Jackson Heights Life

20k-30k is only a problem for a recent purchaser in Jackson Heights.

The real problem for the real estate is the non-liquidity.

Right now, very few people want to enter the market.

Just using my own apartment as an example, the price has been doubled after the past seven years. I'm even willing have to 10% drop if it can be sold right away so that I can purchase a bigger apartment with the proceeded sale.

However, if I put the apartment for sale, it is going to be involved with a lot of work. Say with 10% drop and some buyer jumped in. Due to the long process, if the buyer wants to back down his purchase due to the price further drop, (there is some legal protection to prevent this to happen, but I'm not going to be dragged into a legal battle who only profits the lawyers),  I'm back to square one. 

This is about rent prices instead of sale prices, but FYI

https://www.thecity.nyc/housing/2020/9/10/21430039/what-rent-drop-listed-prices-arent-budging-where-covid-19-hit-hardest

Between February and July of this year, rents fell by 1.9% in the zip codes with the lowest COVID-19 rates in the city, like Battery Park City, Greenwich Village and Tribeca.

However, in the neighborhoods with the highest rates of COVID-19, per city health department data — East Elmhurst, Corona and Jackson Heights topped the list — advertised rents have climbed a bit in the same time period, rising 0.3%.

...

Williams warned against using Manhattan trends as a stand-in for the housing story in the rest of the city. To do so ensures people elsewhere are “rendered invisible,” she said.

“When you see this narrative of everybody is leaving the city, and rents are dropping … and you live in a community where people aren’t leaving, people are trying to figure out how to make things work day to day, where there’s very little affordable housing and you don’t have a whole lot of options to go anywhere else if you wanted to — it’s incredibly frustrating,” she said.

At present, there is a shortage of inventory in Queens county and therefore new listings are selling quickly and usually at asking price or above.

You are the one ignoring facts and generalizing.

It looks like Armen has only been selling 1 and 2 bedroom co-op apartments. It makes sense that prices for these might be flat or slightly down. But if you want to talk about Jackson Heights in general, you need to include houses/townhouses and larger apartments, which are in higher demand right now. Redfin and Zillow say that prices are up overall in Jackson Heights, probably because of sale prices of larger homes.

You are the one ignoring facts and generalizing.

It looks like Armen has only been selling 1 and 2 bedroom co-op apartments. It makes sense that prices for these might be flat or slightly down. But if you want to talk about Jackson Heights in general, you need to include houses/townhouses and larger apartments, which are in higher demand right now. Redfin and Zillow say that prices are up overall in Jackson Heights, probably because of sale prices of larger homes.

I'd say the number of co-ops in Jax Hts...1 and 2 bedroom far outnumber other properties. By a lot.

One and two bedroom co-ops would be the vast majority of Jackson Hts real estate. Including in the historic district. Again, Armen should be thanked for being honest to the majority of Jackson Hts real estate owners.

So much wishful thinking.
So much rationalizing.
So little accepting the new reality of the recession/depression we are currently entering.

The canaries in the coal mine (the current decreases) are simply the harbingers of the gas explosion ahead.

But in 3-5 years I guess, things will turn round again. So folks will simply have to wait for their wish fulfillment to come true.

r:  I just recently became aware of two 4 BR 3 BA combined apartments at the Towers that's a 3,000 SF duplex.  Imagine living in an apartment with 8 BR's & 6 BA's.  I understand that it was combined many years ago.  I'm not certain it would be allowed today.