The Real Estate of affairs has been rocky all over! The Real Estate market in the Heights is consistent because we have international monies,as well as, American dollars being invested. The Euro is strong and people are taking advantage of the affordable housing investments. In JH the buyers’ competition in this area has changed. There are empty-nesters downsizing from a house ; young couples; young families with toddlers; singles; & first time buyers. It is affordable enough that some JH residents have second homes such as, a summer or beach house. It is very accessible to everything: transportation, shopping, restaurants, theater, concerts etc. We are 18 minutes to midtown!
Where can you purchase any Real Estate this close to Manhattan for under a million? JH has one br apts starting at 650 s.f. to 1000 s.f. larger than 2 br apts in other areas of NYC. You can still buy a 1200 square foot (s.f.) apartment or house with 1800+ square s.f. under $1,000,000 in NYC! The apartments and houses have architectural features such as fireplaces, lots of natural light, quirky details, built-in bookcases, high ceilings, abundance of closet space, gardens and great neighbors!
Jackson Heights real estate prices have been holding without much change. The volume has slowed down to a more normal pace. Despite the predictions on Wall Street the mortgages remain at a low interest rate. The Sellers need to understand that the real estate sale is different today. Any mortgage over $417,000 is considered a jumbo mortgage. It has more restrictions. It is much harder to qualify, if the property does not appraise. The condition of the place seems to hold more merit these days. Buyers seem less likely to renovate than last year. Obviously, Buyers have become more cautious about their investments. Jackson Heights has had a slight increase in value, if, the condition of the place warrants the cost of upgrading.
NYC has a greater international base. As far as Real Estate values go, the downturn will not be as severe in NYC as states like Florida, California and Ohio, where they took more risky mortgages. So we are hang in there$$ in Jackson Heights.
In fact I met with a couple this weekend that said in the last 4 years they were priced out of the Brooklyn real estate market. They think Jackson Heights original cooperative apartments feel like living in a house not an apartment. (They also have friends in the hood.) They understand the value of the space. This is the opinion of the “new” first time buyers coming to Jackson Heights.
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I think brokers are way to confident about the state and future state of the market. Of course it’s in their interest to keep hyping New York City neighborhoods as impenetrable to a downturn.
Me? I definitely don’t depend on what people like you say, but rather on the calmer and more reasonable (as well as less self-interested) analysis of economists who are predicting at least a 15 – 30% drop, even in New York City.
I will definitely wait before I decide to spend my money on an apartment, whether it be in Jackson Heights, Forest Hills, or perhaps even Brooklyn. If I were to jump in now, I would be making a big mistake, I am sure.
I understand that there are homeowners and mortgage lenders who are in big trouble. Please look at the bottom of my post for a link to the President’s speech about what the government is doing to help the people. http://video.msn.com/?mkt=en-US&brand=msnbc&vid=d229e8ba-b8f2-4d22-a252-715931131f12
Buyers who bought houses or property they could not afford to purchase. Along with Lenders who gave loans to unqualified purchasers and investors, who they knew could not afford to purchase.
We have not seen the end of this down turn. Real Estate since I have been selling has not gone down in value. It has just balanced itself out. There are Realtors and Lenders who inflate and show irrational excuberance. No loyalty or care for the purchaser. Just their commission. These are not professionals but licensees. There are a lot of licensed sales people who are out of business for the last 6 months. Why because they only have one aim to to make money.
Our firm is here to sell housing and help the neighborhood grow with people who can afford to buy and stay. Longevity is the name of the game.
Comment on YOGURBERRY NO ONE IS TALKING! by Claire
Yeah, Boone, cool it! You are only hyping the negative side. As Michele said, Jackson Heights is only becoming more popular (in part, due to the growing draw from Park Slope folks), so it will probably hold most of its value, even in a downturn, if there even is one.
I think in spite of what the naysayers are saying, this time IS different, and New York City will remain the lone pillar of housing markets, even stronger than other hot cities, like Seattle and San Fran.
I don’t think there is any need to fear at all. We will hold steady through the storm, and probably even go up!
I agree with the last poster. There’s no way there will be an NYC real estate downturn!
This city will rise above the ashes and remain the last standing vestige of prosperity. It’s totally different from all other American cities, and will remain so!
Thanks Chris for you comments on the RE market in NYC. The Wall Street Journal also did not mention NYC as one of the cities that has fallen. I agree that we are more of an international city than others in the USA. Happy New Year!