Current Real Estate Market

[JHALUM]

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.

[dssjh]

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.

[pynchoff]

I spent a year in the poconos one weekend.

[lalochezia]

I spent a year in the poconos one weekend.

 

[abcdefghijk]

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.

[r]

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

[abcdefghijk]

If only WISHING things were true made them true...

For everything. Including real estate.

[r]

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.

[abcdefghijk]

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?

[r]

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.

[JH3525]

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.

 

[abcdefghijk]

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.

[agentarmen]

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.

[r]

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?

[jh_coop_buyer]

20-30k out of 400k-700k is like 5%. It’s a tiny drop after the huge buildup of the price in Jackson Heights