Long Island City continues to complement New York's growing market
Real estate in New York, NY, may continue to increase in value as 2012 progresses, as several key indicators show the Big Apple making great strides toward recovery and beyond. Earlier in May 2012, Mayor Bloomberg announced that New York City's private-sector job gains have reached a 60-year high and had gained 61,000 private jobs so far, the New York Post reports.
The stable job market may have affected other aspects of city culture such as housing. For example, Long Island City is undergoing another real estate boom, according to NY Daily News. The growth in the housing market is fueled by a new batch of residential towers, hotels and high-profile property deals, all of which are expected to boost values for current homeowners.
The future projects are expected to provide numerous new housing opportunities for prospective homebuyers, and structures will be set aside for low-and middle-income residents, the news source reports.
Currently, ZipDataMaps reports the average real estate sale price in Long Island City is $547,619, but with new projects popping up all over the area, values may increase in the near future. Buyers looking to invest in property may want to enter the marketplace now to take advantage stable asking prices before they appreciate in value and competition increases for available homes.