The real estate scene in Brooklyn has made 2019 a year to remember. From April to June in 2019, more than 1,500 apartments were rented to eager New Yorkers. This puts it the highest it’s been over the course of the second quarter since 2009.
More so than in the previous seven years, sales of new developments in Brooklyn soared. However, the resale market saw its lowest numbers in the previous seven years. Overall, Brooklyn real estate market is strong. There has been an increase in sales of apartments priced between $1 million and $2 million. Almost a quarter of the boroughs buyers bought an apartment in this price range. There have never been higher recorded shares in the history of Brooklyn real estate.
For the first time in two years, the prices of Brooklyn apartments have increased. Both average and median prices hadn’t previously been so high since 2017. There was also a new record set in 2019 for the resale prices of condos throughout Brooklyn.
The prices of Brooklyn homes have been steadily rising since 2012. Due in part to low interest rates, there has been an 8% gain in Brooklyn real estate. A real estate investment trust backed by the Australian real estate market has contributed to Brooklyn’s by buying townhouses, renovating them and then renting them to New Yorkers.
Brooklyn is known for its luxury apartment and home rentals. Today, many of these come courtesy of house-flippers who snatched up row houses and brownstones. Real estate developers have been active in Brooklyn in 2019.
However, not all are focusing on selling to buyers. In fact, two Park Slope properties were rented by the City of New York for $9,00 and $10,500 monthly, for the sole purpose of using them as homeless shelters to give displaced families a home.
The forces of the real estate market have not been able to take down Brooklyn’s. The borough’s ability to remain resilient has been notable. Only time will tell whether or not the rental business may become negatively affected or if it can rise above the road bumps it has faced. If experts in the industry have their way, real estate in Brooklyn will continue to be a hot investment.