Jackson Heights Life

Anyone have any tips for evaluating the price of apts. in JH?
Any Information for pricing your own place or determining appropriate offers for other places? Are there useful websites that can give you a sense of what places are selling for by neighborhood?  I can find asking prices, but I'm curious what are actual selling prices these days given the current market.
I know there are countless variables when determining value, but I'm just trying to get a sense of the JH market.

Thanks for any help.

It's possible that realtors could give you this type of info.  If you  are trying to figure it out on your own, you could watch the sales listing on the popular r.e. websites for this neighborhood, such as MCP Properties, Jackson Heights Properties and others.  On JacksonHeightsProperties, for example, many listings stay online after they have gone into contract and for a short time after they are eventually sold. 

You could look at the "sold" listings and try to match them with recent closings on a site such as the finance one listed above, or on www.propertyshark.com.  The JH Properties site is particularly helpful for this type of research because there are good photos of the interiors of all listings (so you can see the condition of the apartment and whether its been renovated) and the listing also tells you the maintenance (another important factor in sales prices), the address of the bldg and the floor number. 

The floor number makes it easier to match with the price the apartment actually sold for, as the apartment number is often indicative of the floor it's on and you'll need to know that information if there have been several recent sales within one coop.

The New York Times real estate website now has comps. I did a search recently for condos and coops for sale in 11372 and found the comp information for the last 3 sales in my building.

Pretty easy.

NYC Native makes some great points.  When I was on the market to move from one JH apartment to a larger one, I was shocked by the range in prices. 

Another thing to take into account is the monthly maintenance.  I found that buildings with low maint often tended to have higher asking prices.  That makes sense... your monthly payments (mortgage plus maint) might be the same if you are paying more mort and less maint.  If the building itself does not have an outstanding mortgage, that makes the maint cheaper and the unit more valuable. 

Also, buildings that have special stuff (amazing gardens, a parking spot, etc.) charge much more than similar buildings without those perks.  If a building has a perk that is not important to you, you might want to skip that building, because you will be paying for it.  Elevator buildings usually cost more than walk ups.  A fireplace adds lots of value.  Obviously, strong building financials are a plus, because you can assume that there won't be unexpected assessments. 

There seem to be some buildings in JH, which, in my opinion, are just "famous" for no particular reason, and charge much much more for units that are not unlike units you could buy for a lot less a block or two away. 

I also noticed that an extra bedroom was worth a whole lot more than square feet.  For example, a 900 square foot junior four, that can easily be converted to a two bedroom, will sell for much more than a 900 square foot one bedroom, even if the  two bedroom has boxy little rooms and the one bedroom is open and airy. 

Also, location seems to play a big part in pricing.  Once you get to the high 80's, prices seem to drop.  In my opinion, that is where the good bargains are now.  Also, with a few exceptions, apartments between 37th and Roosevelt seem to be a bit cheaper than apts a block north. 

Ha!  Who knew I would have so much to say about real estate.  As I stated in a different thread, I looked at about 40 apartments before I found exactly what I wanted... and learned a whole lot along the way.

Good luck with your search. 

Whatever you do make sure you are ready whenever a coop or condo comes along that looks like a great deal because just as you may be looking for one there are many like you waiting for YOUR APARTMENT!  Diogenes, they will take your unit if you blink.   If you have already verified the property is a good deal don't call your cousin in Brooklyn to ask his opinion.   Make an offer and don't let go until you reach upon a price.  Then have your lawyer and your mortgage peeps follow up with a phone call.  Another way is to simply announce here and in craigslist that you are looking for a property.  Explain what you are looking for in detail...that can work many times.

I just wanted to expand to everyone out there what ready means.  I doesn't mean emotionally or mentally ready.  You must be willing, able and ready regardless. Please, don't finance a new Benz weeks before you decide to make an offer because your APR may just shoot up faster than the price of gasoline.  Any MLS realtor can let you know what's out there since they have access to the same list unless they are exclusives and of course sponsor units (they tend to sell faster if they are reasonably priced thus not needing the MLS mechanism).  Just find someone that is patient (not me :tickedoff:) and is willing to work with you.  As I said before, if you are really ready any local realtor will work with you.

Good luck and I hope you all that you hope for!

The comps in a building can be confusing (I found in my own search years ago), as some apartments are fully and recently renovated, and some haven't been changed since the early 70s!