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Same real estate prices for 30 years ? How is that possible? It's close to Rego center, queens center mall, E/F line. Why wouldn't that cause a boom?
Average NYC rate of price increases, not booming. Because NYC in general is starting to hit a plateau. Not every part in NYC matches Williamsburg. I have a relative that bought a multi-fam in Elmhurst around 5 years ago for $800k, today it can fetch around $850-$890k. The area have not been transformed to a condo city because a lot of folks are not selling and buying an entire block is difficult as so many building and houses are adjoining.
Average NYC rate of price increases, not booming. Because NYC in general is starting to hit a plateau. Not every part in NYC matches Williamsburg. I have a relative that bought a multi-fam in Elmhurst around 5 years ago for $800k, today it can fetch around $850-$890k. The area have not been transformed to a condo city because a lot of folks are not selling and buying an entire block is difficult as so many building and houses are adjoining.
You're right about the plateau, but for Elmhurst many buyers of those houses were non wealthy immigrant Chinese and since the homeless shelter was put up many don't want to spend their life savinga only to live near a large homeless shelter. Almost all the usual buyers know about the racially charged protests that went down. Immigrant Chinese aren't like the gentrifiers whom have the ability to cleanse entire neighborhoods by paying millions for row houses and calling cops/311 at will.
Last edited by bumblebyz; 04-12-2017 at 01:59 PM..
There are places like border Elmhurt and Coronas that had stagnant prices the past 5 years because those outlier areas are too remote from mass transit and hipsters hate buses. One could still find homes for $300k which requires driving to get around unless you don't mind being the only white guy on the bus.
Why the comparison to LIC? There's nothing special about rego park. It's off a local train and therefore a minimum 30 minute commute to midtown. I don't think it's exactly desirable to live so close to malls and big box stores. It's had kind of a middle class feel for a long time so it's not similar to the previously underdeveloped/industrial LIC or the low-income gentrifying neighborhoods of Brooklyn in terms of investment potential.
If anything, rego park is more comparable to forest hills. Basically a cheaper version. I know a couple of people who bought there because of that. I like rego park but asking if it's the next LIC is so bizarre.
Same real estate prices for 30 years ? How is that possible? It's close to Rego center, queens center mall, E/F line. Why wouldn't that cause a boom?
It has always been close to Queens Center and Rego Center is in Rego Park. It is only the local R/M train lines (and not the E/F lines). So why would there suddenly been a boom now?
Rego Park is very/predominately Soviet/Russian. (ymmv)
Although there are lots of Jews from Uzbekistan in certain areas of the neighborhood, Rego Park is still a good neighborhood to live in for non-Russian speakers.
Although there are lots of Jews from Uzbekistan in certain areas of the neighborhood, Rego Park is still a good neighborhood to live in for non-Russian speakers.
Would you say it's majority Russian though?
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