There used to be a time not long ago when the New York City real estate market was down and out. This held true both with residential and commercial properties. However, things have taken a turn for the better with a strong showing in many areas, including Brooklyn, at the end of 2013.
Brooklyn showed big time growth at the end of last year, both in terms of sales and rentals. For example, the median price of a Brooklyn home reached an 11-year high during the fourth quarter of 2013. This brought the median price up to $570,110.
The rental market continued to grow as well, with the median rent in North and Northwest Brooklyn increasing by approximately one percent in the final month of 2013. Furthermore, rent in the most popular Brooklyn neighborhoods grew more than the median.
Bushwick, which has long been a favorite among renters, saw its average rent increase to $2,005 in December. This is an 8.2 percent increase over the previous month.
A spokesperson for the appraisal firm Miller Samuel noted, "If you have to pick the strongest housing market in New York City, rental or sales, Brooklyn seems to have both."
Residential real estate supply remains scarce throughout the area, which has led to bidding wars on rentals as well as a growing number of people who are anxious to buy in this area.
When it comes to real estate agreements, closings, and disputes, it is best to consult with a local and experienced real attorney. In this type of market, professional help is often required.
Source: New York Daily News, "Brooklyn real estate keeps soaring as both sales and rental markets end 2013 on a high note" Phyllis Furman, Jan. 09, 2014