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Large Apartments Are Hot Sellers in Jackson Heights, Report Says

By Katie Honan | August 14, 2013 9:42am
 Apartments in historic, tree-lined Jackson Heights are selling within a week of being listed. 
Apartments in historic, tree-lined Jackson Heights are selling within a week of being listed.  
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QUEENS — The real estate market in Jackson Heights is hitting the big time, with large apartments selling like wild fire, according to a real estate report.

The biggest sellers in the neighborhood are larger apartments, including 2 and 3-bedroom units, which sometimes don't even last a day on the market, said Jeff Putterman, a realtor with the Beaudoin Realty Group, which is based in the neighborhood.

“Anything, especially in the larger categories that are priced reasonably sell in a number of days,” he said. “That's how aggressive the market is.”

Larger apartments can sell for as much as $700,000, with the price going up if the building has a higher cachet or a nicer garden.

The Beaudoin Realty Group recently released their quarterly report detailing sales in the neighborhood, showing that demand and price continue to increase in Jackson Heights.

Putterman said he attributes the demand to mortgage rates creeping up — as well as desire.

Both are pushing people who have been thinking about buying to make the move.

“People learn to bid on things as soon as they see them, and it creates bidding wars,” he said.

On average, a one-bedroom apartment will run anywhere from $175,000 to $250,000, depending on the monthly maintenance cost, he said.

The real estate rush detailed in the group’s report is in line with the Douglas Elliman report released in July.

That report found that sales across the borough, and not just in Jackson Heights, were up considerably.

That report also found exorbitant rents and home prices in Manhattan and Brooklyn were pushing would-be buyers into Queens, although Putterman said he sees a mix of people looking to buy in the neighborhood.

“Certainly we have people who are priced out of Brooklyn and Manhattan — but I wouldn't say it's the only buyers.”