As many of us Brooklynites know, it seems the real estate industry just keeps booming around us! Sure, we’re proud of the growing popularity of our borough, but just what can we expect in 2014?
Well, according to a 2013 study done by Ariel Property Advisors, the super-hip, super-trendy area of Williamsburg lead the way with the highest number of recorded development trades totaling $284 million.
Not to be left in the dust, other neighborhoods such as Boerum Hill, Park Slope and Prospect Heights saw increasing property values and rising retail rents. Perhaps the most notable cause of such an increase in this area? Barclays Center Arena, which “in its first full year of operation generated more ticket sales than any other arena in the United States,” quotes an Ariel Property press release.
What brought in the highest percentage of transactions in Brooklyn? Multi-family homes and development sites. Their transaction rates increased by 31% over the past year.
If the increasing growth rates between 2012 and 2013 are any indication of what’s to come, Brooklyn’s real estate will continue to be hot, hot, hot!