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Expect more real estate transactions involving new construction

In Brooklyn, New York, many buyers embrace the charm associated with the historic townhouses in the borough. For instance, they like homes with plenty of wood details, high ceilings and herringbone floors. However, those interested in completing residential real estate transactions are becoming increasingly interested in eco-friendly, high-technology living that is much more affordable.

Up until a few years ago, building single-family residences in the Brooklyn area was very rare due to the economics of doing so. However, the prices of existing townhomes in this area have skyrocketed. Thus, building homes has become much more attractive.

In one particular area of Brooklyn known as Boerum Hill, the median townhouse price increased by over 150 percent. It jumped to more than three million dollars this year from only $1.225 million back in 2012. Meanwhile, townhouses located in Brownstone Brooklyn had a median price of more than two million dollars during this year's second quarter. Homes in Manhattan are actually far more expensive, with the median price for townhouses there being $5.375 million -- a little over double that of Brooklyn properties.

Newly constructed townhomes become more acceptable among buyers, meaning that homebuyers are increasingly breaking free from the restrictive confines of today's period-type properties. However, securing a desired property in New York can be challenging, with the state featuring high competition in the residential real estate market. An attorney can provide guidance with even the most complex of real estate transactions so that one's dream home can ultimately become one's reality in the Empire State.

Source: dnainfo.com, "Step Inside Brooklyn's Sprawling New Mansions", Amy Zimmer, Aug. 9, 2017

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