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Sunnyside Real Estate Prices Have Reached An All Time High, Experts Say

 

Aug. 4, 2015 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 and 44th 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 and 47th 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.

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74 Comments

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Love for Skillman

My co-worker and I both live in Sunnyside and every few days she’ll say, Did you see the Sunnyside Post article? I always say OH I HATE THE COMMENTS. She laughs and says I LOVE THEM. She is so right. The comments are astounding and fantastic.
*”Don’t never change” SSYDE POST!!

*(Fans of All in the Family will know that expression! I think Archie is writing half of these comments!!) (Sunnysiders, you are a fckin trip)

Reply
Bill

You might be waiting a while to hit a million, but it’s great your more than doubled your investment. Is it a COOP?

Reply
A.Bundy

Bought my 1Bdrm 700sqft apt in 2012 for $165k and put in $5000 in renovations. apt next door to me with the same apt and sqft sold for $350k that last month. Very happy. very VERY happy. Gonna hold on for a few more years…maybe a decade…hopefully hit the one million mark so i can move out of this city and have some quality of life of whatever is left of me.

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Bill

Due to a number of factors real estate value in Sunnyside/ Woodside will continue to increase whether we like it or not. There has been a massive trend of people not wanting to live in the suburbs or exurbs to
avoid commutes, property taxes, mowing lawns, dealing with (often times) ignorant people etc and staying in or near the city. If you compare the property taxes between homes in Sunnyside/ Woodside versus Nassau County it is insane. Also, there is the issue of foreign investment/ all cash purchases and very little inventory. Mortgages are very difficult to get now and soon as any house in the area goes on the market it is sold usually within 1-2 weeks at the most. Compare Sunnyside/ Woodside to Greenpoint which is much more expensive, less convenient, closer to industrial/ toxic waste and it is easy to see why property values will continue to increase. The same sized two family house in greenpoint sells for 1.5M and in Sunnyside south 750-800K.

While we can’t do anything about the lack of a park it’s great to see so much investment and improvements to the area from new schools to speed bumps to renovating Queens blvd etc.

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rikki

and here is the best part, unless you have an incredible down payment , you have no choice but the make an illegal apartment to cover the mortgage……

who hoo…..the local toothless handyman is busy as heck, around here……..thanks for being so incrediblby stupid with prices.

Reply
Curlicue58

U should also re read what u write before u post and correct someone’s spelling and call them an IDIOT.”You have no choice “but the make”
Thank u all, I have a stressful job dealing with the public all day and this is a great way for me to relax, laugh and blow off steam!!

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Up up up

It’s about time the working class investment pay off let the prices skyrocket so we sell and get our peace of the pie God bless Sunnyside

Reply
Sorrowful and Scared

I see your feelings for your fellow humans is severely underdeveloped. If you didn’t have any before your net worth increased due to nothing but sheer lucky timing, it is doubtful any would develop now. If the tides turn and you find yourself on the low end of the economic see-saw I hope you don’t meet anyone like the person you are now. To people who are suffering, you are like a nail covered jackboot. You kick people when they are down. Living in fear of losing your home and life because of an engineered takeover by world-class real estate wolves and corrupt politicians doesn’t make you a moron. It makes you terrified. Those are two different things.

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David

Well duh. Welcome to the real world, although there isn’t a cabal of real estate wolves and politicians maniacally setting prices in a cave 150 ft under Sunnyside. The real estate is becoming more valuable, ergo the price is going up. Real simple.

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Anonymous visitor

so basically if youre a renter you hate the changing face of the neighborhood and post dislikes on everything here and if youre an owner, like me, you
are pretty giddy right now.

That basically sums up this thread

im outta here, this thread is a bunch of bull****
Welcome to anyone new moving into the neighborhood, pay no attn to the morons on this site who loathe progress and change.

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formerly poor in sunnyside

KACHIIING!!! Thanks hipsters!! these guys are makin me rich!!!!! I love my bearded friends!!

