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Author Topic: coop price trend in jackson heights for the past 10 years  (Read 16191 times)

Offline Matt

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Re: coop price trend in jackson heights for the past 10 years
« Reply #45 on: January 25, 2013, 04:18:43 PM »
Back to the original topic - the 2012 4th quarter residential report from REBNY was released this week. It shows an increase in prices for all types of properties in Jackson Heights over the course of the year:

https://members.rebny.com/pdf_files/NYC_REBNY_Residential_Report_4Q12.pdf

Also, these two articles mention that there is a price increase in Queens in 2012.

6% increase according to this one:

http://www.dnainfo.com/new-york/20130123/new-york-city/new-york-home-sales-hit-highest-level-since-financial-crisis-experts-say

and this one notes a 7.6% increase:

http://therealdeal.com/blog/2013/01/22/nyc-home-values-up-8-3-percent-in-2012-zillow/
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Offline jhlifer

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Re: coop price trend in jackson heights for the past 10 years
« Reply #46 on: January 25, 2013, 06:46:57 PM »
For a much more accurate assessment on sales and price trends in Jackson Heights there is one very reputable source.  You can simply subscribe to my quarterly "Jackson Heights Real Estate Report" by going to www.jhrealestatereport.com and I will send you the fourth quarter 2012 report.

My assessment: After three weak years, sales have started to increase, as have prices, although condition always plays an important role, and can have a strong effect on realized prices.    With mortgage rates at historic lows, and the economy stabilizing, many renters are finally considering taking the plunge.  Inventory across all property types is low, and with demand increasing, especially for larger units and houses, prices are likely to trend upward in 2013.

By the way, per the REBNY report, I would be vary wary of price/square foot calculations, because I don't know who is reporting the square footage, especially for cooperatives.

Please keep me in mind should you have any real estate needs, plus referrals to friends and neighbors are always welcome

Daniel Karatzas
Beaudoin Realty Group
646 285 7762
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Offline Matt

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Re: coop price trend in jackson heights for the past 10 years
« Reply #47 on: January 26, 2013, 08:19:46 AM »
Hi Daniel,

I didn't realize that you contributed to JH Life. Your report was brought up earlier in this thread by jh_coop_buyer. If you scanned through this thread it is possible that you overlooked this mention of it as the conversation here was progressing into more of an argument between people. I had asked jh_coop_buyer at the time if it would be possible to post an example of your report here so that people can determine for themselves if there is value in it. Since this is your report, could you do this? I've been trying to cut down on the amount of emails I get and I have been avoiding signing up for any additional ones.

Based on the REBNY reports, I would agree with your assessment. The archive of past REBNY reports can be found here for anyone interested: http://www.ny1residential.com/Content/Content.aspx?ContentID=1405995

Also, it would be great to have your opinion on another thread here pertaining to real estate as I feel it would be beneficial to hear from one of the smaller brokers that are focused primarily on Jackson Heights. Topics include: co-brokering, the pros and cons of listing on MLS and RLS, and whether one should work with a local broker or a larger citywide company when selling or buying a home. Your colleague, Michelle Beaudoin was mentioned (good things only) so it may be of particular interest to you.

Here is a link to that conversation: http://www.jacksonheightslife.com/community/index.php?topic=8051.0
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Offline jhlifer

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Re: coop price trend in jackson heights for the past 10 years
« Reply #48 on: January 26, 2013, 04:01:41 PM »
Thank you for your kind words Matt.  Honestly, I try to stay out of the fray.... the regular back-and-forth on blogs.

Should anyone have any questions on Jackson Heights real estate, the can call or email me.  That is my job.  My contact information is on www.jhrealestatereport.com

Final comment: co-brokering benefits the seller, since it opens the property to other firms and agents, and will hopefully allow the seller to obtain a better sales price, faster.  Listing agents have a fiduciary responsibility to work in the best interest of their client, the seller.  Unless the seller specifically requires that the listing remain exclusive to the firm, the real estate professional would be doing a disservice to the client by not co-broking the listing with other licensed agents.
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