The old saying 'What goes up, must come down' is virtually a universal truth, except when it comes to Brooklyn real estate prices. With Brooklyn transcending from merely being the home of Biggie and Jay to an international tourist destination and place to see or be seen, even the transplants who flooded the market and priced out the locals in the late 90's & early 00's are having a hard time hanging on. It's gotten so bad there has been a reverse migration of sorts, from BK into Manhattan.
Odd to think about considering the first wave of yuppies (the ancestor of the hipster) migrated across the east river via the L line into Williamsburg to escape increasing rents in the lower east side. Now the flow has reversed as the median sales price in Williamsburg is almost 900k while the Lower East Side hovers at just under 600k.
The NY Times put together a little bullet point list to help those looking to spend their nest eggs more effectively to claim their little piece of that NYC pie, even though it doesn't factor in the real world issues of investment groups looking to flip property and change neighborhood dynamics by buying property all cash, but that's another story.
- Windsor Terrace at $530,000 vs Washington Heights at $365,000
- Williamsburg at $875,00 vs The Lower East Side at $582,500
- Downtown Brooklyn at $809,000 vs Harlem at $666,953
- Boerum Hill at $911,772 vs Gramercy at $750,000
- Brooklyn Heights at $600,000 vs Hamilton/Morningside heights at $469,860
All these figures are sourced from The NY Times, personally I don't think anything in Brooklyn Heights has ever been just 600k, but what do I know? It's only a matter of time before the winds of trend shift and a new nabe/hood/undiscovered gem is stumbled upon and crowned king, but Kings county's current reign seems far from over.
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Comments
Gargamel Rothstein • January 3, 2016
Love it