As a potential first time home-buyer about to dive into a booming market, it was extremely important to me to get some inside scoop on where to invest and how to make my next big move. Enter David Fernandez and Mark Martov, two extremely unique and extensive real estate experts, sought after for finding dream homes in the up and coming neighborhoods of Brooklyn. Just a hop, skip and a jump away from Manhattan, David and Mark discuss the new wave of trends influencing a region and an industry.
Both unrivaled as top producers, they continue to provide clients insight into the best market access, data and conditions, strategies, resources and opportunities to acquire the perfect property right for them! A variety of facets contribute to what makes certain neighborhoods on the rise, especially in target communities throughout the borough of Brooklyn. David and Mark weigh in by lending their invaluable perspective.
Just when you thought the demographic of “trust fund babies”, financially secure hipsters and wealthy young professionals were not satisfied taking over Williamsburg and Cobble Hill, think again. According to the 2016 shift, now is the time to infiltrate towards the Midwood section- including Sheepshead Bay, Bensonhurst, Brighton Beach, Manhattan Beach, as well as the ground-breaking developments of Bushwick and Bed-Stuy. Bushwick was even named as the 7th hottest neighborhood internationally by Vogue Magazine(including the historic touristy likes of Paris!), while Bed-Stuy matches the family-structured spirit of Park Slope as one of the only neighborhoods with specialty Brownstones. South Brooklyn in particular has perhaps been exposed to the biggest change. Individuals between the ages of 25-35 are migrating into these sections for all the potential benefits- and now is the time! New Jersey natives, locals, and even Baby-Boomers post family-life see the perks and advantages for transitioning to or back into Brooklyn. Each distinct neighborhood especially has a lot to offer. Between the multitude of attractions like parks, beaches, theaters, easy access into the city providing low-end commute for the job circuit, walking escapes, events, chartered docks, diverse highly-accredited restaurants, well-known brunch spot favorites,rooftop lounges, thriving nightlife, etc., there seems to be a mass appeal to the public who want to be a part of the energy!
Mark passionately and fondly speaks, “Artists in particular, no longer have to live starving as they have reached the mecca to reside, network and utilize gallery work spaces (generating more influx than the trend worthy SoHo streets of NYC). With close proximately to the priced-out Williamsburg (which arguably has lost it’s touch of originality), Bushwick’s healthy blend caters to the creative drive of its people.”
Many urbanites of these parts of Brooklyn have strong established roots- born & raised. Combine the brew of the national brands like Starbucks & Chipotles occupying and stabilizing the streets mixed with Mom & Pop cafes & joints, a more artisan vibe is born for high-income individuals to flock. It is imperative to get in early on those luxury rentals, condos, and housing before it becomes unaffordable.
Mark explains, “Real estate is all about supply & demand. Due to financials more and more people are being forced to move out of Manhattan and even some of the outskirts/downtown areas of Brooklyn. The market is definitely experiencing a surge of inquiries of people interested in getting in as early as possible. The buzz has created a need for more developers to strike while the iron is hot! It really is the ultimate choice for a wide array of habitants.”
Today it doesn’t make much sense to rent if you can capitalize on a purchase-especially one that may pay off in the long run. Rents used to be somewhat reasonable until a sudden boom, but now buying infuses a much better upsell for investment. Of course like with any lack of stock, your property will increase in value the more people search within the market. David adds, “Singles and couples making upwards of $75,000 -$100,000 salary (usually self-employed or employed by startup companies), can still comfortably afford the open space during this powerful transformation.” Millennials from each end of the spectrum no longer have to squeeze 5 to a Studio in order to sustain a lifestyle with the amenities and ambiance of Brooklyn’s social culture.
David also adds, “Right now with the record high occurring, it is crucial to understand the concrete prices per square foot and how it has increased within the last year and half. There are specific ingredients that will be needed to complete a successful transition, but it starts with having an eye for quality and assessing the next peak for specific age brackets and overall business.”
While parts of Queens began giving Brooklyn a run for their money only a few years back, it remains an industrial environment comparable to the overpriced regions of Williamsburg to Green Point. These alternative areas of Brooklyn are surpassing expectations with a more residential and homey feel entrancing a vast population. There is simply and more affordable options, with an array of arts, leisure, and entertainment overall.
Ready to buy now? Allow the introduction of Sergey Mekhtiyev of Mekhtiyev Law Firm. Not only is this attorney familiar with the Brooklyn, but he concentrates on brownstones, luxury condominiums and buildings. “The legal aspect of the transaction where a lot of negotiation, changes and time spent is not something you see on TV. Both the contract and due diligence process can be complicated and confusing. I always recommended speaking to an attorney before making or accepting an offer. Depending on the property, there are ways both buyers and sellers can save money and make the transaction go a lot smoother. As I tell my client, our job is to take over the process and help alleviate as much stress as possible. Both selling and purchasing a home should be a pleasant experience.” says Sergey- so many people, go out of order which frequently means double the work or going backwards in steps. Seeking someone as well-versed as Sergey will allow you a different perspective enabling you to be fully armed with the right knowledge as you prepare to buy or sell.
Sergey is the go-to guy to make buying or selling a new home much easier. With comfort and trust, he guards your signature as the only thing sealing the deal.
While the current residents welcome a new and broad expansion of post-college grads, hard-working citizens, engaged couples and early stage families seeking fresh beginnings (and why wouldn’t they with their properties sky-rocketing in value?), there still remains an authenticity in which the younger generation craves. Alas, proving Brooklyn to represent the vortex within the real estate bubble that may never pop.