Amy FitzGerald, owner of Welcome Home Real Estate, located at 46-15 Skillman Ave
Jan. 15, 2014 By Amy FitzGerald, columnist
Sunnyside home owners continue to reap the benefits of a strong local market—as buyer/renter demand continues to push prices higher.
For those who have been looking to call Sunnyside home… well, it has undoubtedly become a bit tougher to find a bargain.
Sunnyside, like many markets, has enjoyed the greater macro-economic benefits of low home-mortgage interest rates. Additionally, interest rates on coops, condos and multi-family dwelling units continue to hover around 4.5%.
But Sunnyside’s small supply of housing units (zip code: 11104) has also had a large bearing on why prices have risen. Demand—particularly in the rental market—has outstripped supply.
Nevertheless, while prices have risen, Sunnyside/Western Queens is still more affordable than Brooklyn and Manhattan, and it’s a short commute to the city.
A common question we get asked in our office is, “Why is it difficult to find an apartment in Sunnyside”? The answer is inventory, or lack of inventory. Sunnyside is a small neighborhood—and evidence of that is particularly noticeable when it comes to sales data.
For example, for the 11-month period ending Nov. 30, 2013, only 48 homes sold in the entire 11104 zip code, according to New York City ACRIS records. Therefore, once you break it down into the size and types of houses the inventory is very small.
For instance, only 15 one-family homes sold in Sunnyside during the January-November period last year, according ACRIS. The average price was $661,000, according to that data.
Meanwhile, only 25 two family homes were sold in Sunnyside during the first 11 months last year, at an average price of $713,000. Furthermore, only eight three-family homes sold during that same time period, and they went for an average price of $862,000.
More coops changed hands last year than houses—but even these numbers were not huge.
In Sunnyside, 91 coop units sold from Jan. 1, 2013- through Dec. 2, 2013, at an average price of $247,813. However, break down the size and type of coops and the inventory is smaller.
Studios ranged in price from $110,000-$165,000 over the Jan. 1-Dec. 2 time period. One bedrooms ranged from the low $200,000’s to over $280,000. Two bedroom coops sold between $279,000 to the low $400,000’s.
Meanwhile, 38 Condo units sold in Sunnyside at an average price of $263,054 for the 11 month time frame.
The rental market has also seen an upward swing in pricing in the past few years. However, it’s all about the shortage of inventory.
Studio apartments in Sunnyside currently range from $1,100 – $1,300/month, while one bedroom apartments in elevator buildings can fetch as much as $2,000. However, the average asking price for a one bedroom is somewhere between $1650 and $1,800.
Two bedroom rentals are a bit more difficult to come by as renters tend to stay for longer periods of time in two bedroom and larger apartments.
We see two bedrooms renting in the range of $2,000 to $2,600. The elusive three bedroom rental can be had for up to $3,000/month.
Overall, the local real estate market for Sunnyside, Woodside and the surrounding neighborhoods of Western Queens continues to be a wonderful place to call home.
Amy FitzGerald is the owner and licensed real estate broker at Welcome Home Real Estate. Welcome Home Real Estate is also an advertiser with the Sunnysidepost.com
27 Comments
SunnySide has tons of bed bugs. My friends are selling bc their children can’t sleep. so many bites.
I used to like Sunnyside, but with my rent going as high as 1600 (studio), and an alarming rate of 14 burglaries in less than a month.. I wonder if it is worth it
This article is also written with only the perspective of homeowners in mind. These rising rents for the rest of us are not part of what makes Sunnyside or NYC great.
Along with other readers, I do not think it is a good idea to have business owners write about their business areas or interests.
Though the column does identify the writer as the owner of a real estate brokerage (the minimum in ethical practice), it is not good. The prospect of self-interest, self-promotion, and bias is too great. Readers have no reason to have any confidence in the information presented.
As another reader suggested, if the Sunnyside Post thinks that real estate is worthwhile topic to cover, have a reporter interview various people, including brokers, owners, tenants, etc. That is the way to achieve a more reliable and unbiased account.
I hope this is the last of business owners writing columns about their businesses in the Sunnyside Post.
