Looming L Train Shutdown Already Causing Williamsburg Condo Prices to Dip, Says Expert

Posted On Fri, July 15, 2016 By

Posted On Fri, July 15, 2016 By In real estate trends, Williamsburg

Since word broke that the L Train would be shutting down for upwards of a year, many have been wondering just how this would affect real estate prices in the immediate term. Well it looks we may finally be getting a taste. As DNA Info first reports, The Real Estate Board of New York (REBNY) released their quarterly findings this week, and REBNY found that although the number of condos sales were up in Williamsburg by 43 percent this last quarter over the same time last year, the average sales price dropped a considerable 13 percent to $937,000. To put this further into perspective, for Brooklyn as a whole, REBNY recorded a nine percent rise to $923,000 over the same period; Manhattan condos by comparison grew by 21 percent to an average $2.843M.

Screen Shot 2016-07-15 at 11.02.03 AMVia the REBNY report. Sales prices are in thousands

In light of the new findings, DNA Info spoke to Corcoran agent Lyon Porter who said that on the day the shutdown news spread, he immediately “saw a big change in traffic” to his listings. Porter, whose business is focused on northeast Williamsburg, added that he’s also been receiving fewer offers on his listings—meaning owners may be selling properties at a discount. Porter did note that he’s seen an uptick in interest over the last couple weeks, but he isn’t sure if that’s a sign of the tide changing for the better. “We’ll see,” he said.

[Via DNA Info]

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