Brooklyn & Queens Real Estate on the Rise!
Actress Emily Blunt, star of “Mary Poppins Returns,” and her actor husband John Krasinski bought two condos, at The Standish Building in Brooklyn Heights, for a combined $11 million. They join current resident Matt Damon, who broke Brooklyn records when he bought a penthouse in the building for $16.75 million at the end of 2018.
According to Douglas Elliman’s latest market report, home prices in Brooklyn are higher than ever. The median and average sales prices for the borough both broke records, crossing the $800,000 and $1 million thresholds for the first time in the third quarter of this year. “As the Brooklyn market continues to reinvent itself over the past five years,” says the report, “There is no standard of comparison with historical trends.” International Association of Real Estate Professionals (IARP) reports that New York City is seeing a construction boom like never before with the bulk of these new housing units being constructed in the outer boroughs—mainly in Brooklyn and Queens.
However, IARP asserts that real estate professionals in these neighborhoods should focus more on Queens rather than Brooklyn if they are looking to have quick and profitable turnovers. According to the StreetEasy report, prices there have risen at a consistently faster pace than in Brooklyn, yet remain relatively affordable with an average listing price of $657,000 compared to Brooklyn’s $950,000. Also, the report conveys that the homes in Queens moved off the market quicker than Brooklyn, selling after a median of 62 days. Furthermore, with Queens proximity to Manhattan, it’s convenient transportation options and the abundance of new residential projects, more New Yorkers are seeking to move into this area. IARP advises that real estate professionals who are looking to make the most profit in the outer boroughs of NYC, should focus their efforts on this market and its buyers.