If you didn't have a chance to look to the northern part of Forest Hills this weekend, then you might not have noticed the crane arrived for the neighborhood's latest luxury high rise, The Aston...
I heard the same and think it is too high for the area. Luxury or not, forest hills cannot command manhattan type prcies yet. I do say yet, because i believe it is something the future stores for us. I just do not see people spending over 500k for a 1 BR apt to live in Forest Hills. I know if I had 550 or so for a 1 BR, i would be living on the upper west side somewhere....
Not true, plenty of 1 BR's on the upper west available for 500k. http://realestate.nytimes.com/sales/upper-west-side-new-york-ny-usa/0-500000-price/1-beds
If I had 550K or more, I would be in Long Island City. I agree it's overpriced for FoHi. Usually the closer you are to Manhattan, the higher the prices.
"Not true, plenty of 1 BR's on the upper west available for 500k. http://realestate.nytimes.com/sales/upper-west-side-new-york-ny-usa/0-500000-price/1-beds"
This is not an accurate comparison. You're showing us 500k Co-ops in the UWS, not condos. HUGE difference. 1 bedroom Coops in Forest Hills go from 250-350. If you want to do a fair apples to apples, you need to show us condo listings in Manhattan, not coops for 500k. That's muuuuuuuuch harder unless you're gonna show us shoebox studios.
@Kevin, it's a shame too. 500k for a decent sized two bedroom in Manhattan near Central Park is a great price. Did you happen to see that on top of the nearly $3k in maintenance, they also want an ALL CASH buyer! I was watching Million Dollar Listings the other day....WHO ARE THESE PEOPLE?!?! On TV you hear recession, job losses etc. yet there seems to be an overwhelming number of people with deep pockets. Crazy! lol. Totally off topic, I know
I have a good friend in real estate in Manhattan and the market barely took a dip in the "recession". As for Condo vs coop - yes obviously condos are more valuable. They still can be found on the UWS for 500k, just a bit smaller and definitely harder to find! Inventory is at an all time low. Prcies probably closer to the $1000 per square ft range - so you are looking at about 600 sq feet for 500k, which is definitely doable if you don't have kids....
Too too noisy, filthy, and congested an area for a " luxury" residence. I believe the entrance will be on the side street across from the library. Wherever it is, you can have it.
What do you expect, its a construction site. They're not gonna add trees and pretty flowers when they're in the middle of putting up a building from scratch. Jeez!
I used to live on that side and used the stores in the community like the Deli and dry cleaners.
That section doesn't do anything for me whatsoever since I moved here.
The CVS location provides quick distribution access to feed the community and turns into a mass market drug store instead of local businesses and the highrises will all be marketed for a price.
But the units are way too pricey and not a location I would think of if I had money to spend. It just makes this city even MORE crowded.
Too many people crammed into a given area. Looks like the Trylon in Rego Park by the Diner was sold but now they claim they won't kick out the community center so it is unclear what will happen to that site.
I am also a resident in the area. I have personally seen a change in the area, since I moved here two years ago. I am one person that never considered Queens, only cause I did not know anything about it. With rising prices in Brooklyn and Manhattan, other people/families are considering Queens. Also big developers are building mega projects in Queens. These mega projects will invite more and more people like me to the area. This is exactly what happened in Brooklyn and now, that is old news.
I also recently listed a property in the area, for a record price per square foot and received a HUGE number of calls and e-mails about the property. All this being said, I think that The Aston will fill up without a problem.
I own an apartment in the neighborhood. If you refer to comps for recent sales, Forest Hills is extremely HOT. Demand is high, inventory is low. The neighborhood didn't fall during the recent bubble, it just dipped a little and climbed up almost as quickly as Manhattan did. Forest Hills was always stable (thanks to co-ops and their high income demands) and now with new restaurants, bars, and two condos popping up, those who cant afford Manhattan (and soon LIC) are trickling there way over here.
I agree, just bought in a Forest Hills co-op and am so happy we went into contract a few months ago before the "busy" season (spring-summer) began. We got a very good price on our place. The process of finding a good place at a reasonable price was daunting as we were out bid several times. Many people are moving here from Brooklyn, Manhattan, LIC and making over ask all cash offers, in our experience.
As shown from these past posts, FoHi has been a plan B or a plan C for apartment hunters in the city. I wonder what it takes to make FoHi a plan A for some people.
I'm hearing the lowest priced units will start at $472,500 for a studio
ReplyDeleteI heard the same and think it is too high for the area. Luxury or not, forest hills cannot command manhattan type prcies yet. I do say yet, because i believe it is something the future stores for us. I just do not see people spending over 500k for a 1 BR apt to live in Forest Hills. I know if I had 550 or so for a 1 BR, i would be living on the upper west side somewhere....
DeleteUWS is a lot more than $500k for a 1br
DeleteNot true, plenty of 1 BR's on the upper west available for 500k.
Deletehttp://realestate.nytimes.com/sales/upper-west-side-new-york-ny-usa/0-500000-price/1-beds
OMG did you see the maintenance on some of those properties. This one is almost $2,800/month!!! And I thought ours was bad.
Deletehttp://realestate.nytimes.com/sales/detail/44-2586938/221-West-82nd-Street-NEW-YORK-NY-10024
If I had 550K or more, I would be in Long Island City. I agree it's overpriced for FoHi. Usually the closer you are to Manhattan, the higher the prices.
