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Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

What is the real estate market like in Connecticut ?

Connecticut has a thriving real estate market. It’s one of the most attractive locations for those looking for a home. Despite the ups and downs it had over the years, it still can be a place where people can consider purchasing a home.  

This guide will discuss what the real estate market is like in Connecticut. Whether it’s a condo in New Haven or a single-family home in Bridgeport, there are plenty of options that are available. How does the real estate market stack up against the rest of the country? 

Let’s take a look at what you need to know now about the Connecticut Real Estate Market. 

Overview of the Connecticut Real Estate Market 

How is the Connecticut Real Estate Market? The question will be answered in this section. Let’s take a look at the following figures. 

The Connecticut Real Estate Market has seen high demand, but with low inventory. As of March 2023 in Fairfield County, the median home value is $1,695,000*.  

Home values in Connecticut are expected to rise by around 8.2 percent over the next year. The market will vary in several different cities and towns. Fairfield County has the highest home prices in the state and the country. 

*Data from Miller Samuel

However, the towns and cities in northeastern Connecticut will have more affordable options. You will notice a major difference in values between homes located in Greenwich or Westport compared to those in Danbury or Hartford. 

What are the factors affecting the Connecticut real estate market? 

There are several factors affecting the Connecticut real estate market. They include the following: 

Inventory shortages 

As of this writing, there is a shortage of homes for sale in Connecticut, although it did get a little bit better during Q1 2023. As a result, the prices of these homes are going up. And it’s leading to bidding wars amongst competing buyers. 

Low-interest rates 

The interest rates still remain elevated compared to this time last year. This will make it harder for buyers since people are hesitant to sell their homes. Competition for these homes are currently rising as are the prices.  

Migration patterns 

Connecticut is currently experiencing a trend of people moving out of the large cities. They are favoring the suburban and rural cities. Because of this, the demand for homes has shifted towards these areas including parts of the state – particularly the northeastern section of Connecticut. 

COVID-19 Pandemic 

The pandemic has left a long-lasting effect on the entire real estate market. There have been changes to the way people work and live. Thus, it changes their needs and preferences in looking for a house.  

For example, there’s a noticeable increase in demand. Particularly in homes that have plenty of outdoor areas and indoor space. For example, someone may want to purchase a home with an extra bedroom. 

The buyer may intend to use that extra bedroom as an office space. That’s because their job may allow them to work remotely either part of the week or full-time. Thus, it will eliminate their need to commute from home to work on a regular basis. 

Tips for Buyers in the Connecticut Real Estate Market 

If you intend to buy a home in Connecticut, there are things you can do to improve your changes. This includes the following: 

Get pre-approved for mortgage 

Getting pre-approved for a mortgage will be an excellent step to take before purchasing a home. You will have a better idea of what you can afford while showing that you are a serious buyer – which is a good sign in the eyes of a home seller. 

Work with an experienced real estate agent 

Working with an experienced real estate agent will be necessary. They know how to navigate the competitive market while finding a home that will meet your budget and critical needs. It can be a challenge to find a home that you can purchase. 

Going after that home you want is a process. No one should go at it alone. That is the major reason why you’ll need a real estate agent – particularly one that works with buyers. 

Don’t take chances. Get a real estate agent in Connecticut on your side so you can get the home of your dreams. 

Act quickly 

In a real estate market that is highly competitive, this is important. Home can sell quickly. When the opportunity presents itself, you need to make a move. 

A small delay can lead to disappointment. So be sure to make a decision as soon as possible, even if you have plenty of options on the table on homes you can buy. 

Expanding on your search area 

You may need to expand your search area if you are struggling for a home you’re looking to buy. This may include nearby towns and counties. Remember to keep your needs and preferences in mind. 

Tips for Sellers in the Connecticut Real Estate Market 

If you’re selling a home in Connecticut, here are some tips to follow: 

Price your home appropriately 

A competitive market can mean that a price too high can scare away buyers. A real estate agent will help you come up with a price that is fair for both you and the potential buyers. 

