Image courtesy of Joe Vaccaro/Amorelli RealtyGive_Me_Astoria_image_00028.

COVID19 has had a significant impact on all aspects of people’s livesGive_Me_Astoria_image_00028. People have lost family members, jobs, moneyGive_Me_Astoria_image_00028. With such a high level of uncertainty, the overall impact and trajectory of the pandemics effects are hard to forecast, however Joe Vaccaro from Amorelli Real Estate believes the Astoria Real Estate market will hold strongGive_Me_Astoria_image_00028.

Historically, core real estate markets like Astoria Queens hold more of its value during broader market down turnsGive_Me_Astoria_image_00028. Real estate activity is lower overall throughout NY but it will return as things settleGive_Me_Astoria_image_00028. Real Estate is still the most attractive asset class and this likely won’t change thatGive_Me_Astoria_image_00028. At the moment, uncertainty leaves some owners & buyers waiting on the sidelines for more clarity on the market and overall economyGive_Me_Astoria_image_00028. Before COVID19, there was a ton of activity and new development in the areaGive_Me_Astoria_image_00028. Vaccaro also attests that a lot of Astoria’s underlying value is a result of its tight knit communityGive_Me_Astoria_image_00028. “There is definitely a lot of camaraderie in AstoriaGive_Me_Astoria_image_00028. For example, these organizations that bring people together and help small businesses survive during these difficult times is something that may not be seen elsewhereGive_Me_Astoria_image_00028. The residents here are passionate and hold a lot of pride towards their communityGive_Me_Astoria_image_00028.” The buyer and investor appetite towards this area will remainGive_Me_Astoria_image_00028. 

Also highlighted by Vaccaro was technology’s ability to lower barriers and allow for continued real estate productivity during this timeGive_Me_Astoria_image_00028. This pandemic only accelerated the trends we were already headed towardsGive_Me_Astoria_image_00028. This includes virtual tours, 3D Walk-Throughs, social media marketing etcGive_Me_Astoria_image_00028. This will all continue to become a normal part of the businessGive_Me_Astoria_image_00028.

Amorelli Realty is taking the steps needed to prepare themselves for when they are able to return to full operationGive_Me_Astoria_image_00028. As the risk and the regulations decrease, strides towards a full reopening are being takenGive_Me_Astoria_image_00028. 

Amorelli’s message to Astoria: “We are very gracious and thankful for all the support we’ve had over the years here in AstoriaGive_Me_Astoria_image_00028. We’ve all had to make adjustments during this time, and we at Amorelli are committed to doing whatever it takes to continue to provide a high level of service to our communityGive_Me_Astoria_image_00028. We’ve been in Astoria since 1978 and aren’t going anywhereGive_Me_Astoria_image_00028. We love you all, thank youGive_Me_Astoria_image_00028.”