....soaring rents in Manhattan.
The extremely tight residential rental market in Manhattan may be having a positive impact on sales in Brooklyn. Home sales activity in the Borough of Trees skyrocketed and the median sales price showed significant gains.
"Brooklyn is showing signs of firm growth," said Jonathan Miller, CEO of appraisal firm Miller Samuel and preparer of the report. "The key driver of that growth this quarter is the condo market, which I think is benefiting from the high rents in Manhattan combined with the falling interest rates." The lone exception was affluent northwestern Brooklyn, which Miller said is further down the road to recovery than the rest of the borough.
We talk about it all the time....why pay rent if you can afford to buy?
Oct 20, 2011
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