Prepare you home for sale 

This includes making sure it is clean, clutter-free, and any repairs are made. Make the home appealing to buyers. 

Be flexible with showings 

Your schedule should be flexible for potential showings. Because of the high demand, this should be recommended. People have a decision to make – so don’t delay things on your end. 

Summary 

The Connecticut real estate market may be facing challenges at the moment. Thus, it’s the kind of market to watch carefully. With people leaving the larger cities for the suburbs and rural areas, it may be a good idea to monitor the real estate markets in cities like Bridgeport, Hartford, and New Haven. 

Meanwhile, cities like Norwich, Putnam, or even Enfield will experience an influx of new people moving in. If you are looking for a home in Connecticut, contact us today.

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In the Media – 2023 Real Estate Opportunities by BARNES

The New York real estate market is one of the most dynamic and exciting markets in the world. It is characterized by its uniqueness and its capacity to overcome all crises that come in its way. In this article, Yann Rousseau, Managing Partner of BARNES New York, draws up a report of 2022 and presents opportunities for 2023. Discover BARNES’ article for the French American Chamber of Commerce.

Read the article

“Invest in New York” conferences in Europe

In May, BARNES New York was pleased to host conferences in Europe on real estate investment in New York. These conferences “Invest in New York” in Bordeaux, Brussels and London were a great success.

Yann Rousseau, Managing Partner of BARNES New York, and Myriam Benhamou, Associate Real Estate Broker, presented the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive cities in the United States. The conferences were followed by a cocktail reception.

Conference in Bordeaux on May 25th, 2023 (Hôtel de Sèze, 23 Allées de Tourny, 33000 Bordeaux)
Conference in Brussels on May 30th, 2023 (“The Merode”, Place Poelaert 6, 1000 Brussels)
Conference in London on May 31st, 2023 (BARNES International London, 113-115 Old Brompton Road, South Kensington, London SW7 3LE)

Events that made a splash

The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.

Why should you buy an apartment in East Village?

There are many reasons why one might want to buy an apartment in East Village, including the shopping, the fine dining, and the culture in this neighborhood. This guide will outline the reasons why someone might want to buy an apartment in East Village. 

East Village — which is located in the Lower East Side of Manhattan — is an especially vibrant neighborhood that anyone would be lucky to live in. It offers a lively urban experience and several luxurious amenities, which has made East Village one of the most popular locations for people looking to buy an apartment in New York City.

In this article, we will explore some of the key reasons why you should consider purchasing an apartment for sale in East Village. We’ll also go over the main differences between living in a condo and living in a co-op, and why buying a condo or co-op in this neighborhood could be an excellent investment for you and your family.

Why buy an apartment in East Village? 

First and foremost, East Village is one of the most sought-after neighborhoods in Manhattan when it comes to apartments, condos, and co-ops. This area is known for its diverse population, trendy restaurants and bars, exciting nightlife, and charming residential streets. It has a unique blend of cultures, history, and architecture that’s truly unmatched. You’re sure to have a unique experience when you live in East Village in comparison to anywhere else in the city. 

Great Location 

One of the biggest advantages of buying an apartment in East Village is, of course, the location. The East Village neighborhood is located in the very center of Manhattan, which means residents can easily access all of the major entertainment attractions and amenities New York City has to offer. Whether you want to walk around Central Park, catch Wicked on Broadway, or explore this part of the city’s countless museums and art galleries, East Village puts you in the middle of it all. Public transportation options are also quite abundant in this neighborhood, so you and your family members or roommates will be able to get around the city with ease.

Smart Investment Opportunity 

Buying an apartment in East Village is also a very smart financial decision if you’re willing to pay the initial price. Real estate prices in this neighborhood have been on the rise in recent years, and according to predictions from experts, this trend will continue on in the future. This means that buying a condo or co-op in East Village may be a great investment opportunity for you and your family, as you should be able to obtain a significant return on your investment after you’ve lived there for a while.