Reply
OldenDays

honestly, this crazy comments section is one of my favorite things about this neighborhood. if you look at the Astoria Post, LIC Post, Jackson Heights Post, most of their articles have 0 comments and some have maybe 5-10. Sunnyside Post is the only place where everyone comes and puts 50 or 100 comments on a post about real estate or soccer-playing in the local parks.

i’m not being sarcastic, the fact that we care so much about our neighborhood is really unique. we are sitting here arguing about JVB and Queens Blvd and rent control and even though I disagree with some of you, we all care enough to be here commenting with our neighbors and you just don’t get that in many other neighborhoods these days. i can tell some of you are young newcomers and some like me have been here for longer, and some of you are born-and-raised.

even though the neighborhood is changing and prices are going up, change will be slow because this such a great place that when people buy here they never leave. look how few apartments are on the market…no one wants to sell, even though they could get $$$. so don’t worry too much. we’ll still be here arguing about hipsters and President JVB for the next 20 years.

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Krissi

You really see the silver lining to this crazy comments section don’t you? Keep it up, the world needs more people like you 🙂

And you are absolutely right. I love our weird, quirky,unique neighborhood 🙂

Reply
anon

Mac I am comparing the real estate value year over year for the last 80 years. The only crash in real estate values that lasted was in the late 20s early 30s. The crashes in the 70s, 80s, 90s an 08 did not last. If you cannot comprehend this I can’t help you.

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Mac

@anon people can’t comprehend something you can’t convey. That is probably why you’re always going off the handle. It’s called frustration.

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Bill

Anyone who bought property in the Sunnyside/ Woodside area will be very happy with this news. It’s great to know that if you work hard, save and have the determination and will to buy something that your efforts will be rewarded. Hopefully we will see better restaurants, maybe a live music venue and many other benefits to the area. Mercifully Sunnyside and Woodside will never be overly infested with artisanal and organic nonsense like Greenpoint and Williamsburg, part of what makes the area so great. There is also the out of town amateur which those areas seem to always attract.

For those that are lamenting the increase in rental prices and property values, you are welcome to go to South Carolina or Texas and give up your place to someone who will appreciate the value of living in NYC, and what that costs, rather than sit around complaining in your rent stabilized COOP.

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ak_nyc

Co-ops are owned by people and therefore cannot be rent stabilized. Why do folks like you living in Queens think they are a modern day Christopher Columbus? I live here too and I can be both happy about property values going up (I own) as well as lament the fact that this also brings an increase in prices and therefore good friends that make (just) okay money can no longer afford to consider Sunnyside an option.

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OldenDays

i’m sure he’s referring to people renting in sponsor units. if the building was rent-stabilized before going co-op, and many were, people can still be renting there as stabilized tenants. it’s fairly common in nice neighborhoods like this where people tend to stay put — my neighbor is one example.

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marykate

Well said Bill. JohnJohn, Mac and the rest of the old moldy gang can sit around their crappy rent stabilized sh**hole and complain about the progress around them. Blame the realtors, blame the new comers, etc. Why not blame themselves for the choices they made and why they can’t afford to live here anymore. there are many more affordable places they can live if they are priced out of Sunnyside.

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John John

@Marykate Nobody said anything about blaming anyone for anything all we did was point out your sophomoric take on economics. You left out Native NYer he basically called your original post “lacking” as well. Who said any of these people (JJ, Mac) live in rent stabilized apartments or we can’t afford to live here? You made that up you silly Goose…..Hahaha

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Queen of Angels 1978

Wow Marykate gets nasty over a little bit of criticism and actually thinks she’s a financial genius because she bought a crappy studio. Good luck Marykate oh and get a grip.

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Old Timer

We’re so expensive and yet people have no respect whatsoever for the beautiful neighborhood we have. There is garbage everywhere!!! No one does a darn thing about it.

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Southside Johnny

I live in Celtic Park, the jewel of the south south side. Where the streets are clean, the sidewalks are tidy, and your neighbors are friendly. Such a contrast to the north side of the boulevard.

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What the Heck?

I’m sad at how poorly people in Sunnyside Gardens care for the gardens themselves. Most houses have a dusty little patch of weeds out front at street side. Some of the shared courts are nothing but overgrown brambles. It is truly astounding that they put all that money into tiny little shotgun houses, and let the greenery go to pot.

