By David Brand @D4V1DBR4ND
Queens home values have skyrocketed over the past decade, and real estate website Trulia has the data to prove it.
This week, Trulia released its annual list of New York City’s most expensive neighborhoods and while property values in Manhattan hotspots like Soho and the Upper East Side outpace the outerboroughs, Queens features five of the seven neighborhoods that made the biggest leap in terms of median home value since 2008.
The median home value in Ridgewood reached $737,100 in 2018, making the hipster magnet just north of the Brooklyn border the 99th most expensive neighborhood in the city, up from 194th most expensive a decade ago.
That 95-place leap was the biggest in the city.
Ethnic enclaves Elmhurst and Jackson Heights also made huge leaps in property value — a positive development for homeowners looking to sell and head to the ‘burbs, but a serious problem for longtime community members already burdened by rising rents.
Jackson Heights climbed from the 236th most expensive neighborhood to the 147th while Elmhurst went from 232nd to 146th. Corona moved from 237th to 159th, while Pomonok went from 202nd to 128th.
The Hunters Point section of Long Island City, home to a new skyline of glass-encased towers, is now the 23rd most expensive neighborhood in New York City.
The property value increases have taken a toll on some homeowners. According to a January report by real estate website Propertyshark, there were 1,260 first-time foreclosures in Queens in 2017 and 303 first-time foreclosures in the first quarter of 2018. Both totals were the highest in the city.
Some legal experts speculate that the city could face a renewed foreclosure crisis as occured at the start of the Great Recession.
“We’re clearly not out of the woods of the last foreclosure crisis,” Jacob Inwald, the director of foreclosure prevention for the nonprofit Legal Services NYC, told The Real Deal this month. “It’s not crazy to think that we’ll see another.”