Jackson Heights Life

Get Connected => Real Estate & Home Improvement => Topic started by: JHALUM on September 07, 2020, 09:32:04 PM

Title: Current Real Estate Market
Post by: JHALUM on September 07, 2020, 09:32:04 PM
How is the current real estate market in Jackson Heights?  I see quite a few listings in the area and I have anecdotal evidence that a  lot of people are moving out of the area.  I know the  Catskill and Pocono real estate markets are currently red hot.
Title: Re: Current Real Estate Market
Post by: dssjh on September 08, 2020, 12:19:20 AM
people are moving out and being replaced, judging by what i've seen. remember, our neighborhood is still a comparative bargain inside NYC. and despite what doomsayers are floating, NYC isn't likely to turn into Detroit or Schenectady anytime soon.
Title: Re: Current Real Estate Market
Post by: pynchoff on September 08, 2020, 07:30:38 AM
I spent a year in the poconos one weekend.
Title: Re: Current Real Estate Market
Post by: lalochezia on September 08, 2020, 07:53:03 AM
I spent a year in the poconos one weekend.

 8)
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 08, 2020, 11:15:24 AM
Real estate prices are decreasing across the board in NYC.

Including in Jackson Heights.

Maybe up to 10% at the moment?

We are part of NYC. Not separate in any way.

What happens to NYC happens to us.

Thinking any other way is parochial.

Title: Re: Current Real Estate Market
Post by: r on September 08, 2020, 09:06:30 PM
Real estate prices are definitely not decreasing evenly in NYC.

Tiny Manhattan apartments which are pointless to live in now with everything around them closed or dangerous have been losing a lot more value than other parts of NYC.

Jackson Heights prices seem pretty flat so far, sometimes up a little, sometimes down a little. Houses/townhouses/etc are especially in demand. Apartments might be a little down, although there are probably a lot of people still drooling over how big the apartments are here compared to Manhattan.

And most of the shops and restaurants are still open here, which is pretty handy
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 09, 2020, 01:14:17 AM
If only WISHING things were true made them true...

For everything. Including real estate.
Title: Re: Current Real Estate Market
Post by: r on September 09, 2020, 02:39:52 AM
It sounds like you are wishing for things to be worse than they actually are  ::)

Take a look at sale prices on Redfin if you want some data. Redfin actually says sale prices in Jackson Heights are up 13% over last year. The prices are down 40% in Manhattan though.
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 09, 2020, 08:43:39 AM
The figures that matter are what's happening NOW.

As this endless pandemic unfolds.

In a few months the situation will become clearer and numbers from pre-Covid times will dissipate.

From my observation...re:real estate whether going UP or DOWN.

First Manhattan...then Brooklyn...then Queens some time later. (Then the Bronx etc)

For the future...look to Manhattan when it comes to real estate...it predicts what will happen to Queens...months or even years later. UP or DOWN.

Separation from the rest of NYC is bizarre to me. Is it some type of "exceptionalism" thinking?



Title: Re: Current Real Estate Market
Post by: r on September 09, 2020, 09:00:14 AM
There used to be a lot of good reasons to prefer living in Manhattan to the rest of NYC but over the past 6 months those reasons have mostly all ceased to exist. It doesn't seem so strange for prices in Manhattan to be behaving differently now.

I agree that prices in Jackson Heights could fall over the next few years (probably - but who knows). But they haven't really changed so far.
Title: Re: Current Real Estate Market
Post by: JH3525 on September 09, 2020, 09:06:27 AM
abcdefghijk:  I listed my 1 BR Jackson Heights cooperative apartment 5 weeks ago.  If I had listed prior to the Pandemic, I would have listed for $479,000.  Its listed for $439,000.  It's been shown 4 times by realtors without success. 

I have no idea where the bottom is and neither does anyone else.  I agree that it will be clearer in a few months.

 

Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 09, 2020, 09:15:22 AM
abcdefghijk:  I listed my 1 BR Jackson Heights cooperative apartment 5 weeks ago.  If I had listed prior to the Pandemic, I would have listed for $479,000.  Its listed for $439,000.  It's been shown 4 times by realtors without success. 

I have no idea where the bottom is and neither does anyone else.  I agree that it will be clearer in a few months.

 

Yes. Unfortunately wishful, exceptionalist thinking isn't going to achieve pre-Covid levels of real estate prices.
Title: Re: Current Real Estate Market
Post by: agentarmen on September 09, 2020, 05:00:02 PM
Hi everyone,

It's hard to speak about the market as a whole now, but I can speak from direct experience with our own Jackson Heights portfolio.

Recently, most (not all) our properties traded with a 20-30k discounts in comparison where they would have traded before the pandemic. They all started listed at pre-pandemic prices. Some sellers also adjusted pricing in 20-30k range. As more properties sell and come on/off market, we will be able to tell IF we are on continuous downward trajectory OR the 20-30k range is the extent of the COVID era market correction.

