Gowanus, Kensington, Prospect Lefferts Gardens and Ditmas Park are en route to Brooklyn’s “hot map,” according to the experts at Ideal Properties Group.
The firm announced its 2015 predictions for Brownstone Brooklyn real estate last week and said it expects the area to set record highs in residential sales pricings, continuing their upward momentum established in 2013 and 2014.
And while Gowanus will remain in demand, Aleksandra Scepanovic, managing director of Ideal Properties Group said, “We are seeing a simultaneous push into neighborhoods previously not on the hot map of interest such as Kensington, Prospect Lefferts Gardens and Ditmas Park.ˮ
Scepanovic said, “The monumental increase in prices in the last two sales seasons has nearly surpassed our already high expectations for Brownstone Brooklyn and fueled enduring interest.
“Due to the area’s innate beauty, appeal to a diverse group of people and the discrepancy between supply and demand, we expect the upward trend to continue into 2015.”
Scepanovic believes that rentals will stay stable in the new year. There will be an uptick in prices closer to spring and summer months; however, because of the dramatic increase in the prices in the last two years, the uptick will be more subtle.
Other 2015 predictions from Ideal Properties are:
• Neighborhoods that will garner the most interest for sales are Park Slope, Prospect Heights, Crown Heights, Bed-Stuy, Cobble Hill, Boerum Hill will continue to be the favorite for the townhouse hunters
• Brooklyn Heights and possibly Williamsburg will continue to attract the co-op and condo buyers
• Neighborhoods that will garner most interest for rentals are Park Slope and Cobble Hill.
As usual, spring 2015 will mark the start of a strong sales season, according to Scepanovic.
Inventory will increase due to the slowdown in the winter months so the volume of transactions actually coming to a close is expected to increase.
Sellers will likely have to undergo a correction of expectations to slightly more subdued asking prices
The brokerage predicts commercial real estate inventory will continue to be tight.
With a number of new attractive commercial corridors having taken form in the recent years, for example 3rd Avenue in Gowanus, new commercial destinations in Crown Heights, the demand is higher than ever.
Small tech is expected to continue finding a home in Brooklyn and companies are expected to mature there.
Restaurateurs have also concluded that Brooklyn’s restaurant rows are as viable an investment as their counterparts in Manhattan, according to Scepanovic.