Brooklyn real estate is experiencing unprecedented sales growth and is poised to challenge Manhattan as the next hot real property market.
For the longest time, Manhattan has always been a more desirable area to live in compared to Brooklyn and other boroughs of New York. But new reports about the area's real estate market show that Brooklyn is no longer the runner up in the hearts of investors.
According to New York Magazine, Douglas Elliman conducted a survey which showed that in the last three months, Brooklyn has seen record-setting prices of properties. The current median rate is now at $676,250 which is an increase of 15.1 percent compared to last year. Queens also recorded an excellent performance for the third quarter which saw median prices go up by 14.1 percent to $450, 865.
While Manhattan showed continuous growth, Brooklyn set the best price record since the fall of the stock market. Jonathan Miller, an Elliman appraiser said, "To have the median price grow that much, and no one else grow that much speaks to the change in Brooklyn. It's essentially a restructuring. [Brooklyn] is a destination."
In a report by The Wall Street Journal, with prices of homes on the rise all over the nation, Brooklyn's price increase surpassed Manhattan and has overtaken the 4.7 percent gain in single-family homes experienced across America in the same period last year. This trend has not only been seen in Brownstone Brooklyn but has also reached the Southern part where more fashionable neighborhoods are attracting buyers from the younger set who find the prices in Manhattan too high. Aleksandra Scepanovic, managing director of Ideal Properties Group talks about the "Brooklyn brand" and said "The Brooklyn brand is taking over neighborhood after neighborhood. We are talking about a different type of buyer starting to pay attention."
