RISMedia's Real Estate Magazine

JAN 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1066259

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Page 76 of 118

72 January 2019 RISMedia's REAL ESTATE How are residents responding? It's a mixed bag, according to Robert Wha - len, director of Sales in Long Island City for Halstead. "While many residents have been thrilled with the news, some have ex - pressed concern and anxiety about what the addition of Amazon will mean to the neighborhood in the intermediate- and long-term," says Whalen. "I think the voices of dis - sent are healthy, and I'm hopeful that the protests of today will lead to constructive and engaging conver - sations among various stakeholders tomorrow and beyond. "I think…that community engage - ment will drive positive actions by Amazon, the city and the state, and I hope there's greater recognition and understanding regarding the tremendous upside potential," Wha - len says. What are the primary concerns? For one, affordability impacting cur - rent residents' ability to remain in these metro areas—experts fear that buyers and renters will be priced out. These apprehensions are largely experience-based—critics note that low- and moderate-income individu - als residing in areas in which Ama- zon is based, such as San Francisco and San Jose, Calif., as well as in its home base, Seattle, are struggling to afford housing in the surrounding areas of their workplaces, according to U.S. News. Looking at the impact Amazon had on Seattle, home values have spiked, pricing out even moderate - ly affluent residents. The median home value has increased dramati - cally by 73 percent to $739,600 over the past five years, according to Zillow data. A Peek at the Current Market Environment A look at the current housing mar - kets of LIC and the D.C. metro area show similar bustling trends that could lead to affordability and inven - tory challenges if too much strain is put on these locales. According to CoreLogic data, over the last year, Amazon to Spark Massive Real Estate Shift in NYC and D.C. Markets T ransportation, job growth, affordability—these are just a few of the elements that will likely experience a substantial shift when Amazon's headquarters come to Long Island City and Crystal City, with the corporation's promise of a generous boost to the local economies. Real estate may feel the biggest impact of all. by Liz Dominguez

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