Shopping 

East Village is truly a shopper’s paradise. It offers a number of notable high-end stores and boutiques that feature everything you could ever want — from vintage clothing and quirky home decor to beautiful handmade jewelry and unique artisanal foods. One of the most popular destinations for shopping in East Village is St. Mark’s Place, which is a bustling street lined with specialty shops. Here, you should be able to find everything from punk rock clothing and cool records to Japanese toys and exotic spices. It’s definitely worth checking out if you decide to buy an apartment in East Village!

Fine Dining 

East Village is also quite the culinary hotspot. If you’re a foodie who enjoys trying a lot of different types of cuisines, you’ll absolutely love it here. Notable fine dining options in East Village include Noreetuh — a Hawaiian-inspired restaurant serving dishes like spam fried rice and loco moco, and Cafe Mogador, which offers Mediterranean-inspired cuisine and a lively atmosphere. Whether you’re in the mood for an intimate tasting menu or a restaurant that will provide you with the classic New York City experience, East Village is sure to satisfy your palate.

Rich Culture 

The East Village neighborhood is steeped in history and culture. One of the most popular features of this neighborhood is its unique arts scene, which has been a haven for avant-garde artists and musicians for decades. Many of the city’s most famous artists and writers — most notably Allen Ginsberg, Jack Kerouac, and William S. Burroughs — lived and worked in East Village during the 1950s and 60s, and their legacy can still be felt today. If it’s culture and history you’re looking for, East Village might just be a great fit for you! 

What are the housing options like in East Village? 

Another advantage of buying an apartment in East Village is the variety of different housing options available. Whether you’re looking to buy a condo or co-op, there are plenty of options to choose from — and BARNES New York is here to help! Condos in East Village typically offer modern amenities and luxurious views of the city that you definitely won’t want to miss out on. Co-ops, on the other hand, offer a more affordable option for those looking to buy a home in East Village. They differ a little bit from traditional condo since co-op don’t allow you to own the space in itself but rather shares in the co-op company, and have stricter requirements for prospective buyers, but co-ops can be an excellent long-term investment, so it’s well worth it.

Summary 

If you’ve been looking to buy an apartment in Manhattan, East Village is a neighborhood that you should definitely take into consideration. The location simply can’t be beaten, and it offers diverse housing options and strong investment potential as well. With its plethora of culture and entertainment, East Village is sure to give new residents an especially unique living experience. So, whether you’re looking to buy a condo or co-op in this bustling part of the city, now is a great time to start exploring all of the exciting opportunities this neighborhood has to offer. Contact us today to find out more information about how you can purchase your dream apartment!

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What kind of housing is available in New Jersey? 

When most people talk about the state of New Jersey, they usually refer to it as New York’s sibling, a small state that mostly has value because it is so close to the Empire State. But that couldn’t be further from the truth, especially when it comes to housing in New Jersey.

The truth is that New Jersey has a slew of great features, locations, businesses, and stunning vistas that can only be found there. It’s so much more than a state that is just close to New York, it is a great location to start a company, settle down, create a family, and enjoy your golden years of retirement. 

Since its admittance to the union back in the 1700s, New Jersey has actually been one of the most popular states. Millions of people move there every single year, looking to make a new start in a state that has brought success to so many others. That means that the real estate market in Jersey is always bustling and offers excellent business opportunities.  

Because of all that attention and the way that people seek out New Jersey, it is sometimes hard to find a good place to live when making the move. That is why you should know a few things about the state before you pack up and plant your flag there. You should be aware of what housing and properties are available for you and your family, and you should also be aware of the prices for them. 

Let’s take a deeper look at all that New Jersey has to offer and give you a good idea of where you will be living when you make the move to the Garden State.  

Why move to New Jersey? 

There are in fact so many reasons to move to New Jersey. Beyond its premiere location on the eastern seaboard of the United States, Jersey is also a wonderful place to raise a family. It is home to a great number of employers and businesses, and also offers a lot of ways for people to start their own businesses.  

