Talk about a short-lived boom.
Even though Amazon nixed its plans to bring additional headquarters to Long Island City, the online retail giant still managed to spur a prime rush for real estate there in the three months between its headquarters announcement and its shocking departure due to political opposition.
That’s according to building and listing information portal Online Residential, which tracked the number of signed contracts for home purchases in two phases between September and February.
Between Sept. 13 and Nov. 12 (the day Amazon formally announced its plans for HQ2), Long Island City and neighboring ’hood Astoria had a total of 79 contracts signed. Then, between Nov. 13 and Feb. 13 — the day before Amazon unexpectedly pulled out of its Queens plans — that number soared to 157 signed contracts. That’s almost double the prior figure, a 99 percent jump.
Along with the contracts came a big spike in their dollar value. Online Residential’s data shows that during the September-to-November period, the dollar value of homes in contract added up to $76.53 million. From November to mid-February, the total was $160.74 million — more than double, or a 110 percent jump.
Buyers and investors had placed major bets that Amazon’s presence would boost local property values. Remember, though, these deals are in contract and have not yet sold; it’s possible for buyers to back out of a real estate purchase without paying too many penalties. It’s also too soon to tell what impact Amazon’s departure will have on the number of signed contracts after Feb. 13 and the total value of those contracts — as well as neighborhood pricing more broadly.
Several area buildings in particular were big beneficiaries of Amazon’s November announcement, according to Online Residential. The 85-unit Corte condo at 21-30 44th Drive saw 39 contracts signed in the Nov. 13 to Feb. 13 period.
Another was the Bond, a 42-unit condo at 46-20 11th St., which had 14 signed contracts during that time.