Referral Group Forming in Brooklyn, Interested in Growing your Business?

I’m part of a newly forming BNI Chapter in Brooklyn.  We’re having a Discovery Day on March 3, 2015 and we’re looking for some GREAT professionals for our group.  For more info go to www.bniouterboros.com/revenueraisers and remember to share with your contacts!

Two Family Mint Condition For Sale in Bushwick

155 St. Nicholas Ave                               1                                   

Bushwick                                                                             

4 Bedroom, 2.5 Bath

Asking: $1,220,000

Two Family Frame

Btwn. Stanhope & Stockholm

Delivered Vacant

Originally constructed in the 1920’s as a carriage house and stable, this quaint two-family townhouse is available for the first time in 40 years. The property is located in the rapidly developing area of Bushwick bordering ‘East Williamsburg’ and has been meticulously maintained by the same family since with significant improvements, such as a fully finished basement with kitchenette and a half bathroom, a partially paved and landscaped backyard, as well as, new windows and siding. The property layout is a 2.5 bedroom apartment with living room, dining room/den and an eat-in kitchen on the 2nd floor over a 2 bedroom apartment with living room, den and an eat-in kitchen on the 1st floor over a fully finished basement. The basement and 1st floor unit could easily be combined to create an owner’s duplex or increase the market rent for that unit. The house features plenty of character which has been preserved over the years, including tin ceilings, glass paned doors and knobs, and more. Being delivered vacant and in mint condition. Located in the epicenter of all that Bushwick and Brooklyn living have to offer, including many up and coming eateries, lounges, art and entertainment, and transportation is available only a block away at the L train at Dekalb Avenue.

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Contact:

Kristen Jock

Licensed R.E. Associate Broker

Fillmore Real Estate

345 Atlantic Ave

(C) 518.859.3056

KristenJock@Fillmore.com

Checking in on the New Development Pipeline

Looking back on this article from Spring of The Brooklyn Daily Eagle,  Bushwick poised for new development and growth | Brooklyn Daily Eagle, the new development projects have been progressing as these areas have been rezoned for residential use, and now permits are being filed to move forward on construction. http://newyorkyimby.com/2014/10/yimby-today-east-harlem-mec-battle-heads-to-ny-state-supreme-court-more.html

The condo market, along with large residential and mixed use development, is taking hold in the neighborhood. As rental prices continue to rise in and around Bushwick, the option to buy an apartment may become more attractive to the next generation of buyers with disposable income. And many developers are considering that rationality when pricing these condo units in an adolescent, but burgeoning market. Instead of basing price on previously sold comparables, since there are relatively few, developers are considering what the average renter is paying to lease, and using that figure as a monthly allowance for what a buyer in the neighborhood would be able to afford.

Housing Market Forecast

Opinions abound as to the future stability of the housing market and whether there is another housing bubble; however, most forecasters agree that certain factors should be assessed in forming your opinion. Those factors which affect the market most are interest rates, price, wages, taxes and cost of living, inventory, and demographics.

Interest rates are at an all time low since the housing bubble burst and the recession hit. The federal government implemented the stimulus plan in order to help the economy stabilize. As this stabilization takes effect, and the recovery continues, the FED will eventually taper off the stimulus program and raise interest rates. We saw this briefly in the 3rd quarter of 2013, when the FED announced they would begin raising interest rates. The momentum of the market stalled, and the FED quickly renounced that intention. However, as the economy strengthens, unemployment rates decline, and job growth increases, the inevitable will eventually happen, and interest rates will slowly climb into 2015. Predictions range near 6% towards the end of 2015, and thus prices will either level or drop depending on the increase.

With historically low interest rates and inventory, prices skyrocketed in parts of the country, specifically major metropolitan areas. This in turn caused certain would be buyers to drop out of the market due to lack of affordable homes for the lower and middle income brackets. This trend is further propagated by an increase of new development in the luxury sector primarily. However, there is still a significant portion of homes which are bank owned that are unable to be released to the public due to government restriction on the banks. Once the government relinquishes control of these REOs and the market is flooded with more inventory, home prices should decline.

As the prices rise, so do the taxes, which puts additional strain on the average Joe homeowner to maintain their monthly housing expense. In addition to taxes, the cost of living greatly effects the housing sector. If  the cost of gas suddenly rises to a high percentage, the number of foreclosures will increase too. Current indicators show that inflation has leveled, despite signs of increase earlier this year.

Another indicative factor of the health of the market is earnings or wages. Although we see continued job growth, the positions being created are in the low income bracket, and hence, overall average wages are falling. This is reflected in proposed demographic models which show trends for a lower skilled and lower paid population over time.

So what factors that will insure a stable housing market? Higher wages, smaller monthly payments achieved through a 50 yr model, easier qualifications for lendees and more efficient construction to name a few.

 

 

For Sale: 678 Mac Donough St

678 Mac Donough Street

Ocean Hill

Asking: $929,000

Two Family Frame

Btwn. Howard & Saratoga

Delivered Vacant

Welcome to this two family townhouse in Ocean Hill. The home features a 3 bedroom, 1.5 bath, owner’s duplex on the garden and parlor levels, with a 2+ bedroom, top floor rental. The property is built 20×55, offering over 1,000 sq ft of living space on each floor! The home has been restored with new kitchens and bathrooms; however, original period details remain intact, including pocket doors, woodwork, tin ceilings, crown molding, lattice work, and mantels. If you’re looking for a home that has been loved and maintained over the years, look no further.

 

 

 

 

 

Open House

Sunday, Sept. 7th 1-3 PM

Contact Kristen Jock

Licensed Assoc. Broker

Fillmore Real Estate

345 Atlantic Ave
(c) 518.859.3056