Author Topic: 2015 Jackson Heights Real Estate Pricing Projections  (Read 10177 times)

Offline jh_coop_buyer

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #15 on: February 11, 2015, 04:33:59 AM »
I just noticed a one bedroom at the Berkley listed at $375,000 http://streeteasy.com/building/35_24-78-street-jackson_heights/b58 and also a one bedroom at the Carlton House for $415,000 http://streeteasy.com/sale/1139765-coop-34-41-85th-street-jackson-heights

I don't recall too many one bedrooms hitting those listing prices (near $400K) in the past.

I have heard that there were bidding wars for this apartment http://streeteasy.com/building/35_20-72-street-queens/6g (listed at 359K). The sale went under contract within a week with a cash buyer and the close price is surely near $400K. The buyer most likely comes from a Brooklyn or Manhattan higher priced neighborhoods.

As a lot people in the forum, I am sort of lucky that I already bought a 2bedroom 2 bathroom apartment a couple of years go. I don't know when this real estate bubble will pop out eventually. If this price trend continues, the middle class families will have no choice but be further pushed out for their first home.

Offline eddie

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #16 on: February 11, 2015, 09:09:32 AM »
I just noticed a one bedroom at the Berkley listed at $375,000 http://streeteasy.com/building/35_24-78-street-jackson_heights/b58 and also a one bedroom at the Carlton House for $415,000 http://streeteasy.com/sale/1139765-coop-34-41-85th-street-jackson-heights

I don't recall too many one bedrooms hitting those listing prices (near $400K) in the past.

I have heard that there were bidding wars for this apartment http://streeteasy.com/building/35_20-72-street-queens/6g (listed at 359K). The sale went under contract within a week with a cash buyer and the close price is surely near $400K. The buyer most likely comes from a Brooklyn or Manhattan higher priced neighborhoods.

As a lot people in the forum, I am sort of lucky that I already bought a 2bedroom 2 bathroom apartment a couple of years go. I don't know when this real estate bubble will pop out eventually. If this price trend continues, the middle class families will have no choice but be further pushed out for their first home.

Those are very large 1 bedrooms, larger than a lot of 2 bedrooms. the Carlton house one could be easily converted to a 2 bed, but yes surprising to see 1 bedrooms hitting $400k.

Offline agentarmen

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #17 on: February 11, 2015, 10:21:19 AM »
Quote

I just noticed a one bedroom at the Berkley listed at $375,000 http://streeteasy.com/building/35_24-78-street-jackson_heights/b58 and also a one bedroom at the Carlton House for $415,000 http://streeteasy.com/sale/1139765-coop-34-41-85th-street-jackson-heights

I don't recall too many one bedrooms hitting those listing prices (near $400K) in the past.

There is no doubt that the larger and better renovated/located units will lead the way for both the up and down tick in the marketplace, and that is what we are seeing. These are not by any means MEDIAN prices, but they are a clear indicator as to where we the prices are headed.

Sellers currently are more adventurous about testing the marketplace, and as marketing experts we are expected to, and DO, rise to the challenge.
Armen Meschian
Licensed Associate Real Estate Broker

CORE
673 Madison Avenue
New York, NY 10065
t:     212-612-9694
c:     917-848-6928
f:     212-612-9650
am@corenyc.com

http://www.JacksonHeightsListings.com

Online dssjh

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #18 on: February 11, 2015, 06:16:23 PM »
that 72 street listing is wild. a good friend of mine bought a one bedroom in that building back in 2002 for well under 100K, and sold for a small profit a couple years later when she got married.

Offline Minimal4me

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #19 on: February 11, 2015, 06:47:03 PM »
We bought a 1000+!sq ft 2BR - not a junior 4 - in the Carleton last year for $268k.

Yes it needed a gut reno!

We looked at those 1-could-convert-to-2s in this building. They were nice. But in a year they jumped from 250k to 400-ish?

That's pretty remarkable.

I still can't click through to past history for this building on streeteasy. The links are broken. And there are double entries for all the "in contact" units -- that oddly show different number of rooms and square footage.

