Buy Brooklyn Homes for Less than Half a Million Dollars

Buy Brooklyn Homes for Less than Half a Million Dollars

The value of the Brooklyn homes is slowly increasing. It tends to reach the same levels as in 2007. At that time, the economic recession was not present. The homes from this neighborhood are part of the most important American city, namely New York. The most optimist owners from New York expect for the average prices to increase. So, a flat can cost now nearly half a million dollars. This price is similar with the ones before the downturn.

The Brooklyn Homes Market is Recovering

The values appreciated in all five districts of New York have reached record levels. Since the recession, the third quarter of 2011 was the best for the Brooklyn homes. The average price for an apartment in New York was amounted to 493 thousand dollars. This means it was only 0.4 percent less than in the first half of 2007. The price peak was of 450 thousand dollars.

Increased Prices in all New York Districts

The price of the Brooklyn homes were not the only increased ones. The housing prices have increased in every district from New York. The previsions look much better if compared. The period between April and June last year was in a worse situation. The housing prices from Manhattan and Bronx have increased with 2 percent. The prices for the Brooklyn homes are now 1 percent higher. In Staten Island, the property prices are 3 percent higher. Queens holds the record, with a 4 percent price increase.

Softer Economic Situation for Brooklyn

The grounds of economical crisis have not disappeared completely. As we cross difficult economic times, the situation reflects in the housing market. The Brooklyn homes market is not holding up as it is supposed to be. However, it is not less advantaged in comparison with other property markets. All the districts from New York have reached a minimum value for properties. Now, the Brooklyn homes market and the other ones can only get better.

Encouraging Numbers for Brooklyn Homes

In just 3 months were sold over 120 properties. This number is encouraging for the overall situation of New York. The ultra-luxury housing segment has remained very strong in the most famous American city. This number of transactions is the highest since the beginning of 2008 until now. The Upper East Side is more advantaged than the Brooklyn side. One of the most important transactions in the history of New York was made there. The prices have exceeded a half of million dollars. The average prices were around 5 million dollars.

Top 10 Most Expensive Transactions in New York

The specialists in the housing market have monitored the most expensive transactions in New York. In 8 of the cases, the Upper East Side Homes were targeted. In the other case, the Brooklyn homes were subject to transactions. However, in recent months, Tribeca was declared the most expensive neighborhood. The average price there was over 2 million dollars. The second place was occupied by Soho. The Dumbo area came on the third place. The prices for the last two areas were around 1.5 million dollars.

Bright Future for the Brooklyn Property Market

The property market from New York was not significantly affected by the crisis. The prices were lower than before, but not in a catastrophic range. Considering the class of people who lives there, this market was never in a serious danger. There are still plenty people who can afford to buy homes in the districts from New York. The Brooklyn homes sector is favored by a high renting demand as well.

Share Button

Incoming search terms:

  • half million dollar house for sale in brooklyn

No comments yet.

Leave a reply