How Far Is Too Far?

Is ten blocks from the subway to far? Astoria buyers and tenants always tell me how far they want to be from the subway but what’s surprising is that most people have a different threshold. Astoria and Long Island City is well served by public transportation. Some people are comfortable with a 5-10 block walk and others want to be right around the corner from the station. Is 25th Ave and 46th St too far from the subway? What about Ditmars  Blvd and 49th St? The answer is that it depends who you ask. A more relevant question is how does this affect either the rental price or sales price or a particular property? When you are outside the 10-15 min walk range from a rental standpoint, it may take longer to rent that particular property and you may see reduced rent of $100-$300/mo. From a sales point of view, currently inventory is quite limited so we are not seeing a huge discount due to distance and there’s always the clientele who drive and don’t need to walk to the subway. Can you do anything to raise the price in properties that are a little further from the train? The short answer is that no distance is too far to schlep for your own washer/dryer. Adding amenities like upgraded kitchen, dishwasher and most coveted of all, a washer/dryer, will help to attract qualified candidates.

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