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Sunnyside Local

This is what happens when a neighborhood gets named a Business Improvement District. The only one’s who benefit are the landlords, developers and local politicians that have sold out to them. The populace gets astronomical rents and a transient tenant base that moves out of the neighborhood after they get their first rent increase and realize they can’t afford to live in a neighborhood that is full of empty storefronts and petty crime. Our quality of live has seriously diminished since that B.I.D. was formed.

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Sunnysidster

Good news but there is clearly work to be done!!
Let’s not get complacent, we need to come together as a community and try getting those prices & rents closer to our neighbors Astoria and LIC!! Looks like we are going in right direction which is positive for owners.

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Luvu2

I bought very low but the market cannot be sustained . Experts are predicting another crash . A coop is a residence with a bunch of walls

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anon

“Experts” are always predicting another crash. The last one that lasted more than 15 years was in the late 1920s, when Queens was newly developed farm land. Since then the “experts” have been morons. Manhattan is not getting any further away so unless you are speculating its time to buy.

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John John

@Anon You obviously were not around in the 70’s and 80’s You must have been absent the day they taught it in history. The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the general post-World War II economic boom. You don’t know something but everyone else is a moron. How arrogant. Oh and ignorant too. LOL

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anon

John John compare the cost of a two family home in the Woodside / Sunnyside area in 60s, 70s, 80s, 90s, and today, then pull your head out of your ass.

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Mac

@anon You’re stupid enough to compare dollar to dollar a housing market from 40 years ago to today’s market. Hahaha you’re nothing but a moron.

It's a joke

I blame the realtors for pushing the prices to the limit – and pitting people against each other. All for the mighty dollar – good job

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MaryKate

It’s not the realtors! It’s a little thing called supply and demand!! Sunnyside is actually very undervalued given it’s proximity to Manhatthan and quaility of the neighborhood

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John John

@MaryKate You’re pretty gullible. Of course Realtors have something to with driving costs up, that’s why they take 6% in commission. The higher the purchase price the more actual money in the commission.. 6% of a million is a greater amount in actual dollars than 6% of 750 thousand. It’s actually a combination supply and demand and convincing you something holds more value than it really has through manipulation (marketing), So according to you Sunnyside’s proximity to Manhattan has changed recently pushing up home values. LOL. Some definitions for you Economics 101.

Value
1.the regard that something is held to deserve; the importance, worth, or usefulness of something.
“your support is of great value”
synonyms: worth, usefulness, advantage, benefit, gain, profit, good, help, merit, helpfulness, avail; More
2.a person’s principles or standards of behavior; one’s judgment of what is important in life

Supply and Demand the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price

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marykate

@JohnJohn. I think you are pretty gullible if you think there is a realtor out there that is “Good enough” at sales to make someone pay 1 million dollars for a house that is only worth 750K just because they are that good of a salesperson. I can’t stop laughing. Maybe you should review econ 101. I never said Sunnyside mysteriously moved closer to Manhattan. There is really no reason why Sunnyside prices should not be equal to Astoria and LIC for the same product. It is undervalued. Hopefully that means people with your narrow mind are priced out!

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John John

@Marykate Value is only the “worth” someone puts on something. Nothing more. You’re a pigeon who I would get to pay 50% more for a property then throw a fake bidding war to boot and tell you, “you did great”. Hahaha” You’re a sucker hahahaha “undervalued” a suckers famous last words.

Joe at the Berkley

MaryKate How did you make the determination Sunnyside was “under valued”? Couldn’t some just say LIC, Greenpoint and Astoria are just “over valued”? Mac and John John are correct your post is just speculation. This is coming from someone in a co-op not a rental you snob.

TallKnowItAll

MaryKate you real estate agent in disguise dont be so stupid. Real Estate brokers tell people to inflate the prices, i’ve heard it with my own ears so stop lying.

marykate

@John John, My, don’t you think highly of yourself and your skills as a negotiator. I haven’t stopped laughing at your claim that YOU could get ME to pay 50% more for a property than it is worth. You really should be a comedian. If you are so skilled as a negotiator then why are you so bitter about the prices rising in Sunnyside. How said for you and Joe and the gang that you are so so bitter.

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Queen of Angels 1978

John John said nothing about his skills as a negotiator being superior. He was leaning more in the direction of your gullibility and using that to get you to over pay. He’s not thinking highly of himself, he’s just thinking less of you and your ability to reason. That’s why he called you a “pigeon” (a gullible person, especially someone swindled in gambling or the victim of a confidence trick). Wow you really do read things into things that are just not there. Get a grip.

