Right on time according to real estate analysts’ forecasts, Brownstone Brookyn’s rents are rising once again[1]. New York City has long been the city that most real estate experts expected to lead the real estate recovery not only in the commercial sector, but in the residential sector as well. The uptick in rents in the ten neighborhoods comprising “Brownstone Brooklyn” indicates that at least for the Big Apple, the real estate recovery is moving along right on schedule.
According to reports from the Ideal Properties Group, a brokerage firm that specializes in Brooklyn, the uptick occurred along all types of properties. This makes it more likely that this is a real improvement in the real estate market rather than just an isolated trend. Neighborhoods in the area recorded increases ranging from $36 a month to $143 a month, and only one neighborhood declined from 2009 levels. Aleksandra Scepanovic, Ideal Properties’ managing director, predicted that rents would rise and even reach pre-crash levels during 2011.
Other brokers report that apartments in the area are renting in as little as two days, which is a much quicker turnaround than in previous years. The only area lagging has other issues to deal with, including environmental clean-up, so it is not likely that this exception indicates a problem with the overall trend.
Given the opportunity, would you buy in the NYC area?
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[1] http://www.crainsnewyork.com/article/20110106/REAL_ESTATE/110109930
Jeremy’s right. Oh, there are tens of thousands of Shadow Properties scheduled to hit the market (no, not all at once, I didn’t say that), in 2011. Our local Sheriff said back in November that do to that phony moratorium, the Sheriff Sale isn’t scheduled to resume until Dec. 2011! This statement though doesn’t take into account the tens of thousands of bank REO’s. Folks like myself, who are under water, are going to remain here for a few more years until all the foreclosures in our surrounding respective communities are bought up and lived in. As far as a good time to invest in multi-family units? Yes. Yes it is. Now if I could just locate the ten investors I’ll need for the $13M price tag attached…..Hmmmmmmm. Where to begin.