Despite known flooding risks, the waterfront is still the number-one hotspot for people wanting to find a home in Queens.
The Rockaways, Malba and Whitestone have seen several oceanfront homes change hands in 2012 for respectable, even record-breaking, prices. It’s true they don’t come even close to prices paid for the most expensive homes in Manhattan, Brooklyn or even the Bronx, but for the borough, a transaction going above $5 million is something to boast about.
#1. 137 Beach 146 Street (The Rockaways)
This home was bought in August for a record price of $5.1 million by Cary Pollack of Meridian Capital Group, but received serious damage a couple of months later during Superstorm Sandy.
When seen from the street, the property might not look worth $5 million but, in fact, its initial asking price was 1 million more! The 3,000 sqft. property was built in 1960 and last bought in 1998 by Glori and Meir Cohen for $1.5 million.
#2. 5 Point Crescent (Malba)
The second most expensive transaction in Queens took place in June when the 3,523 sqft home at 5 Point Crescent sold for $3.7 million. The house was built in 1935 and had been last sold for $3 million, in 2007.
#3. 158-25 Riverside Drive (Whitestone)
The third most expensive transaction is another oceanfront home, bought in January 2012 for $3.45 million, after having been on the market for several years. The previous owners first had it listed for a more ambitious $5.4 million.
The massive destruction caused by Hurricane Sandy might have buyers interested in waterfront real estate in Queens reconsider their options.
Nevertheless, as shown in an article published in The New York Daily News, real estate specialists such as Jonathan Miller from Miller Samuel Appraisers & Consultants remain confident that “the aftermath of the storm hasn’t changed people’s love for being on the water and having the view.”
Here is the complete top-10 list of the priciest home sales in Queens in 2012:
|Property address||Sale price||Property type|
|137 Beach 146 Street, Queens||$5,100,000||Single Family Home|
|5 Point Crescent, Queens||$3,700,000||Single Family Home|
|158-23 Riverside Drive, Queens||$3,450,000||1-4 Family Home|
|4630 Center Boulevard #PH5, Queens||$3,100,000||Condo|
|147 Beach 136 Street, Queens||$2,600,000||Single Family Home|
|98 Malba Drive, Queens||$1,900,000||Single Family Home|
|87-71 Avenue, Queens||$1,900,000||1-4 Family Home|
|7004-60 Avenue, Queens||$1,890,000||1-4 Family Home|
|251-20 Hand Road, Queens||$1,873,000||1-4 Family Home|
|216 Greenway Street, Queens||$1,812,000||1-4 Family Home|