Report Claims That Now is the Time to Buy Property in Bushwick
We've all heard this one about the buyer's market and Bushwick before.
Earlier today, PropertyShark, an encyclopedic real estate information search tool, released a report naming Bushwick the second hottest real estate market in all of NYC, for buyers at least.
In a survey of 203 residential brokers, investors, and appraisers - all PropertyShark clients, Bushwick and East New York came out on top with median sale prices of $510,000 and $339,275 respectively.
The same respondents also overwhelmingly agreed that buying was a better idea than renting, but at these prices, who is seriously looking into it? And what's worse, the report suggests that median home prices might even go up in Bushwick: "The median home sale price in Bushwick in 2016 was $510,000, lower than Brooklyn’s median, and it didn’t make our list of top 50 most expensive neighborhoods in NYC, but we look forward [emphasis ours] to seeing what 2017 price stats will show."
Interestingly enough, neither Bushwick nor East New York made it to the list of good neighborhoods for first time homebuyers. If you're one of those, you might as well book it to the Upper East Side where there are 1,000 units for sale right now.
If all of this isn't already turning you off of home ownership in the city forever, half of the respondents to this admittedly small survey also believe that Trump's presidency will have a positive impact on the real estate market.
Photo: Bushwick rooftops by Magdalena Waz for Bushwick Daily.