THE OR ANGE REPORT REAL ESTATE MARKETING INVESTMENT PROPERTIES MARKET RESEARCH RENTAL DEVELOPMENTS CONDO DEVELOPMENTS

Transcription

1 THE OR ANGE REPORT REAL ESTATE MARKETING INVESTMENT PROPERTIES MARKET RESEARCH RENTAL DEVELOPMENTS CONDO DEVELOPMENTS

2 Q MARKET REPORT The first half of the 2015 continues to show that prices in Long Island City are consistently rising with no sign of slowing down. For the second time in 2015 and the third time in history, the average price per square foot of condos closed has broken a square foot with highest price per square foot of $1,622. The average price of a one bedroom is in the mid $900Ks, the average price of a two bedroom is just north of $1.1 million, and studios continue averaging close to $700,000 a unit. In regards to units on the market, we are starting to see one-beds above the $1 million mark, twobeds are ranging in the $2 million. Where the prices will all end up is hard to say at the moment, but we are projecting condominium units will be on the rise over the next 24 months. As we predicted in the last quarter report, rental prices are leveling out with thousands of units hitting the market each and every year. We wait to see where the prices go as thousands of rental units are slotted to be built in this entire area. In Astoria we haven t seen many transactions, as we wait for new product to hit the market. We see that changing in mid 2015, with prices of units rapidly increasing in Long Island City and the area expanding not only to Hunters Point and Court Square but also Queens Plaza. We see a shift in people moving towards Astoria and are predicting that prices of condos will be reaching a square foot and rentals coming close to $50 a square foot in Astoria is a great area that has credibility, good transportation and amazing amenities. In addition to Long Island City and Astoria we have also included rental data for emerging neighborhoods in Queens such as Sunnyside, Jackson Heights, Woodside, Rego Park and Flushing. The numbers are starting to show a major increase from what they used to be just last year as new projects break ground and a new luxury market starts to build. Best Regards, Eric Benaim CEO / President & Founder Modern Spaces Real Estate MODERNSPACESNYC.COM PG. 2

3 TABLE OF CONTENTS Q Market Report Table of Contents LIC Closed Data LIC On the Market LIC Rental Data Astoria Closed Data Astoria Rental Data Astoria Rental Snapshot LIC Sales and Rental Quarterly Tracking LIC Quarterly Rental Snapshot Additional Neighborhood Rental Rates Commercial Sales MODERNSPACESNYC.COM PG. 3

4 LIC CLOSED DATA The average price per foot overall is $1,119 with the highest of $1,622 at The View. The average absolute price is $935,422 with the highest of $1,480,000 at The Vere. AVERAGE CLOSED S AVERAGE PSF $1,400,000 $1,200,000 $1,188,182 $1,250 $1,200 $1,224,000 $939,750 $1,150 $800,000 $600,000 $400,000 $678,333 $1,100 $1,050 $1,059 $1,074 $200,000 STUDIOS ONE BED $950 STUDIOS UNIT MIX 25% STUDIO 57% 18% 1 BED 2 BED LIC ON THE MARKET The average price per foot of on the market is $1,233 with highest being $2,561 at The View. AVERAGE ON THE MARKET S AVERAGE ON THE MARKET PSF,000 $2,500,000,000 $2,702,364 $1,800 $1,600 $1,400 $1,200 $1,087 $1,101 $1,176 $1,567 $1,500,000 $1,402,649 $800,000 $500,000 $589,333 $821,978 $600 $400 $200 STUDIOS ONE BED THREE BEDS STUDIOS THREE BEDS MODERNSPACESNYC.COM PG. 4