Weird.

Offline Minimal4me

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #20 on: February 11, 2015, 07:18:17 PM »
I contacted Streeteasy.com to let them know that the building history links are broken.

Wow. The site has really gone downhill since it was acquired by Zillow.

I filled out a form about the broken history links and duplicate units with different room numbers and sq ft. - who knows if the form will find its way to a human being, though.





Offline jh_coop_buyer

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #21 on: February 11, 2015, 08:16:55 PM »
I contacted Streeteasy.com to let them know that the building history links are broken.

The building history for other buildings in Jackson Heights are OK (e.g 72-12 35th ave). The link for history is broken just for your building (Carlton House). I looked at the active listing of this building, all are by Douglas Elliman. My suspicion is that Douglas Elliman can pay some money to streeteasy to have the history of this building blocked. Of course, one can always use acris to find out the sale price, just a little bit cumbersome.

Offline Minimal4me

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #22 on: February 15, 2015, 09:07:21 AM »
I got a reply to my form submitted at streeteasy.com.

They fixed the broken sales history link for 34-41 85th Street:

https://streeteasy.com/building/34_41-85-street-jackson_heights#tab_building_detail=2

There's still the problem of duplicate entries. But now we can see what's going on with recent sales. Here's a snapshot:



A slew of sales, especially in oct-dec of 2014.

The X, O, and B lines are 1000+ sq ft 2BRs + balcony. Those closed in the $430k range.

The M, our line, is a similar 2BR layout but without a balcony. Those went in the $380-390k range.

The priciest 1BR was 3H that sold for $333k - H's are large 1BRs + balcony. The balcony in those has the old metal french doors off the living room. Most people will find those more charming than the ones that have the small side door off.

Average size 1BRs in the 700sq ft range like 6W and 6K sold for $232k - which is more like what we were seeing when we bought our 2BR.

The 1BR that is on the market now for $410k is almost 1,000 sq ft + balcony. And the floorplan shows it's convertible to 2BR (by walling off the eat-in area of the kitchen). The description says: 4P Is Our Most Unique One Bedroom Floor Plan. With Enough Square Footage For Two Bedrooms.

So they are reaching to get a 2BR+balcony price for a Junior 4 + balcony. And if this were Manhattan, I think we'd say that's a common practice. It will be interesting to see they get this price for a junior 4 in this building.

« Last Edit: February 15, 2015, 09:26:24 AM by Minimal4me »

Offline jh_coop_buyer

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #23 on: February 16, 2015, 04:07:32 AM »
I got a reply to my form submitted at streeteasy.com.

They fixed the broken sales history link for 34-41 85th Street:

https://streeteasy.com/building/34_41-85-street-jackson_heights#tab_building_detail=2


Good to know. My suspicion that streeteasy gave broken links for the past sales on purpose is incorrect.

Offline Shelby2

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #24 on: August 16, 2017, 02:56:43 PM »
Wanted to share our latest article on Jackson heights pricing projections, which corolates with an article dating back to May 30th 2013. Direct link: http://www.jacksonheightslistings.com/2015-jackson-heights-real-estate-pricing-projections/

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2015 Jackson Heights Real Estate Pricing Projections
October 19th, 2014

You may recall the article we published on May 30th 2013 titled Unemployment Improves, Jackson Heights Real Estate Market Soars, where we projected quote: “median price for renovated Jackson Heights one bedroom units will reach $300,000 + in the coming year and two bedroom units will trade in the area of $450,000.” With that prediction proving accurate I believe now is a time for a new projection.

Based on everything we are experiencing first hand, we now believe that towards the fall of 2015 median price for renovated one bedrooms in Jackson Heights will reach $350,000 and median price for renovated two bedrooms will reach $525,000.

Though we take pride in our consistency of being in tune with our local market, our projection from May 30th of 2013 was based strictly on professional instinct. Today we are projecting based on many other markers already present in our marketplace and in a much healthier economic environment.

www.JacksonHeightsListings.com

It's amazing how prices have risen so much between 2014 and 2017. It seems there's a new trend where larger one bedrooms in the historic district are starting to go for $425K as opposed to the high $300's from a few months ago.

