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Experts: Amazon Deal Will Drive Up Long Island Home Prices

November 14, 2018 - 12:51 pm
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NEW YORK (WCBS 880) -- Future employees at Amazon’s planned headquarters won’t just be filling apartments around Long Island City, they’ll also be buying up homes on Long Island.

Real estate experts say that will likely lead to higher housing costs on Long Island as a flood of highly paid tech workers search for a place to settle down close to the city.

Real estate agent Lisa Kennedy, of Eric G. Ramsay and Associates, told WCBS 880’s Sophia Hall that the new employees will be especially interested in areas of Nassau County like Rockville Centre, Garden City, Manhasset and Jericho because the commute will be shorter.

Kennedy says the influx of Amazon employees will especially impact first-time homebuyers.

It’s already hard for first-timers to buy a home, but with the influx of Amazon workers they might be “knocked out of the playing field” altogether, she says.

“We are absolutely going to have more of an inflated market than we have right now,” Kennedy said. “And our market on Long Island is already inflated.”

Currently, Kennedy says homes routinely sell at $25,000 over asking price after bidding wars.