5 LIC RENTAL DATA Luxury The average price per foot of luxury rentals is $59 and with an average rental rate of $4,290. RENTAL RATES AVERAGE RENTAL PSF $8,000 $7,000 $6,000 $5,000 $4,788 $6,697 $64 $62 $60 $58 $63 $58 $59 $4,000 $2,541 $3,134 $56 $54 $54 $52 $50 STUDIOS THREE BEDS $48 STUDIOS THREE BEDS Walk-ups The average price per foot of walk ups is $42 and with an average rental rate of $2,458 RENTAL RATES AVERAGE RENTAL PSF $2,800 $2,700 $2,670 $43 $2,600 $2,500 $42 $42 $2,400 $2,300 $2,200 $2,245 $41 $41 $2,100 $41 Elevator Rentals The average price per foot in elevator rentals remains unchanged at $43 and with an average rental rate of $2,963 RENTAL RATES AVERAGE RENTAL PSF $4,500 $4,000 $3,500 $2,500 $1,500 $500 $4,100 $2,870 $2,320 $2,560 STUDIOS THREE BEDS $60 $50 $40 $20 $10 $49 $44 $41 $39 STUDIOS THREE BEDS MODERNSPACESNYC.COM PG. 5

6 ASTORIA CLOSED DATA The average price per foot overall is $702 with the highest absolute price at $655,730. AVERAGE CLOSED S AVERAGE PSF $600,000 $500,000 $400,000 $520,000 $800 $700 $600 $500 $702 0,000 $400 $200,000 $100,000 0 $200 $100 UNIT MIX 1 BED 100% MODERNSPACESNYC.COM PG. 6

7 ASTORIA RENTAL DATA The average price per foot overall is $48 with an average rental rate of $2,857 RENTAL RATES AVERAGE PSF $4,000 $3,694 $60 $56 $3,500 $2,500 $2,219 $2,657 $50 $40 $47 $42 $1,500 $500 STUDIOS $20 $10 STUDIOS UNIT MIX 25% 57% 18% STUDIO 1 BED 2 BED ASTORIA RENTAL SNAPSHOT Below is the quarterly snapshot of the rental rate history from Q Q $3,100 $2,900 $2,800 $2,700 $2,623 $2,974 $2,700 $2,868 $2,792 $2,857 $2,600 $2,500 2,517 $2,525 $2,400 $2,300 $2,200 Q Q Q Q Q Q Q Q MODERNSPACESNYC.COM PG. 7

8 LIC SALES AND RENTAL QUARTERLY TRACKING Below is the quarterly tracking of the price per foot of all closed sales. The data has increased over each quarter showing a 16% increase from Mid-Year of Last Year to Mid-Year of 2015 LIC CLOSED DATA QUARTER OVER QUARTER $1,200 $844 $846 $904 $930 $944 $1,020 $950 $1,039 $1,119 $800 $768 $600 $400 $200 Q Q Q Q Q Q Q Q Q Q MODERNSPACESNYC.COM PG. 8

9 LIC QUARTERLY RENTAL SNAPSHOT Below is a quarterly snapshot of the rental rate history from Q to Q Q Q LUXURY RENTALS LUXURY RENTALS Studios $2,541 One Beds $3,134 Two Beds $4,788 Three Beds $6,697 AVERAGE $4,290 Studios $2,502 One Beds $3,126 Two Beds $4,436 Three Beds $6,053 AVERAGE $4,029 ELEVATOR RENTALS ELEVATOR RENTALS Studios $2,252 One Beds $2,510 Two Beds $2,836 Three Beds $4,026 AVERAGE $2,906 Studios $2,320 One Beds $2,560 Two Beds $2,870 Three Beds $4,100 AVERAGE $2,963 WALK-UP RENTALS WALK-UP RENTALS 1 Bedrooms $2,225 2 Bedrooms $2,625 AVERAGE $2,425 1 Bedrooms $2,245 2 Bedrooms $2,670 AVERAGE $2,458 Q Q LUXURY RENTALS LUXURY RENTALS Studios $2,482 One Beds $3,096 Two Beds $4,326 Three Beds $5,574 AVERAGE $3,870 Studios $2,369 One Beds $3,013 Two Beds $4,137 Three Beds $5,680 AVERAGE $3,800 ELEVATOR RENTALS ELEVATOR RENTALS Studios $2,320 One Beds $2,560 Two Beds $2,870 Three Beds $4,100 AVERAGE $2,963 Studios $2,252 One Beds $2,510 Two Beds $2,836 Three Beds $4,026 AVERAGE $2,906 WALK-UP RENTALS WALK-UP RENTALS 1 Bedrooms $2,245 2 Bedrooms $2,670 AVERAGE $2,458 1 Bedrooms $2,230 2 Bedrooms $2,650 AVERAGE $2,440 MODERNSPACESNYC.COM PG. 9

