Three Reasons to spend in Brooklyn, New York Real Estate

There are many reasons to spend in Brooklyn real estate. However, the three best reasons to spend right now are:

Reason #1 -Brooklyn is a Diverse and Unique Area with Close nearnessy to New York City

Brooklyn New York

Because Brooklyn is so diverse and unique, individuals, families and businesses from all over the country and the world come to Brooklyn. When you think of Brooklyn, you think of The Brooklyn Bridge, Coney Island, Fulton's Ferry, and the Dodgers as part of Brooklyn's history. Brooklyn is an eclectic neighborhood of multi nationalities with immigrant roots. It is the largest of the five boroughs of New York with a population of roughly 2.6 million.

Three Reasons to spend in Brooklyn, New York Real Estate

Real estate prices vary from neighborhood to neighborhood. However, its close nearnessy to New York City and ever growing population all the time make Brooklyn real estate a great venture in a seller's or buyer's market. Zip codes consist of 11234, 11210, 11223, 11239, 11236 and 11203.

Reason #2 -Federal Government Bail Out Will Ease credit Crunch

As a effect of the Federal Government's financial rescue plan popular ,favorite on October 3, 2008, to bail out the financial markets, the plan will help to unfreeze credit and get banks to start lending again. To begin with, nine of the largest U.S. Banks have agreed to be the first financial institutions in which the government will own a stake in. However, the agenda will be available to thousands of other banks as well.

As a effect of credit becoming available again, investors should take advantage of the many opportunities available in the Brooklyn real estate market. In some neighborhoods, prices are still appreciating while other neighborhoods have foreclosure and short sale opportunities.

Reason #3. It's a Buyer's market and Sellers are Motivated to Sell

Brooklyn housing prices are affordable right now. Prices are lower than they have been in the last two years, and sellers are now motivated to sell. In most areas, prices have gone down at least 10% over the last two years. Areas like Bushwick and East New York are experiencing description numbers of foreclosures. The higher end Northern Brooklyn market areas such as Brooklyn Heights, Park Slope and Williamsburg are still realizing appreciation in property values and are in high request because of their easy commute to Manhattan via bus or subway.

According to Trulia.com, the median sales price for all of Brooklyn while July 2008 straight through September 2008 was 3,000, down 0.3% from the same time last year.

Let's take a closer look at some of the individual neighborhoods in Brooklyn and see where some of the best buys are right now besides Bushwick and East New York.

For instance in Bedford-Stuyvesant, Trulia.com reported the median home sales price for the duration July 2008 straight through September 2008 was 0,000, down 15.08% from the same time last year. In the Bayridge and Fort Hamilton area the median home sales price for the same duration was 0,000 up 14.6%. In Park Slope, the median home sales price for the same duration was 0,000, down 9.6% for the same duration last year. In Sheepshead Bay, the median home sales price for the same duration was 5,000, up 12.3% for the same duration last year. In Greenpoint, the median home sales price for the same duration was 0,000, down 2.7% from the same duration last year. However, because of the rezoning in several Brooklyn neighborthoods while the last few years, a number of new conominium developments have been built which has resulted in home sales prices in North Brooklyn, which covers Williamsburg and Greenpoint, to precisely increased ample 6.9% over a year ago.

For Mapleton, the median homes sales price for July 2008 straight through September 2008 was 7,500, up 1.2% for the same duration last year. For Sunset Park for the same period, the median home sales price was 5,000, with no convert for the same duration last year. For Flatbush-Ditmas Park for the same period, the median home sales price was 7,500, up 6.5% for the same duration last year. For Brownsville, for the same duration the median home sales price was 5,000, down 13.3% for the same duration last year.

What's interesting about Gowanus is that the median listing price for the week ending October 15, 2008, was ,783,364.00, which was a 9.4% increase over the former week median listing price. Check the link below to see the newest median listing prices for properties in Brooklyn.

Source: http://www.trulia.com/real_estate/Brooklyn-New_York/

As you can see, Brooklyn housing prices are still affordable, and it's a buyer's market right now. Investors should take advantage while the opportunity lasts.

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