Home Buying in Sunnyside>Question Details

Mark, Home Buyer in New York, NY

Does anyone have an opinion on the outlook for Sunnyside vs Ridegwood/Bushwick, Queens neighborhoods?I

Asked by Mark, New York, NY Mon Jun 23, 2008

plan to purchase an investment property (2/3 family) close to a train stop. I have seen several in Bushwick/Ridgewood area, but now just saw one in Sunnyside. The Sunnyside house is priced higher, due to the more convenient locale. I'm on the fence as to whether the premium is worth it. Definitely better location, but wonder if it has better long-term appreciation prospects since it already is priced much higher. Perhaps if the Ridgewood/Bushwick area gentrifies in the future it could have more upside. There are of course are many factors involved including current rental income, but would appeciate any candid feedback/opinions from knowledgable people.

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Mark’s answer
Yes, Mehmet,

I ended up buying a 2 family foreclosure in Ridgewood from the bank and closed a few months ago. I think I got a good deal, so thanks for the good wishes, and I'll keep you in mind when I plan for my next purchase.
0 votes Thank Flag Link Tue Nov 3, 2009
Have you bought any?
If no, please let me know
If yes, Good Luck!
0 votes Thank Flag Link Mon Nov 2, 2009
Given the current state of the market, it would be wise to avoid paying a premium for properties in outlying neighborhoods. The patterns of gentrification tend to follow subway lines. Sunnyside's growth is spurred by development in LIC along the V,G,7 lines whereas Bushwick/Ridgewood is supported by the explosive growth in Williamsburg along the L,J,M,Z lines. While you may be able to currently achieve slightly higher rents in Sunnyside, the glut of vacant condos and luxury rentals in LIC will have to filled before Sunnyside begins to experience significant appreciation. Bushwick on the other hand is already home to the angsty artist demographic that is the hallmark of an up and coming neighborhood. It is the same group that transformed Soho and Williamsburg. Given the choice between the two I would highly recommend Bushwick/Ridgewood. Especially with a 2-3 family property, you will be able to avoid dealing with rent stabilization laws and can develop your property according the the free market. I hope this information has been helpful. If you'd like some assistance in locating an investment property please feel free to reach me at awong@rutenbergrealtyny.com Good luck with your search!
0 votes Thank Flag Link Sun Jun 29, 2008
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