With the cycle of recession making a turn for good, the real estate business in Bay Ridge, Brooklyn, is looking up with a positive trend. Investing in Bay Ridge, that faces the skyline of Manhattan area in New York, had been a dream for many.
Builders and developers have been offering great bargains for investors; given the current situation where buyers are recovering from the recession period. The real estate in Bay Ridge was hit in a big way with property prices nose diving in the last six months. There had been a decrease of 20 to 25 per cent in the property value in up-market areas of Bay Ridge. However, in order to boost the real estate sector in this city, noted developers and builders have assured to retain the market prices offered in the last six months.
According to a noted builder in the city, whom I met recently while looking for a villa in Georgetown locality in Bay Ridge, people are slowly thinking of investing in properties again. “The property prices, which had sky rocketed a year ago, had forced many buyers to drop the idea. But now, many buyers are showing interest to invest in properties,” he added.
It is not only the residential estates that are creating a buzz; even commercial properties are getting a better deal. Multi national corporations and retail chains are eyeing Bay Ridge to expand business. The new Central Business District is sure to change the real estate business scene in Bay Ridge as super malls, multiplexes and business centers will raise their heads in a year or two.
With the residential localities being divided into three zones, the property prices in Zone A is 25 per cent higher than that of Zone B, while Zone B is 15 per cent higher than that of Zone C. These areas have been divided based on their proximity to the harbor.
Many upcoming housing projects are offering facilities like video door phones, burglar alarms, and maximum resistance to wind, water and dust etc. With developers lining up to offer the best and make the most, the real estate scenario in Bay Ridge is sure to make noise.