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Spring buying season - market picking back up?

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Reverse_Seared:
In the past couple weeks I’ve seen several co-ops listed and go into contract, even in the higher price points of $900k+. And a few of these deals happened FAST, like within two weeks of listing. It looks like some buyers know what they’re looking for and are eager to move in.

Elsewhere in the country, real estate is going for 20%+ over pre-pandemic prices, while here in Jackson Heights it still seems a bit lower than before. Yet the nicer Jackson Heights co-ops have many of the benefits of suburbs (space, community feel, gardens) coupled with urban appeals.   

So, what’s the outlook? A new crop of young professionals moving in? Prices rising quickly as Jackson Heights takes on more of a Park Slope/Prospect Heights vibe? Yuppies spoiling the neighborhood? Omakase sushi? A subsequent drop in prices if many new sellers emerge?

abcdefghijk:
My own guess is that due to the pandemic, urban living (which is what we have here in Jackson Heights) will be out of fashion for a while.

Reverse_Seared:
We shall see, though I’m also hearing that deal activity has picked up, especially as NYC recovers more quickly than some other areas. I’m a believer that the same cultural forces that have been attracting people to cities for decades will rapidly overcome pandemic headwinds.

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?

r:
Some of the people leaving (and selling) are people who have lost their jobs :'(

Unemployment in NYC is still rising, it was 12.6% in January and 12.9% in March.

By contrast it was 4.1% in 2018.

lalochezia:

--- 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.

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