Outer Boroughs and “The Next Neighborhood”

The Real Deal has word that prices jumped in the outer boroughs in 2005.
I can’t say I’m surprised. More and more of my clients have been priced out of the Manhattan market and have explored options in the boroughs. There’s no ignoring how much further their money goes and what it buys them in Brooklyn or Queens.
That said, certain areas in the boroughs, like Park Slope, are almost on par with Manhattan prices.
People are always asking me what the “next” neighborhood will be. It’s something we’ll be talking at more length in the future on TrueGotham. But the quick answer is: Long Island City is in the midst of a renaissance with a very strong Business Improvement District, the Bronx is on the radar, and the still untapped area in the West 30’s of Manhattan has incredible room for development and growth.

This entry was posted in Neighborhoods. Bookmark the permalink.

2 Responses to Outer Boroughs and “The Next Neighborhood”

  1. avatar anon says:

    what do you think about harlem?

  2. It’s no secret that Harlem is continuing to experience a renaissance as well with prices increasing exponentially over the past few years. A client of mine purchased a townhouse 4 years ago on 146th Street between St. Nicholas and Convent Aves for $220,000. A similar house on his block just traded for more than $1,000,000 (a 450% increase.) Hard to believe that pace will continue and I don’t personally believe it will. That said, prices are still far from the magical $1000/sf barrier that many believed was unattainable in the rest of the city. Somewhere down the line that mark will be passed in Harlem. I just think it will be some time before that happens. I would bet Harlem is an excellent long term investment but would not buy anything with a “flip” in mind unless you have “staying” power should the market shift downward or you are able to pick up a piece of property at an amazing price. I would hold onto my primary residence if I lived in Harlem.

Leave a Reply

Your email address will not be published. Required fields are marked *