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Old 11-30-2016, 12:58 PM
 
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Thoughts on whether these neighborhoods are undervalued? Both have a well-built, well-planned housing stock and are <30 mins to Manhattan by LIRR.

I know SE Queens is generally underserved by mass transit (no subways) and does not offer a lot in terms of commercial development, but area still seems undervalued when you have large colonials and tudors on wooded lots going for less than 500K.
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Old 11-30-2016, 01:10 PM
 
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I wouldn't say undervalued. I'd say the the rest of the city is overvalued. With real estate prices where they are, what other choice do you really have. Its better than having to live closer to the city, but in the ghetto, at a more expensive price tag.
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Old 11-30-2016, 09:20 PM
 
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I actually agree that city is over valued. The average first time buyer with average salaries and no financial help from family will have a hard time affordung anywhere. With that, said these two areas have absolutely beautiful housing stock and is within 30 mins of Manhattan on the LIRR. They are under rated. But both are beautiful neighborhoods.
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Old 12-06-2016, 10:08 AM
 
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If plans for Jamaica's revitalization take hold and it truly becomes a regional center for business and commerce a place like Addisleigh Park may get hot. Despite the beautiful, historic housing stock there just simply isn't enough commercial activity in the area today to draw people.
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Old 12-06-2016, 12:00 PM
 
Location: Confines of the 101 Precinct
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Originally Posted by LOVEROFNYC View Post
I actually agree that city is over valued. The average first time buyer with average salaries and no financial help from family will have a hard time affordung anywhere. With that, said these two areas have absolutely beautiful housing stock and is within 30 mins of Manhattan on the LIRR. They are under rated. But both are beautiful neighborhoods.
It's cool if you work within walking distance of Penn Station (and the LIRR stop). If not you have to pay $218.00 to LIRR, and $110.00 a month for your Metrocard (2.75 per trip for 20 working days).

$328.00 a month just to get to work? Ouch. That's almost like another tax on your paystub. Maybe if your employer has Transitcheck or a similar program (mine does) it will lessen the blow.
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Old 12-19-2016, 03:01 PM
 
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The railroad + metrocard is a lot. It's unfortunate the MTA doesn't give a discount for commuters who require both.

If the subways were built to eastern Queens, this wouldn't be an issue.

Then again, you would think the quality of homes in these neighborhoods would draw people who could afford it.
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Old 12-19-2016, 04:05 PM
 
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Historic Queens neighborhood becoming homebuyer hot spot | WNYW
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Old 12-19-2016, 06:47 PM
 
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Addesliegh is wonderful and has the potential to be truly great. The housing stock is beautiful. The lots are large. Quite a few houses sit on double lot. An investor bought a house for mid $300k. Installed a cheap kitchen and bathroom and some paint on the walls. Sold for low $600k. Chopped the lot in half built a two family (i am sure for less than $300k and sold it for high $700k. In a 3 month span earned over $600k. Investors are making millions snapping up these properties. I wish the owners would see the value in their properties.
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Old 12-19-2016, 06:53 PM
 
Location: Confines of the 101 Precinct
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Originally Posted by LOVEROFNYC View Post
Addesliegh is wonderful and has the potential to be truly great. The housing stock is beautiful. The lots are large. Quite a few houses sit on double lot. An investor bought a house for mid $300k. Installed a cheap kitchen and bathroom and some paint on the walls. Sold for low $600k. Chopped the lot in half built a two family (i am sure for less than $300k and sold it for high $700k. In a 3 month span earned over $600k. Investors are making millions snapping up these properties. I wish the owners would see the value in their properties.
It's not that the owners see the value, its that it's costly to maintain.

It's already a landmarked district, paint the exterior the wrong color and you will get a violation:

http://home2.nyc.gov/html/lpc/downlo...L_20110201.pdf

Sorry to say it, but throw Addisleigh Park in Little Neck or Douglaston and they're million dollar homes easily. But Addisleigh Park is in southeastern Queens. You need people with deep pockets buying in AP to be able to maintain these homes - which is not gonna happen. Unless some famous rappers or Black actors do it.

Which aint gonna happen.

I hope one day it does.
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Old 12-20-2016, 04:28 AM
 
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Originally Posted by SeventhFloor View Post
It's not that the owners see the value, its that it's costly to maintain.

It's already a landmarked district, paint the exterior the wrong color and you will get a violation:

http://home2.nyc.gov/html/lpc/downlo...L_20110201.pdf

Sorry to say it, but throw Addisleigh Park in Little Neck or Douglaston and they're million dollar homes easily. But Addisleigh Park is in southeastern Queens. You need people with deep pockets buying in AP to be able to maintain these homes - which is not gonna happen. Unless some famous rappers or Black actors do it.

Which aint gonna happen.

I hope one day it does.


The people who live there presently wouldn't necessarily be classified as having deep pockets. They appear to be regular nurses, attorneys, dentist, teacher, cops etc. Many homes have the original features. The historic preservation requires for you to maintain the existing character of the homes. So no crazy paint color, changing brick to stucco, replacing double hung windows with bay windows etc. All requirements seems easy enough to comply with. The houses themselves are beautiful enough so I don't see why anyone would be upset with these requirements. I visited houses in the neighborhood. It seems the preservation committee is not as strict with micromanaging renovations when it is not being done to a house belonging to someone famous. The ones I entered were tastefully renovated to maintain the character of the houses.


Interesting tidbit. Ella Fitzgerald's house was up for sale this summer. I am not sure if it was sold or if it is still on the market.
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