Just across the East River from the skyscrapers – and their equally tall real estate prices – of Manhattan is Brooklyn. This borough, still part of New York City, has long bee seen as an affordable alternative to the high prices in downtown New York on Manhattan Island. Some neighbourhoods have become quite popular and now rival the more expensive places in the city, but for many people who want to live in the city, Brooklyn is a good option.
In recent months, people who are buying homes and apartments are finding more room to negotiate, as well as the occasional extra thrown in with the purchase. An article in the New York Times shows that there are some parts of Brooklyn that are doing better than ever, while much of the borough offers deals and bargains for home hunters.
The neighbourhoods of Brooklyn Heights, Fort Green and Park Slope are the priciest and most popular in Brooklyn, and prices here haven’t shown any sign of slowing down. September saw prices in each of these areas close at all time highs, according to The Times and data released by The Corcoran Group.
The sales of single family homes in the three most popular neighbourhoods rose for the third quarter of 2007 by 63% from a year before, with buyers paying an average of $1.6 million. In contrast, price cuts are showing up in some non-traditional areas that were rising in value but have seen an oversupply of property recently. Condos in a new building in East Williamsburg, for example, range from $270,000 to $509,000 – and that’s without any haggling.
Greenwood Heights and Williamsburg are two areas which were booming but have seen a lot of property become available, resulting in better deals for buyers. One broker noted: “We’re definitely negotiating.” If New York is the place to be, then Brooklyn is one option to consider, especially now.
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