Jackson Heights Life

Get Connected => Real Estate & Home Improvement => Topic started by: agentarmen on April 28, 2017, 09:58:42 AM

Title: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: agentarmen on April 28, 2017, 09:58:42 AM
Hi everyone,

A quick follow up to what may have been an intently watched listing. After failing to sell for 6 months with another firm, our listing at 35-33 76th Street was listed with us and entered contract in 5 weeks since we took it over. It closed at a record $940,000, highest sale as far as any closed sales that we could find. Only $8,500 below our list price. Second highest sold comp at Hawthorne Court standing at 920k.

http://www.jacksonheightslistings.com/listings/35-33-76th-street-unit-52/ (http://www.jacksonheightslistings.com/listings/35-33-76th-street-unit-52/)

Another similar example, our recent Hawthorne Court listing at 35-56 77th Street, Unit 32, also failed to sell for 6 months and was relisted with us at same price as previously listed. We had an accepted offer in two weeks and were in contract in two weeks after that:

http://www.jacksonheightslistings.com/listings/35-56-77th-street-32/ (http://www.jacksonheightslistings.com/listings/35-56-77th-street-32/)

Our 1 bed at Greystones asked $378,500 and received an accepted offer barely one week on market and has entered contract.

All healthy market indicators, but we would like to take some credit given some of the past history of the two larger listings :)

Any questions, please don't hesitate to reach out!

Warmly,
Armen

Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: JDinJH on April 29, 2017, 07:04:09 PM
Do you think that the fact that it took so long to sell suggests that the apartment was overpriced?Why do you think that you are more successful than other brokers in finding able and willing buyers?
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: jh_coop_buyer on April 30, 2017, 10:29:41 AM
The realtor is reluctant to reveal his trade secrets, LOL. My guess is to a better way to stage the apartment (wide angle photos and rearrange the furniture) to make the room feel bigger and brighter and also to get manhattan and Brooklyn people to visit the apartment
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: NYC Peromyscus on April 30, 2017, 12:09:38 PM
Usually places sit on the market because they are overpriced. They may also have lousy photos and marketing plans that fail to bring in buyers.

In JH, I think some people also make the mistake of using neighborhood agencies that don't do anything to reach the buyers in Brooklyn or Manhattan. Sellers may also sign bad deals where those local agencies have exclusive listings and don't allow co-broking. 
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: am315 on May 02, 2017, 06:01:01 PM
If I recall the Hawthorne listing it was priced over $1M originally. So the new broker lowered the price and it sold. Magic!

This says more about the seller than the broker. Was the seller realistic in the first place about what the true value was? Did they fail to look closely at the original broker's valuation and take into account that if it sounds too good to be true it is?

That's why it's so important to have at least three brokers in to give you an appraisal as to what they would sell the place for. You are bound to find the outlier broker in this crowd and, if you're smart, you won't sign with them.

I was involved in a transaction where a broker said they could sell the place for $2.7M. Two others came in around $2M. Ultimately the place sold for $1.97M.




Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: agentarmen on May 03, 2017, 08:31:08 AM
Hi everyone

I am out of town at the moment, didn't realise there were replies and questions to this post.

I for one am convinced that in today's electronic age few trade tools are a secret and choose to associate with a firm that and Real Estate board that believes in transparency, cooperation and sharing information.

As far as quality of a marketing package, good copy and a floor plan is requisite baseline requirement for any property.

In the case of Hawthorne 3Bed 2Bath listing, we listed at $948,500 (2.7% less less than previous list of $975,000) believing based on active and local comps to be a number we could hit or get close to. I am sure it was a contributing factor as well. Another that a fellow broker was working with a buyer who was the ultimate buyer with highest offer helped as well :)

Second listing - 2bed, 2bath, we kept price virtually the same ... adjusted down by $500.

Third we just pushed to do a bit better than last sale in the same building , one floor up, which was quite healthy...

Basic tools of trade of all brokers are marketing tools, personal network, knowledge gained through schooling and trial and error. More experience = less errors :) I'd personally love it to be magic too :) but I side with science on this one :)

If market trend continues I am sure we will see higher sales get recorded , which will help quell appraisal concerns as well. Comps that appraiser used for Hawthorne listing were from the outside and adjusted as needed:


35-20 77 street unit #42 Sold $$900K closed 09/15/2016
Maintenance: $995
$900,000
Sold (asking: $925,000.00 -2.7%)
3 beds•2 baths• appox 1,250 ft²


3327 80 street unit #31 sold $1,100K closed 01/10/2017
Maintenance : $1,389
4 beds 2 baths - these layouts are often listed as 3 bed + office
SF approx- 1500


3339 80 street unit #22 sold $1,085K closed 09/01/2016
4 bed 3 bath on second floor
Approx sf - 1500
Maintain:  $1,588

3340 81 street unit #52 sold $955K closed 11/30/2016
4 beds 3 baths - same as #3
Maintain :  $1,389

3340 81 street unit #61 sold $965K closed 07/12/2016
Approx 1,386 ft²
3 beds 2 baths
Maintenance: $1,384

There are some properties under contract now in the area that may add to the comp pool, and some active listings too.

