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» VISIT US ONLINE @ DSNEWS.COM 111 111 NEW YORK The Amazon Effect According to a PropertyShark report, there has been a notice- able spike in listing traffic in affected areas in the aftermath of Amazon's announcement that it will split its second headquarters between the Long Island City of Queens (LIC) and Crystal City in Arlington, Virginia. Following the announcement, views on a Long Island City listings page increased by 198 percent, according to PropertyShark. e retail giant's move to LIC and Arlington has spurred strong opinions from both sides of the spectrum. Some are excited and others remain skeptical about Amazon's impact on New York City's residential market. On account of easy access to "Amazon Island City" and a heightened increase in homes in surrounding areas, the rate at which property prices grow is expected to accelerate in LIC, the report indicated. Astoria and Sunnyside are among neighborhoods where home prices will take off, while areas along Metro Line 7 will boom as well. Long before Amazon's descent on LIC, the neighborhood ex- perienced a surge in interest as well as home prices, with a median home price seeing an increase of 35 percent in the last five years. Over the years, LIC has attained the tag of the most expensive and refined neighborhoods in Queens from the industrial district that it used to be. "Prices along various subway lines are going to rise by 25–40 percent. Neighborhoods that have been stable for generations are going to get gentrified and existing residents pushed out," said Matthew Haines, real estate investor and founder of Proper- tyShark. According to PropertyShark, in the last five years, median home sale prices increased 35 percent, reaching a peak of $435,000 in 2017. Year-to-date, the median sits at $350,000, a drop of about 20 percent. e median home price is more than likely to increase at a much faster pace and drive demand in the near future, the report noted. e report found that median home prices in Hunters Point and neighboring areas are expected to reach $1 million soon. Hunters Point, Sunnyside, and South Astoria will all see an in- crease in home prices, rents, and new developments. Median home prices in Hunters Point will reach $1 million soon, up from the current median of $875,000. Sunnyside and South Astoria boast medians of $390,000 and $650,000, respectively.