Jackson Heights Life

I've been sitting on my hands wondering if any of the other agents or brokers on this message board wanted to weigh in first. I don't think any of us know exactly what to expect once it's safe for us to resume full activities. Governor Cuomo's executive order declared real estate businesses to be non-essential, so we are barred from doing showings, holding open houses (unless virtual), or meeting face to face with clients or customers until the order is lifted. Transactions already in progress continue, so long as the lawyers and lenders are willing and able to do so, but for the rest of us, the "pause" button has been pressed.

How badly the real estate market is affected will ultimately rest upon the economic damage caused to local economies by the closure of businesses and the loss of jobs. This crisis is caused by a pandemic to which the stock market is reacting, not by a fundamental breakdown of sound lending and investment practices which undermined the real estate and financial markets as was the case in 2007. If local economies bounce back relatively quick after COVAD-19 and our financial institutions are still solvent, then I would expect the real estate market to bounce back vigorously as well. One would hope that mortgage interests rates would stay close to historic lows, and that the government would step up if legislation is required to jumpstart the free flow of capital again.

One other thing will be true: Life will resume. People will marry or divorce; Start a family or send the kids off to college; Plan for retirement or seek new employment. If you were planning to buy a property in the next year, now is the time to get your finances in order and figure out exactly how much home you can afford. If you were thinking of selling, perhaps now is the time to make a few needed repairs and clean out that attic and basement. In a down market, the ones who are best prepared to move forward will be the ones best able to take advantage of any opportunities that arise.

Please stay safe and take care of each other.

Steven Tomkiewicz
Licensed Real Estate Salesperson
 
Keller Williams Realty–Landmark II
75-35 31st Avenue, Suite 202
Jackson Heights, NY 11370
 
Cell/Text: 646-541-7253
Office: 347-846-1200
https://steventomkiewicz.kw.com/
https://app.kw.com/KW2MW27QB
stomkiewicz@kw.com

My recent quote to Curbed NYC:

“If I had to sum it up, clients already in contract are still on the way to the closing table,” says Armen Meschian of brokerage CORE. “Those with active listings are at zero.”

Many other brokers weighed in also, so this may be a good article to read.

https://ny.curbed.com/2020/3/10/21173411/coronavirus-new-york-real-estate-home-prices-covid-19?fbclid=IwAR3LQsIHCYQRJtAG3zhhAhATRmJhjtSwEdGoDKKmY4o74mRQp6vwsUsr6Sw

Life decision: stop eating bat soup

It's easy to blame when the truth is we have zero control over when and how pandemics occur.

There are things we can do to encourage new viruses to appear, like keeping wild animals of all different species stacked on top of each other in cages. Hopefully we stop doing that...

Back to the topic though: I imagine that a lot of people who have been stuck in their tiny Manhattan apartments for the past month will be seriously thinking about moving to a bigger apartment in Brooklyn or Queens.

I highly doubt folks will be clamoring to live in what was the epicenter of the epicenter.  May take some time to live that one down.   

Quote from: hum@njukebox1 on April 13, 2020, 10:44:40 PM

I highly doubt folks will be clamoring to live in what was the epicenter of the epicenter.  May take some time to live that one down.   

Agree. The density and overcrowding of folks living here (outside the Historic District) has become problematic and conducive to worsening a pandemic situation.

100 percent agreed. I love living here in JH, but next time there is a hint of a pandemic, I am outta here so fast. JH and the surrounding areas are essentially poor immigrant neigborhood and all of its associated characteristics (multi-generation homes, overcrowding, poor primary care, much of its population are low wage essential workers) makes it the  worst place to be when a pandemic strikes.

Just an analysis of our surrounding neighborhoods, a simple risk calculation on my part, not making any judgments. No need to get into a tizzy.