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Episode Info: Welcome to the Newest New York Real Estate Update from Brooklyn Made. This year we’ve seen more big real estate moves in play, and see developers marching on with new projects that will continue to change the skyline and living trends over the next few years. The data continues to show the market is changing. Though there are a variety of factors that could tip the market, either way, this year. In this special episode, we’ll dig into the latest data and the most notable trends of the year. What’s happened in 2019, what to look forward to in 2020. Plus, the most impactful factors to watch over the next 12 months. Make sure to check out our special report on the next 100 years for Brooklyn and what planning and developments are going into place to shape it and sustain its place on the map and a more prosperous community for all those that call this borough home.   The Real Estate Market in 2019 Looking back at our annual report this time last year it appears we called the market pretty well. The main theme 13 months ago was the peaking of the market. While new records were still being set, there were signs of some correcting. We’ve seen a lot of the same trends flowing through 2019. There have definitely been undeniable cracks deepening in some segments of the market. Yet, we’ve also seen some parts of the market outperform expectations, stay stronger than expected and even rebound. A dive into Brooklyn rental market statistics shows that overall the market is holding quite well, and prices are still high. Even though some gains maybe only being maintained by an equal amount of discounts, and landlord concessions. Though this gap may finally be closing. Still, it is impossible to deny that the data also shows that home sales are dropping off, more price cuts are happening, and both residential and commercial buyers and renters are gaining more negotiating power out there. Yet, on the commercial property front, America’s largest corporations show no sign of lack of appetite for new offices. In fact, some continue to set records with big, bold deals in prime locations. Factors that have been affecting the market and influencing these trends include: New construction levels Rumors of a pending recession New innovations and technology New tax laws A highly litigious business environment Returns on investment property One of the things everyone seemed to get wrong about 2019 was rising interest rates. In fact, global interest rates appear to have reversed course. Internationally negative interest rates have become more common. There has been more talk of pushing US rates to zero or below. While some mortgage rate offers are approaching the 5% range as predicted, Bankrate also reports many lenders are still offering long term fixed-rate mortgage deals at under 4% as of January 2020. Access to mortgage credit now appears to be more of a concern for 2020 than interest rates will be until at least mid-2021. 2019 brought some incredible new mas...
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