In case you are not familiar with Brooklyn New York, let me give you some of the facts‚Ä¶
- The estimated population of Brooklyn is approximately 2.6 million
- Also known as Kings County, Brooklyn is the 7th largest county in the U.S.
- Brooklyn covers approximately 71 square miles
- Brooklynites represent over 90 different ethnic groups, 140 nationalities, and speak over 130 different languages
Brooklyn truly is a melting pot and the market conditions and property values vary from neighborhood to neighborhood. On the high end of the Brooklyn market you have many areas that are still realizing appreciation in property values. These areas include Brooklyn Heights, Park Slope, Williamsburg and several other neighborhoods towards the northern tip of Brooklyn. There is always strong demand in these areas due to the easy commute to Manhattan (minutes via bus or subway). These areas offer much more bang for the buck when compared to prices in Manhattan.
On the flipside, there are other neighborhoods in Brooklyn that are hurting right now due to the mortgage crisis that has affected our entire country. Areas like Bushwick and East New York are experiencing foreclosures at record numbers while many homeowners are trying to negotiate short sales with their lender so as to salvage their credit ratings. Continue reading this post