Developers in New York City have had a lot of success luring buyers to high-end apartments with the latest dazzling amenity. Heat reflexology flooring, anyone? But the feature still most likely to draw people is not something new and shiny but old and reliable: good bones. Many buyers re-entering the real estate market after years on the sidelines are discovering what they’re after in brownstone Brooklyn. In neighborhoods including Fort Greene, Park Slope, Boerum Hill and Red Hook, brokers are besieged by buyers.
There’s a lot more to the strong demand than a hankering for crown moldings and parquet floors. “Brownstones signify stability,” said BHS broker Jill Seligson Braver. “Putting roots down in a neighborhood for the long haul.” Also helping is the shift that’s been underway for a decade now of Brooklyn being many people’s first choice rather than a fall-back for priced-out Manhattanites. Appraisal czar Jonathan Miller (who came up with the data for the graphic on the jump) also notes that there’s an increasing demand in general for larger spaces, something which brownstones clearly offer. Tack on the occasional celebrity purchase and the never-ending press coverage of Brooklyn as the land of the cool and you’ve got a perfect storm that’s translating into record-breaking prices all over the borough.
Brooklyn’s Gold Rush [NY Times]
Price change in 1-3 family homes between April 2011 and April 2012.