Investing in Queens, NY
Hello,
I currently live on the border of Rego Park and Forest Hills and I'm shopping around for my first home to live in. Currently working with a budget of $600k-$800k for a 3bed / 1-2bath and hopefully 1,200 sqft or more. My main concern is many of the potential properties I've found are scattered through a number of different neighborhoods - some I'm not too familiar with - and I'd hate to buy something that won't appreciate well over the next 8-10 years.
Does anyone have insight into which neighborhoods will gentrify/grow the best over the next decade or so? I've found some nice options in Forest Hills, but I also found a great property in Elmhurst as of now.
I really like Elmhurst and Forest Hills. Very different vibes but both have great transportation and amenities. I would say Elmhurst has the edge for diversity of dining options and I personally prefer a bit more city energy. These areas are close enough to each other that growth/appreciation are going to be very similar, if not identical. It's kind of like asking if the Upper West Side will appreciate more than the Upper East.
If you haven't thought about it, 3 bed is considered "family-size" and so one of the biggest factors on value and appreciation is going to be school zoning. In Forest Hills you can see that 2-3 bed apartments that are zoned for the higher scoring elementary schools sell at a premium compared to those zoned for the lower scoring schools. If you're planning to home school, go private, or don't have/or plan to have kids, I would still consider the zone because it will affect resale and the rent (if you can and decide to rent it out).