Get Connected > Real Estate & Home Improvement

Spring buying season - market picking back up?

<< < (2/5) > >>

jh35:

--- Quote from: lalochezia on April 23, 2021, 07:23:22 AM ---
--- Quote from: Reverse_Seared on April 22, 2021, 07:43:10 PM ---

Also, the suburbs have gotten so expensive so quickly — Jackson Heights becomes the not-so-hidden gem that can offer a best-of-both-worlds appeal. Who’s even leaving (and selling) given these possible dynamics?

--- End quote ---

I mean I like this neighborhood and am sticking around, but the sudden attraction of the suburbs is
 i) your own private outdoor-space i.e. garden
ii) more indoor space 
iii) quiet
 iv) less 'other' people because they are somehow diseasy-scary and
v) parking so you can rely on a car and don't have to see those other people

 Most places in JH don't have any of those.

JH's "best of both worlds" was "good access to the city on public transport + good relatively affordable (prewar) housing stock + diverse neighborhood". Those positives still hold, but they aren't advantages in the pandemic mindset at all.

--- End quote ---

In my building, I noticed that co-ops that were selling in the 900’s are now selling in the 600’s.

abcdefghijk:

--- Quote from: jh35 on April 23, 2021, 08:37:56 AM ---
--- Quote from: lalochezia on April 23, 2021, 07:23:22 AM ---
--- Quote from: Reverse_Seared on April 22, 2021, 07:43:10 PM ---

Also, the suburbs have gotten so expensive so quickly — Jackson Heights becomes the not-so-hidden gem that can offer a best-of-both-worlds appeal. Who’s even leaving (and selling) given these possible dynamics?

--- End quote ---

I mean I like this neighborhood and am sticking around, but the sudden attraction of the suburbs is
 i) your own private outdoor-space i.e. garden
ii) more indoor space 
iii) quiet
 iv) less 'other' people because they are somehow diseasy-scary and
v) parking so you can rely on a car and don't have to see those other people

 Most places in JH don't have any of those.

JH's "best of both worlds" was "good access to the city on public transport + good relatively affordable (prewar) housing stock + diverse neighborhood". Those positives still hold, but they aren't advantages in the pandemic mindset at all.

--- End quote ---

In my building, I noticed that co-ops that were selling in the 900’s are now selling in the 600’s.

--- End quote ---

Yep. Agree. The pandemic has instigated a world-wide trend. Fear of urban living. Too close to others who might be disease carrying.

Fashions usually last a few years. (Probably up to 5 years)...before folks forget the dangers of density.

And that predicts the prices of urban apartments like Jackson Heights...and elsewhere in big cities globally.

It'll be a buyer's market for the foreseeable future.   

itsit:
 One factor that might change the allure of the country, at least to the north, is that this past winter was brutal with tons of bad weather. People that were used to some mobility in the city were marooned by 2ft high snowfalls on occasion and some power outages. They seem deliriously happy to come back and go shopping and eat different foods. Let's see how it plays out this year.

jh_coop_buyer:

--- Quote from: jh35 on April 23, 2021, 08:37:56 AM ---In my building, I noticed that co-ops that were selling in the 900’s are now selling in the 600’s.

--- End quote ---

If the apartment were selling in the 900's, it must be a three bedroom two bathroom apartment in an elevator building with walking distance to the express subway stop. I haven't seen such three-bed two bath apartment selling in the 600's

Compared to the pre-pandemic, the bigger apartments (at east two bedroom two bath) haven't seen much decrease. This is because people are hungry for more space due to the pandemic. My guess is about 0-10% decrease, not as dramatic as your 33% decrease example.

Would you be able to share the link of the apartment or the name of the building?

ljr:
The only 2-3 bedroom/2-bath apartments that are selling in the $600s are in estate condition. Yes, they go in the high $600s if the buyer has to do a total gut renovation, as happened recently in my building. Otherwise, prices have held steady for apartments that are renovated or in very good shape in good buildings, good locations, etc.

Navigation

[0] Message Index

[#] Next page

[*] Previous page

Go to full version