You Get What You Pay For; Should We Say It?

Brooklyn is considered by many to be the best place in the world to live. You may think that all those “many” people live here in the world capital of cool already, but the fact is, demand for homes of all sorts has been high for many years, and it’s all those buyers banging on Brooklyn’s door that have pushed prices to record highs and made Brooklyn New York City’s most expensive outer borough in which to buy a house.

According to NY Real Estate Trends, (www.nyrealestatetrends.com) Brooklyn has led the city in average sales price for the past twenty years, but in the last ten years the price differential between a home in Brooklyn and those in the other outer boroughs has increased dramatically. In 1995 Brooklyn was already the most expensive of the four outer boroughs, but by just a few percentage points. In 2005, Brooklyn remained ahead of the pack, but only by about 10% over Queens. By 2015, however, Brooklyn led Queens, its nearest competitor, in average price for a single-family home by 48.3%: Brooklyn’s average price was $838,977 vs. Queens’ $565,656, according to the NY Real Estate Trends data.

We get it. We know that living in Brooklyn is five or ten times as great as living in Queens or Staten Island, so in our mind, paying only 50% more for a house is a bargain! Buy in Brooklyn and you’ll get much, much  more than you paid for.