South Brooklyn's Midwood's time to shine as first time buyers settle in the neighborhood. The influx of the residents in the area seems to be increasing.
The Real Deal reports that an inflow on new residents has found value in Midwood located in South Brooklyn. StreetEasy has listed this area as one of the 10 hottest neighborhoods to watch for 2016. The past years has shown a flow of immigrants coming from South Asia, Eastern Europe and China to settle in the Midwood real estate market. The median price for a condo within the area is $525,000 in 2015. The area had the quickest rental rate with 11 days of listing before signing a lease.
A real estate agent of Fillmore Real Estate, Charles D' Alessandro, says that people who lived outside of Brooklyn or downtown are discovering Midwood for the first time.
The Wall Street Journal reports that D' Alessandro run the office for 20 years and has seen Brooklyn home buyers go far south searching for better deals. Midwood is located in between Sheepshead and Flatbush. It is a quiet neighborhood with tree-lined streets with synagogues and good schools that is a suburban Jewish enclave. Orthodox Jews came in 1980's and 90's seeking breathing space from Borough Park that has higher prices. The UJA-Federation of New York reports 45% are Jewish in nearby Flatbush and Midwood household.
Alvin Berk, Chairman of Brooklyn Community Board 14 says that the inventory for available home is quite low already. The reason is the tremendous growth from immigrants creating Midwood as a melting pot.
The students in Midwood schools and Edward R. Murrow High School have met the minimum standards of the English Language Arts Regents Common Core and Algebra I Regents Common Core exams. The Kolbert Park, 1-acre Andries playgrounds are popular for handball and basketball anc chess games for seniors. The Brooklyn Center for the Performing Arts is an attraction for locals. While the Kosher Bagel Hole and Ostrovitsky Bakery are said to be one of the best pizza parlors in the city.
What do you think about settling in Midwood?
