In doing some research for a buyer, I reviewed some twenty-three (23) new development sale buildings via the Internet. Of these buildings, only three had 1 bedroom condos, currently unsold, with an asking price of under $500k (as of 7/21/08). Only one of those three buildings priced their 1 bedroom at less than $425k.
Four of the 23 haven’t opened their sales office yet. Three of the 23 new developments have sold out. One, the Crescent Club, is over 70% sold. While the remainder of the U.S. is still reeling under the sub-prime mortgage crisis, the Manhattan real estate continues to be healthy. What is even more surprising is that Long Island City, an oft overlooked neighborhood of Queens, is relatively popular with investors and buyers.
While I haven’t personally visited any LIC new developments nor walked their streets and avenues, I find it intriguing that so many buyers would invest in the neighborhood.