Hope this is helpful

Warmly,
Armen


Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: agentarmen on July 12, 2017, 03:10:48 PM
Quick follow up to my original post. The two listings which were in contract both have closed.

Hawthorne listing at 35-55 77th St #32 closed today at $735,000. Unit requires a lot of TLC, but commanded a healthy closing price.
http://www.jacksonheightslistings.com/listings/35-56-77th-street-32/ (http://www.jacksonheightslistings.com/listings/35-56-77th-street-32/)

(http://cdn-img-feed.streeteasy.com/nyc/image/74/275067574.jpg)

Greystones listing at 35-27 80th Street, #33 Closed at $370,000
http://www.jacksonheightslistings.com/listings/5369/
 (http://www.jacksonheightslistings.com/listings/5369/)

(http://cdn-img-feed.streeteasy.com/nyc/image/86/255861386.jpg)
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: JDinJH on July 14, 2017, 08:31:33 PM
Does anybody actually know if this Hawthorne Court apartment sold for over $1,000,000?

http://www.mpcproperties.com/queenscooplistings.php?cid=196&m=1&i=390
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: Jhx on July 14, 2017, 09:28:51 PM
In contract for over 1mil
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: JDinJH on July 15, 2017, 08:25:18 AM
I received promotional materials indicating that the unit is in contract for the full selling price, i.e., $1,100,000. That is a lot of money.  Does anybody think that this is a bubble?  Where does the local JH market plateau?  I can't see Hawthorne Court apartment selling for much more than 1.1 million.  On the other hand, I did not see the neighborhood appreciating as much as it has in the last 2-3 years - I am pretty much surprised.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 15, 2017, 10:02:09 AM
I received promotional materials indicating that the unit is in contract for the full selling price, i.e., $1,100,000. That is a lot of money.  Does anybody think that this is a bubble?  Where does the local JH market plateau?  I can't see Hawthorne Court apartment selling for much more than 1.1 million.  On the other hand, I did not see the neighborhood appreciating as much as it has in the last 2-3 years - I am pretty much surprised.

nothing goes up forever in a straight line, part of me is glad my investments have gone up, but it's also been a bit much for this area IMO. Not only that, a lot of co-ops are seeing big maintenance increases/assesements and that will only get worse as RE taxes go up. People that pay $1m for an apartment are going to have different wants/needs than the old shareholders that paid much less 20-30 years ago. I'm not sure it's sustainable. Might keep going up a bit more, but I certainly would not want to be buying at these prices.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: itsit on July 15, 2017, 10:16:53 AM
nothing goes up forever in a straight line, part of me is glad my investments have gone up, but it's also been a bit much for this area IMO. Not only that, a lot of co-ops are seeing big maintenance increases/assesements and that will only get worse as RE taxes go up. People that pay $1m for an apartment are going to have different wants/needs than the old shareholders that paid much less 20-30 years ago. I'm not sure it's sustainable. Might keep going up a bit more, but I certainly would not want to be buying at these prices.

  We are in the long time resident category and our reserve money keeps dwindling as cosmetic type improvements abound. Others in the building like us are concerned the well will be dry when we have the big repair that is urgent and the funds are gone. But we have a marginally prettier building in the meantime which the new shareholders can feel cheerful about until they realize our maintenance is way out of whack for the area as other building were not forever changing styles. For example, three changes of hallway fixtures in less than 20 years. Current ones look remarkably close to the original ones when we moved in...go figure.
[/quote]
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 15, 2017, 11:52:54 AM
nothing goes up forever in a straight line, part of me is glad my investments have gone up, but it's also been a bit much for this area IMO. Not only that, a lot of co-ops are seeing big maintenance increases/assesements and that will only get worse as RE taxes go up. People that pay $1m for an apartment are going to have different wants/needs than the old shareholders that paid much less 20-30 years ago. I'm not sure it's sustainable. Might keep going up a bit more, but I certainly would not want to be buying at these prices.

