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If you’ve got Brooklyn property to sell, fantastic. It’s a seller’s market. People are clamoring for Brooklyn property. Your listing may even ignite a bidding war. You will probably be sitting on a lot of cash after you sell. But then what do you do? Hopefully you’ve got plans to move to, say, Kansas, because buying another place or even finding a rental in Brooklyn is going to be very, very, very difficult, according to DNAinfo. “Right now is a horrible time to be a buyer or a renter,” said Catherine Witherwax, director of sales for Stribling’s first Brooklyn office. “There’s very little on the market. We’re seeing unprecedented interest in Brooklyn and people staying in Brooklyn. And we’re seeing a large international component. The borough’s popularity goes beyond New York City and the metropolitan area.” Buyers will need perfect credit and enough funds to win a bidding war with all cash. The story gives an overview of the market in four neighborhoods with tips and deets on prices in each: Crown Heights, Bushwick, Bed Stuy, Dumbo. Crown Heights, for example, “is really starting to boom” with prices for renovated homes in the $1.2 to $1.5 million range. Rents are 10 to 30 percent cheaper than in Manhattan, with studios going for $1,200 to $1,500. Depressed yet? The article has some advice: If you’re priced out, try Queens.
Rent vs. Buy: Navigating Brooklyn’s Tight Real Estate Market [DNAinfo]


What's Your Take? Leave a Comment

  1. i’m an artist with a salary–a nice one by middle america standards, but one that just barely makes me not desperately poor by new york standards. i bought a 1 bedroom last year. there was no way i could afford a place in all the “hot” brooklyn neighborhoods, so I bought in flatbush. if brooklyn prices truly continue to skyrocket and clinton hill becomes the next shitty copy of the UWS like many of you predict it will be, then i have to believe i’ll profit from it, whether it happens in 5, 10, or 20 years. If not, at least i have the option to sell and at least have the satisfaction i didn’t spend years throwing my money into a hole (a.k.a. rent) just for the privilege of living in close proximity to fancy new american restaurants and craft cocktail bars. i think it’s strange that so many people throw up their hands and think they have no more options just because there are neighborhoods they’ve never heard of restaurants opening up in. Take a bike ride to Emmons ave and you too will realize how big Brooklyn is. I feel terrible for renters being displaced but not for fellow transplants with no true appreciation of the breadth of Brooklyn. you’re no better than the people who ruined manhattan if you think like that!

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