Williamsburg named one of top markets to watch in 2015 -Los Angeles Business
Williamsburg, Brooklyn was named as one of the top real estate markets to watch in 2015 by Londonreal estate consultancy Knight Frank, Forbes.com said in a report.
The report, which also cited the Toyosu-Kachidoki bay-area in Tokyo; Barangaroo, Sydney; the 16tharronissement in Paris; Kowloon West in HongKong, among many, stated Williamsburg is benefitingfrom a rising trend among investors who have "regained their taste for adventure and are branchingout into alternative markets in search of good opportunities."
The report said that troubled locations in Europe like Dublin and Madrid that had been shunned byinvestors, as well as second-tier cities and emerging neighborhoods in major cities like London andParis are seen by the firm to benefit from the trend. It added that as investors flock to theselocations through 2015, home valuations in these areas are expected to jump.
"Safe-haven investors who might previously have only considered established market neighborhoodsare now looking for new opportunities," Knight Frank's Head of Research, Liam Bailey, was quotedas saying in the report.
"The relentless march of gentrification and upscaling of neighborhoods in inner urban areas in theworld's leading cities offers opportunities to residents, who can access more affordable alternativeoptions close to central business districts, but most obviously for developers and investors betting onthe next new Shoreditch or Meat Packing District," he said.
Zillow's estimate showed that home sales prices in Williamsburg, Brooklyn range between $200,000and over $3 million. Whole apartment buildings, meanwhile, could sell for over $30 million.
The Corcoran Group, a luxury real estate brokerage firm in New York, noted that Williamsburg hasexperienced "one of the most exciting real estate transformations" than any other place in New YorkCity.
Williamsburg is wildly popular among artists and musicians for its abundance of garages andwarehouses which this group of residents has turned into lofts, galleries and band studios. Thesespaces highlight a stark contrast between the neighborhood's industrial lofts and luxurydevelopments.
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