Demand and prices keep rising for Long Island City condos

Prices are continuing to go up in LIC. Only 6% of the inventory is currently available for purchase, according to the Real Deal, with almost half of the inventory being studios or 1-bedrooms. Modern Spaces expects just 250 more units to be delivered in the next 24 months.

But this doesn’t come as much of a surprise, with all the construction still happening along the LIC waterfront. We won’t see many of these condos finished for another year or two, including the 4 new residential towers in Hunter’s Point which aren’t expected to be finished until 2013. Meanwhile, completed projects like the Crescent Club seem to be off to a good start and renting well. We may even see a new price record, if the penthouse at The View, which is listed at $3.25M on StreetEasy, meets it’s asking price.

Here’s a chart from Modern Spaces’ yearly report that shows the average price per square foot of sold condos Long Island City.

Image source: Modern Spaces via The Real Deal