North Brooklyn Home Prices Increase to $1.5 Million. Significant Uptick in Traffic

A New Report for the Fourth Quarter was released by Ideal Properties Group.  There is a need for a subscription to view the report however, we can share with you some of the important details of the report.   The report indicates that average prices are approaching historic amounts and will eventually hit $1.5 million per home. It is being reported Brooklyn brokers are seeing a significant uptick in year-end buyer traffic.  They expect increased interest with new developments in the core neighborhoods in North Brooklyn and Brownstone.

There is a  $1.49 million average for townhouses, co-ops and condos in neighborhoods such as Greenpoint, Brooklyn Heights and Park Slope.  This is a  2.6 percent increase year to year .  Townhouses led the market in those areas with an average price of $2.5 million in the fourth quarter of 2016.  That is a  4.1 percent decrease from the same period in 2015.  Condo prices  had an average sales price of $1.5 million, which was a 24 percent increase over the fourth quarter of 2015.

North Brooklyn and Brownstone continues to be a seller's market as stated in the report,

" Ending the year in testament to enduring buyer interest, the majority of all properties sold in the closing quarter of 2016 (52 percent), sold either at, or above list price. This quarter’s sales at a discount from asking price settled at the 48 percent mark, echoing the findings of previous quarters of 2016. Thirty-nine percent of all residential properties sold this quarter in Brownstone and North Brooklyn traded above the price".

North Brooklyn consists of Greenpoint and Williamsburg.  Brownstone consists of Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill,  Downtown,  Dumbo, Fort Greene,  Gowanus,  Park Slope,  Prospect Heights and  Windsor Terrace.

With increase levels of activity and interest, we expect property management in North Brooklyn to continue to be strong.  If you need property management assistance in Brooklyn or anywhere in the NYC region, you can contact Blue Harbour Property Management.  With over 20 years of experience, we will maximize the revenue potential of your real estate investment.

http://www.blueharbourpropertymanagement.com/north-brooklyn-home-prices-increase-1-5-million-significant-uptick-traffic/

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Brooklyn Remains Top Sellers' Market in NYC According to New Study

Investors in the market are always looking for the most advantageous deals.  Sellers are  looking for the optimal time to cash out on their property. A new study by StreetEasy indicates that the deals are spread out more throughout the City while the sellers'  have more power in Brooklyn.  The Buyer/Seller survey looked into several factors in determining what is the best to both categories.  The factors included on what they call the Buyer/Seller index included factors as:

• Time on market
• Price cuts
• Sold price in relation to asking price

Based on the criteria it was found that Brooklyn maintained its lead for sellers looking to cash out.  The best neighborhoods for sellers along with the median sales prices according to the index were:

Kensington- Brooklyn $515,000

Prospect Heights- Brooklyn $735,000

Fort Greene-Brooklyn $ 682,720

Cobble Hill-Brooklyn $1,330,000

Lower East Side in Manhattan  $775,000

The neighborhoods that are tougher to sell are spread throughout the boroughs. These are areas that units are harder to sell and prices are reduced in order to close transactions:

Kew Gardens Hills - $248,000

Canarsie - $380,000

Sheepshead Bay - $390,250

Midtown - $1.45 million

SoHo - $3.29 million

This information should assist he investor make informative decisions in determining where to purchase their next property.  There is much more wiggle room when it comes to negotiating prices in the Buyer’s index.  The index can assist you prepare your finances accordingly in order to get into these markets.  Determining what the market and future rents can be are will also help in determining whether this will potentially be an overall profitable investment for your real estate portfolio.

If you are in need of management of your property or properties in NYC then Blue Harbour Property Management is the company for you.  We can help you determine what is the value of your investment and cater to it so you can maximize the revenue potential.

http://www.blueharbourpropertymanagement.com/brooklyn-remains-top-sellers-market-according-new-study/

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Prices Rise and Sales are a Mixed Bag in Brooklyn According to Third Quarter Report

A new report suggests that the Brooklyn Real Estate sales market has now come down to the 5 year average this quarter.  The main reason for the conditions has been rising prices of all properties throughout Brooklyn.  According to the Corcoran Report for the 3rd quarter of 2016 "buyers have greater options with more listings on the market, however the additional inventory has been largely at the high end. Transactions are also taking longer to complete, verified by a higher days on market figure."

Overall real estate closings on properties were down 19% from 3rd quarter of last year and the average days of the market has increased from 58 days to 67 days totaling a 16% increase.  The average price has increased 27% from $728,000 to $926.000.  This increase may be one of the indicators on why properties have stayed on the market longer than the same quarter in 2015.  With respect to supply  Corcoran states

"After nearly three years of declining inventory since the peak in Second Quarter 2011, available inventory has increased year over-year for eight of the nine past quarters. There were 2,236 listings available during Third Quarter 2016, 7% more than last year. The year-over-year increase was driven by resale condo and new development listings, as resale co-op inventory was 3% lower. This is the fifth consecutive quarter of annual co-op inventory decline. New development inventory rose by a significant 40% compared to last year. 2016 new development introductions have already surpassed 2015 just three quarters into the year. This influx of new development units helped total condo inventory to claim a 58% market share, the highest seen since First Quarter 2011".

Brooklyn Heights, Dumbo, Cobble Hill and Downtown remain a hot spot for activity as sales increased 17% while prices increased 11% to an average of $1,100,000.  Park Slope and Gowanus has seen an increase in inventory of 64% from the same period last year while median prices have increased year over year as well.

Most believe that the pace of submitting offers will pick up after the election season.  Many believe that offers were not being submitted in the quarter because the Presidential candidates have differing opinions of core tax principles which would affect homeowners.  Expect prices and sales increase in 2017.  Property management activity in Brooklyn should remain strong heading into 2017.

http://www.blueharbourpropertymanagement.com/brooklyn-remains-hot-spot-property-sales-according-third-quarter-report/

Visit us at www.blueharbourpropertymanagement.com