You might be surprised to learn that buyers from Cobble Hill, Gowanus and Park Slope are migrating to Bay Ridge.
“At our open houses, we’ve seen a dramatic increase in buyers from outside Southwest Brooklyn, around 60 percent higher than just a few years ago,” says Danny Soldano, associate broker at Dorsa Group Realty in Bay Ridge.
Here are three reasons why:
1. Bang for the buck: Bay Ridge price points are nearly half what you’ll find in North Brooklyn. For example: Single-family homes sell on average for $1.075 million; multi-family homes for $1.32 million; 2-3 bedroom condos for $675,000, and 2-3 bedroom co-ops for $525,000.
“Bay Ridge offers a wide variety of architectural styles for a fraction of the cost of homes in North Brooklyn,” says Renee Dorsa, broker owner of Dorsa Group Realty. “Clients love the fact that we’re able to help them sell the current homes they’ve outgrown to purchase larger living quarters with potential parking and outdoor space.”
2. New ferry service: In June of 2017 the NYC Ferry system opened routes from Bay Ridge to Sunset Park, Red Hook, Brooklyn Heights, Dumbo, Governor’s Island, and Downtown Manhattan. And in the works is a direct ferry to Manhattan, which along with the Express Bus, provides direct and quicker routes to NYC.
“The ferry has been a wonderful addition for our residents,” says Susan Chung, licensed real estate salesperson for Dorsa Group Realty. “However, many of my clients also enjoy the express bus from Bay Ridge to Downtown and Midtown Manhattan — which cuts down commute times immensely.”
3. Stable housing stock: Did you know Bay Ridge has its own zoning code designated by the Department of Buildings? It’s called “BR,” and it means developers have limited ability to build — so that view from the house, condo or co-op you buy today most likely won’t be obscured by new construction tomorrow.
“Community Board 10 continues to help preserve the look and feel of our neighborhood by fighting for strict zoning laws,” says Will Flanagan, licensed real estate salesperson at Dorsa Group Realty. “We’ve already seen our share of development in the early part of the 20th century, especially along Shore Road, and thus developers do not have many options.”
“The Bay Ridge community is a wonderful place to live and play,” says Soldano.
If you have any questions about Bay Ridge real estate, please contact the friendly and knowledgeable agents at Dorsa Group Realty here.