Buyers from both Brooklyn are advised to rent since the prices of properties are very high. But rentals are even high as well.
The fourth-quarter market reports that the average sales price ($808,121) and the median sales price ($650,000) in Brooklyn rocketed to 6.8 percent and 11.1 percent from the same period in 2014, Douglas Elliman.
For condo units, the price per square foot crossed the thousand-dollar mark at $1,059 for the first time in Brooklyn's real estate history. Brown Harris Stevens also said that for townhouses the average price-per-square-foot is already recorded at $411.
Due to the expensive prices in Brooklyn, it appears that Queens is getting some benefits from it since buyers are looking for affordable properties in the area. Properties in Queens are usually sold after 97 days but now, listings are sold only within 57 days.
As for rentals, it is declining these days and is showing less growth wherein there are nearly 2 percent vacancy rates in Manhattan, Curbed reported. In its East Village, the rate is at 2.96 percent while in West Village it is at 2.55 percent. Since the rates are high, tenants look for other areas with more affordable rental rates.
"I think that the writing’s been on the wall since the summer, and prices have gotten too out of control for tenants,” said Gary Malin, president of Citi Habitats, according to NY Magazine. “The reality is [landlords] are doing well, but prices have gone too high. Traditionally, this is a slower time. But unless owners start pricing down or offer incentives, these market conditions are likely going to stay through the winter months."
According to Citi Habitats’ report, in Manhattan, the average price of a doorman studio during the fourth quarter of 2015 is $2,895, $4,010 is the price for a one-bedroom, $6,236 for a two-bedroom, and $7,691 for a three-bedroom residence.
Median rents in Brooklyn didn't increase for the second consecutive month. In Queens, it also decreased to 10.1 percent while in Manhattan, it took 56 days to find new renters this December 2015 which usually takes only 51 days.
