Home Buying in Sunnyside>Question Details

Hfahmad, Home Buyer in Westbury, NY

Do you expect sale and/or rent prices for a 650 sq/ft 1BR in Sunnyside to increase significantly over the next 5-7 years?

Asked by Hfahmad, Westbury, NY Thu Apr 26, 2012

I am looking to buy a 1BR in Sunnyside this fall at $250,000 or less with 10% down. I have very good credit and my parents with excellent credit can co-sign a mortgage. I would like to find a sublet-friendly coop as I will most likely be living abroad at some point for a limited time (about two years).


1. Will the ever increasing popularity of Long Island City and Astoria cause a spillover into Sunnyside, and thus cause home prices to increase significantly in 5-7 years?
2. Would a 1BR in this area, one to two years hence, be marketable at a rental rate that would cover mortgage and maintenance?

Thanks in advance for your advice!

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Answers

3
Anna Brocco’s answer
Unfortunately none of us can answer with accuracy as to where the market will head tomorrow, or in the days to come. Therefore rather than being overly concerned with future neighborhood popularity, buy in the area that best suits your finances, wants, needs, lifestyle, etc., today. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Thu Apr 26, 2012
An afterthought, even "sublet friendly" co-ops often have rental time limits on them, often 2 yrs. max. check this out first to see if it fits with your goals.
0 votes Thank Flag Link Fri May 18, 2012
We don't predict the future, only God knows the answer to this question. What we can tell you is whether the area is generally stable as compared to other neighborhoods. The economic makeup of a community. The level of education, average incomes, family statistics etc. This is precisely why you should form a relationship with a respected realtor who is willing to invest the time and effort in providing you with the correct tools and information to assist you in becoming an informed buyer. People who do this really do better not only in their purchase choices, but in negotiating all the areas of pursuing the purchase of a property. This includes helping to pick the right lender, inspector, attorney etc. A trained monkey can point out a kitchen, living room, bathroom etc. But, proper guidance, and information to help you achieve your goals in invalueable, and requires a good deal of experience. An example I can give you, On a few occasions, couples came to me thinking that they wanted to purchase in certain areas of Queens. However, after listening to the lifestyle needs and wants they had, I showed and subsequently sold them homes in Long Island for the same amount monthly they would have spent in Queens with much larger properties in better condition then Queens and with community amenities (golf, swimming, parks and recreation, Libraries, etc.) they either couldn't find in the communities they were considering or would have had to pay a lot for inqueens.
Maureen Mizuno
Exit Realty Central
(917)443-9880
0 votes Thank Flag Link Thu Apr 26, 2012
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