Which neighborhoods will offer the most value in 2022 and why? We asked real estate professionals at Brown Harris Stevens. Here’s what they told us:
Ban Leow, BHS real estate agent:
Ocean Hill, East New York and Brownsville offer some bargains. There are beautiful properties in Cypress Hills, such as on Highland Boulevard.
Steven Segretta, BHS real estate agent:
If lower price per square foot is your thing, maybe you value Crown Heights, Bed Stuy, Kensington or Flatbush. If it’s breadth of amenities, proximity to parks and classic brownstones that are your thing, then maybe you value Park Slope, Fort Greene or Brooklyn Heights.
Joanna Mayfield Marks, BHS real estate agent:
I love Prospect Lefferts Gardens for value — you can get a two- or three-story landmarked home close to Prospect Park around $1.6 million to $2 million.
Columbia Street Waterfront is often overlooked but has a wonderful waterfront, adorable boutiques, restaurants and shops and connects by the Brooklyn Greenway to Brooklyn Bridge Park.
Bill Sheppard, BHS real estate agent:
Buyers willing to look deeper into Brooklyn will find the best values in the coming year. Neighborhoods like Flatbush, Kensington, Bed Stuy and Bay Ridge have lovely homes and more affordable prices than traditional Brownstone Brooklyn.
Dena Driver, BHS real estate agent:
Kensington, Sunset Park and Clinton Hill — especially on the Bed Stuy border — will offer solid value in 2022, because these areas have good housing stock and the parks, restaurants and shops buyers want in their neighborhoods too.
Peter Grazioli, BHS real estate agent:
South Brooklyn, Staten island and areas of Flatbush are going to continue to offer great buys. The price point and large inventory of single- and multi-family homes will draw people back into the center of Brooklyn.
What advice do you have for a Brooklyn buyer in 2022? For a seller?
Ban Leow, BHS real estate agent:
Pricing shifted during the pandemic, pricing is everywhere, and appraisals are running low because prices dropped during the pandemic. With pandemic level pricing, buyers should take advantage of it and offer full asking price for a property that really appeals to them. As for sellers, they need to be educated to understand how the “Covid-19 effect” affects asking and listing prices.
Steven Segretta, BHS real estate agent:
While real estate is an investment, unlike stocks and bonds, it’s the place you live. Find a place you love, can afford and expect to live in comfortably for seven-plus years. I wouldn’t be overly focused on market timing and I would expect a seller’s market to continue in the near future and perhaps longer.
Joanna Mayfield Marks, BHS real estate agent:
Take advantage of these historically low interest rates. Trade up or if you are a new homebuyer, get in! For sellers, I would highly recommend taking advantage of buyers’ increased borrowing power and the optimistic climate. We are seeing, particularly in our luxury products, an increase in volume, prices and buyer activity. Take full advantage of this excellent time to sell!
Bit Sheppard, BHS real estate agent:
While I do expect inventory to rise, the successful buyer will still need to act quickly, bid competitively and have all their ducks in a row. Most important for sellers is to price properly. Also, make necessary repairs, declutter, paint where needed and set the stage — make it feel like home.
Dena Driver, BHS real estate agent:
My advice to buyers and sellers is to consider the value of outdoor space and if a rooftop or other outdoor space is on offer or can be created. A quote from one of my clients: “The desire for outdoor space has never been greater and a roof deck is functional, enjoyable and adds value to any building.”
Peter Grazioli, BHS real estate agent:
For buyers, be patient. The right home is out there. There is a lot of misinformation out there pushing sellers to unrealistic values for their property. It’s important to educate sellers and buyers about the buying and selling environment before putting them in or on the market.
For more information, visit the BHS website.
[Photos via Brown Harris Stevens]