They Said that Queens Could Stay
Some thoughts on the real estate market in COVID-era Queens
Lately a lot of people are asking me how the market is doing where I live and work, in Western Queens, in light of all the insanity happening in the world right now. Should they sell or wait? Either works, is what I tell them. Looking through my particular Queens real estate lens, as far as I can tell it seems to be pretty much status quo after a brief hiatus. Just like is always has been throughout all the dips and drama and recessions experienced elsewhere. I closed some deals during the shutdown, I also put a property into contract during the shutdown, and now, mid-August, I’m taking some new listings that will be going live in the next couple of weeks. I’m working with serious buyers at the same rate I was before the shutdown in mid-March.
These buyers I’m working with these days are sniffing out flexibility. Sublet policies are important. Outside space is important. Certain amenities like laundry in-unit also seem more important than before.
But talking sellers way down on price (unless the home is priced incorrectly to begin with) is not going to happen in Queens. Never say never, but that is my feeling. There is enough buyer demand that the prices are solid. Do you know why? Because Queens is an awesome place to live. The housing stock here is diverse and so are the price points. It’s attainable. People want to live here because it has a really strong community. While our nation’s economy is certainly not amazing at the moment, it’s definitely not headed for an apocalypse in Queens. We are all supporting each other’s small businesses and we are supporting each other. So, offering apocalypse pricing is simply not going to work.
That being said, there are some great deals to be had out there, but you need to think outside the box. Are you open to co-ops? Are you willing to entertain the idea of renovating? Because right now, I am seeing that there are a bunch of cute apartments out there which have amazing bones—for example my listing in Jackson Heights—and with a little imagination, daydreaming, TLC, and sweat equity you will have yourself one solid investment. Some co-ops have more liberal policies than others, and those are the places you need to watch for. You also need to know how to negotiate the price. That requires a rudimentary understanding how much work a property needs versus what an updated apartment offers. If you can do that, it’s just a math problem to be figured out.
With so many of us working from home, a P(andemic)roject seems kind of amazing if you ask me. I would love to spend my day buffing some floors or playing with the Ikea kitchen design software. People seem to be a little wary of these kinds of projects because they are worried about something adding to their stress. But I say, why not focus on what you can control? Yeah, agonizing over tile colors—or better yet, making that crazy pink tile work—seems like a pretty solid activity right about now, if you ask me.
So in closing, the real estate market in Queens seems, as far as I can tell, the same as it always was. If the property is priced correctly, it goes quickly. Fixer-uppers are where the deals are. Who knows what will happen tomorrow. But the kinds of buyers I have been seeing has not changed very much from pre-COVID till now. The only difference I’m really seeing is the absence of the hobbyist Open Houser since we can’t offer open houses like that right now. Everyone I’m meeting is focused, or in the process of getting focused. As long as the interest rates remain low as they are, I expect prices to kind of linger for now.
The World’s Borough is a place where more and more people want to find themselves, whether it is to invest in real estate or be a global citizen. It’s a place in New York City where people can find a nice place to live that works for their budget, no matter their budget. And that’s why Queens has my heart.