Sudden Rise In Home Demand Takes Builders By Surprise

Sudden Rise In Home Demand Takes Builders By Surprise

It’s time for the developers to get back to work.  Since the economy crashed, new developments have halted, and due to low interest rates there is now a flood of qualified buyers in the market for a new home.  Inventory is at a record low, and with many qualified buyers on the market, bidding wars ensue on just about every appropriately priced property on the market in Brooklyn. We are especially seeing this effect in the neighborhood of Bedford-Stuyvesant, where brownstone town homes have become highly desirable to end users and investors alike.  Since many investors have taken advantage of the short sales and foreclosures since 2008, the market is really drying up, which means new developments must follow.