DeleteIf the maintenance is $2,800/month on the UWS, that explains the $500K price tag.
DeleteTo the poster who stated
Delete"Not true, plenty of 1 BR's on the upper west available for 500k.
http://realestate.nytimes.com/sales/upper-west-side-new-york-ny-usa/0-500000-price/1-beds"
This is not an accurate comparison. You're showing us 500k Co-ops in the UWS, not condos. HUGE difference. 1 bedroom Coops in Forest Hills go from 250-350. If you want to do a fair apples to apples, you need to show us condo listings in Manhattan, not coops for 500k. That's muuuuuuuuch harder unless you're gonna show us shoebox studios.
@Kevin, it's a shame too. 500k for a decent sized two bedroom in Manhattan near Central Park is a great price. Did you happen to see that on top of the nearly $3k in maintenance, they also want an ALL CASH buyer! I was watching Million Dollar Listings the other day....WHO ARE THESE PEOPLE?!?! On TV you hear recession, job losses etc. yet there seems to be an overwhelming number of people with deep pockets. Crazy! lol. Totally off topic, I know
DeleteI have a good friend in real estate in Manhattan and the market barely took a dip in the "recession". As for Condo vs coop - yes obviously condos are more valuable. They still can be found on the UWS for 500k, just a bit smaller and definitely harder to find! Inventory is at an all time low. Prcies probably closer to the $1000 per square ft range - so you are looking at about 600 sq feet for 500k, which is definitely doable if you don't have kids....
DeleteToo too noisy, filthy, and congested an area for a " luxury" residence. I believe the entrance will be on the side street across from the library. Wherever it is, you can have it.
ReplyDeleteAs a former resident of 108th Street, I resent Queens Blvd being called "Northern" Forest Hills. Hmph. :)
ReplyDeleteMore residents = more sardines for the E and F trains in the morning. Ugh.
ReplyDeleteNot true! Since it will be "luxury", its residents will forego commuting by subway and instead cause limo and car service gridlock on QB. =)
DeleteThat is one heck of a big crane. I pray they operate it safely.
ReplyDeleteI agree! I thought immediately of the crane that was swaying on 57th Street in midtown during Hurricane Sandy...and all I could think was oy vey..
DeleteWhat a dumpy looking block. What's with all of those hideous looking newspaper boxes lined up in front of Sterling Bank? I counted 14 of them .
ReplyDeleteWhat do you expect, its a construction site. They're not gonna add trees and pretty flowers when they're in the middle of putting up a building from scratch. Jeez!
DeleteI used to live on that side and used the stores in the community like the Deli and dry cleaners.
ReplyDeleteThat section doesn't do anything for me whatsoever since I moved here.
The CVS location provides quick distribution access to feed the community and turns into a mass market drug store instead of local businesses and the highrises will all be marketed for a price.
But the units are way too pricey and not a location I would think of if I had money to spend. It just makes this city even MORE crowded.
Too many people crammed into a given area. Looks like the Trylon in Rego Park by the Diner was sold but now they claim they won't kick out the community center so it is unclear what will happen to that site.
Hello everyone. I came upon this blog, as I was perusing Forest Hills content. My name is Clinton and I am a Real Estate Agent. (my link below)
ReplyDeletehttp://www.elliman.com/real-estate-agent/clinton-stowe/10596.
I am also a resident in the area. I have personally seen a change in the area, since I moved here two years ago. I am one person that never considered Queens, only cause I did not know anything about it. With rising prices in Brooklyn and Manhattan, other people/families are considering Queens. Also big developers are building mega projects in Queens. These mega projects will invite more and more people like me to the area. This is exactly what happened in Brooklyn and now, that is old news.
http://therealdeal.com/issues_articles/the-queens-craze/
I also recently listed a property in the area, for a record price per square foot and received a HUGE number of calls and e-mails about the property. All this being said, I think that The Aston will fill up without a problem.
How are you so sure without pricing information? The Windsor didn't exactly fly off the shelves like hot cakes.
ReplyDeleteWe're so honored to have people like him give our neighborhood a chance....
DeleteI own an apartment in the neighborhood. If you refer to comps for recent sales, Forest Hills is extremely HOT. Demand is high, inventory is low. The neighborhood didn't fall during the recent bubble, it just dipped a little and climbed up almost as quickly as Manhattan did. Forest Hills was always stable (thanks to co-ops and their high income demands) and now with new restaurants, bars, and two condos popping up, those who cant afford Manhattan (and soon LIC) are trickling there way over here.
DeleteI agree, just bought in a Forest Hills co-op and am so happy we went into contract a few months ago before the "busy" season (spring-summer) began. We got a very good price on our place. The process of finding a good place at a reasonable price was daunting as we were out bid several times. Many people are moving here from Brooklyn, Manhattan, LIC and making over ask all cash offers, in our experience.
ReplyDeleteAs shown from these past posts, FoHi has been a plan B or a plan C for apartment hunters in the city. I wonder what it takes to make FoHi a plan A for some people.
DeleteBetter events at the tennis stadium and more entrepreneurial activity on Austin street could do it. However, the latter will be hard to achieve.
Delete