Condo prices are up 4% year over year on a per-square-foot basis, and rentals 2% according to a new local report by Modern Spaces. That’s basically the same as the cost-of-living adjustment if beer prices are a legitimate indicator of that index. Yaawwnn! That was my response to this data, and to the Daily News article that accompanies it. I mean with details such as:
he’s seen a dramatic shift in the area in the 13 years he’s worked there
and quotes such as:
“Long Island City was a gritty, industrial neighborhood and many people confused its name with Long Island,”
Now “we have vibrant industrial, residential, commercial and cultural communities,” “The future is pretty promising.”
“The schools are good, the crime rate is low,” he said. “The quality of life is just phenomenal.”
my eyes were bound to wander. And wander they did, just to the right where the “Most Read” articles were displayed, and number one just happened to be an expose that never gets old, as long as it includes a few pictures:
Sugar Babies Rely On Their Older Sugar Daddies
But while we’re straying, let’s not stop there. Because if the initial real estate article can best be described as banal, then what caught my eye mid Sugar Babies pretty much left my jaw on the ground. I cannot describe it here in a quasi family publication, but anything that can pull me from the timeless titillation of Sugar Babies is definitely worth a gander. Do not let the straightforward headline fool you, this one is …uhhh, indescribable.
Florida Homeowners Terrorized by Naked Man
All I can say is that dude looks like my prep-school roommate.
OK, I have gone on a complete tangent from banal to nutjob, it’s time to bring it back home to LIC. Lots of news outlets can tell you what has happened, here at LICtalk we go one step beyond and give you a prediction about the future of residential real estate in Long Island City. Everywhere I look I see lots of buildings going up, and every one of these buildings is slated to be a rental. Even the fallen crane on Center Boulevard has been fully dissected, so construction should resume shortly.
Thus I expect local rents to stay flat in 2013!
Wait there’s more. Due to lack of supply, I expect condo prices to increase 5-10%. Am I nuts?
Housing Prices Rise In Astoria and LIC – yeah we know
Astoria Real Estate Market Sees Uptick In Luxury Properties – prices are 2/3 what they are in LIC
Department Proposes LIC Street Cleaning – “This is not a done deal, that’s why we had this meeting,” Van Bramer said
Hunters Point Community Supported Agriculture(CSA) – looking for a local outlet for fresh produce?
MoMA PS1’s Sunday Sessions – On Sundays between September 16, 2012 and June 30, 2013, the VW Performance Dome will house Sunday Sessions, an amalgam of artistic programming—from light, sound, and music installations to lectures by world-renowned scholars and special performances.
More Sidewalk Cafes Coming to LIC? – another take on this issue
Capo Auctions Bring Antique Lovers to LIC – a little outta the way, but alotta offbeat stuff
Anonymous Bosch says
January 25, 2013 at 10:26 pmIf “Marriage is the death of hope” per Woody Allen, then Sugar Babies confirm that hope springs eternal.
Z says
January 26, 2013 at 9:50 amSickest post ever, almost completely unrelated to LIC, but I like it!
Done? says
January 26, 2013 at 11:15 amI hope your prediction is right, I am one rent increase away from moving out of LIC.
Queensie says
January 26, 2013 at 5:31 pmI hear you on no more rent hikes, after seeing in the article what the prices are in Astoria, I may soon be converting to Astorian. They have better restaurants too.
Ro says
January 27, 2013 at 9:52 amI agree with you that rents should be flat for the coming year(s) but for a slightly different reason. The new supply will create some downward pressure on rents but it will be very short lived because NYC does not produce enough new housing to meet its demand. I think that LIC’s rents increase or decrease is more a function of Manhattan’s rents and those rents are reaching a plateau. The rents in NYC have increase at a much faster pace than the average renters’ income and I think that we have reached a ceiling that will take a couple of years to break through.