Astoria Real Estate
Astoria Real Estate - Demographics & Description
Astoria / Astoria Real Estate / Updated August 30, 2012 / firt published December 2009. This report will be updated sometime in Q3 or Q4 2012. We'll have more information to provide you on the Astoria real estate market prices, inventory and demand; as well as things to look for when buying Astoria real estate.
The Astoria real estate market is the largest real estate market in our analysis. The Astoria population in the last census was about 165,000. The Astoria neighborhood is a very ethnically mixed community, with a history of German [Steinway], Italian, Greek and Middle Eastern immigrants arriving in waves throughout the last century. These days the immigrants coming into the Astoria real estate market are from NYC and other states. The Astoria neighborhood runs from LaGuardia Airport to the East River down to Northern Blvd. The housing inventory includes a mix of apartment buildings, condominiums, multi-family dwellings and single-family homes. Astoria has a rich mix of some of the best parks in the city and includes a number of full service shopping and dining areas including along Steinway Street, Northern Blvd, Ditmars Street and 31st Street.
Astoria Real Estate - Apartments & Apartment Rentals
Over the past decade a number of Astoria apartment buildings were sold to real estate investment firms who bought into Astoria because it is an up and coming real estate market. A number of the multi and single family homes and condos were also sold by long time residents to incoming urban professionals, as financing made buying easy and home prices rose. Many of the older residents left for other, less expensive areas in the borough, state and nation.
Homes For Sale - Astoria Real Estate
Surprisingly, at this time there’s not a lot of single or multi-family home inventory for sale. I found that there was still not a lot of inventory for sale as those who bought homes appear to be either staying, or at least able to afford to hold onto them. This makes sense given the shifting demographics, as many of the homes purchased in this last Astoria real estate market boom were well educated urban professionals and real estate investment corporations.
There’s also little incentive to sell in the Astoria real estate market, as prices are down significantly [15% - 30%] from the highs of three years ago. The heartening news is that Astoria prices have declined less than or about the same as, the national average. This is likely due to the perception that Astoria is a great place to live and that it’s popularity and hence prices will be among the first to resume as things improve. The net result for those looking to buy single or multi-family homes in the Astoria real estate market, is that while it's still a buyers market, it is not as much of a buyers market as one might have expected, given the times.
Condos For Sale / Apartments For Rent - Astoria Real Estate
But single / multi-family homes are only a part of the picture. We note that there are literally hundreds of condominiums for sale in the Astoria real estate market as of late 2009. In the Astoria real estate condo market buyers have leverage they haven't had in at least a decade. This provides those who can obtain financing and who are interested in buying Astoria real estate, with a good buying opportunity.
The other view of housing in the Astoria real estate market is that the rental market has become increasingly competitive. Due to the slow economy, hundreds of thousands of jobs have been lost in the NYC metro area. While the Queens unemployment rate at 9% is appreciably better than the national average of 10%, many workers have been displaced [see our report on Queens Jobs]. Many of these workers have begun doubling up with roommates or have moved back home to other states. Also, due to falling rents in Brooklyn and Manhattan, the influx into the Astoria real estate rental market has slowed from the torrid pace of a few years ago.
Thus as any good capitalist knows, when demand slows, and supply / inventory rises, prices begin to fall. One can find well-kept apartments, near good restaurants and neighborhood shopping centers, as well as great parks and only a 10 - 20 minute subway ride from Manhattan. Prices range between $1000 and $2000 for studios to three bedroom apartments. So best wishes to renters and buyers, as for the time being, the market is yours. While we're not sure we've hit bottom yet, one thing we can be sure about is that at current price levels, over the long haul a buyer will do well in the Astoria real estate market as it provides one of the highest quality of life living environments in the nation. Click here to view our coverage of the Astoria Neighborhood, including Astoria events, restaurants and shopping.
Astoria Real Estate - Related Stories / Links
Click here to view a story about Queens Real Estate in general with links to stories about Jackson Heights real estate, LIC / Long Island City real estate, Sunnyside real estate & Woodside real estate. And click here to go to the Queens Real Estate section of this site. Click here to view Queens Real Estate Classifieds.
Astoria Realtor - Related Links
Click here to go to the home page of Halvatzis Realty in Astoria.
Astoria Real Estate - Related Links
Click here to go to the home page of Ponce De Leon Bank for Mortgages In Astoria & Queens.
Click here to go to the home page of an Allstate insurance agency for Home Insurance In Astoria & Queens.
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