August 4, By Christian Murray
One bedroom coops are now fetching prices well over $300,000. One bedroom apartments are renting for as high as $2,100. And Sunnyside Gardens houses are often selling above the $1 million mark.
Sunnyside real estate prices have reached an all time high-- with houses, coops, condos and rentals reaching levels not seen before.
“We are in record territory,” said Amy Fitzgerald, the owner of Welcome Home Real Estate, referring to real estate across the neighborhood. In most cases, there are “multiple bids over asking price.”
One-family Sunnyside Gardens homes are now selling for between $850,000 and $1 million (depending on whether they have been renovated), Fitzgerald said. Two families are going for north of $1 million.
For example, a two-family Gardens home just sold on 47th
Street (between 43rd
Ave. and Skillman) for $1.14 million. Meanwhile, another two-bedroom—which comes with extra living quarters for a relative/worker-- has just gone on the market for $1,295,000. (see listings
In 2012, a one-family Gardens home would have sold for between $550 and $700,000 and two families around $825,000, Fitzgerald said.
But the big jump in prices is not just isolated to the Gardens; its happening throughout the neighborhood.
Linda Santini-Tripodis, the owner of Merit Group & Associates, said that there is not enough housing inventory in Sunnyside to keep pace with demand.
“The housing market is crazy right now,” she said. One-family houses on the north side of Queens Blvd between 39th
Streets (outside of Sunnyside Gardens) are fetching $845,000 and up—depending on whether they are renovated and have a garage. Two families can also reach $1 million, she said.
Santini-Tripodis said that when she opened Merit Group in 2008, one-family houses in that location sold for about $550,000 and 2 families in the high $600,000s.
Meanwhile, on the south side of Queens Boulevard—between 39th
Streets—one family houses are going for between $650-$750,000 and two families for between $800,000- $950,000, Santini Tripodis said.
Fitzgerald said that the coop market is also starting to march higher with a good-sized one-bedroom going for between $285,000 and $325,000 (depending on renovations). Two-bedrooms are going for more than $375,000, she said. (see Zillow listings
The higher rental prices have made coops much more attractive. Many cost less on a monthly basis—net of tax deductions—than rentals, said Nilo De La Torre, who runs Century 21 Sunny Gardens Realty.
Santini-Tripodis said that the strong rental market has led, in part, to the jump in coop and house prices.
She said that property owners are getting $2,100 for 1 bedroom apartments and $2,300-$2,400 for 2 bedrooms. Even studios are going for $1,650, she said. (see Craigslist listings
Santini-Tripodis said that people know that Sunnyside is getting expensive. She said that people come to her office and say: “’We can’t afford Sunnyside, but do you service other areas?’”
Nevertheless, Sunnyside is still considered to be an area where buyers and renters can get some bang for their buck.
The buyers of the houses and coops are often people who are coming from high-priced markets in Brooklyn and Manhattan. Furthermore, a significant number are residents who have been renting in Sunnyside for some time and want to buy.
Fitzgerald expects the market to continue to rise over the course of the next year and then begin to stabilize.
“We are below Astoria prices and far less than Long Island City,” she said.