Home > Brooklyn Blog > Brooklyn Real Estate Market Outlook 2010 for Residential Property Sales

Brooklyn Blog

By Accord Real Estate Group

Brooklyn Real Estate Market Outlook 2010 for Residential Property Sales

April 15th 2010
Tags: Brooklyn Blog, Real Estate News, All about Brooklyn New York, Brooklyn Real Estate, Selling your home, New York Info, New York Real Estate

Residential property sales for the first quarter of 2010 showed bright spots in several Brooklyn neighborhoods, based on the business transactions made through the efforts of Accord Real Estate Group. For example, a detached brick two family house in Sheepshead Bay, sold in one week at full price, and there were many other interested, qualified buyers in need of a good house. Another example is a brick 3 family house in Bensonhurst, that sold relatively quickly at close to asking price and again there were many other qualified buyers interested in this house. Still another example of a Brooklyn neighborhood bright spot is a handyman's special brick 3 family house in Ft Greene. The house is located just 2 blocks from Fort Greene Park on the Myrtle Avenue side of the park and it was sold relatively quickly for a great price considering the amount of work needed to bring the house up to good condition. These sales, in my opinion as a Brooklyn Real Estate Broker, are a direct indication that the Brooklyn Real Estate Market is improving. With regard to Residential Condominium Sales, it has been well documented that many projects sit unfinished in Brooklyn, especially in the neighborhoods of downtown Brooklyn, Greenpoint, Gravesend, Brighton Beach and Sheepshead Bay. There are still more projects that were completed, that were not priced right for the current market and are just sitting there. Some of these projects will be turned over to the banks for foreclosure. According to Jeff Grandis, if a condo project is in a central location and built with quality finishes, has good room sizes (900 - 1,100 sq ft for a one bedroom unit and 1,200 - 1,500 sq ft for a two bedroom unit), has good amenities such as terraces, private outdoor space, garage, storage space and is priced right for what it is and where it is, then it will sell. With regard to Co-Op apartment sales, many co-op boards have raised down payment requirements and become more strict about a perspective purchaser's financial qualifications. However, this will not hamper sales activity for this type of ownership. The lifestyle that Co-op living offers is still very popular in Brooklyn says Grandis. For example, the Terrace Gardens Co-Op complex in Midwood offers apartments that are still in high demand and these apartments sell fairly quickly.