Jackson Heights Life

I am in shock about how quickly that Linden Court unit moved...and at that price too! $429K for roughly 700 sq ft (probably more like 650 actually) in a walk up? For the record this was exactly the same layout as several LC one bedrooms my husband and I have toured in the past year. Simply calling the LR a bedroom seems to be enough for some people. As a person who has dreamed of living in Jackson Heights for the past 3 years...I am slowly seeing that dream suffocated with each overpriced unit that comes on the market. Deep sadness.

I am in shock about how quickly that Linden Court unit moved...and at that price too! $429K for roughly 700 sq ft (probably more like 650 actually) in a walk up? For the record this was exactly the same layout as several LC one bedrooms my husband and I have toured in the past year. Simply calling the LR a bedroom seems to be enough for some people. As a person who has dreamed of living in Jackson Heights for the past 3 years...I am slowly seeing that dream suffocated with each overpriced unit that comes on the market. Deep sadness.

Have you checked MLSLI.com ?  It seems like sometimes I see apartments listed on the MLSLI that are lower than the prices I see for similar apartments on the JH-focused boutique realtors' sites.  For example there is a one bedroom at Dunnolly Gardens listed for $200K.  I was under the impression that one bedrooms at Dunnolly were going for closer to $300K at the moment.  So who knows, maybe you could get lucky with an estate-condition unit that someone's relatives just want to get rid of without doing the usual renovations and staging that bring prices so high.

(Make sure you read the descriptions, because I did notice a few very underpriced units that are underpriced because they have an RS or RC tenant occupying the unit and will not be delivered vacant.)

Southridge and Northridge apartments tend to be very affordable.  Maybe there is something that keeps the values low that would make you not want to buy there, but it might be worth a look.

Good luck!

Hi ljr,

For the record I am actually basing my "overpriced" pronouncement on recent previous sales of similar layouts/sq footage/maintenance charges in Linden Court.

In the past 8 months this layout has faithfully been called a one bedroom. Now through the magic of a realtor's click, this listing is being billed as a two bedroom with a much heftier price. I leave it to you to decide if those renos are worth 90K. (And yes I am aware that this move comes from previous Plymouth Court listings that have successfully increased prices by similar tactics.)

Here was a lovely LC one bedroom unit, sadly adjacent to the subway so it was quite noisy. Same basic space. Great apartment. Sold for under 300K probably only because of the noise: http://streeteasy.com/sale/1216906

Here is another LC, that is still in contract mind you, that had an asking 340K. We shall see where this one lands but I believe after 65 day on streeteasy it likely only got to asking..not over. We shall see. Check back in a month or so... http://streeteasy.com/building/37_33-84-street-jackson_heights/200

Again here is this top floor, in a walk up 429K one bedroom now transformed into two: http://streeteasy.com/building/37_46-85-street-jackson_heights/42

This is what a two bedroom in LC actually looks like..and yes I am confident that today it would cost much much more than 429K..and rightfully so. Dazzling: http://streeteasy.com/sale/837619

I know the JH prices have skyrocketed since April 2016. It is a great area with a lot of demand and not a lot of inventory so a lot of it is justifiable. But realtors have been cranking up asking prices. Higher priced listings often languish on the market for months. Then there's the 2-3 months it takes to learn the actual sale price so I think this tactic is driving new listings up at a disproportionate pace. My two cents...

Thank you Shelby2 for your help.

Ah ok, I was thinking about this one. I see now it is 2 BR: http://www.zillow.com/homedetails/7810-34th-Ave-APT-1A-Jackson-Heights-NY-11372/2104982193_zpid/

Huge Potential For The Investor. 2 Bedrooms, 2 Bath, Possible Third Bedroom. Tenant Occupies Apt And Unit Will Not Be Delivered Vacant.

Frances,
I just wanted to wish you good luck in dealing with this sticky situation. Lately it has been tough going with such a small amount of inventory coming online. So I know you have a difficult decision here.

It is interesting to hear this place would be a steal at asking yet the appraiser feels it's 9K overvalued. If anyone out there can describe a few of the factors that create this discrepancy I would be super grateful to understand this better.

My husband has a theory (or is it just wishful thinking?) that JH prices are starting to flattening out. I do know a few of these inflated value, languishing listings that have been driving up prices in certain buildings have starting to go into contract. So in 2 months or so we shall see where these sales actually land. Fingers crossed a dose of reality might get things back in a more realistic zone for us...at least in a few buildings.

Good luck, Frances! I've got my fingers crossed for a better price for you and easier process going forward!

[https://www.coldwellbanker.com/property/78-11-35th-Ave-Jackson-Heights-NY-11372-MLS-2804292  I would imagine that a $200K apartment (even if it needs renovation) would be snapped up in a hurry if doesn't have a tenant, and other one bedrooms in that complex are going for $300K or more.

Shelby, good eye. This was an awesome lead for someone looking for a one bedroom right now that with a little help could look beautiful. Looks like it sold for $230k.

http://streeteasy.com/property/8554377-78_11-35-avenue-2d

Someone got a great deal.

The listings with the fancy photos can help a buyer know how to visualize a space that's been maximized to full potential, but it's these listings with few photos (a clue that they're likely in estate condition) that are the ones to look for when you're a prospective buyer who feels you're quickly being priced out before you can even begin.