Jackson Heights Life

I know this isn't much of a problem in our immediate area, but it's still worrisome that the Queens foreclosure rate is so high...

Who will buy all those foreclosed Queens homes?

Update:
Offers are coming in and sellers are adjusting the prices to accomodate the buyers market. 

The price cuts have started in brooklyn where i live, but havent really seen any significant drops in JH.

I have been watching the JH market since i intend to buy. Over all, I think asking prices have gone down a little bit (maybe 5% of 300K properties that i've been looking at) but they may have wiggle room since some of these have been listed since spring, if the owners really want to sell.

buddy, i find that some of the no sublet coops also have the some of the strictest downpayment requirements, making them unaffordable to many. i can see how 33% worked when apartments were selling for 150K but really tough once that price doubles. On a 300K apt, you'd need around 130K in your account for down,closing cost and money left over that the coop usually wants to see. So like you said, a tougher sell.

I think people need to be careful in confusing the asking price with the market price.  A friend of mine has been trying to sell his coop in the historic district for 9 months without one offer.  He has only lowered his price $15,000 (or about 3%) since his original listing because similar units sold for his asking amount 15 months ago.  It is a very different market now with lenders harder to come by and much more inventory on the market.

Our building is receiving a 15% increase in maint in 2009.  I know someone who lives in a cooperative (about 30 units) in JH's who is receiving a 24% increase.  With the NYC Financial crisis, RE Taxes are increasing substantially along with water, electricity, insurance and staff costs.  This has to effect prices.  I'm beginning to wonder if it would make more sense to rent.

Shelby2, renters in NYC who are covered by Rent Stabilization will receive in 2009 a 4.5% increase for a one year renewal and 8.0% for a two year renewal. 

The way I understand it, if there's a vacancy in a rent-stablized building, the owner can charge approximately an 18% increase for a new tenancy.  Also the owner has the opportunity to do improvements to the unit and to the building.  For each improvement, he  can then apply to the rent stablization board to raise the rent based on that improvement. 

(Even if you are already living in the apartment, if the landlord makes certain improvements he can apply to have your rent raised.  For instance, if he puts in a new stove and refrigerator, your rent can go up.)

I think many of the rent stablized apartments that are listed are already at market rents due to vacancies and improvements.  And apartments that are not stablized are not subject to any rules - the landlord can set a new rent at whatever he wants if the lease is up.

Here's a fact sheet about how much rents are allowed to be raised in rent stablized units

This is more about renting...

On our sister site, Astorians.com, a member has posted a very detailed account of his recent apartment search in both Astoria and the Upper East Side.  It's a good read and I think it gives some indication of what the current climate is for renting in both a desirable neighborhood in Queens and in Manhattan.

Here's the thread.

And here's a short selection
For the past couple of days I've been looking for apartments exclusively in the Upper East Side, Manhattan.  There are a ton of deals floating around.  In fact, the deals are so good that people in other parts of Manhattan are voluntarily breaking their current lease to snatch up the massive price drops.  Listings that easily were $2,500 a couple of months ago are now going for $1,900 with some wiggle room to bargain.  In fact, my friends tell me that most of their friends who currently reside in Astoria are moving into Manhattan due to the rental market crash.  It seems like quite a few people are really trying to capitalize on this opportunity to get into the city.

That being said, I've actually found something in the UES that I like.  It is a 3rd floor, large 1 bedroom in the 80s on First Ave.  It is roughly 700 sq feet with modern appliances and the entire unit is in pristine condition.  The asking price is $1,900 although the broker said that the landlord is flexible and will most likely take $1,800.

On the other hand, I've also found something I like in Astoria just east of Steinway by Astoria Boulevard.  It is a 2nd floor, large 1 bedroom, approximately 700 sq feet with modern appliances and the unit is in very good condition.  AND it accepts pets!!!  The asking price is $1,575 and the broker said that the landlord probably won't budge too much on the price.   Herein lies my dilemma...