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?