Jackson Heights Life

This thread is about a year old now.
Just to update: here is the first quarter '09 real estate report for Queens from Prudential Elliman.

It's a pdf, so keep that in mind if you click the link
http://www.prudentialelliman.com/NYCPhotos/retail_reports/Q109QuMO.pdf

Come on, tell us how cheap it was!!!

I am curious to know how much prices have dropped or if there is anything being sold these days?

There are definitely sales being made, or at least apartment sales are being closed on.  You can check this about.com site to find out how to access NYC gov's rolling sales data.  Another good source is propertyshark.com.  A free account lets you see 6 properties per day.  If you use the map function, you can zero in on JH and select 6 large coop buildings and see what units have sold for in 2009.

I suppose some deals that closed in January may have had signed contracts pre-crash if board approval took 4+ months, but anything after January I would imagine must have had a signed contract after the big crash in September (unless board approval or something else took an unusual amount of time).

In my own building, which I won't mention for privacy's sake, it appears that prices never went down.  They may have gone up a bit or perhaps stayed still.  It's hard to measure sometimes because there's no good way to know the condition of the unit that's been sold unless you have been inside it yourself.

The other difficult thing in JH is comparing buildings.  The prices really vary from building to building, so keep that in mind when trying to draw conclusions.

That's my 2 cents as a layperson.

Roosevelt Terrace with 436 units sold 23 apartments in 2008. 

hunnybear,

Trulia uses sophisticated software to link other websites into theirs (and vise versa)and somehow uses fancy mechanism to interact with each other and converts numbers into weekly, monthly and or yearly statistics.  The problem is that they depend on people that actually use Trulia to list their listings and they represent such a small percentage of sold or even listed properties I wouldn't use them to report statistics.  Now, if I were selling in a specific neighborhood and Trulia said the prices here have increased and that the properties is this or that and overall they are saying something positive I would say to a prospective buyer that "Trulia has reported positive statistics for this zip code" etc, and this would be a statement of facts.  Not a statement of the market as factual but a fact that Trulia said so.
u
I rarely use Trulia and neither most of the realtors I know.  Trulia may become a great listing source one day but today it's more of a pop thing.  They rarely produce real buyers and even though you will have the occasional Turlia Pro user that swear by it when you really look closely they will still tell you that Trulia is good as a complement to whatever you are already doing to market listings.  Remember, I wrote they were a poor source of statistical reporting.  LIBOR has a great statistic mechanism and monthly reports but it is for the use of members.  They will regularly produce reports for the general public.  MLS is the standard marketing tool.  Basically, a listing agent list and trows it in the pool hoping some other agent sells it while he or she simply list the property.  Nothing wrong with that, especially in a good market where everything sells.   

Prudential Douglas Elliman Real Estate has a new report out on the state of the real estate market in Queens for the second quarter of 2009.



Jackson Heights is part of the "West Queens Market."