Prices in Astoria?

Your best bet is getting to know the various buildings, their listings' price histories, and comps in the area. That said, I think the new construction, in general, is usually of very poor quality. Do some comparison shopping, a lot of it.

When I've looked at Astoria listings, one thing I've found is that they are all over them map, in a way that other neighborhoods aren't. I'm not talking about quality, although there is a range, but more about psychology. Astoria was one one of the last of the "up and coming" hoods in the New York City bubble, and some sellers bought into it and some didn't. You need to try extra hard to not let anchoring-psychology get to you.

Astoria, to me, is not the last up and coming neighborhood -- there plenty others in that boat with further to go (most of Washington Heights comes to mind). It's weird since Astoria has for many years been safe, desirable, convenient, good amenities... nothing major has changed there in the last 8 years.

I don't disagree with your assessment, because nothing has really changed that much there, and it's always been an interesting neighborhood near midtown manhattan. however, the rent jumps some of my friends have had there in the last 2 years do speak to the fact that the bubble happened later there, and sharply. and i think some people (not all) are still in that mindset. hence the disparity.

I would agree with that. It happened to my old apartment - my roommate and her boyfriend stayed in it when I moved out - and they reported weird jumps in rent subsequently, and subsequent to their own departure. Great neighborhood, but yeah some of the pricing seems untethered.

Unfortunately queens is always 2 years behind whatever is going on. I dont know why but there are people willing to overpay right now to purchase in Queens. There's a lot of new developments in Astoria that is basically converted houses. Stay away from those because they are prime candidates for bankruptcy in the future. Rents in Astoria have come down a lot faster then sale prices. Rent for now and wait for the price to fall in the fall/winter.

thanks, we're probably not going to be ready to buy until the winter anyway. I find it hard to believe that anyone is going to pay the 450 that some of these new constructions are asking for 2 BR condos, but I dont know if I can get away with asking 350.

Ok so here we are 7 months later any insight now? these places are still on the market.

The prices are still relatively the same. Not much of a drop and the units are certainly not worth what they are asking for. Astoria is a decent neighborhood but it definitly doesnt warrant 600 p.s.f.

On the other hand you have condos priced at $399K for a one bedroom and there are some co-ops out there built in the 1920's priced at $200-225K. You put down 20% and you will have the same montly payments mostly due to the fact that the coop's maintenance is $1K per month.

The max price for the Astoria condos should be at 250K not 399.
Will crash in due time.