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s home prices in Brooklyn and Manhattan continue to skyrocket, Queens is becoming an increasingly attractive option for buyers. According to Thomas Caramanno, a Compass agent based in Bayside, this trend is transforming the borough's real estate market.
Caramanno has spent over a decade working in real estate, with most of his experience focused on properties in Astoria and Bayside. He credits his success to his team's high sales volume and strong sales numbers, which caught Compass' attention six years ago. The merger allowed Caramanno's team to expand their reach and assist more clients in finding homes in Queens.
Caramanno attributes the growing interest in Queens to its affordability compared to Brooklyn and Manhattan. Many neighborhoods in Queens offer easy commutes to these boroughs, making it an attractive option for those priced out of other areas. "Brooklyn has become so astronomically expensive that a lot of people who were looking in Brooklyn and getting priced out are now coming over, especially to Western Queens," Caramanno said.
Since the COVID-19 pandemic, Bayside and Astoria have seen significant growth as popular areas for people to move to. Caramanno notes that Astoria is experiencing a surge in luxury condominium development, while other neighborhoods like Jackson Heights and Forest Hills are also seeing increased activity.
Caramanno's team has noticed a trend towards new mid-level boutique buildings, typically five or six stories tall, with small amenities like gyms and rooftop terraces. These buildings appeal to buyers who want something more than just a basic apartment but don't need the luxury of larger high-rise buildings.
When it comes to amenities, Caramanno says that buyers are looking for anything that adds value to their living experience. This includes in-unit washers and dryers, package rooms, virtual doormen, and outdoor spaces like patios or rooftops. "The outdoor space is huge, especially since the pandemic," he said.
Caramanno's favorite part of working in real estate is helping people navigate life-changing events like buying or selling a home. He enjoys being part of each transaction, learning about his clients' experiences, and strategizing to find them their perfect match.
Looking ahead, Caramanno expects Queens to continue thriving due to its affordability and accessibility. He hopes that the next mayor prioritizes building more affordable housing in the borough. With many upcoming developments on the horizon, Caramanno is optimistic about the future of Queens' real estate market.