Ahead of us are elections, hopefully a vaccine and what will ultimately be the post-vaccine economic report. These are all moving parts that based on outcome, will move the market needle.
Title: Re: Current Real Estate Market
Post by: r on September 11, 2020, 05:37:36 AM
Are you mostly listing smaller co-op apartments?

I wonder why Redfin and Zillow think that prices are still up overall in Jackson Heights. Besides buyers driving up prices of houses/townhouses/etc, maybe more larger homes are being sold in Jackson Heights than usual?
Title: Re: Current Real Estate Market
Post by: jh_coop_buyer on September 11, 2020, 08:05:50 AM
20-30k out of 400k-700k is like 5%. It’s a tiny drop after the huge buildup of the price in Jackson Heights
Title: Re: Current Real Estate Market
Post by: JHResident on September 11, 2020, 08:37:55 AM
20-30k out of 400k-700k is like 5%. It’s a tiny drop after the huge buildup of the price in Jackson Heights
Unless you're the one out the 30k.  :'(
On the bright side, if you're moving, maybe your destination has had a similar or worse price deflation. Good luck to the OP.
Title: Re: Current Real Estate Market
Post by: jh_coop_buyer on September 11, 2020, 11:29:22 AM
20k-30k is only a problem for a recent purchaser in Jackson Heights.

The real problem for the real estate is the non-liquidity.

Right now, very few people want to enter the market.

Just using my own apartment as an example, the price has been doubled after the past seven years. I'm even willing have to 10% drop if it can be sold right away so that I can purchase a bigger apartment with the proceeded sale.

However, if I put the apartment for sale, it is going to be involved with a lot of work. Say with 10% drop and some buyer jumped in. Due to the long process, if the buyer wants to back down his purchase due to the price further drop, (there is some legal protection to prevent this to happen, but I'm not going to be dragged into a legal battle who only profits the lawyers),  I'm back to square one. 
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 11, 2020, 01:25:43 PM
A falling real estate market means buyers wait because they are predicting further falls.
That's the market we are in now.

All of NYC! Not just Jackson Heights!

Title: Re: Current Real Estate Market
Post by: r on September 15, 2020, 02:09:45 PM
This is about rent prices instead of sale prices, but FYI

https://www.thecity.nyc/housing/2020/9/10/21430039/what-rent-drop-listed-prices-arent-budging-where-covid-19-hit-hardest

Quote
Between February and July of this year, rents fell by 1.9% in the zip codes with the lowest COVID-19 rates in the city, like Battery Park City, Greenwich Village and Tribeca.

However, in the neighborhoods with the highest rates of COVID-19, per city health department data — East Elmhurst, Corona and Jackson Heights topped the list — advertised rents have climbed a bit in the same time period, rising 0.3%.

...

Williams warned against using Manhattan trends as a stand-in for the housing story in the rest of the city. To do so ensures people elsewhere are “rendered invisible,” she said.

“When you see this narrative of everybody is leaving the city, and rents are dropping … and you live in a community where people aren’t leaving, people are trying to figure out how to make things work day to day, where there’s very little affordable housing and you don’t have a whole lot of options to go anywhere else if you wanted to — it’s incredibly frustrating,” she said.
Title: Re: Current Real Estate Market
Post by: ljr on September 15, 2020, 04:00:09 PM
I know someone with a large, highly desirable apartment in JH who recently listed it for sale--and had a buyer lined up right away. This narrative that has "everyone" fleeing NYC seems quite exaggerated. The only people I know who are leaving are doing so to be closer to family--kids or parents--at a time when travel has become more difficult. Not because NYC is "dead". The person who listed their place is not leaving NYC either--only moving to a larger space (a house) in another neighborhood.
Title: Re: Current Real Estate Market
Post by: STomkiewicz on September 16, 2020, 10:03:16 AM
At present, there is a shortage of inventory in Queens county and therefore new listings are selling quickly and usually at asking price or above.
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 16, 2020, 10:42:50 AM
A real estate agent who works in Jackson Heights real estate, Armen Meschian, has already commented in this thread with facts concerning the real estate market in Jackson Heights. Now. Prices are down. (He should be thanked for being truthful)

And yet still folks are determined to self-delude with their rationalizations concerning this topic.

Once again, facts become irrelevant as wishful thinking prevails.

It seems to me that folks would often rather shoot a messenger than accept the message.
But even with a dead messenger, the message doesn't change.





Title: Re: Current Real Estate Market
Post by: r on September 16, 2020, 11:39:50 AM
You are the one ignoring facts and generalizing.