New Jersey is also gorgeous with many great state parks, offering greenery and many outdoor activities.

But if you are planning to move to Jersey, you need to know what sort of residence you will buy. And when it comes to that, there are quite a few options.  

What Housing & Properties can you buy in New Jersey? 

You will have quite a selection to choose from when you are looking for housing in New Jersey depending on the sort of homes you’ll be living in. Let’s take a deeper look at some of the most popular places that people buy when they are making the move to New Jersey. 

Condos 

Many New Jersey residents make their homes in condos. For years now, this has been one of the most ideal ways to live a more urban lifestyle. According to Redfin, there are many condos in the state that are selling for upwards of $2 million, although you can also find a condo that will sell lower than that, with a median sales price of $639,500. 

Condos are a great choice for smaller families or up-and-coming single people. New Jersey’s condos are also very attractive for those in various business sectors, including the blossoming tech industry that is high-paying and often requires a commute into the city. Because of that, you will find that many of the best condos in the state are in the biggest cities, such as Union City, Jersey City, Hoboken, and others.  

Townhouses 

A townhouse is a good choice for any family that is looking for housing in New Jersey. Much like an apartment, they are usually built within a complex filled with other townhouses. But they are high quality and large and many people spend decades living in a townhouse. 

Townhouses are more expensive than apartments. You can find a good number of townhouses in New Jersey that are selling for close to $300,000. The average price for most listed New Jersey townhouses are typically about $320,000. This is a sizable investment but it’s also the sort of residence that you can spend years and years in. 

Gated Communities 

Why would you want to live in a gated community in New Jersey? For a number of reasons but mostly because the homes in these communities are expertly made, gorgeous to look at, and offer a quality living environment. Gated communities are just that: communities that remain behind stable walls. For that sort of security and stunning workmanship, you will usually be paying over $1 million for a spot inside a gated community. But with that price, you will get a lot of great value and very modern properties.

Single Family House 

According to 24/7 Wall Street, the value of a typical single-family home in New Jersey is about $500,000, which is towards the high end when compared to other states in the union.  

With a real estate market that is on the grow and always busy, you will have plenty of homes to choose from when moving to New Jersey. While the price might be higher than it is in other parts of the country, it’s a very smart investment because New Jersey is such a popular and promising state for anyone wanting to stay close to the city while enjoying a less dense environement.

Summary 

New Jersey has remained one of the most beloved and popular states in America for decades now – and for good reason. If you and your family are ready to make a home for yourself in the Garden State, you should contact the experts at BARNES New York. We have long studied real estate markets all over the tri-state area and we are ready and eager to help find a place in New Jersey that is gorgeous, comfortable, and completely yours.  

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BARNES New York at the NYC Real Estate Expo

BARNES New York had the opportunity to be present at the NYC Real Estate Expo 2023 at the Citi Field Stadium in Queens, New York on May 10th, 2023. The Expo brought together more than 7,000 real estate professionals, developers, investors, brokers, owners, architects, exhibitors, sponsors and individuals for a day of exchanges and meetings on the current and future environment of the real estate market.

Speakers like Thibault De Saint Vincent, President of BARNES International Realty, and Scott Durkin, President & CEO of Douglas Elliman, shared their views on the post-COVID era and the latest industry trends and news.

The BARNES New York team had the pleasure of attending to present the “Art de Vivre” luxury brand and services to the most curious. Representatives from the BARNES New York team and agents gathered for the event, reinforcing the strong position BARNES International holds on the real estate scene.

