In all sincerity, Nobody's crystal balls are working. Brighton Beach - Sheepshead Bay are still and always will be part of the heart of Brooklyn. Can you be happy there. Can you afford buying there. Just buy higher up - I have many buyers I am working with right now, but will only consider 5th floors and above. Yes some people are still doing repairs mainly because they are short of cash
and did not have enough insurance. But many people have stayed and are fixing. Besides, who knows which direction the next storm will come from.
Don't listen to "a lot of people". They just jealous that you would like(and I hope can afford) to live in the best area.
This is a rather subjective question. The area is nice with all the attractions and transportation however no one know when the next natural disaster will hit. There are pros and cons to almost every single neighborhood you just have to concentrate on whats important to you and whether the price tag is worth it. If you have any further questions please do not hesitate to contact me.
I closed about 14 sales deals within the last 6 months only in Brighton Beach area. (all of the buyers were tremendously excited about the neighborhood and were not at all scared off by the storm). Brighton Beach has always been and remains to be an extremely desirable area for a lot of buyers. Let's stick to the facts: the majority of the units in the area have prime Real Estate views, are located steps from the Ocean/boardwalk, Amusement Parks, plenty of restaurants, shopping and
transportation (B/Q train). And prices are quite reasonable/affordable compared to Downtown Brooklyn (neighborhoods like Williamsburg, Dumbo or Brooklyn Heights)
Sandy flooded Jersey City and all Downtown Manhattan as well. However, people are willingly buying in those flood zones A as well and prices haven't dropped a notch. They actually keep gradually increasing.
Unless you have a fear of water or are seriously scared of the next storm, I would say at least give Brighton Beach and Sheepshead bay areas a thought.
This phenomenon has been repeated many many times in this city. Want some proof? Bensonhurst used to be almost entirely Italian. Italian immigrants moved there and put their money into fixing up their houses. They put brick, stone and marble everywhere they could. Streets such as 86th Street or 18th Avenue were loaded with Italian stores and Italian was spoken in many places (...just like on Brighton Beach Avenue. Except there it is Russian). Unfortunately, the children of the Italians did NOT want to live there. They all moved away to live elsewhere. No you will have some difficulty finding an Italian store (a real Italian store, not just a store with an Italian name) or Italian person living there in Bensonhurst. Then the next inmmigrant group(s) moved into Bensonhurst. Now it is mostly Chinese, Mexican and Russsian. The same thing happened in Bay Ridge. Not long ago there was no one from the middle east living there. The previous immigrant group moved out...and the cycle continues. So, what does this mean for Brighton? Well, once the children of the immigrants grow up and move out, then the property values will drop...by a lot. Why? because, for good or bad, most people do not want to live with the next immigrant group if they do not understand the language and culture. also, most of the new immigrants will not have a lot of money to spend on housing. That will come after many years. Don't think it will happen in Brighton? I have already seen a large increase in the number of people there who are from middle Asia (for example, Uzbekistan). So, the problem is that the cycle for the Russians in Brighton is coming to an end. Yes, there are many expensive condos, co-ops and house owned by wealthy Russians there but, what do almost all of them have in common? That speak with a Russian accent, indicating that they are immigrants. Nothing wrong with that. Where are their children moving to? When you see the expensive housing owned by people that do not have accents then you can relax a little more. The children, who are not nervous about living with regular americans will have no problem moving away. They are smart enough to see that instead of buying a two bedroom condo for a half a million dollars in Brighton, they can get much much more for less money in a better area. They don't need to be with other immigrants.
3. After the housing bubble burst in 2008, construction stopped on many buildings in Brighton. The good times for real estate in brighton were over. Hurricane Sandy put the final nail in the coffin. Now, you see property owners who want to sell for "Cash Only" Why do you think that is? Because no on could get a mortgage for the property because a) it is in a FLOOD AREA and no bank will lend money for such property. b) The owner want to sell the property for more than the banks will lend. For example, the owner paid $500,000 for the property in 2006. Now the owner want to sell it for $600,000....but the bank is saying that the property is only worth $300,000. No bank will give a mortgage for the property. Solution.... sell it for "Cash only" with the owner "looking to close fast" They want to close fast so that the buyer does not have time to do the research to see that the property is unmortgageable and in a flood zone. Unfortunately, the buyer will probable be someone from the seller's country and was tricked. In conclusion, if you don't mind having to probably sell your property for less than you paid for it in the future, if you don't mind paying much more than a property is worth, then please fell free to but in Brighton Beach.
I would think that a lot of people love to live close to the beach of Brighton. However there are people who believe that Hurricane Sandy brought prices down I still believe that this area would maintain a mainstream buyers. I just SOLD a property in just 3 weeks being in the market. If you need help BUYING or Selling please call your expert in real estate broker.
Real Estate Broker
You can't live your life thinking"what if?"
If you have any other questions feel free to contact me.
Licensed real estate agent
Fillmore Real Estate
917 916 4418
It all depends on how you feel. Many people view Hurricane Sandy as the storm of the century and feel it is highly unlikely to happen again. Then there are other people who are afraid that it will happen again. Based on the fact that nobody can predict the future, you have to decide for yourself.
I will say that property values in the area are very low right now because of the aftermath of Hurricane Sandy. Many buyers are taking advantage of these low prices assuming that all will be fine. I have been selling homes in the area since 1993, if I can be of further assistance, please contact me direct. Either way, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783