The New Coney Island - Brooklyn's Times Square by the Sea

Thursday, November 20, 2014

CNBC - "Brooklyn is the center of the universe"

Excerpt -

Brooklyn has been hot for decades, but now it is pricier than ever—so much so that it is no longer considered New York City's second-choice borough.

"People used to move to Brooklyn because they were priced out of Manhattan," said Tamara Abir, a real estate agent with Halstead Brooklyn, LLC. "Now Brooklyn is the center of the universe. It's people's first choice. It's real life, and that's what people are drawn to."

Real life at a hefty price. The median price of a Brooklyn home sold in the third quarter of this year came in at $587,515, up just over 2 percent from the previous quarter and up 4 percent from a year ago, according to Jonathan Miller of Miller Samuels, and New York City appraisal firm. The borough's home values have increased for eight consecutive quarters, setting a new record for the fifth time in the past six quarters.

People are going to the upper West Side [of Manhattan] because they're priced out of Brooklyn," Abir added. 

No comments: