Downtown Brooklyn Residential Project Research Paper

Pages: 10 (2735 words)  ·  Bibliography Sources: 10  ·  File: .docx  ·  Level: Master's  ·  Topic: Management

SAMPLE EXCERPT . . .
These business activities and population increase have contributed to a rise in demand for the residential property in Downtown Brooklyn.

Coupled with the population increase, the median income of people between 25 and 44 years of age has reached $92,000 higher than the national average. Moreover, the average household income in Downtown Brooklyn is $147,520. As being revealed in Table 2, the median household income is $92,438. However, the increase in the household income since 2000 is 64% while the percentage increase in household income since 2010 is 8%.

Table 2:

Median Income & Average Household Income in Downtown Brooklyn

Median Income Under 25

$42,333

Median Income 25-44

$92,065

Median Income 45-64

$96,940

Median Income Over 65

$69,058

Average Household Income

$147,520

Median Household Income

$92,438

Percent Increase in Income Since 2000

64%

Percent Increase in Income Since 2010

8%

Average Household Net Worth

$937,768

Median Home Sale Price

$820,000

Sales Tax Rate

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8.875%

Average Household Total Expenditure

$93,217

Research Paper on Downtown Brooklyn Residential Project Assignment

Comparatively, the median income of the people in Downtown Brooklyn is higher than the average median income of the New York population. While median income of New York is $58,687, the median income of Downtown Brooklyn is $75,099. (Census Bureau, 2016).Moreover, the median income of Downtown Brooklyn is more than the national average median income ($56,516). (Proctor, Semega, & Kollar, 2016). A projected rise in population, and a median income above the national average make the housing markets at Downtown Brooklyn to be a profitable business.

Housing Market Analysis

Corcoran, (2016) analyzes the housing markets in Downtown Brooklyn, and the author affirms that the housing prices in the area are more than double since 2006. Although, the housing prices slumped down in 2008 after the collapse of Lehman Brothers, however, the market came back to normal in 2012. In 2006, the median per square for residential houses was $320, and increased to $908 towards October 2016. Downtown Brooklyn Partnership (2015) argues that Downtown Brooklyn has recorded a significant increase in the real estate development since 2004 based on high demand for the residential units in the area. Typically, developers have completed a total of 6,758 apartment in the residential sector at Downtown Brooklyn in the past decade. Moreover, new residential projects totaled 2,000 are under constructions. A report by BRKLYN (2016) reveals that a construction project at Downtown Brooklyn continues to increase at an astonishing rate. Currently, 29 projects are under construction that will add to 7 million square feet new space. Out of these new construction projects, 19 residential projects will be 1,004 affordable units and 4,839 market rate units. Four of the new residential projects are Gotham's 250, the HUB, Pacific Park B2, and Ashland Place. Moreover, the rental prices for the residential building continue to increase at Downtown Brooklyn with the average rental price for one bedroom is $3,197 per month as being revealed in the fig 3 below:

Fig 3: Median Rental Price for Downtown Brooklyn Residential Housing

Source: Corcoran (2015)

A market report carried by Corcoran (2015) reveals the median rental prices for the residential building increase year after year. As being revealed in Fig 4 median rental price for the residential building was below $3,123 per month in the December 2014, however, the median rental price increased for one bedroom increased to $3,197 per month towards the end of 2015. Moreover, the three bedroom studios records11% increase in sales in 2014 with the median price of $545,000. Towards the end of 2015, the median price of 3-bedroom studios increased to $672,000. At Downtown Brooklyn the average price per square foot is ranked the second highest in the borough (Corcoran, 2015).

Fig 4: Downtown Average Rental Price

The data in Table 3 reveals the residential housing business is one of most profitable business in Downtown Brooklyn. Typically, sales of residential housing units increase by 50% from 2015 and 2016. Based on the data in table 3, the median price of studio increases by 15% between 2015 and 2016, and the price of three bedroom apartment increases by 52%. The sale price of multi-family also increase by 49% within one year.

Table 3:

3Q16

3Q15

% Chg (yr)

2Q16

% Chg (qtr)

Sales

17%

50%

Average Days on Market

66

61

8%

68

-3%

Inventory

-19%

-15%

Co-op Prices

Median Price

$685K

$719K

-5%

$615K

11%

Average Price

$1.055M

$959K

10%

$900K

17%

Median PPSF

$964

$946

2%

$946

2%

Average PPSF

$1,066

$1,009

6%

$1,097

-3%

Median Price by Bedroom

Studio

$415K

$360K

15%

$360K

15%

1 Bedroom

$550K

$599K

-8%

$585K

-6%

2 Bedroom

$1.113M

$1.243M

-10%

$1.200M

-7%

3+ Bedroom

$2.591M

$1.863M

39%

$1.700M

52%

Condo Prices

Median Price

$1.550M

$1.228M

26%

$1.307M

19%

Average Price

$1.985M

$1.331M

49%

$1.443M

38%

Median PPSF

$1,292

$1,200

8%

$1,198

8%

Average PPSF

$1,387

$1,230

13%

$1,270

9%

Median Price by Bedroom

Studio

$587K

$532K

10%

$695K

-16%

1 Bedroom

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