Queens has always been my favorite affordable alternative to investing in Manhattan real estate. But, now more than ever, investing in some of the up and coming neighborhoods in Queens looks especially promising. Rent prices are currently low, and homes are selling below asking prices, which means the market is perfectly situated for you to snag properties with high return probability as the market is poised to climb again. The impending arrival of Amazon’s HQ2 in Long Island City means this entire borough is about to explode with an influx of highly-skilled workers who need housing and commercial development to support them. That makes now the best time to invest in Queens—and here’s where you should be looking.
Up and Coming Queens Neighborhoods Ripe for Investment
The Woodside, Jackson Heights, and Forest Hills neighborhoods are affordable, trending, and perfectly situated for new Amazon employees to move in as soon as HQ2 opens its doors. Let me tell you why I think these three up and coming neighborhoods are your best bets for real estate investing this year.
If you’d like to get in the market ahead of the Amazon rush, take a close look at Woodside. This multicultural haven lies just east of the planned Long Island City headquarters and is now the site of Amazon’s newest New York City fulfillment center. Woodside residents have easy access to the 7, LIRR, E, M, and R trains and can easily commute into LIC or Midtown. New families entering Woodside have put 2-3 bedroom residences in high demand and prices, while relatively low compared with other Queens neighborhoods, are rising.
My favorite part of Woodside is Roosevelt Avenue—a thoroughfare that perfectly showcases the rich diversity of this neighborhood with its many restaurants and shops. But investors will be drawn to the fact that homes here are mainly low-rise, and, unlike the luxury real estate boom in Flushing, growth in this low-key neighborhood isn’t likely to involve huge condo towers and other majorly expensive property. If you’re looking to invest in a co-op complex or other income property in Queens, Woodside might be your best bet with a reasonable barrier to entering this market while prices are on the upswing.
Despite its highly-convenient location beside LaGuardia airport, Jackson Heights is an often-overlooked neighborhood rich with investment opportunity. Young professionals, who make up a significant portion of home buyers these days, will be attracted to the area’s multicultural flair and its decidedly urban vibe. Five train lines make this neighborhood easily accessible to Manhattan’s corporate centers. And, with delicious globe-spanning restaurants and active streets, Jackson Heights has a trendy, earthy feel that pulls a whole host of ideal buyers.
Much of this neighborhood is brick low-rises and roomy pre-war homes, which correlate to potentially higher sale and rental prices after being rehabbed. Prices in Jackson Heights have been rising steadily in recent months and will continue to rise as Amazon’s new headquarters brings its thousands of new Queens residents. However, and most importantly, prices today are still low enough to justify a great investment if you can find a good deal.
Finally, we’re taking a good jaunt east to start investing in Forest Hills, a gorgeous, green, suburban neighborhood in central Queens. Forest Hills is full of spacious single-family homes with beautiful Tudor architecture, as well as a healthy number of pre-war co-ops. The streets are quietly lined with trees and most residences have an elegant amount of green space. Downtown Forest Hills is quaint, with fantastic restaurants worthy of Queens’ foodie reputation.
From an investment standpoint, Forest Hills is perfect for you if you’re interested in a higher-value purchase and a potentially higher-profit sale. These homes are still significantly cheaper than similar properties in Astoria or Long Island City—which is why I predict serious growth here once Amazon makes its grand entrance—and that means there’s still plenty of opportunity to see good potential returns from buying a house to renovate and sell here.
Investing in Up and Coming Neighborhoods in Queens
Queens has been on the verge of a growth spurt for years as New Yorkers are increasingly priced out of neighboring boroughs, but we’re about to see an unprecedented amount of interest, development, and growth as Amazon HQ2 moves in. Whether you invest in Woodside, Jackson Heights, Forest Hills, or elsewhere, your real estate investing business can benefit from these changes. But, first you have to find the deals—and that’s just going to get more challenging as interest in Queens real estate reaches a crescendo. As an independently owned and operated HomeVestors® franchisee, I have this problem covered. With the nationally-known and trusted “We Buy Ugly Houses®” marketing campaign behind my professional real estate investing business, I get qualified leads on some of the best deals across Queens and beyond.
Ready to invest in the up and coming Queens neighborhoods? Contact HomeVestors to get access to qualified leads today.
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