Sunnyside housing prices have dropped between 15% and 20%, while coop prices have remained fairly stable, according to Nilo De la Torre, the owner of Century 21 Sunny Garden Realty, located on 45th Street and Skillman Ave.
One family houses in Sunnyside Gardens, which sold for $625,000 18 months ago, are now selling for between $500,000 and $525,000. One-family homes in the Gardens tend to be small duplexes, about 1000-1,100sqf.
Meanwhile, two family houses in the Gardens that sold for $980,000 at the height of the market are now selling for around $750,000 to $775,000, De la Torre said.
On the southern side of Queens Blvd., prices for two-family houses reached their peak two years ago when they sold for between $750,000 and $790,000. They have dropped to between $650,000 and $700,000. Houses outside of the Gardens tend to be much larger, De la Torre said.
Coop prices have retained their value for the most part, although they too have come down. A 750sqf coop on the northern side of Queens Blvd will now fetch between $250,000 and $265,000. Two years ago, that same coop would have fetched $275,000.
But on the southern side, coop prices have dipped a little more. One bedroom coops of a similar size have dropped to between $180,000 and $190,000, De la Torre said, from $220,000 two years ago.
De la Torre, who has been operating out of Sunnyside since 1988, said the coop market has been fairly stable since most buyers had to pass vigorous board approvals—and are not defaulting on loans. He said that while two houses in the area have been foreclosed upon, he is unaware of any coops to date.
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Yes and let hope for a lot more decline ….when 2 fam homes are back to $375K then it will be a great time to buy since at that price it will cash flow easily.
I read about two months ago that prices in Sunnyside had slipped a little bit. Now I read this. These are big drops….