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Author Topic: Home sale prices on the rise across Queens  (Read 13357 times)

Offline JDinJH

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Home sale prices on the rise across Queens
« on: August 24, 2016, 07:19:04 AM »
"But the biggest increase was seen in west Queens — defined by Elliman as Maspeth, Middle Village, Glendale, Ridgewood, Elmhurst, East Elmhurst, Jackson Heights and Corona — where the median second-quarter sale price jumped from $400,00 to $548,000, a 37 percent increase."

http://www.qchron.com/editions/queenswide/home-sale-prices-on-the-rise-across-queens/article_7cbd6507-6f4b-5adb-adc2-4be61b4ea367.html

Looks like a bubble folks!!!!!
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Offline eddie

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Re: Home sale prices on the rise across Queens
« Reply #1 on: August 24, 2016, 01:13:55 PM »
some of the prices i have seen in JH lately are obsurd... I don't know if they are sustainable. Don't think we'll see a huge crash, but I can definitely see prices coming down soon. NYC RE is always in demand, but this isn't manhattan either.
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Offline abcdefghijk

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Re: Home sale prices on the rise across Queens
« Reply #2 on: August 24, 2016, 04:28:57 PM »
Quote from: eddie on August 24, 2016, 01:13:55 PM
some of the prices i have seen in JH lately are absurd... I don't know if they are sustainable. Don't think we'll see a huge crash, but I can definitely see prices coming down soon. NYC RE is always in demand, but this isn't manhattan either.

I think the comparison for Queens is Brooklyn, rather than Manhattan.

And real estate in Brooklyn is far more through the roof than here in Queens. (Though we are catching up by the looks of things) 

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Offline frances

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Re: Home sale prices on the rise across Queens
« Reply #3 on: August 26, 2016, 07:18:20 AM »
When I first started looking at apartments, a broker told me that Washington Plaza was eventually going to change the market. There certainly are a surprising number of 400k+ one bedrooms on the market all of a sudden. I wonder if that's what's going on.
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Offline JDinJH

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Re: Home sale prices on the rise across Queens
« Reply #4 on: August 26, 2016, 04:28:14 PM »
I question how middle class people can afford to pay close to a half a million for a one bedroom apartment. Our neighborhood is composed of working class people who earn working class wages.  Who will be left to buy these places when middle class people can no longer afford to pay so much, i.e., our current situation.  On the other hand, maybe I am just out of touch with what people are willing to pay for a home. 
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Offline Lilybell

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Re: Home sale prices on the rise across Queens
« Reply #5 on: August 27, 2016, 08:45:08 AM »
Quote
I question how middle class people can afford to pay close to a half a million for a one bedroom apartment

I think a couple each making 40-50K could afford the mortgage payment, but I don't know how people come up with a 20% down payment. The only reason I was able to do so is because of an inheritance.
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Offline eddie

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Re: Home sale prices on the rise across Queens
« Reply #6 on: August 27, 2016, 01:45:07 PM »
Quote from: frances on August 26, 2016, 07:18:20 AM
When I first started looking at apartments, a broker told me that Washington Plaza was eventually going to change the market. There certainly are a surprising number of 400k+ one bedrooms on the market all of a sudden. I wonder if that's what's going on.

yea and i just dont think that's sustainable. Where ever you want to compare it to, 400k is just a ton for a 1 bedroom in queens. There are 1 bedroom apartments available for around that price in much nicer areas, much closer to the city, like BK heights or Park slope. Or even IN manhattan if you don't mind a walkup. Certainly not apples to apples, but still nice apartments in nicer areas.

