Real Estate Predictions for 2014: Change for PLG, Bed Stuy, Greenpoint

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Real estate experts predict Brooklyn real estate will remain hot and neighborhoods such as Prospect Lefferts Gardens and Bed Stuy will be transformed this year, according to a story in DNAinfo.

Inventory in Brooklyn is at a five-year low, and prices are setting records. The story noted that sales and development are poised to change Greenpoint, Bushwick, Bedford-Stuyvesant, Crown Heights and Prospect Lefferts Gardens.

“In particular, Bushwick and Bed-Stuy will look very different by year’s end,” according to Miron Properties founder Jeff Schleider. He didn’t get into specifics, but presumably he meant retail and demographics. Huge developments are poised to transform Bushwick and Greenpoint, but won’t finish up until after this year. About a dozen small to medium sized apartment buildings are rising in Prospect Lefferts Gardens.

While rising mortgage rates could slow prices in New York City in general, the above neighborhoods will only get “hotter” in 2014, according to DNAinfo.

Greenpoint is getting spillover from Williamsburg and Long Island City — the huge waterfront developments won’t be a factor for some time. Developers are also eyeing Bushwick’s industrial section for residential development — particularly affordable housing — according to the story, despite special zoning protections for industry there.

Prices of luxury condos may not be sustainable, but Brooklyn’s growth will probably “bump” more buyers to Queens, said the story. “Brooklyn buyers [will] become fatigued from lack of inventory, high prices and bidding wars,” and move on to Queens, according to City Connections Realty’s Holly Sose.

Design-wise, the story predicted that buyers will want “fireplaces, modern interiors and sophisticated entertainment rooms.”

“A lot of the people who are purchasing are young families that are astute in design and art collections and want a place where the kids can run around and throw up on the floor and still have a Cy Twombly [painting] on the wall,” the story quoted architect Marc Spector of Spector Group as saying.

Do you agree? What are your predictions for Brooklyn real estate in 2014?

14 Predictions for NYC’s Housing Market in 2014 [DNAinfo]

15 Comment

  • I predict the cost of Brooklyn real estate will increase in 2014. I also predict that the sun will rise and set every day.

  • Montrose Morris

    “A lot of the people who are purchasing are young families that are astute in design and art collections and want a place where the kids can run around and throw up on the floor and still have a Cy Twombly [painting] on the wall,”

    Gack.

  • Not surprised to see Bed Stuy is on top of that list. Signs of gentrification is everywhere.
    Buying a place in these areas is like hitting a gold mine. How can’t anyone see the value.
    You can easily pick up a brownstone in Bed Stuy for the price of a 2-bedroom condo in Williamsburg/Fort Green/Downtown Brooklyn or Manhattan. You will have your 2/3 bedroom apartment plus 1, 2 or 3 rental units with tenants simply paying most of your mortgage. Then the value of your house would appreciate at a much faster rate than the already established neighborhoods as gentrification continues and needed restaurants/stores/services move in.

  • PLG has changed more in the past year than in the previous ten–tons of new developments, record home prices, market rents way up, new shops, a huge gym project, and the opening of Lakeside. And it’s still 50% the price of Park Slope. Assuming the huge project at 626 Flatbush proceeds as planned despite the PPEN lawsuit, that change is only going to accelerate. It will be very interesting to watch and see whether the community can cohere to have a say in its future. It’s happening very fast.

    • Bob Marvin

      Having lived in PLG a long time, and seeing the basic character of the neighborhood stay (thankfully) more or less the same, despite many changes, I’m optimistic that it will “cohere”; 23 story building, or not.

    • brooklynnative78

      I moved onto Rutland I this summer with my young family and it took a little getting used to not having the amenities I was used to outside my door but I think it’s completely overstated by most people who love to hate this area. A little longer walk to the farmers market at GAP and a quick drive to my favorite purveyors is a small price to pay to be able to buy an amazing home on a beautiful block for the price of a classic six on PPW, with huge carrying costs, where we originally were going to move. Very glad I made this choice in the end. There are plenty of things I would love to change on Flatbush avenue from a retail standpoint but that seems to be happening at a much quicker pace than I expected when I bought here. Hopefully with that change and what seems to be a very interested and organized community , the quality of life issues will also improve.

  • dash

    Real estate “experts” predict success in their own industry. DNAinfo reports it, Brownstoner re-reports it, and it becomes the truth. Everbody wins! I miss the days when Jonathon rode around Brooklyn on his bike, reporting on what he observed. Now, except for Montrose Morris’s reports, it’s all cut and paste “journalism.” Endless stories on big development and posts on overpriced properties. Posts on apartments that rent for several thousand dollars a month always end with the question “what do you think,” to which the comment section is conspiculously blank.

    • Cumberland Yo

      ‘Posts on apartments that rent for several thousand dollars a month always end with the question “what do you think,”’

      LULZZZZZZZZZZZ V.v.V

    • It is just an indication of how the Brooklyn market has matured since the days when Jonathan rode around Brooklyn on his bike reporting on what he observed. While it is great to see reports from the Brownstoner team and other contributions by readers, it is also informative to see what the experts are saying/predicting as they give you a look into the future and not just on what’s happening now. For Jonathan/Cate, please keep these articles coming as they help many of us readers/owners/small investors.

    • Cate

      We still ride around Brooklyn on our bikes and report what we see.

      • A post about a $2mil floor-through condo in Cobble Hill might as well be about the Upper West Side. Folks aren’t going to comment because the people who have money for that aren’t reading a blog that was originally about renovating fixer-uppers in little-known neighborhoods.
        Brooklyn prices have changed and the net worth of those who bought 10 years ago has changed, but there are still people who want to read about interesting areas, architectural gems, and renovations.
        Focus on middle-class buyers and middle-tier properties. Leave the high end stuff to real-estate fantasy sites like curbed. This may mean more about areas that aren’t as glamorous as Montgomery place and PPW.
        10 years ago, this site was about properties for middle class people in Park Slope, Ft Greene, and Carroll Gardens. Now it could be Kensington, Midwood, Flatbush, Sunset Park, Bay Ridge, Ridgewood, and Borough Park. Borough Park has a lot of row houses, btw.

    • “Montrose Morris” – who’s that? Very very sincerely, Magnus Dahlander

  • Another sick in the back of the mouth article. The idea of some banker and his Cy Twombly and his art collection and his kids is truly the most depressing thought I’ve had this year-(I know we’ve just started)
    I understand that this site is about real estate but when the quotes are so predictable and obnoxious I think its time to find another angle. I know I’m not alone in this.
    (I own in Bed Stuy just in case some of the crazy regulars start the “bitter” thread…..)

  • Real estate brokers and agents are locals with in depth knowledge of the Brooklyn real estate market and surrounding real estate markets of Brooklyn.
    http://www.morrispropertymanagement.co.uk/tenant-services