Friday, April 13, 2007

LIC Madness!!!

It's official, LIC is officially in boom mode. After much speculation, it has finally happened. The once down at the heels middle class and artist hideout, 2 minutes on the 7 train from Grand Central has finally been found, and prices are moving up vigorously.
Several new condos have opened in the past 6 months and they have been getting snatched up at a record pace. Price per square foot is also moving up nicely with averages jumping from $600 per foot to $750 per foot during the same period. Multiple price amendments are the norm and buildings like 10-50 Jackson have seen 90% of their units gobbled up in just a few weeks. With the exception of Arris Lofts a little further inland, there is the potential that there will be virtually no inventory around a month from now. Don't fret, there are still opportunities on the horizon, as the large Powerhouse project on 5th Street and a couple of boutique condos are ready to open in time for summer. My advise, have your running shoes handy, as the second these buildings open, informed buyers are likely to pounce. Given the likelihood of multiple price amendments, getting in first could be very profitable.

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