Reports indicate that the purchase and buying of properties was strong toward the end of 2017 in the area of Brooklyn, New York. This applies to both residential and commercial real estate transactions. The market was strong in Brooklyn even though some other markets in New York stumbled during this same time period.
The median price for a home in Brooklyn jumped 2.7 percent from the previous year, rising to about $770,000. This is the third-largest price hike recorded in this borough of New York City. The record happened to be set earlier in the year, in 2017’s second quarter, when the price rose to a whopping $795,000.
In addition, apartments in Brooklyn neighborhoods have seen huge gains compared with several years ago. Historically, just about everything in the area was below $500,000. Back in 2012, over half of the apartment buildings in the borough were listed under half a million dollars. Meanwhile, during the final three months of the year, only 22 percent of apartment listings were under this threshold.
Engaging in residential and commercial real estate transactions can understandably be exciting, but it can also be intimidating and overwhelming. Every deal is different, and unfortunately, a single mistake that may seem small initially can lead to costly hiccups that might cause a deal to fall through altogether. A qualified real estate attorney in New York, however, can offer the guidance needed to navigate even the most complex of deals so that a buyer can achieve his or her unique real estate goals in the Empire State.
Source: nytimes.com, “Brooklyn Real Estate Prices Climb Higher“, Stefanos Chen, Jan. 11, 2018
