‘Fear of missing out’: As buyers scramble for a home in ruthless market, is Staten Island in a real estate bubble? - silive.com

2022-07-02 00:30:34 By : Mr. Ice Zhou

Two neighboring houses currently on the market in Great Kills offer a snapshot of Staten Island's real estate disparity. The house at left, listed at $969,000, is considered "move-in ready." The house at right, listed at $569,000, needs work and is being sold "as-is." (Staten Island Advance/Jason Paderon)Jason Paderon

Editor’s note: With real estate prices skyrocketing on Staten Island, many buyers are feeling the crunch of finding their dream home. In this ongoing series, titled “The Housing Squeeze: Inside Staten Island’s Real Estate Surge,” we dive into various topics, including just how high prices are going to go, who is buying in this hot market, rising interest rates and what it takes to afford a home in the borough these days.

STATEN ISLAND, N.Y. -- On a quiet street in Great Kills, a faded turquoise cape is slowly falling apart. Its front steps cracked and guarded by caution tape, layers of time-worn roof shingles drooping from its peak, the 1950s-era home is tired and poorly maintained, its driveway thick with weeds. But despite its offensively overgrown yard and uninhabitable interior, the property boldly boasts a “For Sale” sign on the front lawn and is considered a primo slice of Staten Island real estate. The list price? $569,000.

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