Watch Thibault De Saint Vincent, President of BARNES International Realty, for NTD News :

BARNES New York’s Conference Tour in Europe – May 2023

BARNES New York is pleased to invite you to London, Brussels and Bordeaux in May 2023 for conferences on real estate investment in the United States. The conferences are scheduled as follows:

  • Bordeaux – May 25th, 2023, 6 pm to 8:30 pm (Hôtel de Sèze, 23 Allées de Tourny, 33000 Bordeaux)
  • Brussels – May 30th, 2023, 6 pm to 9 pm (« The Merode », Place Poelaert 6, 1000 Bruxelles)
  • London – May 31st, 2023, 6 pm to 8:30 pm (BARNES International London, 113-115 Old Brompton Road, South Kensington, London SW7 3LE) – In English

Yann Rousseau, Managing Partner of BARNES New York, and Myriam Benhamou, Associate Real Estate Broker, will present the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive cities in the United States. The conferences will be followed by a cocktail reception. Please register for the conferences by clicking on the links below:

Register for Bordeaux
Register for Brussels
Register for London

BARNES New York at the NYC Real Deal Showcase + Forum 2023

BARNES New York had the opportunity to be present at the Real Deal Showcase + Forum 2023 at the Metropolitan Pavilion in New York on May 4, 2023. The showcase brought together more than 3,000 real estate professionals, developers, investors, brokers, owners , architects, exhibitors and sponsors for a day of exchanges and meetings on the current and future environment of the real estate market.

Speakers like Jody Durst, President of the Durst Organization, Marty Burger, President and CEO of Silverstein Properties, Inc., and Nathan Berman, Founding Director of Metro Loft, shared their views on the post-COVID era and the latest industry trends and news.

The BARNES New York team had the pleasure of attending to present the “Art de Vivre” luxury brand and services to the most curious. Representatives from the various BARNES offices in Miami, Montreal and Portland gathered in NYC for the event, reinforcing the deep ties between the offices which perfectly illustrated BARNES’ international position on the real estate scene.

What are the best real estate brokerages in New York ?

New York City, the most populous city in the United States, is famous all over the world. With endearing nicknames like “The Big Apple” and “The City That Never Sleeps,” NYC is a location that will never go out of style when it comes to buying and selling real estate. As a result, the demand for properties is perpetually high—among some of the highest worldwide. One the best real estate brokerages, BARNES New York, is here to assist in navigating the complexities of this unique city.  

During the earlier stages of the Pandemic, real estate agents were unable to work as effectively, if at all, and sales dropped by 54.1% in Manhattan; however, toward the end of the year, New York came back to life, and buyers have come back strong. However, this poses a challenge for individuals searching for the right place for them, as the demand may be higher than the supply. 

The BARNES New York branch is prepared to provide services for buyers looking to invest in NYC both locally and from afar. This branch has over 10 years of experience and is dedicated to providing reliable services to clients without breaking the bank, hence its reputation as one of the best real estate brokerages. In addition, our multilingual team is ready to assist you with your real estate needs, regardless of your current location. 

Why should I buy in NYC?  

Individuals looking to invest in luxury properties should consider New York City as a strong option, as the “City so Nice They Named it Twice” will also never go out of style. Countless attractions are easy to get to via subway, such as Broadway shows, sporting events, and world-famous restaurants.  

While the pandemic may have negatively impacted the market, prices are now back to their baseline, which allows wealthy individuals to invest by purchasing a home in the city that could be used as a rental property for extra income or even as a vacation home! The real estate companies of New York know the value of the city, as it continues to increase in population, despite its relatively small size. 

One of the unique features of NYC is that it is a popular destination for vacationing at all times of the year. Summers are mild, and there are plenty of opportunities to travel on foot and visit beautiful parks and restaurants. New York is also popular in the winter, especially around the holiday season, as it is known for its vibrant decorations and traditions. As a result, a buyer looking to invest in a luxury property will likely have an excellent return on investment, regardless of how the property is utilized. 

There are two images, the one on the left shows an overhead view of New York with the magnificent Empire State Building on a sunny day, and the one on the right shows a wide avenue with trees.

Why should I hire a Broker in New York? 

Real estate companies in New York are basically a dime a dozen. While real estate agents can be extremely useful to those looking to purchase luxury homes, we recommend utilizing a brokerage company, as brokers tend to have more experience compared to real estate agents alone. While both brokers and real estate agents are licensed to assist with the buying and selling of property, brokers receive additional training to earn a broker license. 

