Author Topic: NYT - JH House on 86th Street listed for $1.45 million ?!?  (Read 22481 times)

Offline jsnyc

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NYT - JH House on 86th Street listed for $1.45 million ?!?
« on: July 30, 2014, 02:42:28 PM »
http://realestate.nytimes.com/sales/detail/380-1201029/34-32-86th-Street-QUEENS-NY-11372

Am I the only one who thinks this is an INSANE price for Jackson Heights? Yes, we all love JH and all that, but seriously, $1.45 million? I know a lot of the houses between 35th and 34th Avenues in the 80's are pretty big - but its a semi-detached, shared drive, tiny yard, regular lot - I can't see this price. I've seen other semi-attached and fully attached listed for sale in recent months, all nice and big, but all under a million (usually in the 750-950 range, but who knows what they closed for). With no pics, I'm suspicious this probably needs a ton of work too. Not familiar with this realtor either - so who knows if they are copying from another local guy who is (in)famous for inflated prices (yet tight lipped about eventual sale price) or if they truly think they'll be the first house in JH to go for over a million (plus mansion tax for the buyer).

Curious about any thoughts you guys have to share - or is it just me?

Offline dssjh

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #1 on: July 30, 2014, 03:28:09 PM »
that does seem pretty over the top, and i have been in a couple of those houses, which are absolutely beautiful. actually looked at one on that block a few years ago -- a half-hearted attempt to switch from co op to house living that i soon abandoned -- for less than half that amount. they could probably push to near $1M on this, but i can't imagine topping that barrier.

Offline Superclam

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #2 on: July 30, 2014, 03:42:22 PM »
I'll actually walk down those blocks (86th & 87th) when I'm headed to 37th Ave because I really like the houses and the blocks themselves.
That said, if I had 1.45 mill to spend on a house, I wouldn't choose that one. If you notice, there are no pictures of the interior. A similar house sold a while back and the interior needed a lot of work and upgrading. I imagine this one is similar.

Offline jsnyc

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #3 on: July 30, 2014, 04:34:48 PM »
*phew* I'm glad its not just me! :-)

I do think the interior must need substantial work/updating since there are no pics - which is kind of normal as a lot of these houses have had a few owners (sometimes the same family) since being built. I've been in these houses as well as the ones across the street (the ones with the room over the garage) and while this is the one block in JH I would buy a house on (the one I covet is the one nearest to 35th Ave with the extra lot/large side yard bordering the old Christian Science Church), none of these are $1+ million houses (well, maybe because of the extra lot, the house I covet could get slightly over $1mill).

I get the realtors want to list high for commission and the owners want the biggest return possible, but as a buyer, looking up previous sale prices (which you can on ACRIS for NYC) I would be "WTF?" seeing this price and knowing what comps in the neighborhood are. Some argue it will bring up all the prices, but I don't think that will ever be the case in JH. We're no Park Slope, Brooklyn Heights or Forest Hills either building or amenities wise plus as they're attached, why do you want to pay so much when you have no idea how the other owner treats their property/keeps it inside and what that may mean for you.

Offline wooden_soldier

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #4 on: July 30, 2014, 04:37:38 PM »
1.5M for a 4/5 BR with 3+ bathrooms, lawn, yard, garage on a scenic + historic block with easy access to trains and freeway and Flushing-Meadows doesn't seem so insane to me, at least on paper.  It's great the sellers are that optimistic.

One could argue the same about paying 1.5M for a condo and not having any control over your neighbors as well.


Offline jsnyc

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #5 on: July 30, 2014, 05:27:32 PM »
But with a condo -or co-op- you know going in you have shared walls, etc. and no real control over your neighbors (well, more control in a co-op, but still) but if they abuse "house rules", you have redress. When owning a home, you really don't have any - suppose they're slobs, inviting vermin into theirs and by extension yours. Or if they don't keep up their yard, gardens and such. You may have spent the money, but if your neighbors' places don't look nice and are well maintained, you'll never get it back (walk down 86th, you'll see what I'm talking about - some owners obviously have house pride, others look like they came out of "Grey Gardens" - who wants to share a drive or a wall with that?).
I've never seen a house in Queens sell for more than $1 million that is attached (this is a semi-detached - the left of the pic is the other house) with a shared driveway on a normal 40x80 or 40x100 lot. Plus who knows what the interior is like (no pics). It may be on an historic block, in an historic district, but it is not surrounded by million dollar homes - there's rentals up the block and around the corner and there are some former 1-families that were converted to 2 families and grandfathered in once the historic district came into play. I think these realtors (and the owner) are beyond delusional thinking they'll get anything near $1.45mill.