I love JH, I just think sellers are cashing in on prices that are not sustainable. Someone is going to be left holding the bag with those close to half million 1 bedroom apartments.
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Offline hum@njukebox1

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Re: Home sale prices on the rise across Queens
« Reply #7 on: August 27, 2016, 02:51:17 PM »
Prices for comparable 1 bedroom apartments in Brooklyn Heights and Park Slope far exceed $400K.  You must be comparing Golden Delicious to crab.
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Offline eddie

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Re: Home sale prices on the rise across Queens
« Reply #8 on: August 27, 2016, 02:55:11 PM »
Quote from: hum@njukebox1 on August 27, 2016, 02:51:17 PM
Prices for comparable 1 bedroom apartments in Brooklyn Heights and Park Slope far exceed $400K.  You must be comparing Golden Delicious to crab.

a couple of under 500k in those areas

http://streeteasy.com/building/19-7-avenue-brooklyn/2f

http://streeteasy.com/building/100-remsen-street-brooklyn/6d

but i was just picking out random examples... I'm sure prices in those areas are higher overall. My point was I dont think those prices are sustainable here when there are nicer areas around that price range... but hey that's just my opinion.
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Offline cali_girl

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Re: Home sale prices on the rise across Queens
« Reply #9 on: August 27, 2016, 03:08:11 PM »
Eddie, those co-ops are not compatible to 1 bedroom co-ops in JH or maybe you just happen to select the wrong ones.

The co-op on 7th avenue does not provide any pictures of the space / lay out. So the place could be a total disaster but we won't know unless we actually go view it.

The co-op on Remsen street is on a Land Lease --- Nobody should purchase property on land lease.

maybe there are better examples, but JH is just catching up with the rest of the neighborhoods in brooklyn.

 
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Offline eddie

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Re: Home sale prices on the rise across Queens
« Reply #10 on: August 27, 2016, 03:32:44 PM »
Quote from: cali_girl on August 27, 2016, 03:08:11 PM
Eddie, those co-ops are not compatible to 1 bedroom co-ops in JH or maybe you just happen to select the wrong ones.

The co-op on 7th avenue does not provide any pictures of the space / lay out. So the place could be a total disaster but we won't know unless we actually go view it.

The co-op on Remsen street is on a Land Lease --- Nobody should purchase property on land lease.

maybe there are better examples, but JH is just catching up with the rest of the neighborhoods in brooklyn.

again, not apples to apples like I said.

Hey if people think half a million for a 1 bedroom here is a sound investment, more power to them! Just stating my opinion.
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Offline JH3525

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Re: Home sale prices on the rise across Queens
« Reply #11 on: August 27, 2016, 06:43:04 PM »
A new listing for a 900 SF 1 BR unit at the Berkeley 35 Ave is $499,000.  Viewing is in early September.  Yikes, 1/2 million dollars for a 1 BR in Jackson Heights? 
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Offline frances

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Re: Home sale prices on the rise across Queens
« Reply #12 on: August 27, 2016, 08:29:13 PM »
<<A new listing for a 900 SF 1 BR unit at the Berkeley 35 Ave is $499,000.  Viewing is in early September.  Yikes, 1/2 million dollars for a 1 BR in Jackson Heights?>>

 It's being marketed as a "convertible" two bedroom. Nonsense. I'll be curious to follow the sales trajectory on that one. If I wanted to buy an expensive one bedroom (and this one is WAY MORE than Washington Plaza), I'd buy at Washington Plaza, and get the nice new kitchen and bathroom.
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Offline JH3525

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Re: Home sale prices on the rise across Queens
« Reply #13 on: August 27, 2016, 09:27:18 PM »
Frances, the one you're referring to for $499,000 is unit A45 that's in contract.  The second bedroom is
just 10'2" x 7.8"  The one that I mentioned was listed just two days ago for $499,000 and is unit B47 and is strictly a one bedroom.   A truly magnificent one bedroom was just listed at the Berkeley 77 St for $415,000 an estate sale and is on the 5th floor.  Many years ago the owner invited me in to see it soon after he moved in and I was stunned at how magnificent it is.  It will sell quickly and is fairly priced. 

The big advantage with Washington Plaza is you can finance 95% which is perfect for someone low on cash but has the income to qualifty and yes you're getting a completely renovated apartment. 
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Offline BEB

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Re: Home sale prices on the rise across Queens
« Reply #14 on: August 27, 2016, 10:21:55 PM »
JH3525, The 500K 1 bedroom is the B47 unit. Have a look.
http://streeteasy.com/building/77_12-35-avenue-jackson_heights/b47

Floor plan here as B27 at the 35th ave building: http://nyre.cul.columbia.edu/projects/view/25828
 

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