More specifically, a broker can help you find the type of place you’re dreaming of in NYC. The buyer provides information on the type of space they are looking for and any stipulations regarding amenities, location, number of rooms, etc.  

Although New York is extremely popular, real estate can be challenging to navigate, especially with all of the different neighborhoods the city has to offer. As the value of properties in NYC increases, the number of places available for purchase decreases. Our agents at BARNES are familiar with the differences among the city boroughs and can help guide you to places that fall within your parameters of interest. This is the reason why the agency is one of the best real estate brokerages.

While some properties can be researched online, it can be both challenging and time-consuming to find what you’re looking for independently. The BARNES New York team has over 10 years of experience in the city and is ready to assist you with your real estate needs so that you can find the perfect purchase for you.  

Why choose BARNES over other real estate companies? 

BARNES is an international company dedicated to helping you find luxury properties all over the world. While other real estate companies are often limited to particular regions, BARNES manages luxury real estate in 15 different countries.  

Although BARNES has numerous agency locations, we are strongly based in France and pride ourselves on assisting customers with multilingual services. In addition to our Paris location, we have plenty of offices in other major cities, such as New York, Barcelona, Geneva, and London. As a result, individuals who are interested in purchasing or selling properties across the world can feel confident utilizing our services, regardless of their location at the time of the transaction. It is this internationalization that makes Barnes a very good brokerage.

BARNES offers a variety of services for our French clients as well as clients of other nationalities. This standard is upheld in our NYC office for any buyer looking to expand his or her real estate to The Big Apple. 

What kinds of services does BARNES have to offer?  

Clients looking to buy, sell, or rent properties can utilize the expertise of BARNES agents to help with a variety of needs. Whether you want to manage your property for renters, invest in a commercial property, or sell your vacation home to relocate to another country, we provide services to help you feel comfortable and confident with your decisions. 

In addition, BARNES is here to help you manage your property. We provide advice for charging rental fees that will make you the most money and are even able to advertise your property to help you acquire tenants as soon as possible. BARNES is also available to collect rent, begin eviction processes (as needed), and manage the property’s day-to-day maintenance and financial needs. 

Are there any other special services?  

Our services are unique compared to other real estate agencies in New York. For example, BARNES Yachting can assist clients with making informed decisions and plans for chartering a yacht. Clients looking to buy, sell, manage, or even create a yacht of their own would benefit from having BARNES on board. 

Another interesting perk of choosing BARNES is the ability to have your air travel needs, or even your aircraft, managed as well. BARNES Private Aviation department allows for truly luxurious travel, with options for flying within your own time constraints to the location of your choice. In addition, we offer our clients’ transportation to and from the aircraft before and after reaching the desired destination.  

Additionally, we offer support for individuals interested in purchasing a vineyard. While the wine industry can be complex, our agents will help you find the right vineyard for you and provide support for navigating vendors and brands within the field so that you can build your business effectively. Purchasing a vineyard is a large investment; our agents are here to help you feel confident in your decision-making. 

Many patrons who visit or live in New York City also have a passion for the arts. BARNES Art Advisory offers support for individuals looking to buy or sell works of art. We can even assist with the transport and installation of works of art. We are passionate about the art industry and even have a showcase in our New York office.

There are four pictures which represent the extra-activities proposed by BARNES : yatching, iXAir, Art Advisory...

What makes BARNES different from other NYC real estate companies in New York? 

BARNES has been working in the United States for over 10 years and is commissioned to offer specialized services for properties across NYC. Our team of experts is truly multilingual and consists of brokers and agents who can speak English, French, Spanish, Italian, Portuguese, Russian, Greek, Serbian, Croatian, and Mandarin.  

That means you can feel comfortable managing your New York City property from the comfort of your home in France (or anywhere else in the world) with no need to worry about language barriers. We combine the knowledge and skills of international agents and local agents to meet our clients’ needs. This is what contributes to the reputation of our agency as being one of the best real estate brokerages.