10 ADDITIONAL NEIGHBORHOOD RENTAL RATES AVG FOR STUDIOS BY NEIGHBORHOOD AVG PSF FOR STUDIOS BY NEIGHBORHOOD $2,500 $1,500 $500 $1,460 $2,541 $1,639 $1,586 $1,725 $2,218 $70 $60 $50 $40 $20 $10 $63 $42 $37 $45 $49 FLUSHING LIC REGO PARK SUNNYSIDE WOODSIDE ASTORIA FLUSHING LIC REGO PARK SUNNYSIDE WOODSIDE ASTORIA AVG FOR 1 BEDS BY NEIGHBORHOOD AVG PSF FOR 1 BEDS BY NEIGHBORHOOD $3,500 $2,500 $1,500 $2,005 $3,134 $1,919 $1,877 $2,050 $2,657 $70 $60 $50 $40 $32 $58 $29 $39 $47 $20 $500 $10 FLUSHING LIC REGO PARK SUNNYSIDE WOODSIDE ASTORIA FLUSHING LIC REGO PARK SUNNYSIDE WOODSIDE ASTORIA AVG FOR 2 BEDS BY NEIGHBORHOOD AVG PSF FOR 2 BEDS BY NEIGHBORHOOD $6,000 $5,500 $4,000 $2,663 $4,788 $3,004 $2,326 $2,510 $3,592 $70 $60 $50 $40 $20 $10 $54 $29 $32 $34 $44 FLUSHING LIC REGO PARK SUNNYSIDE WOODSIDE ASTORIA FLUSHING LIC REGO PARK SUNNYSIDE WOODSIDE ASTORIA MODERNSPACESNYC.COM PG. 10

11 COMMERCIAL SALES Information compiled thru May 31st, 2015 for properties at $500,000 and up. Walkup Sales 12 Walkup Dollar Volume $75,821,092 Walkup Total S.F. 194,567 Walkup Avg. $/S.F. $ Walkup Median $/S.F. Walkup Total Units 295 Industrial Sales 6 Industrial Dollar Volume $12,450,000 Industrial Total S.F. 40,406 Industrial Avg. $/S.F. $ Industrial Median $/S.F. Industrial Avg. CAP Walkup Avg. Unit Price $257, Walkup Avg. CAP Commercial Sales 5 Commercial Dollar Volume $205,900,000 Elevator Sales 2 Elevator Dollar Volume $17,011,837 Elevator Total S.F. 56,121 Elevator Avg. $/S.F. $ Commercial Total S.F. 633,665 Commercial Avg. $/S.F. $ Commercial Median $/S.F. Commercial Avg. CAP 5.88% Elevator Median $/S.F. Elevator Total Units 63 Elevator Avg. Unit Price 0,442 Elevator Avg. CAP 4.15% Development Sales 21 Development Dollar Volume $162,849,000 Development Total Buildable S.F. 1,112,810 Development Average $/BSF $ Mixed Use Sales 15 Mixed Use Dollar Volume $54,140,000 Mixed Use Total S.F. 135,822 Mixed Use Avg. $/S.F. $ Mixed Use Median $/S.F. Mixed Use Total Res Units 134 Mixed Use Total Com Units 29 Mixed Use Avg. CAP 5.00% 2015 Total Sales Total Dollar Volume $562,733,929 MODERNSPACESNYC.COM PG. 11

12 LIC AND ASTORIA ORANGE REPORT Thank you for following our report. Modern Spaces will continue to track the market on a quarterly basis. If you have any questions or would like a more detailed report please feel free to contact us at info@modernspacesnyc.com. For a direct download of our report please click the link below. This information was directly generated from Automated City Register Information System (ACRIS) and from Modern Spaces Sales and Rental Data for 3/31/2015 to 6/1/2015 MODERNSPACESNYC.COM PG. 12