Any comments on this?
There's an article in the Times today (April 5, 2008) called
Taking the Pulse of the Boroughs.
The overall gist is that prices have dropped, but in the section on Queens, it starts off by saying "Queens may be the most difficult market to explain, because prices can vary by neighborhood and even by block. "
Then on the next page there are a few paragraphs on one couple's experience in Jackson Heights.
"Last month, Steven Toledo and his partner, Pedro Julio Serrano, signed a contract on a one-bedroom co-op in Jackson Heights for $220,000. They negotiated the original asking price down from $240,000 after pointing out to the seller’s agent, Jorge Mejia of the Argo Corporation, that the bathroom tiles needed to be replaced.
Mr. Toledo said they bought now because they didn’t think the apartment’s price would drop any further. The apartment they bought is a sponsor unit, and they had to put down only 10 percent, or $22,000. They also were able to get a mortgage at 6 percent interest.
Mr. Toledo pointed out that this is an established immigrant community, not a gentrified neighborhood that is dependent on Manhattan transplants for price appreciation.
“When I see other neighborhoods around there,†he said, “I think this neighborhood has so much room to grow.â€