Looking to buy an apartment, a brownstone, or a house in Brooklyn? Some of the most expensive and also some of the most promising real estate opportunities re found in Brooklyn. Townhouse sales of more than $3 million in Brownstone Brooklyn and North Brooklyn increased 579 percent in the past five years, according to this New York Post article. With all the new buildings coming up for sale in the Gowanus, Williamsburg, Green point and Dumbo, there are enough new apartments to keep the market buzzing and the prices on the way up.
In 2014, 98 townhouses sold for $3 million-plus in North Brooklyn and Brownstone Brooklyn, including one in Gowanus, which had its first $3 million-plus sale.
The $3 million-plus deals accounted for 9.5 percent of the 1,035 townhouses that sold last year.
In 2013, only 47 townhouses sold for more than $3 million.
In 2009, a mere 11 townhouses sold for more than $3 million, according to the report. That number was just 1.4 percent of the 787 brownstones that sold in 2009.
With all that said, Brooklyn is still a place where Real estate is a good investment. According to the New York Daily news article, the over all Real estate prices in Brooklyn only rose half of a percent in 2013, from $458,000 to $460,000. Compared to Queens that saw an increase of 12%.
That is because there is not enough inventory in prime real estae areas such as Park Slope and Brooklyn Heights. These neighborhoods do not have enough inventory to drive prices drastically up from current level. That also explains why Carrol Gardens that is going through a gentrification process, attracting young, affluent Americans and a growing communities of Europeans that has chosen it as their base became the most expensive neighborhood in Brooklyn in 2014, up 43% to $985,000 (surpassing DUMBO’s median price of $949,000, up 10%). The older, veteran residents of the neighborhood are cashing out and moving elsewhere, pushing prices up as they do so.
Meanwhile, prices actually fell 29%, to $537,000, in neighboring Cobble Hill because nothing was for sale.
Thanks to out-of-control prices in Williamsburg, which was up 14% to $703,000, neighboring Greenpoint experienced the second-highest price jump in Brooklyn, up 38% to $665,000.
Even East New York, which is traditionally considered a less desirable neighborhood because of high crime rates and lack of high end services has become a viable alternative to more established neighborhoods with prices soaring by 38% to $355,000.
Some neighborhoods saw falling prices. Kensington and Ditmas park saw prices falling 4% and 17% accordingly. Kensington which is labelled “Hollywood of the East coast” because it was established by movie industry veterans who tried to create a competitor for Hollywood at the turn f the 20th century, saw prices going up for many years and the recent drop might be a good opportunity for buyers.
Another factor that pushes the purchase price up is the rental market. Brooklyn rents have gone up. Jumping 14% in 2013 according to Bloomberg news, putting the median Brooklyn rent at $2,737, This is the highest rent median since Bloomberg news started tracking the market in 2008.
When you factor in the historically low mortgage rates, the high rents and the new units being added in different Brooklyn neighborhoods, it makes sense to consider purchasing an apartment or a house in Brooklyn. Your mortgage payment will probably be lower than your rent for the same unit.
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