Derek is seeing Brooklyn continue to benefit from a major upscaling; virtually every block is evolving, thanks to various degrees of construction or renovation, with the goal of properties turning “nicer” (read: sellable). There are about 20,000 units of new construction currently in the pipeline and, although nobody can track and quantify the number of actual units being renovated or gutted, Derek is watching closely to determine how that demand will evolve and how the properties will get absorbed. Should be interesting: people are continuing to move to Brooklyn in record numbers and the gold rush continues.
Despite talk of the market pulling back this year (it apparently hit its peak in December 2015), Brooklyn continues to surge as the investors elbow each other for position. Sure, sellers don’t want to wake up from the dream of 6% property value increases every six months, but Derek says the actual pullback is found at the very top of the market, where the air is thinner. The reality: feverish expectations naturally moved ahead of the actual market momentum (enthusiasm is contagious), but the values are currently drifting back to Earth, ever so gently.
The good news: there is still endless capital being invested into Brooklyn real estate, to keep up with the demand. The way toward victory: find a skillful broker who can navigate and guide you to the finish line, protect your interests and not leave any money on the table.
As buyers are looking for any possible angle to save money and make a deal that makes sense, hiring a broker assures that your sales process is efficient and transparent. For sellers, a broker can create the right kind of demand; the last thing a seller wants is only one buyer at the table — two or more buyers create competition and place the seller in control.
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