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Author Topic: Learning about Jackson Heights  (Read 2843 times)

Offline 917962

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Learning about Jackson Heights
« on: January 07, 2010, 03:58:55 PM »
I have a few questions that I would greatly appreciate anyone's feedback to. I currently live in the Upper Ditmars area of Astoria and am not familiar with Jackson Heights. I recently started looking at Coops but not knowing the area isn't helping much. I plan on exploring the area very soon but getting locals thoughts would be wonderful.

I'm looking at 3 bedroom coops for no more than 300k. I have seen several listed but am unsure of the area. Many are at or around 94th St. between Northern Blvd. and 34th Ave. I naturally want to live in a relatively safe area because of my son and wife. As with many areas there are places to avoid but I'm not aware of these areas. I'm not expecting Xanadu but would like some honest information. I have looked at the crime index ratings but think this can be rather generic. The schools seem to be comparable to Astoria but this is another essential part for me being that my son is three.

Your time and help would be great!
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Offline Shelby2

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Re: Learning about Jackson Heights
« Reply #1 on: January 07, 2010, 11:24:06 PM »
I think those are the Southridge and Northridge complexes.  I don't know anyone who lives there, but the photos I have seen of the common spaces and the courtyard/playground indicated that it is well-kept.

You might also check the Roosevelt Terrace coop on 85th St. between 37th and 35th Aves.  There was recently a 3 bedroom sold for $339K according to the Vladimir Jackson Heights Properties website.  In my opinion, it's a better location than the places in the 90s on Northern Blvd because of proximity to the train and some of the businesses I personally prefer.

There is some discussion of Southridge and Northridge in the thread about The State of the RE Market in Queens

I believe that the prices may be lower in these complexes than other JH coops for a reason.  I have heard that in the Roosevelt Terrace there is a 25% flip tax on profit when you sell, but that is just something I heard and I advise you not to take my word for it without doing your own research.  Definitely investigate the fine print in any coop you are looking at and make sure you have a good RE lawyer who can review financials, etc.
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Offline 917962

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Re: Learning about Jackson Heights
« Reply #2 on: January 08, 2010, 09:08:45 AM »
Thank you for your help Shelby. I'm sure you know how important it is to get the information from a local.
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Offline Mike V

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Re: Learning about Jackson Heights
« Reply #3 on: January 08, 2010, 12:41:00 PM »
I know four owners who live at Roosevelt Terrace and they're all very pleased.  It's very well managed and they have an excellet President.  Last year they built an impressive playground and you did mention a son.  Very reasonable indoor and outdoor parking.

Yes, they have a flip tax of 25% which is a negative for those who purchased at very low prices.  If you plan on staying for many years the proceeds from the tax will keep maintenance down.  I'm not certain but I don't believe they own the land which would mean a low tax deduction.

They have a website but I'm not certain how often its updated.  I just looked and they have three 3 bedrooms available starting at $259K with names of realtors and phone numbers.  The site also provides valuable info.  The one that sold for $339K was renovated.  I remember seeing it on Craigslist and I was impressed.   

If the website is not updated frequently you could visit the onsite managing agent for the latest list.  They're in the basement of the building on the West side of the street that stands alone of the 4 building.  A sign lists the hours.

Good Luck.





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Offline Marlene

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Re: Learning about Jackson Heights
« Reply #4 on: January 08, 2010, 02:31:37 PM »
Hi,

Public records will give you the information on what a unit has sold for, not a website from any of the realtors.

In addition, a flip tax serves in many ways as a great way for a corporation to make money, thus keeping a larger reserve fund.  It also slows down the building's turnover rate as well.

It is really difficult to assess what information is true unless you and your attorney do thorough research and review the building's house rules, financials, minutes, amendments, by-laws and the prospectus/offering plan.  An inspection of the unit and the building is also quite common these days.

Everyone will want to help you, but ultimately the best thing to do is review everything from each property that is of interest prior to moving forward with the purchase.

Misinformation is rampant.   

Best,    :smiley6600:

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