In the always exciting and vibrant world of residential real estate in Brooklyn, NY we will cover several trends for 2018 that will have an influence on the market.
Beginning April 2019, the L train will be closed for critical repairs from damage sustained from super storm Sandy. Approximately 225,000 New Yorkers go between Brooklyn and Manhattan every day. The MTA will have increased service on the J, M, and Z lines. For 2018 in anticipation of the L train 15 month shutdown the subway stops and surrounding areas that will see increased real estate activity are Chauncey Street at Broadway in Bushwick, Halsey Street at Broadway in Bushwick, Gates Avenue at Broadway in Bushwick, Kosciuszko Street at Broadway in Bushwick, Myrtle Avenue at Broadway & Jefferson Street in Bedford Stuyvesant, Flushing Avenue at Broadway in Bedford Stuyvesant, Lorimer Street at Broadway in East Williamsburg and Hewes Street & Hooper at Broadway in East Williamsburg and Marcy Avenue at Broadway in Williamsburg.
Walkability and having close proximity to subways will continue to drive Brooklyn real estate market forces in several other neighborhoods as well such as Brooklyn Heights, Fort Greene, Clinton Hill, Prospect Lefferts- Gardens, Crown Heights, Prospect Park South and Downtown Brooklyn as well as Flatbush, Sunset Park, East New York and Brighton Beach.
Key indicators of a neighborhood having increased interest and being more sought after by developers and buyers are a rise in sales prices of homes, rising rental prices and new certificates of occupancy indicating a newly completed project filed with the city.
The need for affordable housing will likely mean that buyers will be willing to go deeper into Brooklyn to East New York, Midwood, Sheepshead Bay and Brighton Beach.
Brooklyn’s real estate market continues to climb from 4th Quarter of 2017 and now into 2018. According to Jonathan Miller, President of the appraisal firm Miller Samuels “the median sales price of homes was up 2.7% from a year earlier to $770,000”. Miller also says that “while price growth has slowed, tight inventory suggests the upward trend will continue”.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn NY property, whether a residential property, a multifamily building, a commercial property, mixed use, multi family, co op or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
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