Hot Williamsburg is only going to get hotter, according to a market trends report from marketing and sales firm, The Marketing Directors.
The report indicates that prices are on the rise and new condominium developments with efficiently sized homes, quality finishes, a comprehensive amenity program and proper promotional support, can achieve
$ 1,100 psf.
“Inventory will remain scarce and the neighborhood will continue to be a desirable place to live with its easy accessibility to Manhattan and trendy restaurants and boutiques,” said Jackie Urgo, President of The Marketing Directors.
“Renters are definitely willing to pay more for the right type of apartment.”
According to the report, while rental prices remained steady this past year, prices will increase significantly for studio/lofts. Two-bedroom homes will experience a strong rebound as well.
With only 16 active listings available in newer rental developments, potential tenants are paying a premium for larger one-bedroom and two-bedroom apartments along the Williamsburg waterfront, according to the report.
In addition to rental properties, the report also takes a look at the sales market.
In the last six months of 2012, the average re-sale price achieved was $631,132 and the average sold price was $990,923, representing over a $300,000 price differential.
The analysis shows that the pricing trend for new developments will dramatically increase due to lack of inventory and an unprecedented demand for condominium housing.