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Residential Brokers Citywide Confident in 2012, According to REBNY Survey

Brooklyn Identified as One of
Top 4 Popular Places to Live

NEW YORK CITY — Residential brokers in Brooklyn and citywide are confident that 2012 will be better than 2011.

A survey done by the Real Estate Board of New York (REBNY) for the fourth quarter of 2011 found results reflecting “a seasonably weak fourth quarter” with average home prices and sales citywide declining compared to the same time last year.

However, according to REBNY’s Fourth Quarter 2011 Residential Sales Report, 60 percent of the brokers surveyed “are optimistic for 2012 and expect next quarter’s residential market to be slightly better or much better than this quarter, a 23 percent increase compared to third quarter 2011 results.”   

Despite a slow fourth quarter, the brokers did report the following bright spots compared with the fourth quarter of 2010:

• There was a 7 percent increase in brokers reporting executing contracts of sale at the $3 million-and-above price range.  

• There was a 6 percent increase in brokers reporting closing rental transactions in the above-$4,000 price range.

Amenities That Buyers Are Seeking

“The residential broker survey brings out information that may not necessarily be picked up through market reports,” said REBNY President Steven Spinola. “It provides an interesting insight into what specific amenities buyers are looking for and what factors are driving the market.”

Similar to last quarter’s results, brokers reported that their clients’ top four building features/amenities this quarter were:

• Doorman building
• Washer/dryer in unit
• Private storage space
• Onsite fitness center  

Interestingly, brokers report, 1 percent of buyers (or fewer) are concerned with living in a landmark-designated building, living in a building designed by a noted architect, or living in a building not located in an official FEMA flood zone.  
Additionally, a notable 74 percent of the brokers reported that their buyers were looking for a primary residence.

Brooklyn in Top 4
Popular Areas to Live

Brooklyn was identified as one of the top four most popular areas this quarter, with 16 percent of all closed sales.

The three others, all topping Brooklyn, were the East Side with 27 percent of all closed sales, Downtown Manhattan with 22 percent of all closed sales and the West Side with 19 percent.  

REBNY notes it has 131 residential brokers from Brooklyn.

February 1, 2012 - 2:33pm


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