July 27, 2017 By Nathaly Pesantez
The cost to buy a place to live in Sunnyside and Woodside has gone up significantly in the last year, according to a recent real estate report.
The medium price paid for a condo, coop or house jumped well over 12 percent in Sunnyside/Woodside in the second quarter of 2017, compared to the second quarter of 2016, according to a recent Real Estate Board of New York’s (REBNY) Residential Sales Report.
Coop prices went up significantly in the Sunnyside/Woodside area, according to the report.
The median price paid for a coop was $325,000 in the second quarter of 2017, up 24 percent from median price of $262,000 in 2Q17. The average price for paid for a coop during the most recent quarter was up 15 percent, to $322,000, from $280,000 for the same quarter last year.
Sunnyside/Woodside condo prices also jumped–although not to the same degree as coops.
The median price for paid for a condo during the second quarter 2017 was $481,000, up 12 percent from the 2Q16 median. The average price paid for a condo during 2Q2017 was $496,000, up 16 percent from last year.
House prices in Sunnyside/Woodside were also up by double digits in the past year.
The median price paid for a one-to-three family home in 2Q17 was $950,000, up 12 percent from $850,000 in 2Q16. The average price rose 14 percent, to $915,000, up from $801,000.
The recent increase in Sunnyside/Woodside real estate prices is just a continuation of decade-long trend, according to Linda Santini-Tripodis, the owner of Merit Group and Associates, in Sunnyside.
Santini-Tripodis, a fourth-generation Sunnysider, said that this neighborhood’s profile has been raised by the media in recent years, bringing greater demand and higher prices.
“Sunnyside has always been a secret,” said Santini-Tripodis. However, it’s been discovered and people realize that it’s close to Manhattan and their money goes much further than elsewhere, she added.
Although prices are up throughout Sunnyside and Woodside, there are sections of the neighborhood that are more in demand, according to Santini-Tripodis.
“People ask for the north side [of Queens Boulevard] more than the south,” Santini-Tripodis said. “The north happens to be quieter, more lush.”
While prices are booming the rental market is softening, Santini-Tripodis said.
“The rental market is not as busy,” Santini-Tripodis said. “People are buying—they’re trying to buy before interest rates go up. If I get 10 people walking into my store, nine are to buy.”
The booming Sunnyside/Woodside market is consistent with the REBNY’s findings across the borough, with the price of all homes in Queens (one-to-3 family houses, condos, coops) rising 9 percent from the previous year, with the average price being $561,000 in the second quarter of 2017, up from $514,000 for 2Q16.
The number of sales that took place in Queens during the quarter was also up. According to REBNY, there were the 3,984 homes sold (one-to-3 family houses, condos, coops) throughout Queens, a 17 percent rise from 3,395 in 2Q16.
To see the full report, click here