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Author Topic: Home sale prices on the rise across Queens  (Read 13351 times)

Offline eddie

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Re: Home sale prices on the rise across Queens
« Reply #15 on: August 27, 2016, 10:44:06 PM »
Quote from: JH3525 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.

I think its a bad idea to buy an apt or house with only 5% down, you're risking being in the red negative equity almost immediately.
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Offline Palermo

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Re: Home sale prices on the rise across Queens
« Reply #16 on: August 28, 2016, 09:57:06 AM »
An absolutely unscientific Streeteasy survey regarding 1 bedroom flats.  I didn't list Williamsburg/East Williamsburg/ Greenpoint/DUMBO/Brooklyn Heights because they are along the water and are better compared to LIC. 

Jackson Heights has 24 listed:  1 (4%) is above $500,000.  9 (38%) are above $400,000.
Bed-stuy/Bushwick has 28 listed: 18 (64%) are above $500,000.  26 (93%) are above $400,000.
Crown Heights has 16 listed: 13 (81%) are above $500,00.  14 (88%) are above $400,000.

One can punch holes in that comparison, but it's pretty clear it's not even close pricewise.

As for the bubble thingy.  A bubble is when a particular item is overvalued far beyond its intrinsic value.  Are home prices in JH much higher than their intrinsic value?  Rental rates are probably the only way to objectively ground real estate prices to inherent values.  True, that itself is grounded in the idea that the city remains economically sound.  Whether our 1970's nadir was an aberration or simply part of a repeating cycle, we can reasonably expect the city to have good health in the foreseeable future. 

So let's take a $2,000 a month one bedroom rental against a $400,000 one bedroom purchase.  Both are on the higher end of what's going on in JH (though usually, the former is inferior in quality to the latter).  While I am sure its methods can be challenged, a NYTimes rent vs. buy calculator determines that in such a scenario, given a $900 a month maintenance, it's cheaper to buy rather than rent if you plan on living here at least 5 years. 
http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=0

I don't see a bubble or overpricing.  I see folks who contributed to the boom in Brooklyn while in their 20's now in their 30's wanting to buy and coming out to JH to do it. 
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Offline hum@njukebox1

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Re: Home sale prices on the rise across Queens
« Reply #17 on: August 28, 2016, 12:51:22 PM »
I don't recall ever having been to Bed-stuy or Bushwick, but the aesthetics of Jackson Heights (particularly the historic district) far exceed those of Crown Heights.  And yet, prices in Crown Heights are higher.  People are just learning about Queens and Jackson Heights.  Prices will continue to rise here. 
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Offline jleach

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Re: Home sale prices on the rise across Queens
« Reply #18 on: August 28, 2016, 06:36:29 PM »
I took a look at the 1BR for $415k at the Berkeley today.  It is a really great apartment and I wouldn't be surprised if the contract settles well above that 415 number. 
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Offline frances

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Re: Home sale prices on the rise across Queens
« Reply #19 on: August 28, 2016, 09:10:41 PM »
JH3525,

<<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.>>

No, it's not. From the streeteasy ad for B47: "This huge one (convertible two) bedroom unit has a great renovated eat-in-kitchen, formal foyer..." I thought my use of quotation marks made it clear I was quoting the ad, apologies for my lack of clarity.

It's hard to see this as "fairly priced" when it is 50k over any other one-bedroom in JH, but who knows, maybe it's that much better than everything else, and it must be interesting to test the limits of the market. I know that's going to be a CROWDED open house!

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Offline mgrave22

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Re: Home sale prices on the rise across Queens
« Reply #20 on: August 28, 2016, 10:02:27 PM »
We've lived in Jackson Heights for a few years and looked into BedStuy/Bushwick just to get an idea... Absolutely not.
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Offline Marlene

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Re: Home sale prices on the rise across Queens
« Reply #21 on: August 29, 2016, 12:15:08 AM »
Quote from: frances on August 28, 2016, 09:10:41 PM
JH3525,

<<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.>>

No, it's not. From the streeteasy ad for B47: "This huge one (convertible two) bedroom unit has a great renovated eat-in-kitchen, formal foyer..." I thought my use of quotation marks made it clear I was quoting the ad, apologies for my lack of clarity.

It's hard to see this as "fairly priced" when it is 50k over any other one-bedroom in JH, but who knows, maybe it's that much better than everything else, and it must be interesting to test the limits of the market. I know that's going to be a CROWDED open house!

Hi Frances,
This unit will show by appointment only.  Unfortunately, there will not be an open house.  Let me know if you are interested in a co-op unit.  Take care,  Marlene Flores, Douglas Elliman, 917-208-6709, marlene.flores@elliman.com
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Offline Shelby2

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Re: Home sale prices on the rise across Queens
« Reply #22 on: August 29, 2016, 08:54:48 AM »
Quote from: frances on August 28, 2016, 09:10:41 PM
It's hard to see this as "fairly priced" when it is 50k over any other one-bedroom in JH, but who knows, maybe it's that much better than everything else, and it must be interesting to test the limits of the market. I know that's going to be a CROWDED open house!

From looking at the Columbia real estate brochure, if the floor plan of this apartment really does match up with the one labelled B27, it does look like a "convertible 2" although it's true that the second bedroom would be only 8x10 with no closet.  However, you'd still have an eat-in area in the kitchen.  (Sometimes when you shave off the area off the kitchen in these apartments, you are left with nowhere to sit and eat next to the kitchen). 

