Real estate sales booming in Brooklyn, Queens
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The outer boroughs are booming -- in home sales.
A report released Tuesday by the Real Estate Board of New York showed a six-year high in city home sales, fueled by up-and-coming neighborhoods in Queens and Brooklyn.
Michael Slattery, the board's senior vice president, said prospective homeowners who don't want to break the bank are starting to venture to places that have a large number of properties at lower prices.
"People are starting to find them. They look and get deterred in certain neighborhoods and they find something just as good or better in the next neighborhood," he said.
The $11 billion in value of all home sales, or total consideration, during the third quarter of 2013 was a 31.6 percent jump compared with the same period last year, according to the board.
Queens saw a 41.95 percent increase in considerations in the third quarter of 2012 and the same period this year, the highest of all boroughs, followed by Brooklyn with at 31.25 percent.
The neighborhoods with the most sales in the outer boroughs between 2012 and this year included Bedford-Stuyvesant, Park Slope, Flushing and Jackson Heights.
Slattery said those communities are becoming hot commodities because of their slightly lower asking prices compared to Manhattan. Slattery also cited historically low interest rates and greater availability.
"Bed-Stuy had a high number of quality housing stock," he said. "There are a lot of older homeowners who are now moving out and selling, and it's perfect for the younger people who are looking to buy."
The average New York City home price for the third quarter was $806,000, a 3 percent jump from the same period last year.
Massey Knakal Realty Services released its own real estate stats Tuesday at a news conference and also found that the outer boroughs are the trendsetters for new sales.
Brooklyn and Queens saw a 64 percent jump in sales over the year, according to the stats, and the real estate group said investors are focused on increasing their presence outside Manhattan.
"The outer boroughs provide people with more economically viable homes and it's become valuable for New York," Slattery said.