Mac

I have met so many new comers to the neighborhood in Maggie Mae’s, Court Yard, Dog and Duck etc.who work in Brooklyn and Long Island and almost never go into Manhattan. Many are originally from Long Island and the next large group are those priced out of Brooklyn. Most of the young life is on this side of the river in Astoria, Greenpoint, Williamsburg, LIC and Bushwick. A huge influx of guys who work in the new movie studios in Brooklyn and Tech companies in Dumbo. Marykate Manhattan is so passe. LOL I have to agree with John, Manhattan was always the same distance even back when Sunnyside was a modestly price safe community. I would believe the new developments of Brooklyns gentrification and influx of young people are driving the Sunnyside housing market.

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Native NYer

There are many factors driving the market, Sunnyside is still relatively inexpensive compared to many other fairly convenient NYC neighborhoods. Realtors don’t drive up prices, buyers do. Of course, realtors want to make the most money they can at their job (as most workers do). Co-ops have gone up a bit but houses, especially in the Gardens, have gone up much, much more. They are small but the landmark status helps maintain the quality and price of the neighborhood, couple that with the gardens, close access to Manhattan, a wide array of school options (District 30 has at least 6 charters and lots of specialty programs) and the option of the private park and this is what makes Sunnyside unique.

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John John

@Native NYer You’re even more naive then Kate. Do you know how many Realtors have been caught creating fake bidding wars. My office is in the process of prosecuting two cases right now.

O'Malley

@johnjohn – so you’re saying that real estate prices in Sunnyside are mostly driven by fake bidding wars? More so than tight supply and high demand?

Queen of Angels 1978

Anonymous Stay focused you’re the one who insulted John first!! It stings a bit. Now you know how it feels you creep.

John John

O’Malley I didn’t say anything about what “is mostly driving” prices in Sunnyside. Kindly review my posts. I agreed with Native NYer that many factors are driving prices. I just disagreed with his statement “Realtors don’t drive up prices” and gave personal first hand account as to why I don’t agree with him. It’s a component of the market that should be factored into the equation. As for MaryKate her posts are nothing but conjecture. She seems to lack the ability to debate with any degree of objectivity. I thought Joe’s question in response to her post about Sunnyside “being under valued” as opposed to other neighborhoods being “over valued” was a good point and should have never been met with such scorn and nastiness in her attempt to dance around a post that obviously mad her uncomfortable and showed her posts were lacking in detail and in her thought process.

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Anonymous visitor

Hey John John, maybe you should get out more and stop taking these comments so seriously. Its time to get a life and get off your soapbox. No one is listening. You sound like kind of a joke despite the fact that you think you are so much smarter than everyone else here hahaha

John John

Anonymous Visitor obviously you’re listening. You should have a little more self respect. What you don’t love yourself? LOL

Queen of Angels 1978

Who is this jerk anonymous to tell anyone not to post a comment on this public forum? To state a bold face lie that nobody is listening to John is just ridiculous…O’Malley, Native, Mac, Joe, Anon, MaryKate and myself, just to name a few have all interacted with John in this discussion alone. I checked some of your posts and noticed your the one nobody listens to, very few replies. Your the new people the old timers are referring to when they speak of the new people are less than stand up. You owe John an apology. You were totally out of line. Some may say go back to where you came from. Sell your place and realize the gain while the market is still hot and buy a place in an impoverished Red state where you can enjoy low taxes and like minded ignorant fools. God knows you’ll never make the money you made here in Oklahoma, Arkansas, Texas, Mississippi Alabama and Idaho. Idiots like you scorn the place, policies and people that create the conditions that allow people to thrive and make money, even off their real estate investments.

Anonymous

Hey Queen of Angels 1978. How dare you!!! I am where I came from! Born, raised and raising my own family in Sunnyside. No need to get so upset lol! Maybe you should stay off the internet. It appears to be to stressful for you. Maybe you and John John should get together for a nice dinner and complain in person to each other.

Queen of Angels 1978

Anonymous Stay focused you’re the one who insulted John first!! It stings a bit. Now you know how it feels you creep.

