In major eye roll news: Long Island City home prices are rising through the roof because of the soon-to-be Amazon HQ2 headquarters. While the HQ2 hasn’t even broken ground yet, prices have already started increasing on the LIC waterfront.
StreetEasy released a report on spiking home prices. According to StreetEasy, “In the five weeks after Nov. 5, when the Amazon HQ2 plans leaked, 35 listings in Long Island City, or 18.8 percent of the total number of homes for sale there, increased their price.”
Right now, the rising prices are centric to Long Island City. Obviously, this a dramatic turn of events for residents. However, Midtown real estate listings bore the highest rate of Amazon HQ2 mentions in their copy.
StreetEasy added: “The trend of Manhattan listings touting their proximity to Queens illustrates just how upside down the New York City real estate market has become going into 2019. With Manhattan prices down 2.5 percent from the prior year as of October, and Queens prices up 5.4 percent, developers are pinning their hopes on Amazon.” Interesting.
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