Amazon HQ2 Will Have Gradual Effect on Home Values

November 18, 2018
Published in Mansion Global
Amazon’s announcement that the company would set up its newest outpost in Long Island City has already had a massive impact on the Queens neighborhood. In addition to bringing enough interest to the area to encourage the development of 2,600 Long Island City condos, existing buildings, like CORTE, a luxury condo sold by local brokerage firm Modern Spaces, has already raised its prices due to increased demand. While Modern Spaces CEO Eric Benaim says that the company was negotiating with buyers prior to the Amazon announcement, the market has shifted enough for the company to take a hardline approach, increasing prices with no wiggle room. “People who were looking elsewhere are now going to say, ‘Lemme go to Long Island City, it sounds really cool and it’s going to appreciate in five years’," says Benaim.
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