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Bayside's real estate market continues to be 'very hot,' expert says – QNS.com

Bayside’s real estate market continues to be ‘very hot,’ expert says

Photos by Suzanne Monteverdi/QNS

Bayside, a New York City neighborhood with a distinctly suburban feel, has long been a locale where its residents are immensely proud to call it home. Now, it seems, the rest of the city is catching on.

The northeast Queens area was named one of New York City’s top 10 hottest neighborhoods for 2017 by StreetEasy. The real estate listing site ranked Bayside No. 5 after considering its annual change in sales and rent price, population growth and annual change in page views per listing.

Donna Rubertone, sales manager at Daniel Gale Sotheby’s International Realty’s Bayside/Flushing office, said the neighborhood “is now getting the recognition it deserves.”

“The Bayside market is very hot,” Rubertone said. “It’s a great alternative to Manhattan and Brooklyn because of the easy commute to Manhattan on the Long Island Rail Road and express buses.”

Much of the neighborhood’s appeal lies in its diverse housing selection. A healthy mix of co-ops, condos and single- and multi-family homes make it an attractive locale for buyers shopping at any price point, Rubertone said.

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According to Daniel Gale’s 2018 First Quarter Market Report, Bayside saw 59 home sales at an average price of $957,312. In 2017, the neighborhood also saw 16 luxury home sales, where homes were sold for an average $1.75 million. The benchmark to deem a home “luxury” is generally $1.5 million.

Bell Boulevard, the neighborhood bustling commercial strip, is another huge draw, according to Rubertone. The lively thoroughfare features a mix of small businesses, primarily bars and eateries serving a variety of cuisines, including Greek, Italian, Spanish, Thai, Korean and Chinese.

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“I think it’s a great nighttime scene and a lot of people love the restaurants and bars and excitement of Bell Boulevard,” she said.

Excellent school districts, frequently among the top-rated in the city, and plentiful park land round out the neighborhood’s appeal. Enclaves part of the larger neighborhood including Bay Terrace, Bayside Hills and Oakland Gardens.

Supply cannot keep up with demand in Bayside, according to Rubertone, where home prices have steadily been rising and inventory is at “record lows.” Multifamily homes are in special demand.

This climate makes it a great time to list a home in the neighborhood, where sellers are seeing positive returns.

“Queens in general has seen an uptick in value in real estate,” Rubertone said. “People are being out-priced out of Manhattan and Brooklyn and moving east. Buyers have a wide variety of options here.”

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