Archives for category: New Development Brooklyn

Hi,

It feels good to be back into writing about real estate! I’ve spent the past 2 years working and consulting for real estate technology companies, where I gained a tremendous amount of knowledge in capturing, interpreting and turning real estate data into actionable decision making tools. Equipped with this new set of skills, it’s time to make it beneficial to my audience of Real Estate enthusiasts, prospective buyers, sellers and investors.
On this newsletter‘s agenda, we’ll go over the 2018 year-end market snapshot and analysis to see how Manhattan, Brooklyn and Queens have been evolving in a market where the power has turned back into the buyers hands. To follow, I included a NY economic snapshot to reveal the health and constant growth of the Big Apple, as well as a guide to home buying and investing. Finally, I concocted a selection of very sought after New Developments within the most active price segments.
Brooklyn Real Estate market had a solid 2016 year despite a slight drop in sales volume (-14%), which can mainly be attributed to an inventory drop of lower price point properties (<$500K) mostly replenished by new products exceeding the $1-$2M range. Prices across the board are up with an average price of $797K (+16%), median of $625K (+12%) and average PPSF of $884 (+10%). This is the first year the median price surpassed its previous high in 2008!
Sales over $2M have surged (+140% y-o-y) with DUMBO and BK Heights claiming 60% of all the sales in that price category. With more New Developments coming into the market (about 2,500 units to be launched in the next 12 months), the price trends should continue to progress as consumers target New Developments over resale condos and co-ops.
For more information, please consult the Brooklyn New Development Memorandum here!