  We are in the long time resident category and our reserve money keeps dwindling as cosmetic type improvements abound. Others in the building like us are concerned the well will be dry when we have the big repair that is urgent and the funds are gone. But we have a marginally prettier building in the meantime which the new shareholders can feel cheerful about until they realize our maintenance is way out of whack for the area as other building were not forever changing styles. For example, three changes of hallway fixtures in less than 20 years. Current ones look remarkably close to the original ones when we moved in...go figure.
[/quote]

yes i have seen this in many coops around here lately. it's tough to keep everyone happy when you have buyers that paid $1m or so and others that are older and on a more strict income.

Personally I wouldn't want to pay a high maintenance on an apt. i rather have a non frills unit like mine with a cheap maintenance.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: abcdefghijk on July 15, 2017, 12:12:34 PM
A fancy 3 bedroom 2 bath in a pre-war with elevator that opens into the apartment...plus a garden is what?

4-5 miles away.

Up to 4 million in Manhattan?
Up to 3 million in Brownstone Brooklyn? 

If you can find one as well built.

By comparison, we still look mighty cheap to the folks who are considering the Brooklyn/Manhattan prices.

Here, they can afford to buy a nice apartment PLUS a country cottage for way under what it would cost for one apartment in Brooklyn/Manhattan.

Having read the book about Jackson Heights, I believe that originally the district was developed for wealthier folks.  That's why the Historic District apartments are well designed and solidly constructed by their architects. 

It looks as though times may be reverting to the "good" or "bad" old days...depending on where a person sits on the fence... 







Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 15, 2017, 01:24:03 PM
A fancy 3 bedroom 2 bath in a pre-war with elevator that opens into the apartment...plus a garden is what?

4-5 miles away.

Up to 4 million in Manhattan?
Up to 3 million in Brownstone Brooklyn? 

If you can find one as well built.

By comparison, we still look mighty cheap to the folks who are considering the Brooklyn/Manhattan prices.

Here, they can afford to buy a nice apartment PLUS a country cottage for way under what it would cost for one apartment in Brooklyn/Manhattan.

Having read the book about Jackson Heights, I believe that originally the district was developed for wealthier folks.  That's why the Historic District apartments are well designed and solidly constructed by their architects. 

It looks as though times may be reverting to the "good" or "bad" old days...depending on where a person sits on the fence...

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: dssjh on July 15, 2017, 02:25:57 PM
agreed, Eddie. and i don't think we're going back to the earliest days of jackson heights -- too many Catholics around to bring that ban back.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 15, 2017, 02:36:40 PM
i've also noticed some dramatic price increases from some restaurants lately.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: MrPlaza on July 15, 2017, 08:33:25 PM
a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.
I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: lalochezia on July 15, 2017, 08:57:09 PM
a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.

No? Plenty of 3brs in the $2.5-$5m range. Here's a comp on the UWS for $4M

http://streeteasy.com/building/astor-court/2b
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 15, 2017, 10:22:43 PM
of course there are $4m apts in manhattan, but you can also find comparable 3/2 for much less. Hard to compare exact apples to apples since most manhattan coops arent built over gardens, but...some have private gardens/patio

quick search brings up many well under 2m

http://streeteasy.com/building/330-east-94-street-manhattan/1ab

http://streeteasy.com/building/66-overlook-terrace-new_york/1b

http://streeteasy.com/building/76-west-85-street-new_york/5b

http://streeteasy.com/building/east-river-coop-570-grand-street-new_york/j10031004

many many more...



Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 15, 2017, 10:23:54 PM
a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.
I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

something as specific as a working fireplace would be hard to find, if that's THAT important to a buyer. But still my point stands, a similar unit would be nowhere near $4m. Manhattan is not 4x as expensive as JH.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: jh_coop_buyer on July 16, 2017, 08:20:36 AM
As is always said,every home is unique.

This one is right next to columbia, in a beautiful garden complex that occupies the city block of two full streets and one full Ave.
This 3bedroom/2bathroom apt also includes a balcony and there is a waiting list for parking.The asking price is about 1.1 million

http://streeteasy.com/building/70-la-salle-street-new_york/9f

Someone's definition of Manhattan only includes UES and UWS. They don't like anything near Columbia.

When I bought my 2bedroom apartment about four years ago, a similar apartment in this garden complex was about 40% more expensive than Jackson heights. I actually made an offer in this complex but had to back out for other reasons.

If I were to buy a three bedroom apartment now, I would buy this one rather than the Hawthorn count one.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: abcdefghijk on July 16, 2017, 11:51:32 AM
UP TO 4 mill is what I originally posted. 

UP TO...