South Side Johnny – I’d say it is definitely in the best interest of the realtors to have everyone believe they have a shortage of units. This way people are more likely to go along with the inflated prices because they believe, or have accepted, that it’s the only option if they want to stay in the neighborhood.
I also think the person who said there are vacant units is correct. Why would they fill the unit for less than the average rate of the area? Might as well hold out for the next wave of transplants with parental support to pay the inflated rate.
It’s an unfortunate situation, the neighborhood is becoming too expensive for average folks and long time residents, who want or need to move, because of family size, bad neighbors/landlords etc. are really in a bind because they can’t afford the rent, and good luck not paying a brokers fee to places like Welcome Home and Merit.
BTW – Sunnyside Post, you had some good momentum recently, people were talking about the website around the neighborhood, but take a look at the comments..less advertorials disguised as news please.
Who to believe?? What is the truth?? “The market is tight” or “my building has many vacant units that they can’t rent.”??
Anecdotal evidence or statistical data? Who should I listen to? I would think real estate agents would have the best perspective but maybe it’s in their best interest for people to think one thing or another?
12 minutes by bicycle? Wow, that’s pretty fast. Just getting to the bridge from here takes me ten minutes, using the bike lane over on Skillman. Easily another five minutes before I am on 2nd avenue. But I will say that it’s a very enjoyable ride and a great way to commute, except for the fact that I get all sweaty.
channnnnnge.
How lazy is this website? At least have a “journalist” pretend interview this author and pass it off as topical news about the neighborhood.
This is an ad for Welcome Home.
This site has become a joke, all crap and no real news.
apprently this writer has NO idea that Queens is a party of “the city”
funny because I pay nyc taxes and I am also sickened that DiBlasio cut his pizza with a fork and knife, oh yeah and I also kinda like watchin Taxi Driver now and then seein DeNiro wipe out the scum of NYC one bloody corpse at a time.
Dont that make me a god dammm NYer!!!???
DiBlasio, learn how to eat a damn slice, come to Queens – yeah we are part of NYC.
Commercial garbage
next there will be a “editorial piece from rapid realty”
this site has became very commercialized this is clearly not a editorial piece but a advertisement. sunnyside is still the cheapest ” up and coming ” neighborhood because they are no new developments and the higher end buyer would be interested more in a neighborhood with more amenities, such as Astoria,LIC or any part of Brooklyn sunnyside does not have that much to offer retail wise, yes they are a few half assed restaurants but that is about it.
@Ray-You’re on the internet. Find it yourself.
What is sunnyside? please someone tell me the area that is sunnyside!!! Streets please
The SunnysidePost is now the site of “newsmercials.” Everyone is selling out. Money corrupts everyone and everything, I guess.
6 or so years ago the prices for coops were much higher. When we were shopping we had to budget in the $450-500k+ range for a 2 bed coop on the northside. We were lucky to wait out the bubble and bought a place well below our budget in the more affordable southside.
Since Sunnyside is so small, the fact that “15 one-family homes sold in Sunnyside during the January-November period last year,” and “25 two family homes were sold” should not be quantified as “only 15” or “only 25”. Forty homes sold in a small geographic area. That’s huge. Let’s just hope the newcomers are here to stay for a while and not just flip to the next highest bidder.
Can you take me higher?
Craic knows whats up. This bubble will burst
Call me old fashioned, but shouldn’t this “reporting” be presented as an advertisement and not as “news” content?
demand for rental? My building has a BUNCH of empty units they can’t fill up. They can’t even keep new tenants for over a year.
The people raising rates are playing a brilliant game to sell their overpriced overrated homes while they go live somewhere else.
new residents are SUCKERS
Rent is rising but people’s incomes are stagnant or decreasing. Signs of a bubble are clear but when it will pop is unknown. Squatters should be a sign that the rental market will collapse soon.
12 minutes by bicycle, 25 minutes by Subway, and 15 minutes by car(30 minutes in traffic) to 59th street and Lexington. I would say that’s a short commute.
“Queens is still more affordable than Brooklyn and Manhattan, and it’s a short commute to the city.”
Huh? Which city?