There are other true 2 bedroom one bath apartments being listed in buildings like the Allendale, the Belvedere and the Fillmore for anywhere from $579K to $699K, such as this one http://streeteasy.com/building/the-fillmore/6h

So it does seem like $499K could be an appropriate price for an apartment that can serve as a 2 bedroom fairly easily.  Also you probably get the benefit of having a maintenance fee that is much lower than a true 2 bedroom.

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Offline BEB

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Re: Home sale prices on the rise across Queens
« Reply #23 on: August 29, 2016, 09:11:46 AM »
From Shelby2:
"From looking at the Columbia real estate brochure, if the floor plan of this apartment really does match up with the one labelled B27, it does look like a "convertible 2" although it's true that the second bedroom would be only 8x10 with no closet.  However, you'd still have an eat-in area in the kitchen.  (Sometimes when you shave off the area off the kitchen in these apartments, you are left with nowhere to sit and eat next to the kitchen). "

From BEB:
Shelby2, Please double check my work but I think you may be looking at the floor plan for the 77th st building. If you scroll down on the columbia brochure and check out the 35th AVE B27...I am fairly sure that is the one being listed. If so it is an EIK flex to bedroom situation after all. Correct?
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Offline Shelby2

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Re: Home sale prices on the rise across Queens
« Reply #24 on: August 29, 2016, 09:26:05 AM »
Quote from: BEB on August 29, 2016, 09:11:46 AM
From BEB:
Shelby2, Please double check my work but I think you may be looking at the floor plan for the 77th st building. If you scroll down on the columbia brochure and check out the 35th AVE B27...I am fairly sure that is the one being listed. If so it is an EIK flex to bedroom situation after all. Correct?

Yes, I guess I grabbed an image from the wrong part of the building.  I don't know the Berkeley well.
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Offline BEB

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Re: Home sale prices on the rise across Queens
« Reply #25 on: August 29, 2016, 09:35:31 AM »
Shelby2,
I only caught it because I did exactly the same thing. ;)

Ha! And this just landed in my inbox:
https://www.dnainfo.com/new-york/20160829/washington-heights/goodbye-sellers-market-price-growth-cools-manhattan-brooklyn
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Offline Lilybell

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Re: Home sale prices on the rise across Queens
« Reply #26 on: August 29, 2016, 09:58:57 AM »
Quote
The big advantage with Washington Plaza is you can finance 95% which is perfect for someone low on cash but has the income to qualify and yes you're getting a completely renovated apartment.

Hi JH, the only people who can get 95% financing in Washington Plaza are current tenants who are purchasing their own apartments, which will not be renovated.  Anyone buying the renovated units has to put 20% down. I live in the building and still had to put 20% down because I bought a renovated unit instead of the one I live in.  I think the main advantage with Wash Plaza for outsiders is that there's no board approval.
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Offline JDinJH

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Re: Home sale prices on the rise across Queens
« Reply #27 on: August 30, 2016, 08:04:00 PM »
Quote from: BEB on August 29, 2016, 09:35:31 AM
Shelby2,
I only caught it because I did exactly the same thing. ;)

Ha! And this just landed in my inbox:
https://www.dnainfo.com/new-york/20160829/washington-heights/goodbye-sellers-market-price-growth-cools-manhattan-brooklyn

Maybe the BK and Manhattan markets are cooling, but that does not seem to be the case for JH.  My real question is where do middle class people live in our City?  JH seemed like one of the last bastions close to the City and near a train station.  Where do they live? 





https://www.dnainfo.com/new-york/20160830/long-island-city/7-train-real-estate-boom-rival-hipster-brooklyn-after-l-shutdown-report

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Offline Shelby2

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Re: Home sale prices on the rise across Queens
« Reply #28 on: August 30, 2016, 10:41:22 PM »
I think more people will start looking at the Bronx -- neighborhoods like Woodlawn and Pelham Parkway. Also Jamaica is still relatively affordable and has good transit.
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Offline abcdefghijk

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Re: Home sale prices on the rise across Queens
« Reply #29 on: August 30, 2016, 10:50:23 PM »
Quote from: JDinJH on August 30, 2016, 08:04:00 PM
Quote from: BEB on August 29, 2016, 09:35:31 AM
Shelby2,
I only caught it because I did exactly the same thing. ;)

Ha! And this just landed in my inbox:
https://www.dnainfo.com/new-york/20160829/washington-heights/goodbye-sellers-market-price-growth-cools-manhattan-brooklyn

Maybe the BK and Manhattan markets are cooling, but that does not seem to be the case for JH.  My real question is where do middle class people live in our City?  JH seemed like one of the last bastions close to the City and near a train station.  Where do they live? 


Recently I had the opportunity to visit the Bronx a few times.
You should go. This ain't the 1970s and the Bronx certainly ain't burning.

I was amazed at how pleasant some neighborhoods are there...kinda on the same level as Jackson Heights....immigrant like here...but without hip cafes (as yet)...it's still mom 'n pop cafes and stores.
 
So that's the answer to your question. It's still very affordable there. And pleasant.
Though I could tell folks don't really want an influx of those priced out of Manhattan, Bk and Queens...
Because they know that means higher rents.

Like I said before...folks who in previous generations moved to the suburbs are staying in NYC...that is the fashion nowadays.




https://www.dnainfo.com/new-york/20160830/long-island-city/7-train-real-estate-boom-rival-hipster-brooklyn-after-l-shutdown-report
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