davidgerts, Home Buyer in Brooklyn, NY

What influences prices in Brooklyn Heights? Is it: Interest rates? Inventory? Local Economy? National Economy? Unemployment Rate?

Asked by davidgerts, Brooklyn, NY Mon Jul 1, 2013

Why do any of these if any of then do, influence the price in small pockets like BKH?

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Answers

4
Most everyone said it-- supply and demand. Small neighborhood, and I watched many of my ex-Tribeca neighbors cross the bridge (I did so 10 yrs. ago) and buy (and renovate) gorgeous brownstones. Also, living there (and working there as an agent), people (including me) like that you can walk to the city easily (or take a train 1 stop), but in my opinion feels peaceful (quite unlike 1 stop away). Also, amenities abound, including parks, dog runs, and other things people love (Cadman Plaza astroturf field, the Brooklyn Bridge dog run & where dogs congregate behind War Memorial, Dumbo's an easy walk away, as is the Promenade, Barnes & Noble, Trader Joe's, Sahadi's, Movie Theaters, etc.). So, you get peace and quiet, with a local neighborhood feel, with all the amenities of the City (and a few stops to Target, Barclays, and more). So, with all that, it's very in demand. I also personally find that economy and unemployment rates have little impact on NYC (Brooklyn Heights included) real estate. I once read when young that even in the Great Depression, Rolls Royce's and Rolex's were selling. If you want help finding (or selling) a home with a local expert, I'd be happy to help and rebate 5% of my commission to customer AND donate 5% of my commission to the 501c3 charity of your choice after closing with me as agent. Thanks,
Ann Zemaitis
Licensed Real Estate Salesperson
Rutenberg Realty
917-676-1950
AZEMAITIS@CRRNYC.COM
0 votes Thank Flag Link Tue Jul 2, 2013
Hi David - Sounds like you took the investment class.. All of the above, but mostly very little inventory
in this particular area. And when something does become available it usually sells fairly quickly.
Was and always will be one of the most sort out and expensive sections of Brooklyn. If you are looking to purchase, a house, condo or coop; figure out your budget and then start your search
Should you require any assistance please feel free to contact me directly.
0 votes Thank Flag Link Mon Jul 1, 2013
Prices are set by supply and demand; the more people that want to live in an area, the prices will be higher. The more desirable the neighborhood is the fewer people move out, the greater demand for the few spaces that do become available and up & up it goes.....!
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
0 votes Thank Flag Link Mon Jul 1, 2013
The lack of inventory in Manhattan and in Brooklyn has probably been the greatest influence on the market prices in Brooklyn Heights as of late. It is a seller's market, with very little inventory - supply and demand. The fact that mortgage interest rates were also recently at an all time low also effected this as more buyers rushed to the market to take advantage of low rates.
0 votes Thank Flag Link Mon Jul 1, 2013
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