushing out the Middle Class Buyers

Prices in Astoria are going up, up, up. That’s the report from New York Daily News, who shares lots of numbers exemplifying the fast-growing market. Average sales prices for one-bedroom condos in Astoria surpassed $400,000 for the first time, coming in at $403,000 in the fourth quarter of 2013 as opposed to $388,000 one year ago. Prices for one-family homes go for around $750,000, as opposed to $650,000 last year. According to the News, “typical clients [in Astoria] are now couples with one child bringing home annual salaries ranging between $150,000 to $200,000, and they’re often using family inheritances to plunk down up to $400,000 on down payments.”

Eric Benaim of Modern Spaces believes prices will continue to rise until the neighborhood is on par with Long Island City. There are also a number of luxury buildings to go on the market, inevitably pushing the average condo or rental price higher. As longtime broker in the neighborhood Paul Halvatzis stated, “The market, which was at one time available to all middle-class people, is no longer there.”

Astoria No Longer a Middle-Class Enclave as Housing Prices Soar [NY Daily News]

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