How come "UP TO" got misunderstood?

Here's the definition of UP TO from Google...

up to
phrase of up
1.
as far as.
"I could reach just up to his waist"
2.
indicating a maximum amount.
"the process is expected to take up to two years"

Here in Jackson Heights the apts are up to about 1 million.

But that certainly doesn't mean they're all 1 mill...only the most desirable are...









a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.
I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

something as specific as a working fireplace would be hard to find, if that's THAT important to a buyer. But still my point stands, a similar unit would be nowhere near $4m. Manhattan is not 4x as expensive as JH.

Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: eddie on July 16, 2017, 12:35:55 PM
UP TO 4 mill is what I originally posted. 

UP TO...

How come "UP TO" got misunderstood?

Here's the definition of UP TO from Google...

up to
phrase of up
1.
as far as.
"I could reach just up to his waist"
2.
indicating a maximum amount.
"the process is expected to take up to two years"

Here in Jackson Heights the apts are up to about 1 million.

But that certainly doesn't mean they're all 1 mill...only the most desirable are...









a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.
I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

something as specific as a working fireplace would be hard to find, if that's THAT important to a buyer. But still my point stands, a similar unit would be nowhere near $4m. Manhattan is not 4x as expensive as JH.

easy there killer... lol
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: abcdefghijk on July 16, 2017, 01:03:03 PM
What's really great about NYC...is that poor and the rich live next to each other.

That doesn't happen elsewhere.

For instance, around Lincoln Center millionaires live in towers but within a few blocks, a stone's throw away are the projects. And it works out.

My guess is that's what'll happen here in Jackson Heights.

And all over NYC, more and more.





Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: N00b on July 18, 2017, 12:41:56 PM
I think given Jackson Heights' demographics and the high percentage of immigrants who likely also have higher ownership rates, the neighborhood will not change at the same pace and in the same dramatic fashion as, Brooklyn, for example. At least I hope so anyway.

One of the reasons why I decided to move here, in addition to the convenience of transportation, square footage and layout of apartments for the $, is that it is truly a very diverse neighborhood with access to South American, Southeast Asian, South Asian and East Asian groceries and restaurants. And I think if they need to raise prices to sustain a living, so be it, I would think people who can afford to pay more than half a million for an apt can afford to pay more a few dollars more for an entree especially if those same people happily pay $30 for glorified adult Lunchables (charcuterie).

Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: jeanette on July 18, 2017, 04:09:26 PM
"if those same people happily pay $30 for glorified adult Lunchables (charcuterie)"

ouch.

neigh·bor·ly

oxforddictionaries.com: characteristic of a good neighbor, especially helpful, friendly, or kind.

merriam-webster.com:  of, relating to, or characteristic of congenial neighbors; especially :  friendly, a neighborly welcome

Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: MrPlaza on July 18, 2017, 09:53:45 PM
I would think people who can afford to pay more than half a million for an apt can afford to pay more a few dollars more for an entree especially if those same people happily pay $30 for glorified adult Lunchables (charcuterie).
Mmmmmm. Lunchables.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: JDinJH on July 19, 2017, 07:52:12 AM
People who pay the big bucks in JH are usually drawn to the private gardens and the small town feel of neighborhood.  I think a lot of the new buyers/owners of JH's luxury apartments, i.e., Hawthorne, Towers, etc., are young families looking for a place to raise children.  These are the same people who would live in Manhattan if they did not have kids.  A private garden is a safe place to let your kids run around and have a glass of wine at the same time. Also, things are a lot cheaper in JH than in Manhattan - this matters when you are raising kids.
Title: Re: Hawthorne Court 3bed 2Bath Closed at $940,000
Post by: agentarmen on July 20, 2017, 07:09:05 PM
Hi everyone!

Best way I can contribute here would be to remain as factual as I can. As a rule most brokers do not release the actual contract price , or are too vocal about listings under contract, because we are probably too busy holding our breath and praying hard that the deal comes to a close as intended  :D. Deals that pioneer the way of new pricing are truly fragile, as they have a greater margin of error to make it to the closing table. We can only hope that all the intricate financing and board approval pieces will fall into place.

In regards to prices throughout, I certainly agree that mansion tax triggering price points (or those close to) are not a reflection of the entire Jackson Heights market presently, but rather a sector of the whole.

I had written this article back in February of 2016 which sheds some light on the subject.
It's a quick read I promise :) I timed it :)
http://www.jacksonheightslistings.com/hows-the-market/ (http://www.jacksonheightslistings.com/hows-the-market/)

Hope you find it helpful

Warmly,
Armen