David

JohnJohn – real estate agents may foment bidding wars, but, at the end of the day, a buyer has to judge the final price as “valuable” to close the sale and create a comp for future sales. I do not doubt that unscrupulous realtors may try to create urgency to drive up prices, but I sincerely doubt that (a) enough of them are doing it to be able to paint the whole profession as doing it or (b) that bidding wars are able to meaningfully impact prices. The reality is that there are not enough pigeons, to borrow your term, to pay the final price on a fake bidding wars rather than walk away.

formerly poor in sunnyside

Right on Kevin!!! Keep those cool kids comin!! $$$$$$$ we can knock down southpole and build lofts, i hear they like lofts

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Kevin Bacon Forever

surrounded by williamsburg, greenpoint, queens plaza, LIC and you can still buy something relatively cheap with low interest rates. Buy a home now and not the latest crap from Samsung. Whats more important?!

I am pretty lucky, I bought here in 2002 because MOMA was being renovated on 53rd and they opened the blue building near 33rd street, I thought this neighborhood was going to be hip fast. I was wrong but in a good way, the neighborhood has slowly gotten better and prices have gone up substantially over time.

Were surrounded by soon to be expensive neighborhoods, its a cant miss investment.

Reply
Curlicue58

Me too I bought a one bedroom 8yrs ago after living in NYC for 26yrs. I new change would come eventually, even now where can u buy a one bedroom for $325,000. People once thought saying they live in Bklyn was embarrassing. I’m so lucky to have all this space and proud to say I live in Queens! You all sound so ridiculous . Either way u look at it Queens was bound to be the next place to go. Manhattan and Bklyn and LIC r for the rich with studios in LIC asking $650,000 I agree outrageous . Sunnyside is the next town over the reason people buy,tax deduction,to own your home, and for me paying less to own than when I left the city and throwing away thousands on rent. One has to have the foresight and sometimes be a pioneer. Everything goes up in price,food,gas wearing apparel it’s inevitable, and not all our salaries do, but New York has always been considered one of the most expensive city in the world. I too remember when a slice of pizza was 25 cents but that was but that was 40yrs ago it’s all relative

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Queen of Angels 1978

@Curliecue58 You’re one brave pioneer. It takes a lot of courage to pioneer a low crime beautiful neighborhood with good access to Manhattan, airports and just about everywhere else in the region. All of us here in Sunnyside thank you for your valor. LOL

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Curlicue58

Queen U are just an ingnoramous which is evident in your sarcastic comment!
Loser Oh Loser
LOL

Reply
EPiC1979

My wife and I have been in Sunnyside for 6 years. We left Astoria because it was getting too expensive. We’re looking to buy in the next few years, and unfortunately, it probably won’t be in Sunnyside unless prices stay exactly where they are or come down a bit. It’s unfortunate that people are being priced out, but being so close to Manhattan, Queens best kept secret was going to get out eventually.

Reply
SSGrl

Yup- I know of several 2 bedrooms that are priced at over $2800/month.

I am sure this trend is not surprising to anyone. With the masses moving to LIC, renting insanely expensive units and then having families- there are limited places for people to go. Sunnyside is the logical place for those people to come; although as mentioned, it may soon become too expensive as well. Also, I know several young families who are presently in Brooklyn who are looking to come here as it’s just TOO Expensive in this city for anyone to make ends meet- even if you are making really good money.

I understand people who have been here for a long time are freaking out of over this especially if you are renting, there is going to be a sense of panic. And frankly change sucks!

For me, I can’t help but be happy to see my property values rise, new businesses open and new influences entering. While I will be bummed when the hood becomes totally homogenized (which I believe will happen in 5-10 years), I accept that this is inevitable and will personally embrace change.

Reply
Krissi

you can still find good deals on the southside. I have a friend who just moved to a very cute 2 bed in a walk up for $1750. They do exist, they are just harder to find .

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Pete

Not in my building. I’m on the south side and people are now asking $2,100 for one bedrooms.

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Craic Dealer

Home prices is too damn high because the price of money (interest rate) is controlled by a tiny group of people (The Federal Reserve) instead of the activity of The People.

It will crash, thankfully, because it’s completely unsustainable and frankly subsidized.

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