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