Long Island City and Brooklyn Residential Market Reports
Modern Spaces Brokerage Company has released their mid-year Residential Market Report. Here are some of the key takeaways- it is interesting to note that in the Brooklyn report Modern Spaces divides Williamsburg into four sectors Williamsburg North, South East and West. The full reports are attached.
Eric Benaim is available for further explanation of this report.
Modern Spaces 2012 Mid-Year Orange Report
Long Island City:
• Resales are on the rise – only approx. 250 new condo units hitting LIC over next 2 years
• L Haus and The View are selling at higher numbers than ever before
• Demand for larger units (3 bedrooms, buyers opting for as large as 5), also shortage of 1 bedroom inventory
• Market in LIC is strong – seeing bidding wars and some prices going above asking
• Projects like The Edge and Northside Piers selling at high numbers (One Brooklyn Bridge Park picking up traction in last 3 months) – Brooklyn is as much in demand as Manhattan
• Williamsburg West (West of Wythe and on the Waterfront) gaining popularity, Modern Spaces feel that it will be new IT area in Brooklyn
• New additions to Williamsburg West (CVS, Duane Reade, Wine Shops, 15,000-sf Supermarket) influencing residential growth