Brooklyn: 'Like a desert with no cactus '(The Real Deal)
Developers are switching projects from rental to condos to meet the insatiable demand for premium condominiums.
...With a new generation of buyers hungry to move to (and buy in) Brooklyn, there is simply not enough supply to meet the demand.
And while some of these new Brooklynites were renting at first, they are getting older and starting to look for premium for-sale product.
“They expect relatively large space. They expect a lot of light. They expect floor-to-ceiling windows,” said Brooklyn-based Ideal Properties Group co-founder Aleksandra Scepanovic. “Old or existing condo and co-op stock really can’t offer it.”
And potential buyers continue to swarm the borough. “I think that we are nowhere near that saturation point,” Ideal’s Scepanovic said. “We’re at maybe not ground zero, but we’re at ground one out of at least 10 levels to come.”