The real estate market in Brooklyn is currently witnessing significant changes, primarily marked by a strong demand for move-in-ready properties and newly constructed homes. Real estate agents note a preference among buyers for prime locations, leading to high bids for renovated properties. The recent political landscape has contributed to a sense of certainty that is encouraging buyers, but high interest rates and a reluctance to engage in renovation projects remain concerns. Consequently, properties that require work are struggling to attract interest while the move-in-ready listings sell quickly.
There's still a big premium for brand new townhouses and condos... the strongest demand is for a-plus locations. People will pay to be exactly where they want to be.
Nobody wants to do work, nobody wants to do renovation. A residual effect of Covid is that people are less patient than they ever were.
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