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Old 12-17-2014, 08:16 PM
 
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Quote:
Originally Posted by NYer23 View Post
Neighborhood is already a run down, dirty, and ugly looking place (this is the county of immigrants). Currently the majority is Hispanic immigrants (mainly Mexican) who are just trying to survive NYC, upside is Asian community has more money to develop the area. Anyone who buys here is looking for cheap (by NYC standards) and safe area to live that is a easy commute to Manhattan. If you are looking for pretty areas, you will need to pay more (Brooklyn) or live farther away (suburbs). Even the up and coming areas in Brooklyn are overpriced and way more dangerous than any area in queens (look up the NYC crime map).
I would think Asian more so, with Hispanics being over in Corona and Jackson Heights. Personally I think Elmhurst has the better location of the three nabes. Along with Woodside, both are very centrally located.
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Old 12-17-2014, 08:44 PM
 
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Originally Posted by G-Dale View Post
I would think Asian more so, with Hispanics being over in Corona and Jackson Heights. Personally I think Elmhurst has the better location of the three nabes. Along with Woodside, both are very centrally located.


Per city-data statistics you are probably right (it still very close), it feels more Hispanic to me because the only time I am around that neighborhood is traveling on the train. It is more noticeable that the majority of Hispanic have departed from the train by the time you get to Met's stadium compared to the amount of Asians who would still be waiting to reach flushing.
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Old 12-17-2014, 08:49 PM
 
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Originally Posted by NYer23 View Post
Someone paid $2mm to buy the penthouse in one square fulton recently (see link below), which I thought no one would ever pay so much to own a property in flushing.
See it: $2M Flushing penthouse condo deal closing soon | QueensCourier.com

$3bn mega project to turn the area around Mets Stadium into a retail destination (next to flushing and Corona).
http://sports.yahoo.com/news/nyc-cou...6939--mlb.html

Elhmurst is already known for having a chinatown (see wiki link below).
Elmhurst, Queens - Wikipedia, the free encyclopedia

Elhmurst, Corona, and Flushing all have a Chinatown (each of different sizes). It is not a huge leap of logic to think the whole area will turn into one big Chinese community within the next 5-20 years when the original poster will be looking to sell (if he buys in this area).
I've seen those articles too. I also read comments on the forum from people saying how it's so hard to compete with all cash offers in Northeast Queens. Personally from researching on random properties that have sold, I haven't seen those types of all cash deals other than developers buying a place to tear it down. While I don't deny that they exists, I just think a lot of it is hype at least for the time being.

Quote:
Originally Posted by Henna View Post
In terms of aesthetics, I was thinking more of the commercial areas, specifically the stretch on Broadway in Elmhurst near where this building is. It's particularly jarring to have all those signs, one bigger than the next, fighting each other for how loud they can be.

The Chinese money that I've heard about is foreign Chinese investors, not necessarily people who already live here. I know that there are some new condo developments that are specifically trying to attract this type of money.

I just did a Google search and there have been some articles about this phenomenon
NY Times: Chinese Invest in Queens Real Estate, August 2014
I agree with your example. I think many of those business just go for the cheapest sign available that can catch your eye. As for the foreign money buying in Flushing I tried asking friends that live in Skyview what type of people are living there to get a gauge of who's buying those places. They just told me either working professionals, the elderly, and for some reason there appears to be young people in their early twenties that don't look like working professionals living there. I don't know what to make of those young people living there, perhaps they're students just renting there. One day when I have time I'll figure out how to automatically suck information out the ACRIS Search system for mortgage amounts and selling prices to see the actual percentage of all cash deals in the new condos in Flushing out of curiosity.
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Old 12-17-2014, 08:57 PM
 
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Quote:
Originally Posted by G-Dale View Post
I would think Asian more so, with Hispanics being over in Corona and Jackson Heights. Personally I think Elmhurst has the better location of the three nabes. Along with Woodside, both are very centrally located.
I agree with you, have known that areas for about 30 years. Also most people have probably never ventured to the South side of Elmhurst which has more regular homes and less apartments than the North side of Queens Blvd unless they were driving and happened to pass by.
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Old 12-17-2014, 09:07 PM
 
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Originally Posted by NYer23 View Post

Per city-data statistics you are probably right (it still very close), it feels more Hispanic to me because the only time I am around that neighborhood is traveling on the train. It is more noticeable that the majority of Hispanic have departed from the train by the time you get to Met's stadium compared to the amount of Asians who would still be waiting to reach flushing.
Why are you talking about the 7 train? This coop isn't located by the 7 line. It's by the M and R trains by Queens Blvd.
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Old 12-17-2014, 09:37 PM
 
