Image courtesy of Joe Vaccaro/Amorelli Realty.

COVID19 has had a significant impact on all aspects of people’s lives. People have lost family members, jobs, money. 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 strong.

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

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

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

Amorelli’s message to Astoria: “We are very gracious and thankful for all the support we’ve had over the years here in Astoria. 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 community. We’ve been in Astoria since 1978 and aren’t going anywhere. We love you all, thank you.”