Offline Shelby2

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #6 on: July 30, 2014, 07:07:51 PM »
It does sound a little high, but who knows.  The prices on coops seem to have taken a sudden jump, so maybe this is projected to be happening with historic district houses at a higher percentage.  The 2nd quarter real estate report for JH just came out and mentioned a record high for a house sale (single family) at $905K, so 1.45 mil does sound kind of high based on that.

http://www.jhrealestatereport.com/

When I looked up the property in ACRIS, it appeared that the last sale price was $850K in 2005.

Offline petster

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #7 on: July 30, 2014, 07:22:34 PM »
I don't know. Not so crazy to me. The beauty of some of these homes  is that that haven't been  "upgraded". They contain a lot of the original wood detail and tile work. Renovated does not mean better. Also, I know for a fact that a house on the same block recently sold for approximately 960. It needed a ton of work. To me, having a house with a private garden and blessed parking is worth it. It's close to the city without the congestion. I think Jackson Heights is just catching up. I'm originally from Brooklyn. When I left Dean street you couldn't give my house away. Now I wouldn't be able  to afford it. What we have here in Jackson Heights is pretty special but we take it for granted.

Offline dssjh

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #8 on: July 30, 2014, 07:46:39 PM »
these houses -- and a couple other blocks of similar residences -- are pretty special, and might be worth the $1.5 million at some point down the road. it just seems slightly optimistic to set a price more than 50 percent above the all time high for a neighborhood just to test the waters. your dean street home is no doubt worth a lot more than it was when you left, but if you asked 2014 prices in 2004, you might have had trouble moving it, i'd venture.

Offline jsnyc

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #9 on: July 30, 2014, 08:43:21 PM »
While original details - moldings, tiles, arches, parquet floors, etc. - are all great and desirable, it all depends on how they've been maintained in the 80+ years since these houses went up. I've seen some (on 86th and other blocks) that are maintained fantastically, others that haven't been up kept in those 80+ years and look horrendous and still others that got "updated" in the 70's and 80's and are so badly dated now needing a full reno/restoration. I would say in general, based on my own experience/eyes and what's posted online (big red flags when kitchens and/or baths are described as "vintage" or "original" and the realtor shows no pics), you'd be hard pressed to find any house in JH that doesn't need a good deal of work. The houses on 85, 86, and 87 are pretty special and it is no surprise the records are on that block for 1st and 2nd priciest ever sold (I thought $940K was the most recent/2nd highest in Dec '13 with $999K the highest in 2007) - even when the rest of the neighborhood was in the crapper, those houses always sold high (as ACRIS showed for this one). I just think a jump of nearly 50% is pretty ballsy. There is much that needs to be improved in the neighborhood still before these houses can command $1+million prices (other than cash buyers looking to park their money like the condo buyers on 37th, if someone is paying $1+million, there are certain amenities they'll expect which the neighborhood doesn't have yet) - it can happen, but it will take longer in my opinion - and don't forget, buyers pay an additional "Mansion Tax" for any house bought for $1 million or more. Who knows tho - maybe this house will break the record and go for $1+million - or maybe it will just tie the record. It will be interesting to watch this one and see how it plays out.

Offline Shelby2

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #10 on: July 30, 2014, 10:19:48 PM »
The 905K figure that I quoted is from the Beaudoin 2014 Q2 report, which says, "The average was helped by what must be a record price for a one-family house- $905,000 - in, of course, the Historic District"

But you're right, there was one that went for $940K just last year, so I'm not sure why this 2014 would list 905K as being a record. Jackson Heights Home Sells For Nearly $1 Million

Offline wooden_soldier

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #11 on: July 30, 2014, 11:19:17 PM »
For the sake of homeowners on that block, I hope any prospective buyers aren't reading this forum.  If I lived nearby, I'd throw an ice cream party if I heard my neighbor's home sold for close to asking.

Offline ECG

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #12 on: July 31, 2014, 09:26:48 AM »
You can 'ask' anything you want. Let's see what it SELLS for.

Offline Superclam

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #13 on: July 31, 2014, 10:16:44 AM »
I'm just excited for this ice cream party!!  ;D

Offline I live here too

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #14 on: July 31, 2014, 10:40:14 AM »
This house is across from my building  and it appears very nice and well maintained from the outside, as it has for the entire time I've lived over on this street (about 7 months) It hasn't just been cleaned up for sale. the sign just went up yesterday I think.

  Unfortunately it is attached to a house that is not well maintained, front yard is a disaster, landscaping is long gone and over grown and they don't sweep their sidewalk ever. I thought it was vacant (shades pulled down all the time), but I saw a tv set on last night while walking my dog.

On the plus side is that there are only 2-3 houses on this block that could use some serious TLC, the rest are being used as one family houses (with familes!!!) with well groomed yards and swept sidewalks.

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Re: NYT - JH House on 86th Street listed for $1.45 million ?!?
« Reply #14 on: July 31, 2014, 10:40:14 AM »