Current Real Estate Market

[JHResident]

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.

[jh_coop_buyer]

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. 

[abcdefghijk]

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!

[r]

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

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.

[ljr]

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.

[STomkiewicz]

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.

[abcdefghijk]

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.

[r]

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.

[JH3525]

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. 

[abcdefghijk]

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.

[ljr]

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.

[abcdefghijk]

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.

[r]

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

[JH3525]

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.   

[ljr]

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.