The Queens Chronicle recently did a love story about LIC real estate -- the views! the schools! the exciting new developments! -- which triggers a natural question. Are things still rocking in LIC? Or, is LIC more like Manhattan (gravity-defying, Euro-driven, the class of the market) or more like Forest Hills (mortgage-threatened, hit by Wall St job cuts and high gas prices, middle class)?

The answer, according to our friend Patrick Smith of Brown Harris is: "The average resident in the market for luxury housing in the area makes a six-figure income. " Meaning, it's more like Midtown.

Manhattan keeps rocking. Above is the average price per square foot, nearing $1,500 this quarter.

And here:

Well, this is Queens. Of course, it's mostly Rego Park and Midwood etc etc. LIC is in the 700-800/psf range this year.

So...if you figure the development of LIC makes it "more like Manhattan", the movement from one curve to the other is what tells the story of where prices are going.

Stay tuned.