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Originally Posted by Henna View Post
Why are you talking about the 7 train? This coop isn't located by the 7 line. It's by the M and R trains by Queens Blvd.
The general purpose of this thread was to give feedback on the potential for the neighborhood and the co-op building. I gave my opinion of Elmhurst neighborhood and disclosed how I based my opinion of the neighborhood. It is up to the reader to make an informed decision on whether that opinion hold weight for them. I would think the purpose of this thread for the original poster is to brain storm and chase any ideas/leads they receives from other people and validate it themselves through people with professional expertise in real estate (such as his agent) or they perform their own due diligence (google/visit the area).
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Old 12-17-2014, 10:04 PM
 
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Originally Posted by bumblebyz View Post
I agree with your example. I think many of those business just go for the cheapest sign available that can catch your eye. As for the foreign money buying in Flushing I tried asking friends that live in Skyview what type of people are living there to get a gauge of who's buying those places. They just told me either working professionals, the elderly, and for some reason there appears to be young people in their early twenties that don't look like working professionals living there. I don't know what to make of those young people living there, perhaps they're students just renting there. One day when I have time I'll figure out how to automatically suck information out the ACRIS Search system for mortgage amounts and selling prices to see the actual percentage of all cash deals in the new condos in Flushing out of curiosity.
I considered renting in Sky View Parc last year, when I visited the place at night the real estate agent told me the place was sold out (for ownership). I notice more than half the apartments didn't have light or curtains on the windows. The majority of young people I saw living there had luxury name brand clothes (which I didn't think was typical for the people I see on the train and neighborhood when visiting restaurants). The rental price seems very high for that area, I doubt they can fill it to max capacity with tenants.

If you look up the history of Sky View Parc and the developer, you will notice the project was close to being a failure. They overran the budget and timeline for building it. Investors sued to retrieve their deposit. After it finally open it turned into a huge success. I assume it because they received a large influx of cash from china.
http://ny.curbed.com/archives/2010/1..._view_parc.php

When I read the below article it made sense to me why someone would buy an apartment without the intention of renting or living in it.
Why New York Real Estate Is the New Swiss Bank Account -- New York Magazine

I think it will become more transparent when One Fulton Square opens up next year, being as it is a easier view from the street as to who is buying and living in those apartments.

Last edited by NYer23; 12-17-2014 at 10:44 PM..
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Old 12-18-2014, 09:00 AM
 
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eddiep83- The apartments I am looking at are 2 bedroom. The one I saw was about 920 square foot. I am second guessing my decision now. I prefer to live as close to the train as possible which is why I liked where the building was located.
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Old 12-18-2014, 09:28 AM
 
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Originally Posted by abcdefgnewyork View Post
eddiep83- The apartments I am looking at are 2 bedroom. The one I saw was about 920 square foot. I am second guessing my decision now. I prefer to live as close to the train as possible which is why I liked where the building was located.
For 400k you can get a nicely renovated 2 bedroom in JH right near the 7, E , F , M, R trains.

if you can live with being near the 7 train alone, then you can get one for under 300k with much lower maintenance.

I purchased a 1000sq st 2 bedroom co-op near the 7 train a few years ago for 220k. Maintenance under $600, $75 indoor garage parking. beautiful safe co-op. Prices have gone up a bit since, but it just goes to show you how overpriced those 400k+ elmhurst co-ops are.

I just don't see the value in that elmhurst co-op and location. If those units were not renovated they would like go for around 200k. you're better off finding a unit and having it renovated yourself for 40-50k.
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Old 12-18-2014, 10:15 AM
 
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Originally Posted by eddiep83 View Post
For 400k you can get a nicely renovated 2 bedroom in JH right near the 7, E , F , M, R trains.

if you can live with being near the 7 train alone, then you can get one for under 300k with much lower maintenance.

I purchased a 1000sq st 2 bedroom co-op near the 7 train a few years ago for 220k. Maintenance under $600, $75 indoor garage parking. beautiful safe co-op. Prices have gone up a bit since, but it just goes to show you how overpriced those 400k+ elmhurst co-ops are.

I just don't see the value in that elmhurst co-op and location. If those units were not renovated they would like go for around 200k. you're better off finding a unit and having it renovated yourself for 40-50k.
You should list the downside of Jackson heights, it is by far the poorest and uneducated area in queens. If cost of living continues to rise while salary remains flat, it is the most likely place people will turn to criminal activities. It is known for illegal basement apartments. You would not want to have your kids go to school in that neighborhood, it is why people turn to forest hills as a better option.
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