Home Selling in Forest Hills>Question Details

Bjschwartz, Home Seller in Forest Hills, Queens,...

I have a one bedroom coop on austin and ascan - teh commute on the E train gets worse by the day, home prices

Asked by Bjschwartz, Forest Hills, Queens, NY Mon Jun 29, 2009

seem to be plummeting, and my i banking job is in jeopardy everyday. Should I put 20K into the kitchen or bathroom, or just get out while I can happy I picked it up last year at a 20% discount to last year's prices?

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8
Thanks to those that responded. Most answers were basically in line with my own thoughts. We stayed and plan on sticking here for another year and a half. Research indicates housing markets historically take 6 years to recover after a major hit. So, it can only go back up. (barring a double housing dip). We set the coop market in FH at $249K over 2 years ago. That still seems to be the going rate.
0 votes Thank Flag Link Sun Aug 8, 2010
Since this question was posted over a year ago, and new comment popping up--please let us know--did you decide to stay or sell.
0 votes Thank Flag Link Sun Aug 8, 2010
Stay put, hunker down, tighten the old belt and don't invest in a total renovation but consider some updates only if truly needed. Since you bought last year, you would be lucky to break even on a sale and you may just loose after you add Broker's comission, cosing costs, moving, etc. I might think your job is not in jeopardy as you still have it and that indicates you may survive the downturn. Cheer up! you own in a sought after neighborhood and as we say, a bargain is a bargain five years after you buy. There are better days ahead and after all, the New York area is not California, Florida, Nevada or Texas.
0 votes Thank Flag Link Mon Jul 27, 2009
Hi Bjschwartz,

I agree with the general theme of the answers, although in some cases for different reasons. My opinions might be subject to change if I were to see your unit and know more about your circumstances.

1) That said, I generally don't recommend investing money if the market isn't appreciating comfortably or undeniably stable. It's easy to throw good money after bad and not get it back. So, NO to the renovations.

2) Yes, to pricing the property carefully and hiring an aggressive, experienced, and creative agent - and following their advice!

3) Make sure your decision to move is thought out. If you're fairly sure you'll end up in financial distress keeping the property, then being proactive is wise. We are in summer, so the market is active and that can be good from a selling perspective (although, beware the common false sense of market security - see point #2, above). If there is a practical alternative to selling that will keep you whole, then you may want to consider that. Make sure selling is something you're committed to doing before you start the process. Consider where you would be comfortable living if you sold, as quality of life should be a part of your decision.

I happen to live in Kew Gardens Hills and know the area well. Good luck no matter what you decide. I'm always happy to help. If I can be of further assistance, don't hesitate to let me know.

Sincerely,
Diallo J. Stevens
Associate Broker
CENTURY 21 Best, Inc.
877-892-6347

Twitter: http://www.twitter.com/DialloStevens
YouTube Channel: http://www.youtube.com/DialloStevens
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Web Reference: http://www.DiallosHomes.com
0 votes Thank Flag Link Sat Jul 4, 2009
Hi BJ Schwartz, GREAT LOCATION if you're in the Sutton- only 2 1 br units available $249K & $269K both on the 2nd floor-Everyone needs a roof over their head. Whether you rent or pay off your own place is up to you-make sure you save for a rainy day (at least 6+months worth of expenses). NO RENOVATIONS if you are planning to sell. It will be your taste and not the prospective buyers. They would rather purchase at a lower price than pay for someone else's taste in renovations. Clean it up, de-clutter, paint (cheap enough). What attracted you to the unit in the first place?? Was it the price ?? The same will be true for the next buyer. I lived in Forest Hills for years very sought after for easy commute -more opinions call me.Terry K 718-614-3167 cell email therese.korahasi@elliman.com
0 votes Thank Flag Link Mon Jun 29, 2009
Of course every homeonwer's situation is unique, we would have to
look at everthing before giving you a life chaging event.
If you have additional questions, please direct them
to me or need an agent feel free to call.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.
0 votes Thank Flag Link Mon Jun 29, 2009
While you may be unhappy in Forest Hills, it is still one of the most sought after neighborhoods in Queens. So don't always look at it through your own lens. Home prices in Forest Hills have not taken the hit that many other areas have. 90% of the homes that I sell are in that neighborhood. That being said, there are a lot of 1BR units on the market right now.

With regards to the renovations, I never advise sellers to put the money into it. Although kitchens and baths add value, they are also a matter of personal taste. What you may find attractive, other potential buyers may not like. With a 1BR unit, the increase in value with a new kitchen or bath, if any, would only be marginal. Better to have the home professionally staged, price it realistically per condition, hire an aggressive agent who can give it maximum exposure and call it a day. Find more tips on selling at our website http://www.teammd.net.

Good luck.
0 votes Thank Flag Link Mon Jun 29, 2009
The decision is yours and yours alone, how badly are the renovations needed, if you plan on selling the best thing you can do is remove all clutter and have it neat and sparkling clean--again it is your decision.

Anna
917-576-5376
abrocco@laffey.com
0 votes Thank Flag Link Mon Jun 29, 2009
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