In addition, we are available to help you effectively manage your investment from abroad. Our agents can represent you from afar through our customized services so that you can manage your property without leaving home. 

For those looking to sell property in NYC, BARNES will help you find your buyer without any stress. Given our wide range of offices, BARNES has connections worldwide and the ability to showcase your property both domestically and internationally. Additionally, we provide rental management services for those looking to make a commission off of their luxury investment.  

Overall, BARNES New York is an excellent choice for individuals looking to invest. Whether you are trying to buy or sell a home, invest in a field you are passionate about, or explore the world, BARNES is here to assist and can be utilized for multiple real estate needs. Luxury property can still be affordable, and we are ready to help you find your dream home in NYC and abroad. 

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What is the housing price in Brooklyn?

For aspiring homebuyers, New York is an ideal place to invest in. Besides being known for its incredible sights and sounds, New York also offers an abundance of historical estates for those who want their homes to have character and charm. On the other hand, a previous look at ’Buying New Real Estate Development in New York’ has also shown how brand new buildings and modern apartments come with the advantages of convenience and upgraded amenities. In this article, we will learn more about housing prices in Brooklyn.

Regardless of which type of property you want, Brooklyn is a particularly popular option among the five boroughs in New York. Its residential areas are characterized by a blend of history and modernity, while still retaining the strong sense of community that’s otherwise lost in urban living. As such, here’s what you need to know and expect about housing prices in Brooklyn.

What is the current housing market like?

Since New York is a densely populated city, many find the housing market to be fairly daunting. However, as an article by Curbed on housing market expectations for 2023 notes, home prices in New York have fallen slightly to 6.3%*. Compared to the previous year’s record-high rates, interest rates are also forecasted by real estate expert Jonathan Miller to fall just below 6%*.

* Data from Curbed “What Should New York Homebuyers Expect in 2023?” by Adriane Quinlan.

Specific to Brooklyn, data from PropertyShark states that the median home sale price is $769K, indicating a 3.8% year-over-year decrease. Meanwhile, the median price per square foot saw a 7.4% year-over-year change at $890.*1

*1 Data from Property Shark “Brooklyn Real Estate Market Trends”

Which factors affect housing prices?

One of the main factors which affect housing prices is the age of the property. While older, more run-down apartments are generally cheaper, it’s a different story when the apartment that you’re eyeing is landmarked for historical preservation. Brand new apartments will of course be relatively more expensive, but the price increase may vary depending on the upgrades.

Another factor that can significantly influence the cost of an apartment is its location. Prices can be steep when properties are close to shopping centers and public transit, and Brooklyn is connected to Manhattan by several rapid-transit tubes. Appraisers also look at the neighborhood comp and nearby employment opportunities when determining housing values.

Which Brooklyn neighborhoods can I look into?

The right Brooklyn neighborhood for you may depend on your budget and the type of apartment you’re looking for. For example, DUMBO (Down Under the Manhattan Bridge Overpass) has several industrial and warehouse complexes that have been transformed into luxury residential lofts over the years. It’s a trendy neighborhood where business, art, and leisure meet, and where 1-bed, 1-bath condos start at $995,000.

For those in search of an area that’s rich and brimming with history, try looking into Brooklyn Heights. The New York Times has written about how this neighborhood is becoming increasingly coveted these days — not only due to celebrity sightings but also because of its picturesque streetscapes and historically rich architectural styles. If you go through our official property finder for Brooklyn Heights, you’ll find that 1-bed, 2-bath condos start at around $105,000. However, large houses along Fifth Avenue that boast over 15,000 square feet of living space can go up to $80,000,000.

While median prices in Brooklyn are slightly higher than median prices in New York as a whole, BARNES New York is here to help you find the best possible offer for the apartment that meets your budget, needs, and lifestyle ambitions.

You can choose to view the website first for our wide range of property listings before our agents who are equipped with real estate knowledge and negotiation skills reach out to you. We can also help clients locate properties with cost-efficient utilities in order to maximize their investment and save costs in the long run.

by Reese Jones

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