Brooklyn: The hip place to live in NYC
In New York City, building regulations make it much harder for new homes to materialize, which leads to lower inventory rates. This housing market trend has put the Big Apple in a unique situation - a housing shortage. This means that real estate in New York City sells very quickly, but for homebuyers, the process is arduous and exhausting.
Manhattan inventory levels have diminished because of a continuous flow of foreign investors entering the Big Apple. The vacancy rate in NYC is around 1 percent, according to Citi Habitats, and new residential construction activity for the decade starting in 2010 is projected to be the lowest since the 1960s, the Real Estate Board of New York reports.
Homebuyers who want to move into the Greater New York City metro area may need to look into communities that don't always garner the attention they deserve. For example, The New York Times recently ran a story on the attractiveness of Brooklyn, and how some neighborhoods may even encourage newly transplanted Nets Basketball players to move into the area. Author C.J. Hughes notes that the area features marble-floored mansions dripping with chandeliers on one block, and gleaming new high-rises with discreet entrances on another. Not to mention, Brooklyn is home to some of the more recognizable brownstones in the Big Apple.
According to the news source, Williamsburg native David Maundrell says any Nets player who dreads Manhattan's intensity might appreciate Brooklyn's more laid-back vibe. Maundrell continues, "We're chill. We're like one big neighborhood."
Currently, the average housing sale price in Brooklyn is $612,000, according to New York-based real estate brokerage company Corcoran Group. This is an affordable price for any professional athlete, and relatively low compared to other metro areas in the Big City, so average buyers can invest in Brooklyn property as well.
With New York City experiencing a housing shortage, buyers who want to relocate to the city need to get savvy in their search efforts. Brooklyn is a fun and lively place to live, earning itself several accolades from major news sources in the past year. If you want to become a resident of this emerging and growing borough of the Big Apple, you might want to check out properties being built or on the market around the new Barclays Center. Who knows - your neighbor may be on the Nets.