The Bushwick real estate market was never a powerful one. In 2005, several investors have initiated modernization plans. However, due to the economic crisis, the development plans did not work out. Bushwick is supposed to be the next most wanted neighborhood from Brooklyn. It was renamed as East Williamsburg. This measure was meant to clear its unappealing past.
Bushwick Real Estate Development
In 2005 several investors have shown interest in the Bushwick Real Estate market. Many developers have decided to participate in the development of this area. They have started the construction of several buildings. Unfortunately, the economic crisis has left most of them unoccupied. No less than 60 residential buildings are still empty. From the 60 buildings, almost 50 are not finalized constructions. Some of them are not inhabitable because they lack the certificate of occupancy. Many investors blame the bureaucracy for this situation.
The Rental Market in Bushwick
Since 2006, the development works from Bushwick have attracted more residents. However, considering the hard economic time, not many bought an apartment. The rental market for the Bushwick real estate section is the most successful. The rent is significantly lower than in Manhattan or in other neighborhoods from Brooklyn. This fact makes Bushwick more appealing to people with low budgets. Among the people who rent apartments in Bushwick are artists and mostly young persons. In comparison with Williamsburg, this area is much more affordable. However, the specialists predict an increase in prices during the future.
Increasing Prices for the Bushwick Real Estate Sector
2012 was a good year for the Bushwick real estate sector. In relation to 2011, the sales have increased with 31 percent. The price for an apartment in this neighborhood has increased with 45 percent. These numbers show a significant growth of this property market. However, it is not applicable for the entire Brooklyn area. Even so, most owners are not enthusiastic about selling. The developers want to recover their investments more quickly. This is because some of them have invested in 2005.
Overall Neighborhood Image
Bushwick was never the most attractive neighborhood from Brooklyn. This is because it was an area full of crime and poor people. In our days, there are still parts of Bushwich that look desolate. However, the developers are working hard on embellishing it. For a Bushwick real estate, one does not have to pay a lot or search a lot. Nevertheless, those people who own a property in this neighborhood have chances to get rich. This is if the future will bring a fruitful development of this market sector. The presence of modern cafes and artists contributes to a bright future.
Five Years to Success
Bushwick is located in the north side of Brooklyn. This means that it is the first stop coming from Williamsburg. The Brooklyn Chamber of Commerce has organized a meeting last year. Numerous investors and analysts were present. Most of them count on Williamsburg’s stagnation. They believe that in no more than 5 years, Bushwick will be a hotspot. The Bushwick real estate sector has room for modernization. Williamsburg is already saturated with facilities and modern buildings.
Local Tenants and Buyers
The Bushwick real estate sector should be optimized for locals. The existence of high-end spaces to live is not a good idea. The Kick is the perfect example in this regard. This building is too fancy for this neighborhood. So, it is not occupied or wanted by a large number of people. In fact, most of the customers want to rent apartments. Very few people can afford to buy a condo these days.
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