It looks like Armen has only been selling 1 and 2 bedroom co-op apartments. It makes sense that prices for these might be flat or slightly down. But if you want to talk about Jackson Heights in general, you need to include houses/townhouses and larger apartments, which are in higher demand right now. Redfin and Zillow say that prices are up overall in Jackson Heights, probably because of sale prices of larger homes.
Title: Re: Current Real Estate Market
Post by: JH3525 on September 16, 2020, 12:07:59 PM
According to the realtor that has my 1 BR listing, houses in Jackson Heights are doing well but not cooperatives especially studios and 1 BR's.  Since I listed 42 days ago, I've reduced my price three times for a total of $30,000.  Its just 42 days, so I remain patient.   If the cooperative market continues to remain weak, I'll remove my listing late next month. 
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 16, 2020, 12:17:08 PM
You are the one ignoring facts and generalizing.

It looks like Armen has only been selling 1 and 2 bedroom co-op apartments. It makes sense that prices for these might be flat or slightly down. But if you want to talk about Jackson Heights in general, you need to include houses/townhouses and larger apartments, which are in higher demand right now. Redfin and Zillow say that prices are up overall in Jackson Heights, probably because of sale prices of larger homes.

I'd say the number of co-ops in Jax Hts...1 and 2 bedroom far outnumber other properties. By a lot.

One and two bedroom co-ops would be the vast majority of Jackson Hts real estate. Including in the historic district. Again, Armen should be thanked for being honest to the majority of Jackson Hts real estate owners.
Title: Re: Current Real Estate Market
Post by: ljr on September 16, 2020, 01:14:15 PM
Categorizing 1 and 2 bedroom apartments together makes no sense. One-bedrooms have always been harder to sell to my knowledge--I think there are more of them (high supply, less demand) and larger units are more desirable in general, even more so with work and school at home for the time being. So 2-bedrooms would sell faster than 1-bedrooms or studios. The unit I mentioned in this thread is a 3-bedroom, and those are still snapped up quickly. I will be interested in the ultimate price--the listing was just as high as it would have been before the pandemic.
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 16, 2020, 01:20:01 PM
So much wishful thinking.
So much rationalizing.
So little accepting the new reality of the recession/depression we are currently entering.

The canaries in the coal mine (the current decreases) are simply the harbingers of the gas explosion ahead.

But in 3-5 years I guess, things will turn round again. So folks will simply have to wait for their wish fulfillment to come true.
Title: Re: Current Real Estate Market
Post by: r on September 16, 2020, 01:37:26 PM
Putting prices aside for a second, I wonder if we will see more small apartments being combined together to form larger ones.

Like this cool duplex from a few years ago:

https://streeteasy.com/property/1090345-35_45-78-street-4353
Title: Re: Current Real Estate Market
Post by: JH3525 on September 16, 2020, 01:56:28 PM
r:  I just recently became aware of two 4 BR 3 BA combined apartments at the Towers that's a 3,000 SF duplex.  Imagine living in an apartment with 8 BR's & 6 BA's.  I understand that it was combined many years ago.  I'm not certain it would be allowed today.   
Title: Re: Current Real Estate Market
Post by: ljr on September 16, 2020, 02:20:36 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 16, 2020, 02:53:22 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

It's only doom and gloom for those who already own property.

For those wanting to buy into the market at a cheaper price, (first time younger buyers) it's actually great news.
Title: Re: Current Real Estate Market
Post by: lindsey on September 16, 2020, 04:42:39 PM
The City has some interesting reporting on this question, though looking at rents, not home sales. Basically, rents are falling in Manhattan but increasing everywhere else, including those neighborhoods hardest hit by Covid-19 (hello, Jackson Heights). The money quote:

“When you see this narrative of everybody is leaving the city, and rents are dropping … and you live in a community where people aren’t leaving, people are trying to figure out how to make things work day to day, where there’s very little affordable housing and you don’t have a whole lot of options to go anywhere else if you wanted to — it’s incredibly frustrating.”

https://www.thecity.nyc/housing/2020/9/10/21430039/what-rent-drop-listed-prices-arent-budging-where-covid-19-hit-hardest
Title: Re: Current Real Estate Market
Post by: Shelby2 on September 16, 2020, 05:19:21 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)
Title: Re: Current Real Estate Market
Post by: abcdefghijk on September 16, 2020, 06:32:31 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)





 

Shelby, you mean this comment from Facebook?

"our building just had a record price listing for a unit"

A price listing is very different to a sale.

In the same posting there's this comment on Facebook.

" I’ve been doing real estate in the area for years and lived there for 38 years.. Rental rates are def down, so are sales."

This grasping at straws is crazy. In 3-5 years, the downturn will revert. So no need to really worry.

Like I said before, this will be great for younger folks to be able to buy something at a lower price point. Like for those who were able to afford to buy in JH after the last recession when prices plummeted.
Title: Re: Current Real Estate Market
Post by: Shelby2 on September 16, 2020, 07:40:22 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)





 

Shelby, you mean this comment from Facebook?

"our building just had a record price listing for a unit"


Yes, that's the one, and you're right, I thought he was referring to a closing price.