Williamsburg - The next Manhattan?


Manhattan has seen an extremely tight rental market this year. Prices have risen to pre-2007 levelsand predictions indicate it will only go up. In turn, this has had a positive affect on sales in Brooklyn, especially Williamsburg. Home sales activity has skyrocketed and the median home price has shown significant gains.

Overall, Brooklyn has had an 18.1 percent gain in the third quarter of 2011 compared to the same period a year earlier. The growth was mainly fueled by Condo sales, the number of which rose by 52.8 percent from the same period in 2010, with Williamsburg seeing the most growth.

New developments have also seen significant sales and buyer activity. For example, the once slow-moving 550-unit Edge condominiums in Williamsburg's water front is now over 75% sold and closed.144 North 8th Ave, a previously stalled development off Bedford Ave. which has only been open for a mere two weeks, sold between one to two apartments per day!

The Modern Agent specializes in luxury sales and leasing, both in Manhattan and some of the outer boroughs, especially parts of Brooklyn like Williamsburg, Brooklyn Heights and Dumbo. The Modern Agent also has experience in other waterfront properties in Queens like Long Island City and Astoria. Contact The Modern Agent today to see your options. Finding a great investment either as your primary residence or as an investment requires knowledge of the local market and The Modern Agent has just that. You can call Mukul at 646.283.4525 or email mukul@pp-nyc.com.