Wednesday, March 12, 2014

My Jackson Heights Apartment Is in NY Times - The Hunt


NY Times "The Hunt" covered a couple's move from Astoria to Jackson Heights – and I'm in it! 

Hah! Don't blink or you might miss the reference: 

"Early in their hunt, [the couple] saw a nice two-bedroom at an open house at Carlton House, a 1946 brick co-op building. ...Another two-bedroom on a higher floor, not as nice, was listed at $279,000. They disliked the wall of mirrors in the living room. ...The place they liked sold for $416,000, and the place they didn’t for $265,000.)" 

The "not-as-nice" apartment the couple disliked so much is mine. Yikes!

It's a 1,000+ sq ft. 2-BR in Jackson Heights that I snapped up for $265k. Remember my article that Brownstoner Queens picked up last summer: Carroll Gardens Blogger Gives up Her Neighborhood for…Queens. I did say that I was looking for a bargain, and I got one.

Admittedly, it was a diamond in the rough.



Offending wall of mirrors is to the far left!
Here is a more head-on, albeit dark view (sorry, taken with my phone).


Shall we dance?
Here's how I turned that ugly wall of mirrors into a wall of books: Built-In Bookcases: An Ikea Hack.


Though I ripped it out immediately, I adore that wall of mirrors! Because I have it to thank for the incredible bargain that I got. 

The Carlton is an as-good-as-full-service building, with on-staff porters, a night-time doorman, and a live-in super, plus $100 a month parking. And the layout is gracious. Here's the floorplan of the apartments in our line:



The cosmetic issues were definitely off-putting to prospective buyers. The mirrored walls were outdated and their cracked condition was an eyesore. The apartment was newly painted, yes, but in a bland yellow that already seemed dingy. The floors were scarred by pet damage, and security gates and air conditioner units blocked nearly every window's view. Even recent bathroom and kitchen upgrades were done on the cheap, and the installation lacked finesse and attention to detail. For example, fixtures were off center and the bathtub had been installed backwards – with the backrest under the faucets. 



I actually look for these kinds of issues that scare buyers. I understand how off-putting renovation work seems. Most people want a home in move-in condition. I, on the other hand, would rather find something under-valued and put my own stamp on it. 


When I was house hunting, I looked at the more expensive units first, fell in love with this building and the layout of our particular line, then began trolling StreetEasy for a bargain. I found it in our unit that was sadly in contract at $275k (for so much less!) and I emailed the broker to let her know that, should her contract fall through, I was interested, serious and could move quickly. Lo and behold, that is exactly what happened. By the time I was in negotiations, the place had been on the market for more than six months. This and the cosmetic faults that deterred other buyers put me in a good bargaining position.

And here we are. With the help of my go-to contractor Henry Almeida of Almeida Renovations in Kew Gardens, a real collaborator with whom I've worked on several past projects, I'll restore this home to it's gracious midcentury beauty. The home has, as they say in home show vernacular, good bones. As do almost all buildings in Jackson Heights.

I just can't stop evangelizing Jackson Heights! If you are a prospective buyer, there are amazing deals to be had. Don't be turned off by cosmetic imperfections; seek them out! 

UPDATE: 

The bathroom is finished! 





See full Bathroom Reveal.

See full House Tour.

10 comments:

  1. Sally, I don't know what to say. This surpasses anything I could have envisioned. Love Dad.



















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    1. Thanks, Dad! It's coming along. Today we got the replacement tub from Kohler. It too was chipped, but in a spot that will be covered by the marble surround and deck. The tiling starts tomorrow, and it will move quickly from there. Can't wait for your visit! XOXOX

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  2. Welcome to Jackson Heights! My new home too, and one of the last 'secret' hoods in NYC. Love your blog and your renovations, but don't spread the word about JH TOO much...lol.

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  3. Hi Veronica, Thanks so much! We are falling in love with the neighborhood. You are right. I am always torn about talking up my hood too much. Then I'll wind up priced out again someday, like I was in Carroll Gardens.

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  4. Hi Neighbor:

    I read your article with relish, particularly because I had similar good fortune when I bought my fixer-upper in Carlton House in 2007. While my renovations are by no means as extensive as yours, I am very happy with the move and remain convinced that it's a worthwhile investment.

    Looking forward to meeting you in the building!

    Bill

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  5. Hi Bill, so great to meet a neighbor here! I would love to hear more about your purchase. What was 2007 real estate like in JH? I recall my friends in The Towers selling their apartment around that time and it went for top dollar -- wasn't it at a market high? You must have got a real deal.

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    1. In retrospect, 2007 was probably near the peak before we experienced the financial crisis of 2008. The saving grace was that I managed to scoop up a sponsor unit before it was even renovated. Since then, the market, including that of JH, has recovered to pre-crisis levels. Through it all, my sense is that the neighborhood has weathered the maelstrom fairly well because it is anchored by a solid working middle class.

      Aside from the demographics, I suspect you would agree that there are numerous other reasons as to why the charm of JH has been garnering some well-deserved press coverage as of late: 1) affordability, particularly for financially prudent folks who squirm at the thought of a $500K mortgage; 2) accessibility to Midtown; 3) diversity of cultures and cuisines; and, 4) attractiveness as a safe haven for those seeking refuge from hipstervilles (we know what those are!).

      If you are interested in the macro trends of the neighborhood, I'd be happy to forward you a quarterly analysis done by a local veteran real estate broker. In the meantime, good luck in completing your renovations. And, once again, welcome to the neighborhood and Carlton House!

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    2. Bill, lucky you! Though, luck is more than half preparation IMHO. You have to recognize the value, which you did. I am always interested in real estate -- it's almost crazy that I still look at my Zillow alerts even after I've made my purchase. I don't know why real estate interests me more than other investments. Perhaps because it's the only investment that you live in and enjoy while sitting on it, literally.

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  6. Hi Sally, totally with you on this. The times should have called you! :) We're finally moving TOMORROW, omg. See you on the mean streets of JH!

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  7. Stephanie, how did the move go? Did your movers do a good job?

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