Offline agentarmen

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #25 on: August 17, 2017, 11:17:15 AM »
That's quite accurate Shelby2!! We published end of 2016 review as well, with a projection of steady growth: http://www.jacksonheightslistings.com/2016-year-end-review-2017-projection/

Trend to list and sell one bedrooms north of 400k is here now, as well as improvements in prices of studios which are now trending in low to mid 200's, two bed 1 baths mid to low 600's, two bed 2 baths in mid 700's etc...

2017 has thus far been full of surprises, with some "new type" inventory emerging as well, which is the modified apartments. Studios converted to 1 beds, one beds to 2 beds etc... We have not yet had one of those in our portfolio this year, but we are seeing it as a slowly emerging trend.
Armen Meschian
Licensed Associate Real Estate Broker

CORE
673 Madison Avenue
New York, NY 10065
t:     212-612-9694
c:     917-848-6928
f:     212-612-9650
am@corenyc.com

http://www.JacksonHeightsListings.com

Offline Shelby2

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #26 on: August 17, 2017, 02:07:36 PM »
That's quite accurate Shelby2!! We published end of 2016 review as well, with a projection of steady growth: http://www.jacksonheightslistings.com/2016-year-end-review-2017-projection/

Trend to list and sell one bedrooms north of 400k is here now, as well as improvements in prices of studios which are now trending in low to mid 200's, two bed 1 baths mid to low 600's, two bed 2 baths in mid 700's etc...

2017 has thus far been full of surprises, with some "new type" inventory emerging as well, which is the modified apartments. Studios converted to 1 beds, one beds to 2 beds etc... We have not yet had one of those in our portfolio this year, but we are seeing it as a slowly emerging trend.

I was surprised to see a studio coop in the historic district listed at $335K with no modifications. It is very well renovated, but was not turned into a one bedroom. I'll be interested to see what happens to that one.

Offline Lilybell

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #27 on: August 18, 2017, 10:21:23 AM »
The 1-bedroom below mine sold for $479K a couple of months ago.  (Washington Plaza; one of the renovated units)  I also have a renovated 1-bedroom (same exact floor plan) and paid 419K about a year ago.  916 square feet.

Offline agentarmen

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #28 on: August 18, 2017, 02:31:23 PM »
I was surprised to see a studio coop in the historic district listed at $335K with no modifications. It is very well renovated, but was not turned into a one bedroom. I'll be interested to see what happens to that one.

Shelby2: yes, definitely good one to watch. I went through sold studio comps recently for our studio sale at The Salem, at 250k. The highest that I found so far is the studio deal we did at Colonial Court at $268,500, http://www.jacksonheightslistings.com/listings/35-36-76th-street-425/ , with a half of dozen others hovering around 250k. They are inching up...
Armen Meschian
Licensed Associate Real Estate Broker

CORE
673 Madison Avenue
New York, NY 10065
t:     212-612-9694
c:     917-848-6928
f:     212-612-9650
am@corenyc.com

http://www.JacksonHeightsListings.com

Offline Shelby2

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Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #29 on: August 18, 2017, 08:45:38 PM »
I was surprised to see a studio coop in the historic district listed at $335K with no modifications. It is very well renovated, but was not turned into a one bedroom. I'll be interested to see what happens to that one.

Shelby2: yes, definitely good one to watch. I went through sold studio comps recently for our studio sale at The Salem, at 250k. The highest that I found so far is the studio deal we did at Colonial Court at $268,500, http://www.jacksonheightslistings.com/listings/35-36-76th-street-425/ , with a half of dozen others hovering around 250k. They are inching up...

One of the earliest high-priced studios I noticed closed at the Carlton House for $262K back in February. But I'm sure you have access to all the comps. I just pay attention randomly here and there when something jumps out at me.

Jackson Heights Life

Re: 2015 Jackson Heights Real Estate Pricing Projections
« Reply #29 on: August 18, 2017, 08:45:38 PM »