What $1 million plus buys in Astoria (real estate, 2013, houses)

[yodel]

Not a hell of a lot if you're looking for a house apparently.

House hunters in Astoria...
https://www.youtube.com/watch?v=0sxpHjcOkkI

This is nuts! The only house they saw that didn't need extensive renovation was listed at almost 1.3 million for a pretty small single family.

[Mr.Retired]

I do not know which was worse. I just wanted to puke.
The audacity to sell these small homes selling for such inflated prices was nothing
compared to how the people who owned them prior had no problem living like pigs.

[yodel]

Originally Posted by Mr.Retired

I do not know which was worse. I just wanted to puke.
The audacity to sell these small homes selling for such inflated prices was nothing
compared to how the people who owned them prior had no problem living like pigs.

I have a hard time believing prices like these are sustainable.

[livingsinglenyc]

We need to save this so when new people most, looking to move to NYC with my family of 4.......

This is a great representation of what the market is.

[DonaldJTrump]

Originally Posted by yodel

I have a hard time believing prices like these are sustainable.

as long as immigrants with cash keep moving into NYC, long time homeowners will be able to sell their bags to them for big bucks. but purchasing now doesnt seem like its good as an investment..once you add up all the taxes, interest, maintenance expenses, you're not really getting a good return. will the 1 miillion dollar home appreciate 5x, like in the past?

[Werdywerd]

My great aunt sold her home of 60 years ago new in Flushing Queens.

Very nice quiet neighborhood.

As soon as it went on the market, a nice Chinese man bought the house from her with a literal bag of cash for the full asking price.

I've never seen anything like it

[shadypinesma]

And nobody ever questions where they get the money. That’s “racist,” apparently.

[GoHuskies]

Originally Posted by Werdywerd

As soon as it went on the market, a nice Chinese man bought the house from her with a literal bag of cash for the full asking price.

US real estate provides a safe and secure investment for the affluent Chinese. That and a bolt hole in case China spirals down the drain.

[Kefir King]

[Raginrivers]

These prices are insane for what they're getting. But as long as people are willing to pay, the market will support them. The couple in this HH episode saw some small crappy houses selling for over 1 million dollars and barely batted an eye. So as long as there are buyers willing to overpay for these houses, prices will keep increasing. I'm just wondering where the ceiling will be? I get that "location, location, location" is the golden rule in real estate, but I don't see what's so great about LIC and Astoria. Yes they are close to Manhattan, but they are also overcrowded and ugly. Why don't people go a little further east and or south? There are plenty of other gorgeous places in Queens where you can get a better bang for your buck and still have easy access to Manhattan.