Real estate values constantly change. they can go up or down just like stock prices. They are subject to market conditions and sheer economics. Nobody has a crystal ball to predict the future. All we can do is look at the past and try to draw the best conclusions we can based on the information we have. Relatively speaking, real estate has always been a safe investment. If you purchase real estate and hold onto it for a while (say 10 years or more), historically it is extremely rare that you will lose money.
More importantly than that, when purchasing a property to be used as your primary residence, a home is by far the safest investment you can make. Purchasing your own home to live in is the safest and easiest way to accumulate wealth in the United States. Let's just say it is hard to go wrong.
As a buyer it behooves you to make sure you get as much information regarding the real estate market and current property values. You should be looking at whats on the market and also what has been sold as of late and for how much.
Once you have familiarity with the market and current values, you you be more able to know a good deal when you see one. For most buyers, this should be your main concern, getting a good deal right now. With respect to Williamsburg and Greenpoint, although they are quite expensive in some ways, in other ways they may very well be under priced. This is why often times you will see a property sell for above the asking price (in a day), and that happens more often than you may think.
Do your homework as you are right now and you should be in good shape. If I can be of further assistance, please contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
I actually think they will steadily go up. The "boom" is over, as now people are finally considering areas like Bed Stuy and Bushwick but the demand is still there. At the end of the day, they will always be close to Manhattan and the atmosphere that has consistently grown and improved will not disappear over night.
I think of Williamsburg and Greenpoint as the Manhattan of Brooklyn!
You also have to consider the shortage, properties for sale go off the market extremely quickly!