Astoria may get a facelift as New York real estate market improves
Real estate in New York, New York, is becoming more stable, and recent activities prove that many more buyers and sellers feel confident in the future of the U.S. housing market. However, the Big Apple isn't the only part of the Empire State to be faring well in terms of growth and recovery.
New York, as a whole, had a good July 2012, with sales up 4.7 percent compared to July 2011, according to Joseph Spector, a contributor to Politics On The Hudson. Additionally, median sale price was up 6 percent in July 2012 and pending sales were up 18 percent.
"New Yorkers continue to regain their confidence in housing as we move through the typical active summer months," said local real estate expert Duncan MacKenzie to the news source. "Despite a dip in closed and pending sales between June and July, the year-to-date figures show an overall market improvement through the first seven months of the year."
By the end of July 2012, sales were up 6.3 percent statewide and pending sales were up 16.9 percent. However, with the median home price still at $212,000, which is 1.8 percent less than the $215,900 median for the same period in 2011, there is still plenty of growth needed before stability is finally achieved.
Back in the Big Apple, new construction projects may grow in areas of Queens like Astoria. This community, which has recently seen an influx of new residents, is a waterfront neighborhood that was once mainly full of warehouses. However, a trio of proposed residential developments could transform the western Astoria waterfront from public housing and gritty industrial buildings into 30-story towers, shops and new parks, the New York Daily News reports.
However, before these revival efforts come to fruition, new zoning requirements will need to be voted on and implemented. These changes would have to go before the City Council, and City Councilman Peter Vallone Jr. (D-Astoria) has reservations.
"Development is absolutely necessary for that community," Vallone said to the news source. But "it will add thousands of people in [an] area where the infrastructure is already strained."
No matter how this construction effort pans out, the preliminary idea sheds light on how Astoria has already grown to a point where new infrastructure design is essential for future expansion. Homebuyers may want to join the community today.