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The amazing thing is that the apartment they looked at and the house they bought were the same price. Actually, I think the house was cheaper.
The article doesn't mention this, but coop apartment prices are all over the map within Jackson Heights. To some degree, the price reflects the amount of space you are getting (with multiple bathrooms raising the price significantly) but also, the price can also reflect the quality of the building -- how well kept it is, the location and the building's finances.
The building mentioned in the article is one of the top-tier buildings where the large apartments are going for $600 to $800 K. If anyone is planning to buy in Jackson Heights, I think it makes sense to look at properties through a realtor who has local knowledge, and not just some MLS rep who has no idea what the differences are between the various buildings.
Also when looking at comps, the only comps that seem to matter are comps within the same building. The comps for a neighboring building can have wildly different prices due to a number of factors, some of which I mentioned above.
Other factors that can keep prices low in a building are: coop
- is on leased land
- has high flip tax
-has poor finances and you could get hit with a high maintenance increase or an assessment if something big happens like a problem with the elevator or roof
- is poorly maintained
- has a high building mortgage
- has such a strict board and rules that selling is next to impossible
- is far from the train
- has no amenities (no garden or parking garage)
Are all the buildings within the historic district maintained well? As long as your in the historic district I assume you can't go wrong.
I'm not really sure, but I am going to guess that there are some that are not maintained as well as others. There are a few that I remember going in that I wouldn't want to live in, but it was more of a general feeling and not something specific like seeing bad landscaping or trash in the hallway.
The danger is really more about ending up in a building with bad finances, which are impossible to see from the outside. Although being poorly maintained could be an indication of bad finances.
I'm not really sure, but I am going to guess that there are some that are not maintained as well as others. There are a few that I remember going in that I wouldn't want to live in, but it was more of a general feeling and not something specific like seeing bad landscaping or trash in the hallway.
The danger is really more about ending up in a building with bad finances, which are impossible to see from the outside. Although being poorly maintained could be an indication of bad finances.
I think appearances are telling. You know the old saying "you get what you pay for..."
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The amazing thing is that the apartment they looked at and the house they bought were the same price. Actually, I think the house was cheaper.
The article doesn't mention this, but coop apartment prices are all over the map within Jackson Heights. To some degree, the price reflects the amount of space you are getting (with multiple bathrooms raising the price significantly) but also, the price can also reflect the quality of the building -- how well kept it is, the location and the building's finances.
The building mentioned in the article is one of the top-tier buildings where the large apartments are going for $600 to $800 K. If anyone is planning to buy in Jackson Heights, I think it makes sense to look at properties through a realtor who has local knowledge, and not just some MLS rep who has no idea what the differences are between the various buildings.
Also when looking at comps, the only comps that seem to matter are comps within the same building. The comps for a neighboring building can have wildly different prices due to a number of factors, some of which I mentioned above.
Other factors that can keep prices low in a building are: coop
- is on leased land
- has high flip tax
-has poor finances and you could get hit with a high maintenance increase or an assessment if something big happens like a problem with the elevator or roof
- is poorly maintained
- has a high building mortgage
- has such a strict board and rules that selling is next to impossible
- is far from the train
- has no amenities (no garden or parking garage)
etc.
Your right about the Hawthorne. They have elevators that open up right into your apt. 700k for an apartment? Sounds like a lot but is JH the next area? I guess time will tell.
Your right about the Hawthorne. They have elevators that open up right into your apt. 700k for an apartment? Sounds like a lot but is JH the next area? I guess time will tell.
Are coops in JH worth more than rowhouses or detached homes in JH/Elmhurst?
Only the ones in these very specific buildings -- I am not sure of a complete list, but a few are: The Hawthorne, The Towers and The Chateau. There is a list of the named buildings (not all buildings have names but I don't know why) here JACKSON HEIGHTS GARDENS
There are plenty of very nice, financially solid buildings with gardens in the historic district where the largest apartments (like 2 bedroom 2 bath) are still going for $450K and you can still get an 850 sq foot one bedroom for $250K.
Yeah, I saw that. I think the broker is the owner of that place. I helped buddies move from JH in 93. Had some beers at a bar called Budds? I texted them those prices and they just laugh. That area got hit hard with the cocaine trade in the late 80's and early 90's. Nice to see that some places have maintained and then some. BTW I like the way the Greystones look. I think they are walkups?
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