Is Rego Park, Queens real estate booming?

[SeventhFloor]

Originally Posted by bbnetworking

I have a friend bought Elmhurst (2-family) for $600k in 2013, now it's worth $1 million today, yes, it's booming.

Thats ridiculous. Almost double in 5 yrs?

And what exactly are you paying for, in that congested area? The ability to eat at Cheesecake Factory whenever u want??

[bbnetworking]

Originally Posted by SeventhFloor

Thats ridiculous. Almost double in 5 yrs?

And what exactly are you paying for, in that congested area? The ability to eat at Cheesecake Factory whenever u want??

They rent out top and first floor, rent income pays for mortgage and more, they live on second floor for free.

They got a great deal, because it needed renovation, but still whoever pays for $1 M for that property is out of their minds, but who knows, new owner might be able to sell it for $2 million in 10 years.

[gen2010]

1 million for a two family in Elmhurst? that's really cheap. It is like 1. 5 million for a old two family in Flushing area.

[JohnnyDoe]

3 bedroom co-op purchased in 2003 180k. Today, 500k+. Bought my first apartment, 1 bedroom, in 1998, for 52K.

[bbnetworking]

Originally Posted by JohnnyDoe

3 bedroom co-op purchased in 2003 180k. Today, 500k+. Bought my first apartment, 1 bedroom, in 1998, for 52K.

Lucky you.

Queens Real Estate is like Amazon stock, if you pick the right location, you are in for a big return.

Many people outside of Queens can't understand it.